A

PROJECT STUDY REPORT

ON

“COMPARATIVE ANALYSIS OF VARIOUS FINANCIAL

INSTITUTIONS IN THE MARKET”

Submitted to

Rajasthan Technical University, Kota

In partial fulfillment for the requirement of MBA (Two years full time program)

Under the supervision of: Submitted by:

DEEPALI MALODIYA PANKAJ SWAMI

MBA lV

Academic Session

2009-2011

Institute Of Management Studies

Faculty of Management

B. J. S. Rampuria Jain College, Bikaner

1

A

PROJECT STUDY REPORT

ON

Training Undertaken at

ARCADIA SHARE & STOCK BROKERS PVT. LTD.

Bikaner

“MARKET SURVEY AND CREATING AWARENESS ABOUT ONLINE

TRADING OF EQUITY SHARES AND OTHER FINANCIAL SERVICES”

Submitted in

Rajasthan Technical University, Kota

In partial fulfillment for the Award of Degree of

Master of Business Administration

Submitted by: Submitted to :

PANKAJ SWAMI DEEPALI MALODIYA

MBA Part II

Academic Session

2009-2011

INSTITUTE OF MANAGEMENT STUDIES

B.J.S. RAMPURIA JAIN COLLEGE,

BIKANER.

PREFACE

Business schools of today realize the importance of practical knowledge over the theoretical

base. Hence most of the business schools today have mid-module as well as final projects

incorporated as a part of their syllabus. The summer training undertaken at ARCADIA

SHARE & STOCK BROKERS PVT. LTD., Bikaner is one such experience where in the project

aims to marketing survey & creating awareness about online trading & equity share.

It is a new platform of learning through practical experience, which incorporates survey

and comparative analysis. It gives the learner an opportunity to relate the theory with the

practice, to test the validity and applicability of his classroom learning against real life business

situations.

ACKNOWLEDGEMENT

The research work requires co-operation of many people and this work is no exception.

It is difficult to thank individually all the persons who patronized this work. The researcher had

asked for favors, borrowed ideas, expressions and facts from so many that it would require

one volume to give credit to all. So, the researcher wants to thank all the patrons of this report

First and foremost I would like to express my sincere gratitude to Mr.Sandeep Jain (Branch

Head - Equity and Commodity,

ARCADIA SHARE & STOCK BROKERS PVT. LTD., Bikaner) and Mr.Ashok Kangwa (Branch

Head – Distribution Channel, ARCADIA SHARE & STOCK BROKERS PVT. LTD. Bikaner)

whose supervision has given a proper shape to this project. His attitude towards excellence,

his helping nature and his enthusiasm has been source of constant inspiration

(PANKAJ SWAMI)

CHAPTER I : INTRODUCTION

1.1 INTRODUCTION TO THE INDIAN

MARKET SECURITIES

1.2 INTRODUCTION TO THE COMPANY

CHAPTER II : STUDY PROFILE

2.1 TITLE FO THE STUDY

2.2 OBJECTIVES OF THE STUDY

2.3 SIGNIFICANCE OF THE STUDY

2.4 RESEARCH METHODOLOGY

2.5 SCOPE OF THE STUDY

2.6 LIMITATION OF THE STUDY

CHAPTER III: FACTS AND FINIDINGS

CHAPTER IV: ANALYSIS AND INTERPRETATION

CHAPTER V : CONCLUSION AND SUGGESTIONS

CHAPTER VI: APPENDIX

CHAPTER VII: BIBLIOGRAPH

CHAPTER – 1

INTRODUCTION

INTRODUCTION

(a) About project

The understanding of the customer requirement of various financial products is vital these

days. It is also important to understand the extent to which these services are provided by the

competitor but not provided by us.

Sometime there is a gap between the need of the customer and the degree of

satisfaction provided by the competitor.

As a prudent marketer it is vital to identify such areas as these provide an opportunity

to exploit and move ahead of competitors. But this involves a comprehensive understanding of

the market, this was facilitated by market survey.

(b) Objectives

The prime objective of the study was to understand the market and analysis the competitors.

The survey was used to Understand the type of financial service desired by the customer.

To find out the degree of awareness of Equity.

To study the consumer behaviour .

To find out the market potential for online trading of equity shares in Bikaner.

To learn professionalism in market of financial product and services.

To find prospects for the institution.

To conduct the survey to know how many persons invest in equity and how many do not.

To do the analysis of market share of ARCADIA SHARE & STOCK BROKERS PVT. LTD.

And its competitors available in the market of Bikaner.

(c) Scope of The Study

I am undergoing the summer internship project in ARCADIA SHARE & STOCK BROKERS

PVT. LTD. I had joined the company on June, 2010 and assigned task of doing the market

survey work for online trading account. I am doing my project on research on market share of

ARCADIA SHARE & STOCK BROKERS PVT. LTD. with their existing competitors like

sharekhan.com ,icicidirec.com,etc. I also had to understand about other financial products of

ARCADIA SHARE & STOCK BROKERS PVT. LTD. In this report I also had to present the

details of other financial instruments in which the customers invest their money like mutual

funds , derivative market etc. It is very interesting project and very learning experience for

me.

(d) Limitations

Though I had completed my project on time but I still faced certain problems while doing the

market survey work and collecting information for my project report they are listed below :

Searching for the prospective client for opening online account is very time consuming.

Some clients have already taken the online account of our competitors and they are not

interested in giving information about it .

Limited data availability.

Lack of proper response from the respondents as they doesn’t want to invest in equity, so

they refuse or does not cooperate.

Online share trading is a very new field for me and I had consumed a lot of time for

understanding about it.

Irregular consumer behavior regarding investing in equity market.

Different types of financial products

Financial product are the need of the new era. As the income of the individual is increasing day

by day on the same track their saving is also increasing , because of it people requires

different financial instruments to invest in it according to their needs & requirements. So their

are different financial products available in the market and the individual can invest in it by

keeping in mind the risk factor involved in the investment.

