As a partial fulfillment of my MBA curriculum I have undergone six weeks summer training at “ANGEL BROKING.” I have done my summer training project at Jamnagar branch from 1st of May to 15th of June. The Angel Group has emerged as one of the top 5 retail stock broking houses in India, having memberships on BSE, NSE and the two leading commodity exchanges in the country i.e. NCDEX and MCX. Angel Broking Ltd is also registered as a depository participant with CDSL. Angel has exceeded customer’s expectations by providing world-class service. I was placed under the marketing and sales department and I have learned a lot in carrying out marketing task for Angel Broking. I have done marketing in retail client segment. I have also carried out a project during summer training. The title of my project is “Present and the Future Scenario of e-Broking in Jamnagar city area” The questionnaire was used as data collection instrument and both open ended and close ended type of questions were used as per the requirement. From the survey it was found that currently the concept of e-Broking is not so prevalent in the market, but its future can be made bright by properly conveying its benefits. More details about the project are available in later part of this report.



In a shot span of 18 years since inception, the Angel Group has emerged as one of the top five retail stock broking houses in India, having membership of BSE, NSE and the two leading Commodity Exchanges in the country i.e. NCDEX & MCX. Angel Broking is also registered as a Depository Participant with CDSL. The group is promoted by Mr. Dinesh Thakkar, who started this business as a sub-broker in 1987 with a team of 3. Today the angel group is managed by a team of 1937 direct employees and has a nation wide network comprising of 12 Regional hubs, 64 branches and 2759 sub brokers & business associates. Angel is 100% focused on retail stock broking business unlike any other larger national broking house. The group currently services more than 226030 retail clients. Angel habitually generates value added features without the cost burden being passed on to the clients as they strongly believe that better understanding of client’s needs and wants is their top priority. Their e-broking facility is one such effort, which gives the client a platform to access state of the art trading facility at the click of a button. Angel has always strived for delivering customer delight and developing strong long term bonds with its clients as well as channel partners. Angel thrives on a vision to introduce new and innovative products and services constantly. Moreover, Angel has been among the pioneers to introduce the latest technological innovations and integrate them efficiently within its business.


The mainline Business Activities of Angel are : • • • • • • • • • • Stock Broking Derivatives Trading Online Trading Wholesale debt market operations Depository services with CDSL Fundamental Research Services Technical Research Services IPO Distribution and Advisory Mutual Fund Distribution and Advisory Commodities Trading






G-1, Akruti Trade Centre, Road No. 7, MIDC Marol, Andheri (E), Mumbai – 400 093


ANGEL STOCK BROKING LTD. Indraprastha Building, 2nd Floor, Block No : 228-229 Pancheshwar Tower Road, Jamnagar- 361001


Private Sector


Mr. Dinesh Thakkar


1ST April to 31st March



MANAGEMENT TEAM Chairman and Managing Director : Mr. Dinesh Thakkar Chief Investment Officer : Mr. Rajen Shah


Senior Research Analyst Table 1 ANGEL GROUP COMPANIES

: Mr. Phani Sekhar

Member on the BSE Depository Participant with CDSL Membership on the NSE Cash and Futures & Angel Capital & Debt Market Ltd. Options Segment Angel Broking Ltd. Angel Commodities Broking Ltd. Angel Securities Ltd. Angel Infin Pvt. Ltd. Mimansa Systems Pvt. Ltd. Member on the NCDEX & MCX Member on the BSE NBFC registered with RBI For Software Development

(Source : www.harmony.angeltrade.com) REGIONAL OFFICES Ahmedabad Bangalore Chennai Hyderabad Indore Jaipur Kolkata Mumbai New Delhi Pune Rajkot Surat

           


The Unique Features of Angel :  Instant Online Fund Transfer with Multiple Banks

BSE, NSE, F & O, MCX and NCDEX in a single screen


Efficient uptime and greater stability for high speed Customized solutions as per client’s requirements Personalized Advisory services for HNI clients Call and Trade at 70 branches across the country State of the art Technology and Infrastructure DP with CDSL with automated pay-in facility Instant Online technical support for clients








“Given the client’s risk profile, maximize performance by adhering to disciplined investment approach backed by quality research.” Angel’s investment philosophy is based on two key attributes: 1. Wealth Creation : The creation of Wealth can be categorized as :    Having money work for client Having others work for client Client Working for Money

2. Wealth Preservation : As wealth grows, focus is shifted to striking a balance between asset creation and preservation. Wealth preservation applies to day-to-day financial life which includes managing cash flow and overall risk management.


Angel’s objective at all time is to protect and then grow client’s portfolio. The primary aim is to avoid the thoughts of the declining market and not necessarily out-perform the rapidly rising market but to consolidate both the periods, which would result in out-performing the market along with wealth creation. Angel’s investment philosophy is outlined by in-depth focus on a disciplined long term investment approach in potential multi-baggers. The 3 important tenets that we look for in any stock are:    Consistent, steady & sustainable returns Margin of safety Low volatility


 REPORTS : Market Outlook at 9:15 a.m. : A crisp pre-market report that arms the client with sensitive

information before the opening bell. Key corporate developments, policy announcements, geo-political news and views are analyzed for their impact on the market. Technical Report at 6:00 p.m. : This report analyzes trading pattern, historical background, market positions of key stocks and offers short term (1 to 5 days) as well as medium term (10 to 20 days) view. Tracking individual scrips as well as the Sensex and Nifty, its insights cut through the market maze. Derivative Analysis Report at 9:15 a.m. : The report provides information on FII activity in derivative segment, change in open interest put call ratio, cost of carry of stock and index based derivative products. The derivative analysts use the above tools to project movements during the next trading sessions.



The Sunday Weekly Report : This weekly report is the ace of all reports. It offers a

comprehensive market overview and likely trends in the week ahead. It also presents few top picks based on an in-depth analysis of technical and fundamental factors. It gives short term and long term outlook on these scrips, their price targets and trading strategies. Another unique feature of this report is that it provides an updated view of about 70 prominent stocks on an ongoing basis. The Industry Watch : This report provides an in-depth analysis of specific industries which are likely to outperform others in the economy. It analyzes their strengths and weaknesses and ascertains their future outlook. The final view is arrived at after thorough interaction with industry experts. Also comparative performances of various companies in the sector are evaluated and top picks are recommended. Stock Analysis : Angel’s stock research has performed very well over the past few years and the Angel Model Portfolio has consistently outperformed the benchmark indices. The fundamentals of select scrips are thoroughly analyzed and an actionable advice is provided along with investment rationale for each scrip.


Flash News : Key developments and significant news announcements that are

likely to have an impact on markets / scrips are flashed live on trading terminals. Flash news keeps the market participants updated on an online basis and helps them to reshuffle on their holdings TECHNICAL RESEARCH SERVICE : Nifty Tracker : Nifty Futures is the most traded instrument with highest volumes in F & O and excellent liquidity. The team tracks the Nifty Future and generates calls based on unique trading system which is a result of their focused research over the past few years. The objective is to generate positive returns for traders who are looking for a high risk / high reward product. Online Chart : An online forum to help clients, specifically day traders in judging the directions of the market and stocks which are in the limelight. Intraday Calls : For day traders, Angel provides intra-day calls with entry, exit and stop loss levels during market hours. These calls are flashed on their terminals. Their analysts continuously track the calls and provide recommendations according to the market movements. Position Calls : Angel’s “Position Trading Calls” are based on thorough analysis of the price movement in select scrips. These calls are for a 10-15 day time span with stop loss and target levels. These calls are flashed on their terminals during market hours. 16

Derivative Strategies : Their analysts take view on the Nifty and select stocks based on

the derivatives data and technical tools. Suitable “Derivative Strategies” are devised, which are flashed on their terminals and published in their reports. Futures Calls : A customized product for HNIs to help them trade with leveraged position; wherein clients are advised on the stocks with entry, exit and stop loss level for short term benefits. status of the calls is monitored at all times. Over and above this, financial

INVESTMENT ADVISORY DESK : At Angel, they have a dedicated Investment Advisory Desk :  To help manage client’s equity portfolio and create wealth

 To help client understand their risk profile and define investment goals realistically   To minimize client’s risk and maximize their returns To help client decide what to buy / sell and when to buy / sell

 To help client’s understand macro-economic trends and sectoral / company developments  To help client restructure their portfolio based on sound research


PORTFOLIO MANAGEMENT SERVICES : Angel offers discretionary PMS to investors in order to assist them in

managing their funds amidst continuous changing market dynamics and increasing complexities of investing. Investing in equity market requires indepth knowledge and thorough analysis coupled with clear understanding of domestic and international economies. Investors need the services of an expert to manage their funds and deliver good returns in diverse market conditions. Continuous wealth creation with and emphasis on capital preservation is essential in today’s complex markets. In order to systematically diversify the holdings of clients across varied sectors and with and intention to give them handsome returns, Angel devised the concept of the Model Portfolio :  Angel came out with its first Model Portfolio in August 2002  Since then it has come out with Model Portfolios which have consistently outperformed the Sensex YOY  In fact the latest model portfolio by Angel has successfully outperformed the Sensex by a whooping 80% Angel’s Portfolio Advisory Team had a successful track record of assisting its clients in managing their portfolios for over 4 years. The Portfolio Management Process starts with understanding each investor’s risk appetite and return expectations. The Portfolio Management Team not only draws support from Angel’s in-house research team for new investment ideas but also has its own stocks picking by adopting bottom up research.


