SUMMER INTERNSHIP PROJECT REPORT

On

ANALYSIS OF CONSUMER BEHAVIOR TOWARDS

SHARE TRADING IN INDIABULLS SECURITIES
LTD

MANAGEMENT THESIS REPORT

FACULTY GUIDE:

Prof. Nidhi Kumari

COMPANY GUIDE:

Mr. Sourav Agarwal

Submitted By:
Pritpal Singh
7NBRN040

TABLE OF CONTENTS

ACKNOWLEDGEMENT
PREFACE
EXECUTIVE SUMMARY
RESEARCH OBJECTIVE
INTRODUCTION TO INDIABULLS.
HISTORY AND OTHER CORPORATE MATTERS
FUNCTIONAL AREAS OF INDIABULLS.
INTRODUCTION TO THE CONCEPT OF SHARE TRADING
FINDINGS AND ANALYSIS
BIBLIOGRAPHY

ACKNOWLEDGEMENTS
I would like to express my sincere thanks to Indiabulls Securities Ltd.,
Delhi for giving me the opportunity to carry out the Summer Internship Program in
their organization. The whole period spent with the organization has been of
immense learning experience about the Indian Stock Market.
Preparing a project of such a kind is not an easy task in itself and I am
sincerely thankful to all those people who help me lot, in preparing and completing
this project.
I am grateful to Indiabulls Securities Ltd. who has given me this opportunity
to carry out the project Analysis of Consumer Behavior Towards Share
Trading in Indiabulls Securities Ltd. A study on investors perception their
behavior about equities.
I sincerely thank Mr. Sourav Agarwal (AVP) for providing me this valuable
learning opportunity. Finally I would like to thank Mr. Piyush Jain (Relationship
Manager) my project supervisor without his help and guidance the completion of
this project would have become difficult task.

PREFACE

No professional curriculum is considered complete without work experience.

It is well evident that work experience is an indispensable part of every
professional course. In the same manner practical work in any organization is
must for each an every individual, who is undergoing management course.
Without the practical exposure one cannot consider himself as a qualified capable
manager.
Entering in the organization is like stepping into altogether a new world. At
first, everything seems strange and unheard but as the time passes one can
understands the concept and working of the organization and thereby develop
professional relationship.
Initially it is felt that as if classroom study was irrelevant and it is useless in
any concern working. But gradually it is realize that all fundamental basic concepts
studied are linked in one or other ways to the organization. But how and what can
be done with fundamentals depends upon the intellectual and applicability of an
individual.

EXECUTIVE SUMMARY

Investing in equities in a market like India is speculative and involves risk

that may be greater than other types of investment strategies. Before investing
an Investor should be careful enough about him investment decision to avoid
erosion of wealth.

As seen in the recent times the volatility of market is more

detrimental to the retail investors as it seems to be lucrative for speculative gains

of short duration of time. Hence an investor has to evaluate his options carefully
for a prudent investment, keeping long-term horizon in mind.
The report has tried to bring out the parameters those are of paramount
importance to general public dealing in an equity trading on day-to day and
delivery base trading. The working methodology has been discussed i.e. the data
collection methods, sampling methods and the survey questionnaire methods. The
questionnaire prepared is designed so as to cover a wide range of customer touch
points
The report given a view about the investors perception that what thy think
while making investments in shares.
A sample of 50 people was selected randomly and survey was done as per
the parameters of the questionnaire. The results of every parameter have been
included in this report and shown graphically (Pie Charts, bar graphs etc.) A
complete structure of the research design has been included.
Apart from above discussed points the brief history of Indiabulls Securities
Ltd, its business diversification and a brief introduction about the concept of share
trading.

RESEARCH OBJECTIVES
To study investors behavior towards different attributes such as risk, return liquidity etc. of
investment in Equities.
To study the issues and challenges that investors face while making investment in share
market.
To study the preferences and perceptions of investors regarding various financial products
from the stable of Indiabulls Securities Ltd. so that the firm can benefit from the findings
of the report in launching any new investment product in future.

DATA COLLECTION
The data collected was a primary in nature no secondary data was used. Primary data was
collected using structured questionnaire. The questionnaire has been designed for the target group
to get the best amount of data possible keeping in view the importance and authenticity of the
information and convenience of the respondent. The selection of investor was predetermined in
nature Personal contacts were established to conduct a face-to-face interview. Interview was
conducted under strict supervision to maintain the standards of the data collected.

Research Design
Research design is a specification of methods and procedures for acquiring the information
we need to solve the problems. Research design was adopted for the purpose of collection and
analysis of data in a manner aimed at getting relevant information. It was conceptual structure
within which research was conducted, collected, measured and analyzed.