Different types of products available in the market are :

Equity shares

Fixed income products

Mutual funds

Derivatives

Unit linked insurance plans .

Bonds etc .

About Equity Share

Equity is a term whose meaning depends very much on the context. In general, you can think

of equity as ownership in any asset after all debts associated with that asset are paid off. For

example, a car or house with no outstanding debt is considered the owner's equity since he or

she can readily sell the items for cash. Stocks are equity because they represent ownership of

a company, whereas bonds are classified as debt because they represent an obligation to pay

and not ownership of assets .

To support its investment ,a firm must find means to finance them.Equity and debt represent

two broad sources of finance for a business firm.

What Does Equity Represents ?

1. Stock or any other security representing an ownership interest.

2. On the BALANCE SHEET, the amount of the funds contributed by the owners (the

stockholders) plus the retained earnings (or losses). Also referred to as "shareholder's equity".

3. In the context of MARGIN TRADING , the value of securities in a margin account minus

what has been borrowed from the brokerage.

4. In the context of real estate, the difference between the current market value of the property

and the amount the owner still owes on the mortgage. Thus, it is the amount, if any, the owner

would receive after selling a property and paying off the mortgage.

Shares are the Certificates representing ownership in a corporation. The person who holds the

shares of the company are called shareholders.

Equity shares are very risky mode of investment it involves a lot of risk involved in it. The

person can invest in equity shares through two ways :

Offline share trading

Online share trading

Offline Share Trading

SUB BROKER

CUSTOMER

SHARE

MAIN BROKERMAIN BROKER

SUB BROKERSUB BROKER

SUB BROKER SUB BROKER

CUSTOMER CUSTOMER CUSTOMER CUSTOMER

Under this type of trading the customer is registered with the sub broker, registered under main

broker in the share market.an individual customer willing to trade provides with the money.for

this purpose he gets a cheque issued from the athuoriesed bank reffered to as a delivery

instruction slip. the money gets transferred to the account of the sub broker.

He does the trading for the customer, whenever the market is profitable.

How it works:

Now in the share market there will be a willing buyer and a willing seller. The price referred to

as order is of two type,

Market Order

Limit Order

Now when the taking and giving price matches, the transaction takes places.

After the transaction takes place the money is transferred to the sub brokers account.

Who in turn transfers the cheque to the customer? On the other hand the shares

brought are transferred to the customers account.

All this transaction takes T +2 Days.

WHY OFFLINE?

Fearness in the mind of the traders.

Feel of insecurity.

Lack of knowledge about the equity.

Happy with the existing brokers loyalty

Online share trading:

In Online share trading there are three accounts involved,

Trading account

Savings account

Demat account

A customer doing online share trading must compulsorily hold all these three account.

The shares are stored in the demat account in the demat form. After the transaction the goes

into this account.

Buying and selling is done through the trading account.

Market

Trading account

SAVINGS ACCOUNT DEMAT ACCOUNT

The fund, which is invested for buying and selling, is done through the savings account, which

is held with any authorized bank. All these three account are interrelated.

WHY ONLINE?

Dependency on share broker goes down.

Customer has direct access to the market.

More transparency in transaction.

There are no hassles.

Derivatives as a term conjures up visions of complex numeric calculations, speculative

dealings and comes across as an instrument which is the prerogative of a few ‘smart finance

professionals’. In reality it is not so. In fact, a derivative transaction helps cover risk, which

would arise on the trading of securities on which the derivative is based and a small investor,

can benefit immensely.

A derivative security can be defined as a security whose value depends on the values of other

underlying variables. Very often, the variables underlying the derivative securities are the

prices of traded securities.

Let us take an example of a simple derivative contract:

Ram buys a futures contract.

He will make a profit of Rs 1000 if the price of Infosys rises by Rs 1000.

If the price is unchanged Ram will receive nothing.

If the stock price of Infosys falls by Rs 800 he will lose Rs 800.

As we can see, the above contract depends upon the price of the Infosys scrip, which is the

underlying security. Similarly, futures trading has already started in Sensex futures and Nifty

futures. The underlying security in this case is the BSE Sensex and NSE Nifty.

Derivatives and futures are basically of 3 types:

Forwards and Futures

Options

Swaps

( i ) Forward contract

A forward contract is the simplest mode of a derivative transaction. It is an agreement to buy or

sell an asset (of a specified quantity) at a certain future time for a certain price. No cash is

exchanged when the contract is entered into.

Illustration 1:

Shyam wants to buy a TV, which costs Rs 10,000 but he has no cash to buy it outright. He can

only buy it 3 months hence. He, however, fears that prices of televisions will rise 3 months

from now. So in order to protect himself from the rise in prices Shyam enters into a contract

with the TV dealer that 3 months from now he will buy the TV for Rs 10,000. What Shyam is

doing is that he is locking the current price of a TV for a forward contract. The forward contract

is settled at maturity. The dealer will deliver the asset to Shyam at the end of three months and

Shyam in turn will pay cash equivalent to the TV price on delivery.

Illustration 2:

Ram is an importer who has to make a payment for his consignment in six months time. In

order to meet his payment obligation he has to buy dollars six months from today. However, he

is not sure what the Re/$ rate will be then. In order to be sure of his expenditure he will enter

into a contract with a bank to buy dollars six months from now at a decided rate. As he is

entering into a contract on a future date it is a forward contract and the underlying security is

the foreign currency.

The difference between a share and derivative is that shares/securities is an asset while

derivative instrument is a contract

What is an Index?

To understand the use and functioning of the index derivatives markets, it is necessary to

understand the underlying index. A stock index represents the change in value of a set of

stocks, which constitute the index. A market index is very important for the market players as it

acts as a barometer for market behavior and as an underlying in derivative instruments such

as index futures.