Salient features of PMS schemes : 100% discretionary scheme Time horizon : 12-18 months Wealth Creation at minimum risk


PMS Schemes @ Angel Scheme 1: Angel OYSTER Description: The main objective of the scheme is wealth generation by delivering superior returns over long term through investments and equity related instruments. Investment Strategy:  To generate wealth on consistent basis rather than outperform by taking higher risk. Logic works well and thus will be given weight age along with financials Early identification of stocks to ride through the entire investment cycle Timing of investment is important to generate superior returns Bottom –up approach


Parameters Driving Investment Decision: Blend of growth and value stocks Investments in companies regardless of market capitalizations Keen selection of stocks based on potential for value

unlocking based on key events Focus on companies which display  Scalable business potential  Large market opportunity  Beneficiary of favorable economic cycle  Valuation at steep discount to asset value Sectoral Composition: May include under- researched companies Portfolio could invested in liquid funds

 Investor Profile:

Safety of capital will be of utmost importance The scheme would be suited for investors having medium to long

term perspective (i.e. 12-18 months)


Scheme 2: Angel BLUE- CHIP Description: The objective of the scheme is to generate capital appreciations in the medium to long term through investments in equities and equity related instruments comprising predominantly large cap companies. Investment Strategy: The scheme will seek to achieve returns through brand based participants in equity markets by creating a diversified equity portfolio. The portfolio will be overweight on large cap companies. The portfolio strives at all time to achieve an 80% allocation to large cap companies. The allocation of sectors and stocks in the portfolio may be dynamically structured in tune with changes in broader market conditions


Parameters Driving Investment Decision: Overweight on large cap stock. However quality mid cap stocks may also be considered for investment. Portfolio to comprise of a combination of growth & value stocks. The portfolio strives to limit the exposure to any sector to less than 25% of the portfolio size The portfolio strives to limit the exposure to any stock to less than 10% of the portfolio size The allocation and composition of medium capitalized stocks to vary based market conditions Investor Profile: The scheme would be suited for investors with low to moderate risk appetite The scheme would be suited for investors having medium to long term perspective.


Benefits of Angel PMS :

 Understanding risk : At Angel, utmost emphasis is given to understanding the risk profile of an investor.  Periodic Evaluation : Periodic evaluation of the Model Portfolio is carried out and market movements are cashed upon.  Administrative Convenience : Angel focuses on providing hassle free administrative / operational support and customized services.  Transparency : Regular statements and updates as well as online access to information required for investment.  Regular Analysis and Monitoring : Investments undergo regular monitoring and analysis to check any deviation from the structured goal ensuring creation of wealth over a period of time.  Professional Management : PMS is provided to professional management by experts on equity with an aim to optimize returns.

Angel PMS – Ideal For :


Portfolio Management Services from Angel are essential for investor who needed  Long term wealth generation  Personalized service  Investment opportunities in Indian equities  Fundamental research based investment decisions In essence, all investor who have faith and belief in the Indian growth story and robust corporate performance would find Angel PMS most suitable to meet their objectives.


ANGEL GOLD: In a volatile market it is very difficult for an investor to pick up value stocks

which will give decent returns in the long run. We at Angel Gold realize your need for a professional financial advisor and hence are here to assist you in making wise and profitable decisions. We strongly believe that right decisions taken at the right time are always beneficial and that's why our entire research team comprising of 12 sector specialists along with our research head will understand your need, return expectation, risk profile and time horizon to design your portfolio accordingly. This portfolio will be tracked regularly and our efforts would be to optimize your returns in the long run. Features of the Angel Gold:

A premium service for clients who need professional guidance on Minimum fund / portfolio of Rs. 1 lac and maximum of Rs. 4 lac Appropriate risk profiling before taking investment decisions Periodic group meetings and seminars in branches. Monthly Newsletter from the desk of “Angel Gold” . Browser based back-office software.

long term investments.

eligible for Angel Gold.
   



Agro Tech Speak: Mainly gives the investors insight into and a forecast for agro

commodities viz. pulses (urad channa etc); reports on oil complex (soyabean castor etc.) along with spices with reports on kapas guar seed  Call Evaluation: A report designed for evaluating the calls given by the angel research team where the reports are classified in 3 broad categories viz. achieved , triumph, not achieved along with the trade recommendations  Commodities Tech Speak: This report mainly equips the investors dealing in MCX segment in commodities like gold, silver, crude oil, copper etc with the market insight and expert recommendation on the trading strategies


Angel Commodity Advantages :

 Top Quality Research : o Professionally qualified analysts with rich industry experience o Research on 25 agro commodities, precious metals, base metals, energy products and polymers e-Broking : o o Single screen customized market watch for MCX / Streaming quotes and intra day calls NCDEX with BSE / NSE

   

DP Facilities in Commodities Trading on CDSL 24x7 Online Back-office Efficient Risk Management Competitive Brokerage Rates




To enable clients to diversify their investment in the right direction, Angel Broking has added another product in its range with mutual funds :  Customized investment solutions based on specific individual’s financial goals aligned with client’s risk appetite.  Access to in-depth research and proper selection from diversified funds based on client’s preferred criteria.  Customized reports at desired frequency.  Rating and Rankings of all Mutual Funds from in-house expert analysts.  Current and historical performance of different funds enabling comparisons.  News and alerts for client’s Mutual Fund Portfolio and performance tracking with watch lists.  Online Mutual Funds applications (NFO or existing) / Online order status tracking / Online updation of unit holdings at latest NAV / Online dividend pay out and re-investment facility.  Single point customer query handling.


 

IPO DISTRIBUTION AND ADVISORY : Wide network of branches for better customer reach. Dedicated Research Teams generating sector related

 reports.

Ease in investing with informed decision making. Advisory Help Desk for all IPO related queries.


ONLINE TRADING : Specially designed for the net savvy traders and investors who prefer

operating from their home or office through the internet. The investor can access state of the art Technology with three different e-broking products and voila trading on BSE, NSE, F & O, MCX and NCDEX. ONLINE PRODUCTS ANGEL DIET:

Application based product for Traders. ANGEL ANYWHERE:

Application based product for Traders with Charts. ANGELTRADE:

Browser based product for Active Investors.


 Angel Diet :

o o o o

Application based ideal for traders User friendly and simple navigation Robust and speedier execution of trade BSE, NSE, F & O, MCX and NCDEX


 Angel Trade :

o Browser based for investors o No installation required o Advantages of mobility o Trading as simple as internet surfing o BSE, NSE, F & O, MCX and NCDEX


 Angel Anywhere :

o Application based ideal for traders using technical tools o Intra day / Historical charts with various indicators o BSE, NSE-Cash & Derivatives


DEPOSITORY PARTICIPANT SERVICES : Angel Broking Ltd. is a DP Service provider through CDSL. They offer

Depository Services to create a seamless transaction platform to execute trades through Angel Group of Companies and settle these transactions through Angel Depository Services. Hassle free automated pay-in of client’s sell obligations

by Angel Broking Ltd. / Angel Capital & Debt Market Ltd. Instant disbursement of non-cash benefit like bonus and

 rights

Wide Branch coverage Personalized / Attentive services of trained and dedicated

 staff

Centralized billing and Accounting Acceptance and Execution of instructions on “fax” “Zero” upfront payment and lowest transaction charges Daily statement of transactions and holding statements

 on e-mail

 statement

No charges for extra transaction statement and holding


All in one combined Monthly “Bill-cum-Transaction-cum-

Holding-cum-Ledger” statement


 

Major Volume Driver Award for 2004-2005 by BSE Major Volume Driver Award for 2005-2006 by BSE


STRENGTHS:   Understanding the needs of a channel partner and retail investor very well. Deriving inspiration from their vision of providing the best value for money to their clients.    Strict adherence to compliance norms. Timely research based advice to their clients. 50 member research / advisory team comprising of experienced fundamental and technical analysis, sector specialties, derivative strategist and commodity analysts   Strong Communication Network. Good Image and strong back ground.

WEAKNESSES:    High Employee Turnover. No lifetime facility for Demat A/c No funding facility

OPPORTUNITIES:   To get into the segment of such investors who are less risky. Marketing at rural and semi-urban areas.

THREATS:   Increasing number of local players. Past image of Stock market


The history of Indian capital market back to the 18th century when east India company securities were traded in the country. Until the end of the 19th century, Securities trading were unorganized and the main trading centers were Bombay and Calcutta. Of the to Bombay was the chief trading centre were in bank shares were the major trading stock

Trading was at that time limited to a dozen brokers their trading place was under a banyan tree in front of the Town hall Bombay. These stock brokers organized an informal association in 1875- native shares and stock broker’s association Bombay. The stock exchanges in Calcutta and ahemedabad also have trading centre came up later. The Bombay stock exchange was recognized in may 1927 under the Bombay securities contract control act 1925. The capita market was not well organized and develops during the British rule because the British government was not interested in the economic growth of the country. As a result many foreign companies depended on the London capital market for funds rather then on the Indian Capital Market. In the post independence period also the size of the capital market remained small. During the first and the second five year plan the government emphasis was on the development of the agricultural sector and public sector under takings.