Research Idea
To know the market scene of trading and Investment in equities through Indiabulls
securities Ltd.

Research Question
What is the market trend regarding investment? What difficulties and challenges investors
are facing while making investments?

Research Statement
To get an insight into the mind of investors regarding trading and investment in Equities
To get an insight into the mindset of investors regarding the importance assigned to
different attributes such as risk, return, liquidity etc. of various investment channels such as
equities. In the report this tries to understand the investors behavior while trading.
To study the preferences and perceptions of investors regarding various financial products
from the stable of Indiabulls Securities Ltd. so that the firm can benefit from the findings of
the report in launching any new investment product in future.

RESEARCH METHODOLOGY

The methodology section is the blue print for researcher activity and specifies bow the
investigator intents to study the people or describe social settings. In other words the methodology
section make explicit the study desire and constitutes the how to do it phase.
The project study has been conducted by collecting primary data only using structured
questionnaire. No secondary data is used.
I have put my best possible effort to do this research and collect the necessary information to learn
about this topic thoroughly.

SURVEY QUESTIONNAIRE

NAME:
ADDRESS:
PHONE NUMBER:

1. Where do you prefer to invest your money?

a) Bank Deposits
b) Shares
c) Mutual Funds
d) Real estate
e) Insurance Plans
2. What are the factors, which attracts you for the investment?
a) High Return

b) Moderate Return

c) Low Risk

d) Moderate Risk

3. Do you prefer to invest in shares?

a) Yes

b) No

4. If yes, out of following, which intermediating company would you go for?

a) Kotak Securities

b) Indiabulls Securities

c) ICICI

d) Fortis Securities

e) Others, please specify

5. If Indiabulls, What are the factors, which attract you to deal with Indiabulls?

6. If Others, What are the factors, which attract you, please specify?

7. What attracts you to invest in Shares?

a) Brokerage

b) Expertise Knowledge

c) Exposures/loan

d) Brand

8. On what basis do you prefer to trade in shares?

a) Daily

b) Monthly

c) Yearly

d) other, please specify

9. Does the companies profile matter for the investment decisions?

a) Yes
10. Do you require the opinion of portfolio managers to manage your
a) Yes

b) No
investment?
b) No

11. What is the most important service parameter that you look for while trading?
a) Information

b) Speed

c) Quality

d) Other

12. Any recommendation / Suggestion

Limitations of the study

To study share market is a very vast topic and the search is just limited to a small portion.
Due to the reluctant nature of the respondents it was not an easy task to collect relevant
information from them.
Sometime it was difficult to make the respondents understand the purpose of the survey.
Busy schedule of the respondents was also a major hindrance to establish a contact with
them.
It may be possible the information provided by them is not true.

INTRODUCTION TO INDIABULLS

Indiabulls is India's leading retail financial services company with over 414 locations in
more than 124cities. While our size and strong balance sheet allow us to provide you with varied
products and services at very attractive prices, our over 5400 Client Relationship Managers are
dedicated to serving your unique needs.
Indiabulls is lead by a highly regarded management team that has invested crores of rupees
into a world class Infrastructure that provides our clients with real-time service & 24/7 access to all
information and products. Our flagship Indiabulls Professional Network offers real-time prices,
detailed data and news, intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful technology is complemented by our knowledgeable and customer focused
Relationship Managers. Indiabulls offers a full range of financial services and products ranging
from Equities to Insurance to enhance your wealth and hence, achieve your financial goals.
Indiabulls Client Relationship Managers are available to you to help with your financial planning and
investment needs. To provide the highest possible quality of service, Indiabulls provides full access
to all our products and services through multi-channels.

Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal, friends got together to start the
company. For some years they worked in the oil field services industry. The idea to start their own
outfit on a technology platform was born in 1999 when Gagan Banga joined the three IIT-Delhi
engineers who promoted the company. These first generation entrepreneurs knew very well that
nothing small works. They didnt want to build a small business which would get overnight success
and shut down; rather they wanted to build a sustainable profitable business. This idea was to
target the huge untapped retail segment of the market. The first task of course was to work out a
sound business model, which was sustainable and profitable. They soon realized the implicit
strength of their model. India was toying around with the idea of brokerage getting done through
the internet and clients directly managing their accounts. Around the middle of 1999, the core
promoters had got together and acquired a shut down brokerage firm from its promoters at that