The Sensex and Nifty

In India the most popular indices have been the BSE Sensex and S&P CNX Nifty. The BSE

Sensex has 30 stocks comprising the index which are selected based on market capitalization,

industry representation, trading frequency etc. It represents 30 large well-established and

financially sound companies. The Sensex represents a broad spectrum of companies in a

variety of industries. It represents 14 major industry groups. Then there is a BSE national index

and BSE 200. However, trading in index futures has only commenced on the BSE Sensex.

While the BSE Sensex was the first stock market index in the country, Nifty was launched by

the National Stock Exchange in April 1996 taking the base of November 3, 1995. The Nifty

index consists of shares of 50 companies with each having a market capitalization of more

than Rs 500 crore.

Futures and stock indices

For understanding of stock index futures a thorough knowledge of the composition of indexes

is essential. Choosing the right index is important in choosing the right contract for speculation

or hedging. Since for speculation, the volatility of the index is important whereas for hedging

the choice of index depends upon the relationship between the stocks being hedged and the

characteristics of the index.

Choosing and understanding the right index is important as the movement of stock index

futures is quite similar to that of the underlying stock index. Volatility of the futures indexes is

generally greater than spot stock indexes.

Everytime an investor takes a long or short position on a stock, he also has an hidden

exposure to the Nifty or Sensex. As most often stock values fall in tune with the entire market

sentiment and rise when the market as a whole is rising.

Retail investors will find the index derivatives useful due to the high correlation of the index

with their portfolio/stock and low cost associated with using index futures for hedging.

Understanding index futures

A futures contract is an agreement between two parties to buy or sell an asset at a certain time

in the future at a certain price. Index futures are all futures contracts where the underlying is

the stock index (Nifty or Sensex) and helps a trader to take a view on the market as a whole.

Index futures permits speculation and if a trader anticipates a major rally in the market he can

simply buy a futures contract and hope for a price rise on the futures contract when the rally

occurs. We shall learn in subsequent lessons how one can leverage ones position by taking

position in the futures market.

In India we have index futures contracts based on S&P CNX Nifty and the BSE Sensex and

near 3 months duration contracts are available at all times. Each contract expires on the last

Thursday of the expiry month and simultaneously a new contract is introduced for trading after

expiry of a contract.

Example:

Futures contracts in Nifty in July 2001

Contract month Expiry/settlement

July 2001 July 26

August 2001 August 30

September 2001 September 27

On July 27

Contract month

August 2001 August 30

September 2001 September 27

October 2001 October 25

The permitted lot size is 200 or multiples thereof for the Nifty. That is you buy one Nifty

contract the total deal value will be 200*1100 (Nifty value)= Rs 2,20,000.

In the case of BSE Sensex the market lot is 50. That is you buy one Sensex futures the total

value will be 50*4000 (Sensex value)= Rs 2,00,000.

The index futures symbols are represented as follows:

BSE NSE

BSXJUN2001 (June contract) FUTDXNIFTY28-JUN2001

BSXJUL2001 (July contract) FUTDXNIFTY28-JUL2001

BSXAUG2001 (Aug contract) FUTDXNIFTY28-AUG2001

( ii ) Options

Stock markets by their very nature are fickle. While fortunes can be made in a jiffy more often

than not the scenario is the reverse. Investing in stocks has two sides to it –a) Unlimited profit

potential from any upside (remember Infosys, HFCL etc) or b) a downside which could make

you a pauper.

Derivative products are structured precisely for this reason -- to curtail the risk exposure of an

investor. Index futures and stock options are instruments that enable you to hedge your

portfolio or open positions in the market. Option contracts allow you to run your profits while

restricting your downside risk.

Apart from risk containment, options can be used for speculation and investors can create a

wide range of potential profit scenarios.

We have seen in the Derivatives School how index futures can be used to protect oneself from

volatility or market risk. Here we will try and understand some basic concepts of options.

What are options?

Some people remain puzzled by options. The truth is that most people have been using

options for some time, because options are built into everything from mortgages to insurance.

An option is a contract, which gives the buyer the right, but not the obligation to buy or sell

shares of the underlying security at a specific price on or before a specific date.

‘Option’, as the word suggests, is a choice given to the investor to either honour the contract;

or if he chooses not to walk away from the contract.

To begin, there are two kinds of options:

Call Options and Put Options. A Call Option is an option to buy a stock at a specific price

on or before a certain date. In this way, Call options are like security deposits. If, for example,

you wanted to rent a certain property, and left a security deposit for it, the money would be

used to insure that you could, in fact, rent that property at the price agreed upon when you

returned. If you never returned, you would give up your security deposit, but you would have

no other liability. Call options usually increase in value as the value of the underlying

instrument rises.

When you buy a Call option, the price you pay for it, called the option premium, secures your

right to buy that certain stock at a specified price called the strike price. If you decide not to use

the option to buy the stock, and you are not obligated to, your only cost is the option

premium.

Put Options are options to sell a stock at a specific price on or before a certain date. In this

way, Put options are like insurance policies

If you buy a new car, and then buy auto insurance on the car, you pay a premium and are,

hence, protected if the asset is damaged in an accident. If this happens, you can use your

policy to regain the insured value of the car. In this way, the put option gains in value as the

value of the underlying instrument decreases. If all goes well and the insurance is not needed,

the insurance company keeps your premium in return for taking on the risk.

With a Put Option, you can "insure" a stock by fixing a selling price. If something happens

which causes the stock price to fall, and thus, "damages" your asset, you can exercise your

option and sell it at its "insured" price level. If the price of your stock goes up, and there is no

"damage," then you do not need to use the insurance, and, once again, your only cost is the

premium. This is the primary function of listed options, to allow investors ways to manage risk.

Technically, an option is a contract between two parties. The buyer receives a privilege for

which he pays a premium. The seller accepts an obligation for which he receives a fee.

There are two types of options:

Call Options

Put Options

Call options

Call options give the taker the right, but not the obligation, to buy the underlying shares at a

predetermined price, on or before a predetermined date.