In the 1950s speculation became rampant; the stock market came to the known as satta bazaar. Despite speculation non payment or defaults were not very frequent. The government enacted the securities contracts act in 1956 to regulate stock markets. The company’s act 1956 was also enacted. In 1960 badla came in to existence. Badla provided a mechanism for carrying forward positions as well as for borrowing funds. Financial institutions such as LIC and GIC helped to revive the sentiment by emerging as the most important group investors. The first Mutual Funds of India, The Unit Trust of India came into existence in 1964. . In the 1970s Badla Trading was resumed under the disguised form of “Hand delivery contracts” this revived the market. July 6th, 1974 when the Government promulgated the dividend restriction ordinance, restricting the payment of dividend by companies to 12 % of the face value or 1/3 of the profits of the companies that can be distributed as computed under section 369 of the companies act whichever was lower. This led to a slump in market Capitalization at the BSE by about 20 % over night and the stock market did not open for nearly a fortnight. A little known entrepreneur, Dhirubhai Ambani, tapped the Capital Market. The scrip, Reliance Textiles is Still a Hot favorite trading at all stock exchanges. The 1980s witnessed an explosive growth of the securities market in India. The government’s liberalization process, participation by small investors, speculation, default, Ban of Badla, and resumption of Badla continued. Convertible debentures emerged as a popular instrument in primary market.


The 1990s will go down as the most important decade in the history of capital market of India liberalization and globalization were the new terms coined and marketed during this decade. Major capital market scams took place in the 1990s. The securities scam of March 1992 involving Brokers as well as Bankers was one of the biggest scam in the history of capital market. In the subsequent years owing to free pricing, many unscrupulous promoters, who raised money from capital market, proved to be fly-by-night operators. The 1991-92 the Indian stock market witnessed a sea change in terms of technology. Technology brought Radical changes in the trading mechanism. The Bombay stock exchange was subject to nation wide competition by two new stock exchange-National Stock Exchange set up in 1994 and over the counter Exchange of India set up in 1992. The National securities clearing corporation and National securities depository limited were set up in April 1995 and November 1996 respectively for improved clearing and settlement and dematerialized trading. Moreover, rolling settlement was introduced in January 1998 for all companies. The Indian capital market entered the 21st century with the Ketan Parekh scam. As a result of the scam Badla discontinued from July 2001. Trading of futures commenced from June 2000 and Internet trading was permitted in February 2000. It has been a long journey for the Indian capital market. Now the capital market is organized, fairly integrate, mature more global and modernized.


The primary function of the system is to provide a link between savings and investment for the creation of new wealth and to permit portfolio adjustment in the composition of the existing wealth.




ECONOMIC GROWTH Figure 1 : Concept of Financial System The progress of savings, finance and investment involves financial institutions, markets instruments, and services. Above all, supervision control and regulation are equally significant. Thus financial management is in integer part of the financial system. On the basis of the empirical evidence we can defined inter relationship between varied segments of the economy are illustrated below: FINANCIAL SYSTEM



Figure 2 : Financial System A financial system provides services that are essential in a modern world. The use of a stable, widely accepted medium of exchange reduces the costs of transaction. It facilitates trade and, therefore specialization in production. Financial assets with attractive yield, liquidity and risk characteristics encourage saving in financial form. By evaluating alternative investments and monitoring the activities of borrowers, financial intermediaries increase the efficiency of resource use. Access to a variety of financial instruments enables an economic agent to pool, prize and exchange risk in the market. Stock exchange is a market in which securities are bought and sold and it is an essential component of a develop capital market. The securities contracts (regulation) act , 1956, defines stock exchange as follows, “ it is an association, organization or body of individuals, weather incorporated or not , established for the purpose of assisting, regulating and controlling of business in buying, selling, and dealing in securities”. A stock exchange, thus, imparting marketability and liquidity to securities, encourage investments in securities and assist corporate growth stock exchange is regarded as “an essential concomitant of the capitalist system of economy. It is indispensable for the proper functioning of corporate enterprise. It brings together large amounts of capital necessary for the economic progress of a country. It is the citadel of capital and the pivot of money market. it provides necessary mobility to capital and directs the flaw of capital into profitable and successful enterprises .it is the barometer of general economic progress in a country and exerts a powerful and significant influence as a depressant or stimulate of business activity I t may be defined as the place or


market where securities of joint stock companies and of government or semi government bodies are dealt in.”

India boasts of the oldest stock exchange in Asia -- the Bombay Stock Exchange is 125 years old. There are 23 recognised exchanges spread across the country, but a process of consolidation is now under way. Many of the regional stock exchanges have started aligning themselves with one or both of the two large exchanges (the Bombay Stock Exchange and the National Stock Exchange) both of which have VSAT networks that give them a nation wide reach. The National Stock Exchange is an unlisted for-profit company set up by some of the leading financial institutions of India. Most of the remaining stock exchanges are broker-owned (mutual) organisations, but the Bombay Stock Exchange is actively considering demutualisation. The Securities and Exchange Board of India (SEBI), the apex regulator of the capital market has regulations that mandate a minimum number of outside directors on the governing board and provide greater autonomy to the professional executives in the day-to-day running of the exchange. Trading and settlement India’s stock exchanges are fully computerised order driven or order-cum-quote driven systems. The country has made rapid strides towards a dematerialised trading environment on the basis of a competing depositories model. Investors have the choice of holding their stocks in physical or dematerialised form, but trading in the exchanges is in mandatory dematerialised mode in most important


stocks. As of October 2000, about 98per cent of the trading in the stock exchanges is in dematerialised mode. India has put in place a regulatory regime for internet trading of stocks. A large number of online brokers have started operations. More brokers are expected to follow when the exchanges put in place an ASP (Application Service Provider) model for online trading software. However, currently, the level of penetration of online trading is extremely small. The stock exchanges currently run two parallel settlement systems. Practically all the trading takes place in the account period settlement system in which all trades during a weekly account period are netted off and the net obligations are settled five business days after the end of the period. The other unpopular system is that of rolling settlements where trades of each day are settled on a T+5 basis. SEBI is currently working on mandatorily shifting all stocks in a phased manner to the rolling settlement system. Further improvements in the settlement system to T+3 or beyond would have to wait for improvements in the payment system. However, account period settlement does not give rise to significant systemic risks in India because of stringent end of day and intra-day margining systems. Put simply, the weekly settlement is regarded as akin to a one-week futures contract, and the systemic risk is taken care of by using futures style margining. The exchange imposes daily mark to market and initial margins on the brokers to eliminate settlement risk. Exchanges also have clearing houses to guarantee settlements on the exchange. As a result, there have been no settlement failures in the principal stock exchanges during the last five years Table 2 Name THE BOMBAY STOCK EXCHANGE Towers, Address Phiroze Jeejeebhoy


Dalal Street, Mumbai- 400 001. The Ahmedabad Stock Exchange Association Ltd,. Manek Chowk, Ahmedabad - 380 001 'M' Block, First Floor, BANGALORE STOCK EXCHANGE LTD,. Unity Building, J.C. Road, Bangalore. 217, Budhraja Building, HUBANESHWAR STOCK EXCHANGE ASSN., Jharpada Cuttack Road, LTD,. THE CULCUTTA STOCK EXCHANGE ASSOCIATION LTD,. COCHIN STOCK EXCHANGE LTD., Bhubaneswar, Orissa - 751 006. 7, Lyons Range, Calcutta - 700 001. Veekshanam Road P.B. 3529, Ernakulam, Cochi - 682 035. THE DELHI STOCK EXCHANGE ASSN. LTD., 3&4/4B, Asaf Ali Road, New Delhi 110 002. Saraf Building Annexe A.T. THE GAUHATI STOCK EXCHANGE LTD,. Road, Guwahati - 781 001. THE HYDERABAD STOCK EXCHANGE LTD,. Bank Street, Hyderabad - 500 001. Rajasthan Chamber JAIPUR STOCK EXCHANGE LTD,. Bhawan, M.I. Road, Jaipur - 302 003. KANARA STOCK EXCHANGE LTD. 4th Floor, Rambhavan Complex,


Kodialbail, Mangalore - 575 003. THE LUDHIANA STOCK EXCHANGE ASSN. LTD. Lajpat Rai Market, Clock Tower, Ludhiana 141 008. 'Exchange Building', MADRAS STOCK EXCHNAGE LTD. Post Box No.183, 11, Second Line Beach, Chennai - 600 001 MADHYA PRADESH STOCK EXCHANGE LTD. 67, Bada Sarafa, Indore - 452 002. Bihar Industries Assn. THE MAGADH STOCK EXCHANGE LTD. Premises, Sinha Library Road, Patna - 800 001. 1177,Budhwar Peth, Bank of Maharashtra Bldg., PUNE STOCK EXCHANGE LTD. 2nd Floor, Bajirao Road, Pune 411 002. SAURASHTRA KUTCH STOCK EXCHANGE LTD., THE UTTAR PRADESH STOCK EXCHANGE ASSN. LTD. POPAT BHAI Rajkot - 380 002. Padam Towers, 14/113,Civil Lines, Kanpur - 208 001 101, Paradise Complex, VADODARA STOCK EXCHANGE LTD. Tilak Toad, Sayaji Gunj, Vadodara - 390 005.


Chamber Tower, COIMBATORE STOCK EXCHANGE 8/732,Avvinashi Road, Coimbatore 641 018. Kingsway Building, MEERUT STOCK EXCHANGE LTD. 345, Bombay Bazar, Meerut Cantonment - 250 001. OTC EXCHANGE OF INDIA. Maker Towers "F" Cuffe Parade, Bombay - 400 005. THE NATIONAL STOCK EXCHANGE OF INDIA LTD. Mahindra Towers, A-Wing, RBC, Worli, Mumbai 18


CDSL is the second depository set up by the Bombay Stock Exchange (BSE) in India. It commenced its operations on March 22, 1999. It was set up BSE and other co – sponsored with the net worth of Rs. 104 crores. In it, BSE has a 45 % stake while others have 55 % stake. In the same year it has Five Stock Exchanges established connectivity with it for offering trade in Demat securities and 765 companies signed up with it to get their securities admitted for dematerialization. It has 13 DPs in 91 cities across 168 locations covering 320 cities. Other co – sponsored are as under. State Bank of India Bank of India Bank of Baroda HDFC Bank

   

CDSL has also attained membership of the Asia – Pacific Central Securities Depository Group (ACG). ACG has 22 members including depositories from Japan, Hong Kong, Singapore, Malaysia, Australia, and New Zealand. Membership of the organization is expected to help CDSL enhancing its knowledge base and contributing to the development of other member organizations in the best international practices, settlement risk management, cross-border linkage and technological development. This, in turn, would help CDSL to secure foreign institutional investors’ business through their custodian.


Operations Performed by CDSL
        Carrying out actually share transactions To do PSU disinvestments To provide Centralized system at one e-space To secure Foreign Institutional Investors’ business Dematerialization of the Securities Pledge creation in against the securities Trading and settlement on day-to-day basis Work as a custodian of its clients



         




Stock Holding Corporation of India Limited (SHCIL) was promoted by public financial institutions and insurance majors like IDBI, UTI, ICICI, LIC, GIC and its subsidiaries, IFCI and IIBI. SHCIL was incorporated as a public limited company on July 28, 1986. SHCIL provides depository, post trading, custodial services, securities lending to institutional investors and retail investors. Other auxiliary services provided by SHCIL include derivatives clearing, PF fund accounting, SGL constituent account services, mutual funds and other capital market instruments distribution. ICICI direct.com

ICICI Bank is India's second-largest bank with total assets of about Rs.1,67,659 crores at March 31, 2005 and profit after tax of Rs. 2,005 crores for the year ended March 31, 2005 (Rs. 1,637 crores in fiscal 2004). ICICI Bank has a network of about 560 branches and extension counters and over 1,900 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management.


ICICI Bank set up its international banking group in fiscal 2002 to cater to the cross border needs of clients and leverage on its domestic banking strengths to offer products internationally. ICICI Bank currently has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. SHAREKHAN

Sharekhan is an equities focused organization tracing its lineage to SSKI, a veteran equities solutions company with over 8 decades of experience in the Indian stock markets. In the stock markets. Sharekhan does not claim expertise in too many things. Sharekhan's expertise lies in stocks and that's what he talks about with authority. So when he says that investing in stocks should not be confused with trading in stocks or a portfolio-based strategy is better than betting on a single horse, it is something that is spoken with years of focused learning and experience Sharekhan brings a user- friendly online trading facility, coupled with a wealth of content that will help investors stalk the right shares.



UTI Bank is a registered member (Depository Participant) of NSDL. India’s first depository. We can avail all of the depository-related services by just opening an account with NSDL through UTI Bank. UTI Bank provides services like dematerialization of shares,

rematerilialization, pledge-Hypothecation, freezing/ locking Of Accounts, transfer of shares and settlements, receipt of corporate benefits, holdings & transaction statements on email, tele depository services. MARWADI SHARES AND FINANCE PRIVATE LIMITED

Marwadi Shares And Finance Pvt. Ltd. Was incorporated in 1992.Marwadi Group servicing more than 75000 clients, more than 554 pin codes. The company ranked among top 50 broking houses. It has 250 franchisee / subbrokers and authorized person’s network.



HDFC Securities, a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. HDFCsec.com provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools. Our research team tracks the economy, industries and companies to provide you the latest information and analysis. Our content offers financial information, analysis, investment guidance, news & views, and is designed to meet the requirements of everyone from a beginner to a savvy and well-informed trader. KOTAK SECURITIES

Kotak Securities, an affiliate of Kotak Mahindra Bank, is the stock-broking and distribution arm of the Kotak Mahindra Group. The institutional business division, which brings you AKSESS, primarily covers secondary market broking. It caters to the needs of foreign and Indian institutional investors in Indian equities (both local shares and GDRs, Global Depository Receipts). The division also has a comprehensive research cell with sectorial analysts covering all the major areas of the Indian economy.


The group a net worth of over Rs.1, 550 crores and employs over 3,000 employees in its various businesses. With a presence in 59 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5, 00,000 Kotak Mahindra has partnerships with Goldman Sachs (one of the world's largest investment banks and brokerage firms), Ford Credit (one of the world's largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate). KARVY STOCKBROKING LIMITED

Karvy offers a full range of financial services and products ranging from Equities to Research to enhance your wealth and hence achieve your financial goals. Equities & Derivatives Comprehensive services for independent investors, active traders & NonResident Indians. Karvy Research Premium research on all most all companies updated daily. Depository Services Value added services for seamless delivery.



Reliance Money is an endeavour to change the way India trades in financial markets and avails of various financial services. Reliance Money ensures maximum security with a unique security token to keep your online account safe. ANAGRAM SECURITIES

Anagram Securities is the part of the Rs. 2000 crores Lalbhai Group. It was found in 1993 and is a member of the National Stock Exchange. Last year their trading crossed Rs. 17000 crores with around 5000 people making. They are dealing only in Stock Market and nothing else. Though they are doing good research work regarding companies and market which will be the beneficial to the investors. Gujarat state is one of the most important fields of their business. And they have about 30 branches throughout Gujarat


Comparison of charges of Broking Houses : Table 3 Opening Fee Parameters ANGEL SHCIL ICICI Direct.com SHAREKHAN UTI SECURITIES MARWADI GROUP HDFC SECURITIES KARVY STOCKBROKING LTD. RELIANCE MONEY ANAGRAM SECURITIES Trading A/c 100 100 NIL NIL NIL NIL 100 NIL 100 Demat A/c 460 400 750 750 600 125 399 NIL 750 400 Brokerage Delivery .30 .55 .75 .50 NIL .50 .50 .30 Rs.12/trade .40 Square Off .06 .12 .18 .10 NIL .10 .15 .05 .10


The four main legislations governing the securities market are: (a) The Securities Contracts (Regulation) Act, 1956, preventing transactions in securities by regulating the business of dealing insecurities (b) The Companies Act, 1956, which is a uniform law relating to companies throughout India (c) The SEBI Act, 1992 for the protection of interests of investors and for promoting development of and regulating the securities market, and (d) The Depositories Act, 1996 which provides for electronic maintenance and transfer of ownership of dematerialized securities.

The Government has framed rules under the SCRA, SEBI Act and the Depositories Act. SEBI has framed regulations under the SEBI Act and the Under these Acts, depositories Act for registration and regulations of all market intermediaries, for prevention of unfair trade practices, insider trading, etc. Government and SEBI issues notification, guidelines, and circulars which need

to be compiled with the market participants. The self-regulatory organizations (SROs) like Stock Exchanges have also laid down their rules.


The regulators ensure that the market participants behave in a desired manner so that the securities market continues to be a major source of finance for corporate and government and the interest of investors are protected. The responsibility for regulating the securities markets shared by Department of Economic Affairs (DEA), Department of Company Affairs (DCA), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Securities Appellate Tribunal (SAT).


The promulgation of the SEBI ordinance in the parliament gave status to SEBI in 1992. According to the preamble of the SEBI, the three main objectives are:    To protect the interests of the investors in securities To promote the development of securities market To regulate the securities market

The main functions entrusted with SEBI are:  Regulating the business in stock exchange and any other securities Registering and regulating the working of stock brokers, share transfer market  agents, bankers to the issue, trustees of trust deed, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities market in any manner.  Registering and regulating the working of collective investment schemes Promoting and regulating self-regulatory organizations Prohibiting fraudulent and unfair trade practices in the securities market Promoting investors education and training of intermediaries in securities Prohibiting insiders trading in securities Regulating substantial acquisition of shares and take over of companies Calling for information, undertaking inspection, conducting enquiries and of the stock exchanges, intermediaries and self-regulatory including mutual funds   

market   


organizations in the securities market.


The intermediaries with securities market shall buy, sell or deal in securities after obtaining the registration from SEBI, as required by section 12: 1. Stock-broker 2. Sub-broker 3. Share transfer agent 4. Banker to an issue 5. Trustee of the trust deed 6. Registrar to an issue 7. Merchant banker 8. Underwriter 9. Portfolio manger 10. Investment advisor 11. Depository 12. Depository participant 13. Custodian of securities 14. Foreign institutional investor 15. Credit rating agency 16. Collective investment schemes 17. Venture capital funds 18. Mutual funds 19. Any other intermediary associated with the securities market


    REPORTS : Market Outlook at 9:15 a.m. Technical Report at 6:00 p.m. Derivative Analysis Report at 9:15 a.m.

FUNDAMENTAL RESEARCH SERVICES :     The Sunday Weekly Report The Industry Watch Stock Analysis Flash News TECHNICAL RESEARCH SERVICE : Nifty Tracker Online Chart Intraday Calls Position Calls Derivative Strategies Futures Calls INVESTMENT ADVISORY DESK

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PMS Schemes @ Angel Scheme 1: Angel OYSTER Scheme 2: Angel BLUE- CHIP

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The details of the products and services has been mentioned in the products detail section of company profile.