Illustration 1:

Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8

This contract allows Raj to buy 100 shares of SATCOM at Rs 150 per share at any time

between the current date and the end of next August. For this privilege, Raj pays a fee of Rs

800 (Rs eight a share for 100 shares).

The buyer of a call has purchased the right to buy and for that he pays a premium.

Now let us see how one can profit from buying an option.

Sam purchases a December call option at Rs 40 for a premium of Rs 15. That is he has

purchased the right to buy that share for Rs 40 in December. If the stock rises above Rs 55

(40+15) he will break even and he will start making a profit. Suppose the stock does not rise

and instead falls he will choose not to exercise the option and forego the premium of Rs 15

and thus limiting his loss to Rs 15.

Let us take another example of a call option on the Nifty to understand the concept better.

Nifty is at 1310. The following are Nifty options traded at following quotes.

Option contract Strike price Call premium

Dec Nifty 1325 Rs 6,000

1345 Rs 2,000

Jan Nifty 1325 Rs 4,500

1345 Rs 5000

A trader is of the view that the index will go up to 1400 in Jan 2002 but does not want to take

the risk of prices going down. Therefore, he buys 10 options of Jan contracts at 1345. He pays

a premium for buying calls (the right to buy the contract) for 500*10= Rs 5,000/-.

In Jan 2002 the Nifty index goes up to 1365. He sells the options or exercises the option and

takes the difference in spot index price which is (1365-1345) * 200 (market lot) = 4000 per

contract. Total profit = 40,000/- (4,000*10).

He had paid Rs 5,000/- premium for buying the call option. So he earns by buying call option is

Rs 35,000/- (40,000-5000).

If the index falls below 1345 the trader will not exercise his right and will opt to forego

his premium of Rs 5,000. So, in the event the index falls further his loss is limited to the

premium he paid upfront, but the profit potential is unlimited.

Call Options-Long & Short Positions

When you expect prices to rise, then you take a long position by buying calls. You are bullish.

When you expect prices to fall, then you take a short position by selling calls. You are bearish.

Put Options

A Put Option gives the holder of the right to sell a specific number of shares of an agreed

security at a fixed price for a period of time.

eg: Sam purchases 1 INFTEC (Infosys Technologies) AUG 3500 Put --Premium 200

This contract allows Sam to sell 100 shares INFTEC at Rs 3500 per share at any time between

the current date and the end of August. To have this privilege, Sam pays a premium of Rs

20,000 (Rs 200 a share for 100 shares).

The buyer of a put has purchased a right to sell. The owner of a put option has the right to sell.

Illustration 2:

Raj is of the view that the a stock is overpriced and will fall in future, but he does not want to

take the risk in the event of price rising so purchases a put option at Rs 70 on ‘X’. By

purchasing the put option Raj has the right to sell the stock at Rs 70 but he has to pay a fee of

Rs 15 (premium).

So he will breakeven only after the stock falls below Rs 55 (70-15) and will start making profit if

the stock falls below Rs 55.

Put Options-Long & Short Positions

When you expect prices to fall, then you take a long position by buying Puts. You are bearish.

When you expect prices to rise, then you take a short position by selling Puts. You are bullish.

CALL OPTIONS PUT OPTIONS

If you expect a fall in price(Bearish) Short Long

If you expect a rise in price (Bullish) Long Short

SUMMARY:

CALL OPTION BUYER CALL OPTION WRITER (Seller)

Pays premium

Right to exercise and buy the

shares

Profits from rising prices

Limited losses, Potentially

unlimited gain

Receives premium

Obligation to sell shares if

exercised

Profits from falling prices or

remaining neutral

Potentially unlimited losses, limited

gain

PUT OPTION BUYER PUT OPTION WRITER (Seller)

Pays premium

Right to exercise and sell shares

Profits from falling prices

Limited losses, Potentially

unlimited gain

Receives premium

Obligation to buy shares if

exercised

Profits from rising prices or

remaining neutral

Potentially unlimited losses, limited

gain

Hedging

We have seen how one can take a view on the market with the help of index futures. The other

benefit of trading in index futures is to hedge your portfolio against the risk of trading. In order

to understand how one can protect his portfolio from value erosion let us take an example.

Illustration:

Ram enters into a contract with Shyam that six months from now he will sell to Shyam 10

dresses for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he will make a

profit of Rs 3000 if the sale is completed.

Cost (Rs) Selling price Profit

1000 4000 3000

However, Ram fears that Shyam may not honour his contract six months from now. So he

inserts a new clause in the contract that if Shyam fails to honour the contract he will have to

pay a penalty of Rs 1000. And if Shyam honours the contract Ram will offer a discount of Rs

1000 as incentive.

Shyam defaults Shyam honours

1000 (Initial Investment) 3000 (Initial profit)

1000 (penalty from Shyam) (-1000) discount given to Shyam

- (No gain/loss) 2000 (Net gain)

As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his

initial investment. If Shyam honours the contract, Ram will still make a profit of Rs 2000. Thus,

Ram has hedged his risk against default and protected his initial investment.

The above example explains the concept of hedging. Let us try understanding how one can

use hedging in a real life scenario.

Stocks carry two types of risk – company specific and market risk. While company risk can be

minimized by diversifying your portfolio market risk cannot be diversified but has to be hedged.

So how does one measure the market risk? Market risk can be known from Beta.

Beta measures the relationship between movement of the index to the movement of the stock.

The beta measures the percentage impact on the stock prices for 1% change in the index.

Therefore, for a portfolio whose value goes down by 11% when the index goes down by 10%,

the beta would be 1.1. When the index increases by 10%, the value of the portfolio increases

11%. The idea is to make beta of your portfolio zero to nullify your losses.

Hedging involves protecting an existing asset position from future adverse price

movements. In order to hedge a position, a market player needs to take an equal and

opposite position in the futures market to the one held in the cash market. Every portfolio

has a hidden exposure to the index, which is denoted by the beta. Assuming you have a

portfolio of Rs 1 million, which has a beta of 1.2, you can factor a complete hedge by selling Rs

1.2 mn of S&P CNX Nifty futures.