1. Product – Features of Angel Products 2. Positioning – USP, Product Segment, Target Customers 3. Packaging – Marketing Material, Client Benefits 4. Placement – Distribution Channel, Marketing Strategies 5. Promotion – Activities to be carried out 1. PRODUCT - Features of Angel Products A premium service for clients who needs professional

guidance on short and long term investments. Brokerage of 0.06p. for intra day and 0.30p. for delivery

 clients.

based trading. 50% sharing of brokerage in case of Sub-broker’s

AMC – Rs. 300. Shares can be kept in Angel pool or can be transferred to

the respective DP accounts. Intimation regarding transaction will be given to clients by

evening of the day of transaction. Profits can be redeemed or re-investing based on client’s

 wish.


Existing client account can be used for Angel Products.

Clients can do there own transactions in the same account as well. Periodic meetings will be held in the branches POSITIONING Angel Products are positioned as an equity investment option for all those investors who aims for realistic return from equity as an asset class. It is for the investors who wishes to seek professional advice for their investments. Unique selling Preposition (USP) A strong team of 11 sector specific analysts headed by Research

 2.

director guiding the investments. A low cost solution for investing.

Product Segment Angel Products are for the people who fall in middle class – higher

middle class section of the society. People who are not risk averse and can understand the return

benefits vis-à-vis calculated risk taken. People who are new entrant to the equity markets. 65

Target Customers Young professionals. Middle aged professionals considering traditional ways of investing

i.e. FDs, PPF, gold, bonds, etc. Small scale businessmen who are not risk averse and will

understand the importance of reasonable returns. Retired people who have taken hefty VRS or has savings of which

20-25% can be invested in equities. 3. PACKAGING A Client of Angel Product will be regularly updated about the stocks

and there performance by Advisory department. Monthly newsletter will be issued by the Desk and Regular

meetings also will be conducted at the branches. A marketing kit will have Angel Products broacher, performance

report FAQs, Consent letter and KYC forms. 4. PLACEMENT

Distribution Channel


Bright marketing persons should be used for this product. Product

Training along with some investment ideas will be provided to personnel Existing B2C as well as B2B channels can be explored. Proper data mining and segmentation should be the basis of

marketing Marketing Strategies The primary marketing strategy for all products is low brokerage

charges. Low cost is the basis for attracting the customers. Another marketing strategy is the corporate scheme of Angel which

does not charge any fees for opening trading account if there are more than 10 persons opening account in a group. 5. PROMOTION Fundamental workshops to be conducted at the branch on

weekends. Promotional activities such as stalls and exhibitions to be held at

select housing colonies, clubs and companies. Free SMS service. Here a client will receive our fundamental calls

free of cost for a limited period. Distribution of Angel Pamphlets to target customers


Attracting the customers through Canopy marketing Promotional activities are also carried out through Investor Camp




The location problem is an important strategic level decision making for an organization. The selection of location is a key decision as large investment is made. It is not advisable or sometimes not possible to change the location very often. So an improper location may lead to waste of all the investments. The location of the company is based on company’s expansion plan and policy, changing market conditions. At present the company is situated at “Indraprasth Complex – 228-229, Jamnagar”. In order to find a good location the company followed three stages : First stage – selection of a region: this refers to the selection of a particular geographical zone taking into consideration such factors as nearness to market. Second stage- selection of a community: this refers to the selection of the specific locality within the region. The factors that influence the selection of community are community attitude and service facilities. Third stage- selection of specific site: this refers to the selection of specific site within the community. The factors that influence the site location are the cost of the land, availability and suitability of the land. The factors that the Company considered while selecting location are :     Infrastructure facilities Availability of power Community attitude Municipal and other Civil amenities


Layout refers to physical arrangement of facilities. departments, work centers, etc. The primary goal of layout is to maximize the profit by arrangement of all facilities to the best advantage. The Company has divisions such as :        Branch Manager’s Cabin Conference Room Trading Rooms Back Office Risk Management Desk KYC (Know Your Client) Desk IT Division It is the configuration of

The Branch Manager’s Cabin and the Conference Room are near to each other so that conference can be held immediately when required. The two Trading Rooms are placed together so that any problem during the trading sessions can be handled easily. The Back Office, Risk Management Desk and KYC Desk are placed in a line so that they can communicate whenever required and the queries of the customer can be solved. The IT Division is kept separately with server and all the necessary connections.


Planning is useful for effective utilization of resources, to achieve organization goal and objectives with respect to quality service, cost control and timely service. Other objective is to co-ordinate with other departments to ensure continuous quality service. There is proper planning of how various activities would be carried out like opening of account, dealing while trading sessions, issuing contract notes, etc. There is also co-ordination among various divisions like back office, Risk Management Desk, KYC Desk, etc so that proper service can be provided to customers.


Maintenance of facilities in good working condition is essential to achieve desired levels. If the company ignores the maintenance than they have to pay heavy price for that. The Company has designed the Quality Assurance Policy which maintains the service of the Company as per the desire level of the customer. The Quality Assurance Policy helps the Company to fulfill the expectations of the customers and retain them.



As Angel Broking is the Service Sector Industry, so procurement of computer machinery and other useful stationery such as stamp, papers, files and other stationery useful for form filling is done. Procurement of computer machinery and other stationery is done through local distributors.

There are various cupboards for various files like contract notes cupboard, account opening forms cupboard, sub brokers files cupboard and general stationary cupboards are kept for easy availability of files and stationery whenever required.



As the Company being Pvt. Ltd. Company, has denied to part the financial information, so I am unable to provide the financial data.


Human resource management policies are vital for organizations who are serious about resolving personnel issues and finding HR solutions. Absolute HR solutions provides clients with professional human resource advice, human resource policy solutions and job description writing and evaluation services. Human Resource Management serves these key functions : 1. Hiring (Recruitment) 2. Compensation 3. Evaluation and Management (of Performance) 4. Promotions 5. Managing Relations 6. Planning It is the responsibility of human resource managers to conduct these activities in an effective, legal, fair and consistent manner. The objective of Human Resource is to maximize the return on investment from the organization’s human capital. “Human Resource Management aims to improve the productive contribution of individuals while simultaneously attempting to attain other societal and individual employee objectives.” Schwind, Das and Wagar (2005)



Angel takes pride in appointing dynamic individuals who would share their vision and philosophy of 'providing the best value to all our customers. They believe that a professional, determined and focused approach towards the task at hand would enable all their aspirants to learn, groom and grow with them. They offer the perfect blend of stimulus in the form of an attractive compensation package and a stimulating work environment.

Prospective candidates being appointed will serve a probationary period of three months. Staff appointed as trainees will be confirmed in the services, on completion of the required training period subject to his / her performance being satisfactory during the training period. Confirmation will be formalized only when a confirmation letter is issued to the trainee. If considered necessary, training period will be liable to be extended / terminated. During the probation period employee may terminate his/her employment, without stating any reasons, by giving one week’s notice of termination. Employees wanting to terminate their employment, at any time after successfully serving the probationary period, will have to give one month’s notice of termination, stating the reasons for termination in writing.


The new joinee will be attending a two day Induction Programme in order to acquaint him/her with the Angel World (Its People, Culture, Business Processes, Products & services & New Initiatives) INDUCTION This program is for new members entering the organization. As new joinees, they find themselves thrown into a new environment and a confused state This is a very important program which helps the new member to get familiarized with them with Angel's Vision, Business Philosophy, values, work culture, Products & Services, Important Business Processes, Policies & Procedures etc. TRAINING

Angel has undertaken a campaign to strengthen the staff’s Customer Relationship Management skills across the organization, by planning highly interactive training sessions with the aim provide effective services to the clients. The programs will be conducted by the HR team with assistance from an outsourced Trainer & will be held at the in house training centre at Akruti. The training programs will have sessions like; Effective Customer Service Skills, Effective Business Communication, Telephone Etiquette, E-Mail Etiquette, Time Management, Interpersonal Skills, Effective Selling Skills, Handling Customer Complaints effectively. etc.


They expect serious commitment and participation from the staff members for all the training initiatives. These people development programmes are an integral part of the performance appraisal process and those excelling in these programs can look forward to be suitably rewarded. e-Learning They have initiated e-Learning for making training more accessible through video conferences & through their Employee portal. e-learning also makes the transfer of knowledge more effective & consistent. Along with a host of other training programs, their Induction program too is to be delivered across Angelites through our e-learning platform. DEVELOPMENT “Do not ask what will happen if we train people and they leave? Instead ask what will happen if we do not train people and they stay on.” - Zig Ziegler As they are steadily moving up in the Customer Value Chain by providing Advice Based Broking & becoming a Knowledge Leader in the Retail Broking Business, they encourage all Angelites to upgrade their knowledge about the Dealing and advisory Process by obtaining NCFM Certifications. Apart from this they also have advanced training modules in core functional areas such as marketing / sales, corporate services, research & advisory etc. which help in creating a career path for Angelites. They believe in offering careers & not jobs, hence they recruit fresh graduates / post-graduates. They develop their skills & competencies which helps them create a niche for themselves & achieve professional development.



At ANGEL, increments will be based only on annual appraisals and will be strictly bench marked with the relative importance of the role and specific contributions of each employee. Annual Appraisal’s are reviewed twice in a year i.e. in July and December. New employees who have at least completed 9 months of service (6 months of confirmed service) by July or December will be eligible for an annual increment, depending on their performance & contribution to the company.