Steps:

Determine the beta of the portfolio. If the beta of any stock is not known, it is safe to assume

that it is 1.

Short sell the index in such a quantum that the gain on a unit decrease in the index would

offset the losses on the rest of his portfolio. This is achieved by multiplying the relative volatility

of the portfolio by the market value of his holdings.

Therefore in the above scenario we have to shortsell 1.2 * 1 million = 1.2 million worth of Nifty.

Now let us study the impact on the overall gain/loss that accrues:

Index up 10% Index down 10%

Gain/(Loss) in Portfolio Rs 120,000 (Rs 120,000)

Gain/(Loss) in Futures (Rs 120,000) Rs 120,000

Net Effect Nil Nil

As we see, that portfolio is completely insulated from any losses arising out of a fall in market

sentiment. But as a cost, one has to forego any gains that arise out of improvement in the

overall sentiment. Then why does one invest in equities if all the gains will be offset by losses

in futures market. The idea is that everyone expects his portfolio to outperform the market.

Irrespective of whether the market goes up or not, his portfolio value would increase.

The same methodology can be applied to a single stock by deriving the beta of the scrip and

taking a reverse position in the futures market.

Thus, we have seen how one can use hedging in the futures market to offset losses in the

cash market

Speculation

Speculators are those who do not have any position on which they enter in futures and options

market. They only have a particular view on the market, stock, commodity etc. In short,

speculators put their money at risk in the hope of profiting from an anticipated price change.

They consider various factors such as demand supply, market positions, open interests,

economic fundamentals and other data to take their positions.

Illustration:

Ram is a trader but has no time to track and analyze stocks. However, he fancies his chances

in predicting the market trend. So instead of buying different stocks he buys Sensex Futures.

On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise

in future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number

of contracts to close out his position.

Selling Price : 4000*100 = Rs 4,00,000

Less: Purchase Cost: 3600*100 = Rs 3,60,000

Net gain Rs 40,000

Ram has made a profit of Rs 40,000 by taking a call on the future value of the Sensex.

However, if the Sensex had fallen he would have made a loss. Similarly, if would have been

bearish he could have sold Sensex futures and made a profit from a falling profit. In index

futures players can have a long-term view of the market up to atleast 3 months.

Arbitrage

An arbitrageur is basically risk averse. He enters into those contracts were he can earn

riskless profits. When markets are imperfect, buying in one market and simultaneously selling

in other market gives riskless profit. Arbitrageurs are always in the look out for such

imperfections.

In the futures market one can take advantages of arbitrage opportunities by buying from lower

priced market and selling at the higher priced market. In index futures arbitrage is possible

between the spot market and the futures market (NSE has provided a special software for

buying all 50 Nifty stocks in the spot market.

Take the case of the NSE Nifty.

Assume that Nifty is at 1200 and 3 month’s Nifty futures is at 1300.

The futures price of Nifty futures can be worked out by taking the interest cost of 3 months into

account.

If there is a difference then arbitrage opportunity exists.

Let us take the example of single stock to understand the concept better. If Wipro is quoted at

Rs 1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC

at Rs 1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3

months at Rs 1070.

Sale = 1070

Cost= 1000+30 = 1030

Arbitrage profit = 40

These kind of imperfections continue to exist in the markets but one has to be alert to the

opportunities as they tend to get exhausted very fast.

CHAPTER-2

ABOUT ARCADIA SHARE   & STOCK BROKERS PVT. LTD

ABOUT ARCADIA SHARE   & STOCK BROKERS PVT. LTD AND

THEIR PRODUCTS AND SERVICES

Arcadia came to life in 1995, right on the wave of a post-liberalisation market economy. As

financial services became a major contributor to economic growth, Arcadia has steadily

shaped into a leading financial service provider.

Incorporation Year 1908  

Registered OfficeBaroda House,Mandvi,, Vadodara,

Gujarat-390006 .

ISINNO INE028A01013  

Phone 91-0265-2563932  

E-mail investorservices@bankofbaroda.com

URL www.bankofbaroda.com

Industry Bank - Public  

Chairman M D Mallya  

Managing Director M D Mallya  

Company Secretary Vinay A Shah  

Listing BSE,NSE  

Arcadia has steadily shaped into a leading financial service provider.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. member of National Stock Exchange and

The Stock Exchange, Mumbai ARCADIA SHARE & STOCK BROKERS PVT. LTD. is a wholly

owned subsidiary of ARCADIA SHARE & STOCK BROKERS PVT. India’s leading and most

popular finance and investment portal. ARCADIA SHARE & STOCK BROKERS PVT. LTD.

has emerged as one of leading players in e-broking space in India. Our key product offerings

are as follows:

Products of ARCADIA SHARE   & STOCK BROKERS PVT. LTD

Main products

Investor Terminal

Trader Terminal 2010

Diet ODIN

On all the terminals, investors get the facility to buy and sell stocks in NSE and BSE and

Futures and Options through NSE.

Investor Terminal

• Investor Terminal is recommended for infrequent investors, who fall into the "Buy and

Hold" school of investing, made very popular by Warren Buffet - the Oracle of Omaha.

• Its a trading interface which works behind proxy and firewalls as they access the

Internet and the stock markets from their work place, where a direct connection is

difficult because of corporate IT security policies.

Trader Terminal 2010

• Trader Terminal is for the dedicated day traders, who churn their portfolio on minor

movements in the market, sometimes several times a day.

• The Trader Terminal offers…..

– lightning fast order execution

– Monitoring of marked to market positions on a minute-to-minute basis

– Intra-day charts, market gossip, price and volume information and much more

The Diet ODIN

• The Diet ODIN terminal provides the facility to trade not only in cash as well as

derivatives but also in the commodities segment in the Multi-Commodity Exchange

(MCX) and the National Commodity & Derivatives Exchange (NCDEX);

• Though it doesn’t provide charting features, it provides a cleaner interface for faster

order execution, a facet well-appreciated by the true-blue trader of today.