The Performance Management System

Links employees’ performance to the Corporate Goals through well Defined Key Performance Areas (KPAs) & measurable targets, reviewed every quarter. Focuses on defining & rating all Managers on Key Competencies relevant for our business. Ensures an objective Performance Appraisal of employees through a meaningful dialogue with them about their performance and decide on measures to improve their contribution and rewards. Identifies key strengths of employees & builds a Training-cum-Career Development Plan for them. Provides opportunity for senior employees to make a Self Appraisal of their performance based on their KPAs and Targets, thereby minimizing areas of differences.


Aligns the compensation of each employee with his performance & successful com pletion of NCFM modules related to their job profiles Downward revisions in compensation are also possible

Performance Related Rewards (PRR) / Bonus The company pays bonus or Performance Linked Incentives to deserving employees who have contributed more than their defined performance standards & targets. The company plans to progressively increase the variable pay component in the compensation structure to ensure greater accountability and performance orientation. SUCCESSION The 'star' Angelites are change leader and helps in acting as catalysts in driving the process improvement programs across various functional areas and profit centers through their Management Development Program. These change leaders (*Angel Managers) play an active role in strengthening the professional managerial team by benefiting from this knowledge sharing initiative.



The salaries of all employees will be directly credited by the 30th or 31st of each month, to their individual corporate salary accounts maintained with HDFC Bank Limited. Employees who have newly joined will be given one months time period within which they are required to open a corporate salary account with HDFC. The account opening form will be given along with the appointment letter. Proof of address & photo identity and only one passport sized photograph is required for opening the corporate salary account. In case any employee is staying in rental premises, he/she may give the office address as the mailing address. Salaries of new employees will be delayed, incase accounts have not been opened even after a month of joining. Working Hours and Attendance 1. Working Hours : Working hours are from 9:30 a.m. to 6.30 p.m. from Monday to Saturday with a 30 minutes lunch break between 1.00 to 3.00 p.m. However the employee may be required to work such hours as may be necessary to carry out the duties to the satisfaction of the Company. If employee is required to work in shifts, then shift schedule would be made available to the employee by the department head and the same should be informed to HR in CSO for recording the same schedule in the HRMS – Harmony.


2. Attendance : They have introduced Harmony to facilitate their Central Support Office and all branches with online attendance. Attendance is mapped for Angelites when they log into harmony homepage (http://harmony.angeltrade.com). All Angelites are required to login to Harmony at least twice , once on arrival and once on departure from office. Employees on Branch/client visits may put up an online application for OD Official Outdoor duty through Leave under Their Angelite Profile link available on their homepage. The same gets recorded in the online attendance after HODs approval. One passport sized photograph will be required by the HRD for scanning the same to put it up on their harmony homepage. Branches may maintain a muster till all angelites regularly log in to harmony.

3. Working on Holidays : There would be a compensatory off for working on a holiday or on a Sunday provided the employee has been asked by his/her HOD to work on a holiday or a Sunday, the employees will need to apply for WW (Work permit on weekly OFF) from Leave under Their Angelite Profile link . The said employee/s and may claim a compensatory off for a leave taken during the same month by applying for CO from Leave under My Angelite Profile link . On approval of HOD the CO will be set off against the WW applied for in the same month.


Dress Code The code has to be adhered to on all working days between Monday and Friday. Common code for Men and Women One is expected to portray an efficient, sober, sophisticated and business-like image, in line with the corporate image of the Company. Proper cleanliness and hygienic standards should be followed especially body odour, bad breath, long nails and un-groomed hair. Code for men • • • • A formal full sleeved shirt, appropriate trouser and a tie for important external meetings. One is expected to be clean-shaven every day. All accessories like briefcase, spectacles, pen, handkerchief etc. should be business-like and should match with the dress code. Appropriate shoes (with socks), which are well polished.

Code for women • • • • A salwaar kameez or western formal dress, or a sari that suits the office environment The colour of the dress should be sober and businesses-like and should not “be loud”. One is expected to wear appropriate make-up, which goes with the dress code. Wearing of excessive jewellery and accessories should be avoided.


Remuneration, Compensation and Benefit Compensation Philosophy ANGEL strives to have a competitive and fair compensation policy aligned with its HR philosophy of meritocracy and Pay for Performance 1. Fixed Salary : The Company offers a fixed salary and benefits package to employees based on the nature of their job and expected contribution towards achievement of corporate goals. The Fixed compensation structure will normally be reviewed once every year.

2. PF : All employees are governed by the Employees Provident Fund and Miscellaneous Provisions Act, 1952.

3. Requisite deductions : Requisite deductions structure per month will be:

Profession Tax on Salaries Table 4 Upto Rs.2,000 Rs.2,000/- to Rs.2,500/Rs.2,501/- to Rs.3,500/Rs.3,501/- to Rs.5,000/Rs.5,001/- to Rs.10,000/Rs.10,001 onwards - Nil Rs.30/Rs.60/Rs.120/Rs.175/Rs.200/(Rs.300/- in the month of February)

Employees’ Contribution towards Provident Fund contribution • 12 % of the Basic salary of each employee


Employee State Insurance contribution • 1.75% of gross earning for each employee drawing gross earning of Rs.10000/- pm and below Income Tax on Salaries Employees falling under the Tax net i.e. whose Gross Salary + Bonus exceeds Rs.75,000/- per annum, have to give a self declaration in the month of April each year to the Company stating the amount and type of investments that he intends to make during the year. On the basis of the declaration given by the employee, Income Tax on his/her salary will be deducted as applicable. During the year he/she has to give supporting documents for his investments made, e.g. L.I.C. premium receipts, or for any deduction claims e.g. Rent receipts etc. The employee has the option to give in the requisite documents at the end of each month or latest by the 15th of February each year. Any investments made by the employee after 15th of February each year will not be considered for his/her personal tax saving purpose by the Company. An exception can be made only in case if any due dates for payments of premiums etc. are actually falling after 15th of February. Compensation paid by the Company to its employees is a strictly confidential matter and no one is expected to discuss it with their colleagues or outsiders. Any breach of this confidence will be viewed seriously by the Management, warranting disciplinary action including suspension from service.

4. Mobile Phone : The Company shall pay a fixed allowance for expenses incurred by an employee in the Sales Team within the prescribed limits as sanctioned by the concerned HOD. For Non-Sales staff this facility would


be made available only on a need basis on sanction by the HOD and the Head HR. Personal Loans and Advances against Salaries

Personal Loans : All employees who have completed 1 year of continuous service with the organisation are eligible to avail personal loans from the Company only in case of dire need of finance. Loans availed by the employees during year will have to be repaid within 10 installments and the same will be deducted from the salary each month. The loan can be availed only if any previous loan taken is repaid wholly. Loans shall be provided at the absolute discretion of the Management and will be decided on a case to case basis depending on the urgency, need and criticality of the subject. Advances: Advance is generally given once in 4 months against one months’ salary after requisite deductions. The entire amount given as advance will be adjusted against the next months’ salary.



The Company may transfer any employee at it’s discretion to any of it’s departments, functions, Regional or Branch Offices anywhere in India. Termination of employment During the probation period, the Company can terminate the employee with one week notice or payment in lieu of the notice. Termination of confirmed employees will require two months notice. The Company can, at its absolute discretion, terminate any confirmed employee without assigning any reason whatsoever, after giving him one months notice. If in any case the Company gives insufficient notice, salary in lieu of the lesser period of notice will be paid to the employee. The company reserves the right to hold employees termination incase of unearned loans. No leave will be allowed during notice period without a Director’s approval. The Company reserves the right to terminate the employment without notice or payment in lieu of notice, should the employee be guilty of misdemeanor, misconduct, negligence, medical disability, irregular attendance and / or frequent absence & disobedience of orders of the Superior. If the employee takes outside employment (with or without remuneration) without permission of the Company, he will be liable to immediate dismissal. FACILITIES GIVEN BY THE COMPANY TO THE EMPLOYEES 1. Angel Allure (e-Newsletter) : The internal newsletter Angel Allure will be uploaded on Harmony homepage 5th of every month . This e-newsletter is a medium for sharing new initiatives & developments within the organization. It also serves as a platform to enable the employee to share their thoughts / experiences by way of articles / stories. The best article would be reproduced in this newsletter alongwith the winners photogragh and acknowledgement to his contribution in Allure.


Through this medium, important communications/issues would also be actively addressed. The employee may e-mail thei0000r articles to postit@angelbroking.com or angelallure@angelbroking.com by the 25th of each month.

2. Visiting Cards : It will be given to employees on a need basis with the approval of the department / functional head. An internal mail has to be forwarded to the Administration Department.

3. e-mail Addresses : Each employee will be provided with his or her e-mail address for internal as well as external communication.

4. Harmony Employee id : Each employee will be provided a unique employee id and password for logging into Harmony for Attendance and maintaining Angelite profile on HRIS- Harmony.

5. First Aid Box : A First Aid Box is maintained at the Reception.

6. Canteen Facility : Canteen facility is available at the CSO (Akruti & Acme) Mumbai , serving lunch at a subsidized cost. Employees availing of the subsidized lunch facility are required to sign a register maintained at the canteen & will have to pay their monthly food bill dues to the Administrations department. In order to attend to customers, not all employees within departments will go for lunch at the same time.


All employees should adhere to the lunch timings. Employees carrying their own edibles should only consume it in the canteen and no other place. No edibles will be allowed at individual work stations, excepting offices where canteen facilities or a separate room for lunch is not provided. In such cases ensure that the tables are left clean and tidy after consumption of food.

7. Administrative Requirement : Administrative requirement such as phone, stationery, computer etc. would be taken care of by the Admin Department before hand, but in case of additional requirement for stationery / computer hardware the employees can send their requirement through a “Requisition Form” to the Admin Department after getting it approved from their department head.