Customer category

• Investor

• Trader

The category of the customer does not depend on the

terminal he takes but on the scheme he takes

Brokerage Investor

One-time registration fees 555

Minimum Initial Margin Rs.5000/-

Trading Brokerage (Cash) 0.10%

Delivery Brokerage 0.50%

F&O Brokerage 0.10%

Minimum Per Share(Trading) 5 Paisa

Minimum Per Share(Delivery) 5 Paisa

Registration of Investor

• Registration charge of Rs.555 is once payable and non refundable. This charge cannot

be waived of under any circumstances.

• Account cannot be opened without the minimum initial margin of Rs. 5000 and any

point of time the ledger balance of the client should be minimum Rs. 5000.

• If the client has a debit balance then stock value minus debit has to be worth a minimum

Rs. 5000.

• Client can withdraw funds from the account but has to maintain a minimum ledger

balance of Rs. 5000

• If the minimum balance is not maintained then the account will be frozen and client

cannot operate both trading and demat account.The account can be re-activated by

payment of Rs. 50 p.m.

Brokerage-Trader

  Quarterly Annual

Registration fees Rs. 3000/- Rs. 8000/-

Minimum Initial Margin Rs. 5000/- Rs. 5000/-

Trading Brokerage (Cash) 0.05% 0.05%

Delivery Brokerage 0.25% 0.25%

F&O Brokerage 0.05% 0.05%

Minimum Per Share

(Trading)

1paisa 1paisa

Minimum Per Share

(Delivery)

5paisa 5paisa

Registration of Trader

• A client registering as a Trader will not pay Rs.555

• A Trader has an option of paying a registration fee of Rs. 8000 every year or Rs. 3000

every quarter.

• The registration fee is refunded against the brokerage charged i.e. we will refund to the

client the registration fee (8000 or 3000) or the actual brokerage charged for that period

whichever is lower.

• Trader has to maintain minimum margin of Rs. 5000 and at any time the ledger balance

or stock value has to be minimum Rs. 5000

Terminals offered

– An Investor and Trader can opt for any of the products we offer

• Investor Terminal

• Trader Terminal 2010

• Diet ODIN

– An Investor that has opted for TT5,can be de-activated if the brokerage earned is

not sufficient. Our Audit team will keep a check on this and produce a monthly list

of such customers

– Under the Investor or Trader scheme a client can also choose offline trading.

– Depository Charges

• Account opening charges- Nil

• Annual maintenance charges-Nil

• Custody / Holding charges-Nil

• Transaction Credit-Nil

• Transaction Debit- 0.05% of transaction value (Minimum Rs.15/-Maximum Rs.100/-)

DP charges mentioned above are the same for Investor and Trader.If the client opens only a

demat account then the client will be Charged annual maintenance charge of Rs. 250

Regulatory charges

• Trading Cash (NSE & BSE) : 0.006% on turnover

• Delivery (NSE & BSE) : 0.014% on turnover

• F&O : 0.008% on turnover

Service tax & STT

Service Tax is 12.24% on brokerage

• Securities Transaction Tax

• For delivery transactions – 0.1%

(Charged to buyer and seller)

• For trading transactions in cash – 0.02%

(Charged to seller only)

• For trading transactions in ‘F n O’ - 0.0133 %

ABOUT THE COMPETITORS OF ARCADIA SHARE   & STOCK

BROKERS PVT. LTD .

ARCADIA SHARE & STOCK BROKERS PVT., Bikaner has to compete with many players who

have been in this field for last four years even after the ARCADIA SHARE & STOCK

BROKERS PVT. LTD. product was withdrawn from the market due to certain drawbacks.

The main competitor being

ICICI

HDFC

INDIABULLS

ABOUT ICICI DIRECT.COM & THEIR PRODUCTS AND SERVICES

Products and Services

A product for every need: ICICIdirect.com is the most comprehensive website, which allows

you to invest in Shares, Mutual funds, Derivatives (Futures and Options) and other financial

products. Simply put we offer you a product for every investment need of yours.

1. Trading in shares:

ICICIdirect.com offers you 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 : You can also do an intra-settlement trading upto 3 to 4 times your available

funds, wherein you take 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 you can do an intra-settlement trading upto 25

times your available funds, wherein you take long buy/ short sell positions in stocks with the

intention of squaring off the position within the same day settlement cycle. MarginPLUS will

give a much higher leverage in your account against your limits.

Spot Trading : This facility can be used only for selling your demat stocks which are already

existing in your demat account. When you are looking at an immediate liquidity option, 'Cash

on Spot' may work the best for you, On selling shares through "cash on spot", money is

credited to your bank a/c the same evening & not on the exchange payout date. This money

can then be withdrawn from any of the ICICIBank ATMs.

BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1 st

and 2nd day after the buy order date, without you having to wait for the receipt of shares into

your demat account.

2. TRADE IN DERIVATIVES:

FUTURES

Through ICICIdirect.com, 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.

Trading in FUTURES is simple! If, during the course of the contract life, the price moves in

your favour (i.e. rises in case you have a buy position or falls in case you have a sell position),

you make a profit.

Presently only selected stocks, which meet the criteria on liquidity and volume, have been

enabled for futures trading.

Calculate Index and Know your Margin are tools to help you in calculating your margin

requirements and also the index & stock price movements. 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, you have to place certain % of order value

as margin. With options trading, you can leverage on your trading limit by taking buy/sell

positions much more than what you 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.

By paying lesser amount of premium, you can create positions under OPTIONS and take

advantage of more trading opportunities.

ABOUT HDFC SECURITIES & THEIR PRODUCTS AND SERVICES:

ABOUT HDFC : HDFCsec is a brand brought to you by HDFC Securities Ltd, which has been

promoted by the HDFC Bank & HDFC with the objective of providing the diverse customer

base of the HDFC Group and other investors a capability to transact in the Stock Exchanges &

other financial market transactions.

HDFCsec, will equip you with the necessary tools to allocate, select and manage your

investments wisely, and also support it with the highest standards of service, convenience and

hassle-free trading tools.

Our mission is to provide our customers with the most useful investment guidance and

investment-related services available in the country. We want to become a one-stop solution

for all your investment needs, one that will help you get the most out of your money.

PRODUCTS AND SERVICES :

Our services comprise online buying and selling of equity shares on the National Stock

Exchange (NSE).

Buying and selling of select corporate debt and government securities on the NSE would be

introduced in a subsequent phase.

In a few months, we will also offer the following online trading services on the BSE and NSE:

1. Buying and selling of shares on the BSE

2. Arbitrage between NSE & BSE

3. Trading in Derivatives on the NSE

4. Margin trading products

Later, their service range will be enhanced to include the following: Buying and selling of select

mutual funds units, subscription to initial public offerings, public issues and rights issues, and

purchase of insurance policies and facilitating asset financing (house and car loans for

instance).

These products and services would of course be provided subject to the prevailing rules &

regulations of HDFCsec, the regulatory body, the Securities Exchange Board of India (SEBI)

and the relevant stock exchanges.

Our content will offer financial information, its analysis, investment guidance, news & views,

and is designed to meet the requirements of everyone from a learner to a savvy and well-

informed investor. Here’s how it will make a difference to you and your investments:

ABOUT INDIABULLS AND THEIR PRODCUTS AND SERVICES

Indiabulls is India's leading retail financial services company with 135 locations spread across

95 cities. While our size and strong balance sheet allow us to provide you with varied products

and services at very attractive prices, our over 750 Client Relationship Managers are

dedicated to serving your unique needs.

Indiabulls is lead by a highly regarded management team that has invested crores of rupees

into a world class Infrastructure that provides our clients with real-time service & 24/7 access

to all information and products. Their flagship Indiabulls Professional NetworkTM offers real-

time prices, detailed data and news, intelligent analytics, and electronic trading capabilities,

right at your fingertips. This powerful technologies complemented by our knowledgeable and

customer focused Relationship Managers. They are creating a world of Smart Investor.

Indiabulls offers a full range of financial services and products ranging from Equities to

Insurance to enhance your wealth and hence, achieve your financial goals.

PRODUCTS AND SERVICES OF INDIABULLS:

Indiabulls offers a full range of financial services and products ranging from Equities to

Insurance to enhance your wealth and hence achieve your financial goals.

Their Indiabulls Professional NetworkTM offers real-time prices, detailed data and news,

intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful

technology is complemented by our knowledgeable and customer focussed Relationship

Managers.

Indiabulls' Relationship Managers are available to you to help with your financial planning and

investment needs. To provide the highest possible quality of service, Indiabulls provides full

access to all products and services through multi-channels.

Equities & Derivatives

Comprehensive services for

independent investors, active

traders & Non-Resident Indians.

Indiabulls Equity

AnalysisTM

Premium research on 401+

companies updated daily.

Depository ServicesValue added services for seamless

delivery.

InsuranceTake care of your life while you

take care of business.

CHAPTER-4

METHODOLGY

The survey was conducted in the market of:

Customers Zones:

Professionals(Elite class).

Traders:

Bikaner citizens.

Samples under study:

Equity traders were surveyed randomly.

Sample size:

300 peoples .

CHAPTER-5

RESULT AND FINDINGS

I had done the survey work to find out that how many persons are interested in online trading

, how many invest in equity , how many want to know about equity , how many invest with

ARCADIA SHARE & STOCK BROKERS PVT. LTD.and how many still satisfied with offline

trading , following are the findings ::

How many invest with equity ?

GRAPH NO. 1

Above graph is showing that how many persons do invest in equity share which is shown with

the percentage i.e. 38% who are interested and 26% are not interested.

% of persons interested in online trading :

not interested

62%

interested persons

38%1

2

How many persons want to understand about the equity market ?

GRAPH NO. 2

Above graph is showing that how many persons want to understand the term equity market

which is shown in % i.e.

17% are interested and 83% are not interested in knowing

equity.

How many invest through online account ?

how many invest through online account :

not having 61%

having 39% 1

2

GRAPH NO. 3

Above graph is showing that how many persons are invest in equity through online account i.e.

through e-trade which is shown in % i.e. 31% are having online a/c and 61% are not having

online a/c with any other broker.

How many want to know about online trading ?

not interested

38%interested

62%

1

2

GRAPH NO.4

Above graph is showing that how many persons are having interest in knowing about online

trading which is shown in % i.e. 38% are not interested in knowing about online trading and

62% are interested in knowing about online trading of equity shares.

Market share of ARCADIA SHARE   & STOCK BROKERS PVT. LTD. in online

segment ?

GRAPH NO. 5

Above graph is showing percentage of market share of all the competitors of ARCADIA

SHARE & STOCK BROKERS PVT. LTD.which is greater as compare to ARCADIA SHARE &

STOCK BROKERS PVT. LTD.

who is having the market share in others category i.e in 5% market share

Comparison of ARCADIA SHARE   & STOCK BROKERS PVT. LTD.

product with other competitor product ?

PARTICULAR LIVE STEAMINGQUOTES

COMPANY SERVICE\BRANCH

TOLL FREE

ARCADIA DL Broking house Many First 5 call free& 20/-

ICICI No Bank No First 5 call free& 20/-

HDFC No Bank No First 5 call free

KOTAK DL Broking house No First 5 call free, then20/-

SHAREKHAN Yes \DL Broking house Many Free

INDIABULLS No Broking house Many No

BANKLINKING

CHEQUEACCEPTANCE

DP LINKING MARGIN FUNDING

NSE\

BSEARCADIA 2Banks Yes No No Bot

hICICI Self No Self No Bot

hHDFC Self No Self No NSEKOTAK 2 Banks No No No NSE

SHAREKHAN 4 Banks Yes No No NSEINDIABULLS 2 Banks Yes No Yes NSE

LIMIT GIVEN FOR DP

BTST FACILITY BROKERAGET\D

ARCADIA No Yes 0.1\0.5ICICI No No 0.15\0.85HDFC No No 0.1\0.5KOTAK No Yes 0.1\0.65SHAREKHAN No Yes 0.1\0.5INDIABULLS Yes Yes 0.1\0.5

CHAPTER-6

RECMMONDATION

Following are some recommendations from my sides-

ARCADIA SHARE & STOCK BROKERS PVT. LTD.should try to reduce the

brokerage charges for

both trading and delivery.