8. Smoke Free Office : ANGEL encourages healthy atmosphere for employees and smoking is strictly prohibited in all areas inside the office premises, including toilets, pantry, corridors, conference rooms etc. Similarly consumption of tobacco, alcoholic beverages or any other intoxicants is strictly prohibited on the premises of the Company. Visitors on the premises are also required to observe this rule and their hosts will ensure compliance.

9. PF Transfer : For transfer of PF accumulation from their previous employer, they are required to fill Form -13. This form should be filled up in duplicate and submitted to the HR department.


It is not possible for ANGEL to follow-up with RPFC or the Trusts of previous employers for the transfer. Once Forms are forwarded by ANGEL, it may be in individual interest to see that the follow up is done.

10. Housekeeping Guidelines : All are advised to follow these guidelines to make the office a pleasant place to work in

Keep the workstation, desk and surrounding area clean and in proper condition. While leaving at the end of the day, keep all newspapers, files, books, folders, papers, stationery etc. in the drawers. Cleaners have been instructed to dispose off papers lying on the table. Keep your storage space properly locked & ensure that one key is kept with Admin dept. Please ensure that visitors and guests are met in the meeting room. They should not be allowed to enter the dealing room / other area. Please talk softly on the phone or otherwise, so that it does not distract others. Please use self-service for drinking of water, tea, filing, photocopying etc. Please use office equipment like PCs, Projectors, ACs etc. carefully and inform Admin Dept in case of any malfunctioning. Employees making use of the Meeting / Conference Rooms and included facilities, for meetings with visitors/clients are required to ensure that after the meeting is over all lights / AC / Computer / OHP switches are put off.

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LATEST PRACTICES 'Six Sigma Way of life at Angel' In order to strengthen the “Quality Assurance Drive the Management” at Angel is strongly committed to improve processes through use of Six Sigma Methodologies. The Six Sigma way of life throughout Angel is driven by a team of 2 Black Belts and 15 Green Belts certified on Six Sigma & 33 Yellow Belts. All of the Senior Managers and Star performers are leading Six Sigma projects in their functional areas to improve processes.


INTRODUCTION : This research has been conducted to find out the present and the future scenario of e-Broking. In the past, investors had no option but to contact their broker to get real time access to market data. But now with the concept of e-Broking, it is possible to get real time data online without the need of contacting broker. In e-Broking system, the software is directly made available to the end-user and he/she can access real time data immediately. RESEARCH OBJECTIVE : There must be an objective behind any research. Without objective there is no meaning of research. The purpose of research is to discover answers to questions through the application of scientific procedures. The main aim of research is to find out the truth which is hidden and which has not been discovered yet. As each research has some or the other objectives the following are the objectives of this research: • • • • The primary objective is to find the present and the future scenario of e-Broking. To find the awareness of online trading To find the feature of online trading which can convert the offline traders to online trading. To identify potential customers


RESEARCH DESIGN : For any researcher the research methodology is the most important criteria to decide before the actual research process starts. There are many methods for conducting the research some of them are as under: The design of a research is a plan or a model that helps researcher to conduct a formal investigation and survey. It is an application of methods and procedures for acquiring the information needs for getting a desire out come. It decides the sources of data and methods for gathering data. A good design insures that the information obtained is relevant to the research question and that it was collected by objectives. Since, research design is simply the frame work or plan for a study. It is a blue print that of a house devised by an architect. My approach to research is descriptive and quite specific. Out of various research methods the research method, which was most suitable to my research, was Exploratory Research because it provides me all the opportunities to cover the all the aspect that I require to conduct the research and get an appropriate out come. SAMPLING DESIGN : The Sampling Design taken here is Non-Probability Convenience based Sampling.


DATA COLLECTION : The task of data collection begins after a research problem has been defined and research design/plan chalked out. While designing about the method of data collection to be used for the study, the researcher should keep in mind two types of data. There are 2 sources of data i.e. 1) Primary Data: The data, which are collected for the first time, directly from the respondents to the base of knowledge & belief of the research, are called primary data. The normal procedure is to interview some people individually or in a group to get a sense of how people feel about the topic. So far as this research is concerned, primary data is the main source of information. The data collected is through questionnaire & information provided by the respondent. 2) Secondary Data: When data are collected & compiled in a published nature, it is called secondary data. So far as this research is concerned Internet and the Company brochures and pamphlets have been referred to.


Sampling Process : It is true that it’s very difficult to do the research with the whole universe. As we know that it is not feasible to go for population survey because of the numerous customers and their scattered location. So for this purpose sample size has to be determined well in advance and selection of sample also must be scientific so that it represents the whole universe. So far as this research is concerned, due to time constraint the sample size taken is of 55 respondents of Jamnagar city. Mode of data collection : Personal visit & filling up of the questionnaire, with little bit of observation. Table 1 Sample Universe Type of Sampling Sample size Research Instrument Jamnagar city Non Probability Convenience based Sampling 55 respondents A structured formatted questionnaire

Taking in to consideration that the research instrument selected by me was the questionnaire because it gives more flexibility in terms of collection of the data 97

and one has a chance to meet the responder personally and have an idea of getting an important unknown data that can be collected through their behavior.

There are lots of players in the market including number of broker and sub brokers in the market. In this technological era each player in this industry takes the maximum benefit of technical aspects by means of e-broking i.e. e-trading. The study may not include the sub brokers as for the sake of convenience; I restricted my survey taking into consideration their Name, Fame & also the products and services they give to their customers such as trading on phone, low brokerage, low trade charges, the funding facilities, the deposit ratios etc… This survey is especially focused on the awareness about the e-broking and its present and future in the potential market. For any researcher it is important that how one has analyzed his or her data in way that it can be clearly interpreted by him and the proper results can be derived.


The following are the findings from this research • Which mode of trading alternative do you use ? □ Online Trading Table 2 Online Trading Users Non Users No. 9 46 □ Offline Trading

Users 16% Users Non Users Non Users 84%

Graph 1 The above graph shows the users and non users of online trading. The users of online trading are very less compared to that of offline traders. Among 55 respondents only 9 respondents use online trading and the rest use offline trading. This shows that the concept of e-Broking is not so prevalent in the market. People still prefer to use the traditional offline method of trading. 99

FOR USERS OF ONLINE TRADING : • Age : □ 21-35 □ 36-50 □ 51-65 □ Above 66

Table 3 Age 21 – 35 36 – 50 51 – 65 Above 66 No. 7 1 1 0




21 - 35 36 - 50 51 - 65 78% Above 66

Graph 2 The Sampling technique was Random sampling so; there is no fixed number of respondents for the specific age group. The above graph indicates the age group of the people using online trading. It can be noted that among the 55 respondents, 7 users fall in the age group of 21-35, 1 user fall in the age group of 36-50 and 1 user fall under the age group of 51-65.


Occupation : □ Profession □ Employee □ Businessman □ Govt. Servant □ Others __________

Table 4 Occupation Profession Businessman Govt. Servant Employee Others No. 0 3 1 2 3



Profession 34% Businessman Govt. Servant Employee Others



Graph 3 The above graph shows the occupation of the persons using online trading. The highest no. of users fall under the category of businessman. This shows that persons having their business can trade easily through online trading as they can trade whenever they are free or whenever they wish to trade. The category of others include mostly students.


Yearly Income : □ Less than 1 lac □ 3.5 to 5 lacs □ 1 to 2 lacs □ 5 lacs or more □ 2 to 3.5 lacs

Table 5 Income Less than 1 lac 1 – 2 lac 2 – 3.5 lac 3.5 – 5 lac 5 or more lac No. 4 3 0 2 0

22% 0% 33%

0% 45%

Less than 1 lac 1 - 2 lac 2 - 3.5 lac 3.5 - 5 lac 5 lac or more

Graph 4 The above graph shows the income range of the users of online trading. More of them fall under the category of less than Rs. 1 lac. There are almost no users that fall in the income range of Rs. 5 lac or more. It can be interpreted that persons in the income range of Rs. 5 lac or more have less time to trade or look after the markets themselves. trading. • In which Stock Broking House do you prefer to invest ? So even if they invest, they usually prefer offline


□ Angel □ Indiabulls

□ Marwadi □ ICICI

□ Share Khan □ India Infoline

□ Others __________ Table 6 Broking House Angel Marwadi Sharekhan India-bulls ICICI India Infoline Others No. 1 0 0 1 0 2 5


11% 22%

Angel Indiabulls IndiaInfo Others


Graph 5 The above graph shows the various broking houses from where the user prefers to invest or rather whose software and tips they use. It shows that only 11% of users of e-Broking prefers to invest from Angel Broking. This shows that Angel has more market area to cover by its unique features. The Broking House that fall under the others category are Reliance Money, Anagram, etc. This shows the strong position of competitors in the market and the scope for Angel to expand its business.



Which features of e-Broking you like the most ? □ Instant Online Fund Transfer with Multiple Banks □ BSE, NSE, F & O, MCX and NCDEX in a single screen □ No installation required □ Advantages of mobility □ Intra day / Historical charts with various indicators

Table 7 Features F1-Instant Online fund transfer with Multiple Banks F2-BSE, NSE, F & O, MCX and NCDEX in a single screen F3-No installation required F4-Advantages of mobility F5-Intra day / Historical charts with various indicators No. 3 3 0 2 1

11% 22% 0%


F1 F2 F3 F4



Graph 6 The above graph shows the features of online trading liked by its users. I have taken here five features of online trading among which the features of Instant


Online Fund Transfer with Multiple Banks and BSE, NSE, F & O, MCX and NCDEX on a single screen are liked by the users of online trading. This shows that offline traders can be converted to online trading with the help of these features as the feature of Online Fund Transfer saves time and the feature of all exchanges on a single screen will create the interest of those who wish to trade in equity as well as commodity.