It should target retail customer.

They should increase their market penetration.

They should provide more and more attractive & innovative schemes for promoting their

new product like advertising.

They should have a tie up with more Banks.

Target & Task

Conducting survey to find out 300 potential customers.

Also finding out the prospective customers.

Selling the new online trading product of ARCADIA SHARE & STOCK BROKERS PVT.

LTD.

On-Job trainning

Understand the term “Online trading of equity shares.

How to collect the database from the different sectors of corporate.

Strategies

Target the professionals(Elite class).

CHAPTER-7

CONCLUSION

Business class investors more proportion of their income in shares and

securities as compared to service class investors.

Majority of investors trade according to except the daily traders.

Majority of investors take the decision on investment (where/what amount

to invest) on their own idea and some rely on expert’s opinion and broker’s

advice.

In cash segment, capital gain is the prior motive of the investors followed

by regular of the investors followed by regular income and tax income and

tax planning.

The satisfaction level regarding services by brokers of phone service &

professional advice is very low.

Professional advice available is not adequate regarding investment in

secondary market.

Most of the investors feel that online trading is more transparent than the

older form of trading (Ring trading).

Most of the people are aware of different charges charged by the brokers

(Demat charges, transaction charges, service charges etc.).

While selecting a broker, brokerage & frequent payments were considered

as main factors followed by personal relations.

Most of the investors are not satisfied with ‘phone services’ provided by

the brokers.

The major problem faced by the investors is of broker’s attitude towards

small investors is not same as with the big investors.

Another major problems faced by the investors is to decide where/what

amount is invested.

Suggestion:

Professional advice should be made available in the city.

Brokers should transfer the deliveries/payments to the investors in time.

Brokers should deal all the investors in same respect.

ARCADIA SHARE & STOCK BROKERS PVT. LTD is fastly emerging company in financial

sector.

But market share in comparison to it’s competitor is very low. It need to improve

It’s share in financial market. In today’s era, online trading becoming more popular.

But most of the people don’t know about it, and so they are trading offline.

So ARCADIA SHARE & STOCK BROKERS PVT. LTD. need to popularized online

trading through it’s various financial products. For this they should emphasize on

effective and attractive advertisement campaigns in Print and E-Media.

Disclaimer

You agree and understand that the information and material contained in this website

implies and constitutes your consent to the terms and conditions mentioned.

You also agree that ARCADIA SHARE & STOCK BROKERS PVT. LTD. can modify or

alter the terms and conditions of the use of this service without any liability.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. has launched e-broking services. It

reserves the right to decide the criteria based on which customers would be allowed to

avail of these services.

The content of the site and the interpretation of data are solely the personal views of the

contributors.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. reserves the right to make

modifications and alterations to the content of the website.

Users are advised to use the data for the purpose of information only and rely on their

own judgment while making investment decisions. The investments discussed or

recommended may not be suitable for all investors. ARCADIA SHARE & STOCK

BROKERS PVT. LTD. does not guarantee the timeliness, accuracy or quality of the

electronic content. The content of the website cannot be copied, reproduced,

republished, uploaded, posted, transmitted or distributed for any non-personal use

without obtaining prior permission from ARCADIA SHARE & STOCK BROKERS PVT.

LTD.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. and its owners/affiliates are not

liable for damages (monetory or otherwise) caused by any performance, failure of

performance, error, omission, interruption, deletion, defect, delay in transmission or

operations, computer virus, communications line failure, and unauthorized access to the

personal accounts. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not

responsible for any technical failure or malfunctioning of the software or delays of any

kind. We are also not responsible for non-receipt of registration details or e-mails. Users

shall bear all responsibility of keeping the password secure.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not responsible for the loss or

misuse of the password. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not

responsible for the content of any of the linked sites. By providing access to other web-

sites, ARCADIA SHARE & STOCK BROKERS PVT. LTD. is neither recommending nor

endorsing the content available in the linked websites. You agree that the information

gathered from your profile will be used to enhance your experience on the website. We

will not rent or sell the profile/contents to any third party. In case of a contest or a

promotion scheme, we reserve the right to share the users profile with the sponsors. In

the event of necessary credit checks and collection of payments, ARCADIA SHARE &

STOCK BROKERS PVT. LTD. can disclose such information to other authorities in

good faith.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. will use all or any part of the

service and change terms without any obligation.

Transactions between you and Reymount shall be governed by and construed in

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ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not in any manner answerable,

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errors, mistakes and/or partners, agents associates etc., of any of the Rules,

regulations, bye-laws of the Bombay Stock Exchange Limited, National Stock Exchange

of India Limited or SEBI Act or any other laws in force from time to time.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. . is not answerable, responsible or

liable for any information on this website or for any services rendered by our employees,

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and Foreign Nationals accessing this web site and opting to transact thereon shall do so

after due verification at their end of their eligibility to do so.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. . Limited undertakes no

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terms mentioned in this agreement, you should exit the site.

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standards on all the third parties with whom we part these information. In alll

circumstances we shall ensure that your personal information is protected by strict

confidentiality agreement. We shall not allow any third parties to retain your personal

information longer than what is warranted by the nature of services rendered.

CHAPTER-8

BIBLIOGRAPHY

WWW.ARCADIA STOCK.COM

WWW.NSE.com

C.R Kothari “Research Methdology”

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