FOR NON USERS OF ONLINE TRADING : • Age : □ 21-35 □ 36-50 □ 51-65 □ Above 66

Table 8 Age 21 – 35 36 – 50 51 – 65 Above 66 No. 34 8 4 0


9% 0%

21 - 35 36 - 50 51 - 65 74% Above 66

Graph 7 The above graph shows that how many persons falling under a specific age group do not use online trading. It was found that out of 46 respondents, maximum no. of persons fall under the age category of 21-35. Also in the case of users of online trading, the maximum no. of users fall under the age category of 21-35. This shows that youngsters are more risk takers than aged people.

Occupation :


□ Profession □ Employee Table 9 Occupation Profession Businessman Govt. Servant Employee Others

□ Businessman

□ Govt. Servant

□ Others __________

No. 4 16 7 7 12

26% 15%

9% 35% 15%

Profession Businessman Govt. Servant Employee Others

Graph 8 The above graph shows the no. of persons falling under different occupation category not using online trading. It is found that maximum no. of persons fall under the category of businessman as in the case of users of online trading. This shows that businessman are more interested in stock market.

Yearly Income : □ Less than 1 lac □ 3.5 to 5 lacs □ 1 to 2 lacs □ 5 lacs or more □ 2 to 3.5 lacs


Table 10 Income Less than 1 lac 1 – 2 lac 2 – 3.5 lac 3.5 – 5 lac 5 or more lac No. 21 15 8 1 1

2% 2% 17% 46% Less than 1 lac 1 - 2 lac 2 - 3.5 lac 3.5 - 5 lac 5 or more lac


Graph 9 The above graph shows the income range of persons not using online trading. Here also more no. of persons fall under the category of income of less than Rs. 1 lac as in the case of users of online trading. This shows that persons falling under the category of income of less than Rs. 1 lac are more interested in stock market. • In which Stock Broking House do you prefer to invest ? □ Angel □ Indiabulls □ Marwadi □ ICICI □ Share Khan □ India Infoline

□ Others __________


Table 11 Broking House Angel Marwadi Sharekhan Indiabulls ICICI IndiaInfo Others No. 11 10 7 2 1 4 11

Angel 24% 9% 2% 4% 15% 24% Marwadi Sharekhan Indiabulls 22% ICICI IndiaInfo Others

Graph 10

The above graph shows the various broking houses from where people not using online trading prefer to invest. More no. of users prefer to invest from Angel Broking House. The others category include Reliance Money, Anagram, etc. This shows that Angel Broking has more no. of offline traders than online traders. It can be interpreted that Angel has more scope of potential customers for online trading compared to offline trading.



1. From the research carried out, it can be concluded that presently

the concept of e-Broking is not prevalent in the market. Still the traditional method of offline trading is preferred by the people. As it is a new concept, it will take time for people to change their mode of trading. 2. If properly marketed, the concept of e-Broking can be penetrated in

the minds of people. For this the benefits of e-Broking should be conveyed to those who are not aware of it. Training should be given regarding the use of software. People should be educated regarding the easiness of trading while using online trading. 3. The users of online trading are mostly businessman. Other

persons falling in the category of employee, govt. servants or professionals are either not aware or are not mentally prepared for using e-Broking concept. Such people can be made aware about the benefits of e-Broking and it uses should be properly conveyed so that people become ready to use this concept. 4. The two features i.e. Online Transfer of Funds through Multiple These two

Banks and BSE, NSE, F & O, MCX and NCDEX on a single screen are liked more compared to other features by the users of e-Broking. features can be emphasized to convert offline traders to online traders. 5. The potential customer for Angel Broking House consist of

professionals, employees and govt. servants because these persons are either not investing or investing through other broking houses. The persons investing from other broking houses can be converted to the customers of Angel Broking by conveying its unique features and the low brokerage cost and the rest can be educated about stock market.


The limitations of this study are as follows: • Personal Bias:

Some respondents may have had personal bias due to which they may not have given the correct information and due to which the right conclusion may not have been derived at.


The area was limited only to Jamnagar city. The result may have varied, if it was conducted somewhere else.

Sample Size:

The Sample size taken is only 55 due to time constraint; which may not result in very accurate results.

Time Limit:

The time limit taken for conducting the research was very less which could also be one of the limitations of the study.


• To make the concept of e-Broking powerful, the Company must educate

the people regarding the benefits of e-Broking. • The Company can give training to the customers regarding e-Broking and

keep seminars for the customers. • A person having sound knowledge about using the software can be

appointed to solve the queries of customers. • The benefits of e-Broking must be marketed properly in order to make Through this the Company can increase the

people use e-Broking. awareness of e-Broking. •

The features of online trading can be used by the Company to convert

offline traders to online traders. • The potential customer can be identified by knowing the competitor’s

customer and they can be conveyed to trade with Angel Broking by conveying the unique features and low brokerage provided by the Company.


Hello Sir / Madam This survey aims to find out the present and the future scenario of e-Broking in stock market. This survey is carried out purely for the academic purpose. It will remain highly confidential. Hope you would spend your valuable time in going through the questionnaire and filling it up. Your kind contribution is heartily acknowledged. In anticipation, Thanking you for your cooperation, ( Charmy Kotecha ) 1) Are you aware about stock market ? □ Yes □ No

2) Do you invest ? □ Yes □ No

3) If yes, then in which alternative do you invest ? □ Gold □ Mutual Fund □ NSC etc… □ Real Estate □ Bank FD □ Others _______ □ Stock Market □ RBI Bonds

4) Among the investment alternatives do you believe that Share Market is one of the best options to invest in ? □ Yes □ No


5) In which Stock Broking House do you prefer to invest ? □ Angel □ Indiabulls □ Marwadi □ ICICI □ Share Khan □ India Infoline

□ Others __________ 6) Which mode of trading alternative do you use ? □ Online Trading □ Offline Trading

7) Are you aware about e-Broking ? □ Yes □ No

8) If yes, then which features of e-Broking you like the most ? □ Instant Online Fund Transfer with Multiple Banks □ BSE, NSE, F & O, MCX and NCDEX in a single screen □ No installation required □ Advantages of mobility □ Intra day / Historical charts with various indicators 9) Is there any disadvantage of e-Broking ? □ Yes □ No

10)If yes, then specify that _____________________________________________________ _____________________________________________________ 11)Give your comments on future scenario of e-Broking _____________________________________________________ _____________________________________________________ _____________________________________________________


PERSONAL DETAILS : 1) Name : _______________________________________________ 2) Age : □ 21-35 3) Occupation : □ Profession □ Employee 4) Yearly Income : □ Less than 1 lac □ 3.5 to 5 lacs □ 1 to 2 lacs □ 5 lacs or more _________________________________ _________________________________ _________________________________ _________________________________ Thank you for you kind cooperation □ 2 to 3.5 lacs □ Businessman □ Govt. Servant □ Others __________ □ 36-50 □ 51-65 □ Above 66

5) Address and Phone No. : _________________________________


SERIAL NO. 1. 2. FIGURE NO. 1 2 DETAILS Concept of Financial System Financial System PAGE NO. 41 41

SERIAL NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. TABLE NO. 1 2 3 4 1 2 3 4 5 6 7 8 9 10 11 DETAILS Angel Group of Companies List of Stock Exchanges Comparison of charges of Broking Houses Profession Tax on Salaries Mode of Data Collection No. of Users and Non Users of e-Broking The age of the people using e-Broking Service The occupation of the people using e-Broking Service The yearly income of the people using e-Broking Service The Broking House from where people using e-Broking Service prefer to invest The features liked by people using e-Broking Service The age of the people not using e-Broking Service The occupation of the people not using eBroking Service The yearly income of the people not using eBroking Service The Broking House from where people not using e-Broking Service prefer to invest PAGE NO. 6 44 57 85 96 98 99 100 101 102 104 106 107 108 109


SERIAL NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. GRAPH NO. 1 2 3 4 5 6 7 8 9 10 DETAILS Users and Non Users of e-Broking The age of the people using e-Broking Service The occupation of the people using e-Broking Service The yearly income of the people using eBroking Service The Broking House from where people using e-Broking Service prefer to invest The features liked by people using e-Broking Service The age of the people not using e-Broking Service The occupation of the people not using eBroking Service The yearly income of the people not using eBroking Service The Broking House from where people not using e-Broking Service prefer to invest PAGE NO. 98 99 100 101 102 104 106 107 108 109


• Ashwathappa K., Human Resource and Personnel Management, Fourth Edition, 2005, Tata McGraw-Hill Publishing Company Ltd., New Delhi • • • • Chunavala & Patel, Production and Operations Management, Fifth Edition, 2003, Himalaya Publishing House, Mumbai Kotler Philip, Marketing Management, Eleventh Edition, 2002, Prentice-Hall of India, New Delhi Telsang Martand, Industrial Engineering and Production Management, Second Edition, 2002, S. Chand & Co. Ltd.New Delhi Angel Brochures and Pamphlets

• • • • • • www.angelbroking,com www.angeltrade.com www.harmony.angeltrade.com www.nseindia.com www.bse.com www.sebi.gov.in


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