time. The whole idea was to get a brokerage license from the stock exchange and a membership of
the stock exchange.
In 1999-2000, there was dotcom boom, there were a lot of dotcoms coming into being, lot
of venture capitalists were funding the dotcoms business but none of the dotcom had any revenue
model so the scope of a dotcom business was immense. Indiabulls came into existence to take
advantage of this. The three promoters got together and took over a defunct brokerage company
Orbis Securities- the whole idea was to get a brokerage license and a membership of the
stock exchange. This brokerage firm was restarted and it started making miniscule amount of
revenue for the company it basically catered to the HNIs - High Net worth Individuals.
Immediately after this the venture capitalists were contacted. In this there were several models,
which were discussed including involving a strategic investor. Initially the company was promoted
as a dotcom company. The promoters chose the famous Charles Schwab model, which perfectly
addressed their need to have the business on a technology platform. The idea was that since it
worked in other parts of the world, it would work here also.

The company thus had clear-cut

revenue model. It was very clear in the minds of the promoters that revenue was very important.
Profitability is the key to the entire thing. The emphasis on profitability was there from day one.
Indiabulls has been profitable for every financial year beginning 2000-01 the only financial year it
has not been profitable has been 1999-2000. The company focused on the retail segment and used
Internet to exploit the massive scope in the retail segment. The company also enjoyed the first
mover advantage, as at that time there was no company catering to the needs of retail segment
through Internet Sameer Gehlaut, took over as chairman and CEO, and now looks after sales,
marketing and external relationships, while Rajiv Rattan, in the role of CFO and president,
manages operations, finance and back office.

HISTORY AND OTHER CORPORATE MATTERS OVERVIEW

Indiabulls Financial Services Limited was incorporated on January 10, 2000 as M/s Orbits
InfoTech Private Limited at New Delhi under the Companies Act, 1956 with Registration No. 55
103183. The name of the Company was changed to M/s. Indiabulls Financial Services Private
Limited on March 16, 2001 due to change in the main objects of the Company from Infotech
business to Investment & Financial Services business. It became a Public Limited Company on
February 27, 2004 and the name of Company was changed to M/s. Indiabulls Financial Services
Limited. Company was promoted by three engineers from IIT Delhi, and has attracted more
than Rs.700 million as investments from venture capital, private equity and institutional investors
such as LNM India Internet Ventures Ltd., Transatlantic Corporation Ltd., Farallon Capital Partners,
L.P., R R Capital Partners L.P., and Infinity Technology Trustee Pvt. Ltd. and has developed
significant relationships with large commercial banks such as Citibank, HDFC Bank, Union Bank,
ICICI Bank, ABN Ambro Bank, Standard Chartered Bank, Lord Krishna Bank and IL&FS. Company
and there subsidiaries have facilities from the above mentioned banks and financial institutions
aggregating to Rs. 1760 million. Companies headquarters are co-located in Mumbai and Delhi,
allowing it to access the two most important regions for Indian financial markets, the Western
region including Mumbai, rest of Maharashtra and Gujarat; and the Northern region, including the
National Capital Territory of Delhi, nearby cities, parts of Haryana, Uttar Pradesh and Punjab; and
access the highly skilled and educated workforce in these cities. The Marketing and Sales efforts
are headquartered out of Mumbai; with a regional headquarter in Delhi; and its back office, risk
management, internal finances etc. are headquartered out of Delhi, allowing our Company to scale
these processes efficiently for the nationwide network.
Main Objects of The Company
The main objects to be pursued by the Company on its incorporation are:

1.

To hold investments in various step-down subsidiaries for investing, acquiring, holding,

purchasing or procuring equity shares, debentures, bonds, mortgages, obligations, securities
of any kind issued or guaranteed by our Company.

2.

To provide financial consultancy services; to provide investment advisory services on the

internet or otherwise; provide financial consultancy in the area of personal and corporate
finance; publish books and CD ROMs and any other information related to the above.

3.

To conduct the business of sale, purchases, distribution and transfer of shares, debts,
instruments and hybrid financial instruments and to perform all related, incidental, ancillary
and allied services.

4.

To conduct depository participant services; to conduct de-materialization and re-materialization

of shares; set up depository participant centers at various regions in India and to perform all
related, incidental, ancillary and allied services.

5.

To receive funds, deposits and investments from the public, Government agencies, financial
institutions and corporate bodies; grant advances and loans; conduct advisory services related
to banking activities, project financing, funding of mergers and acquisition activities; fund
management and activities related to money market operations.

6.

To carry on the business of portfolio management services, investment advisory services;

custodial services; asset management services; leasing and hire purchase; mutual fund
services and to act as brokers of real estate and financial instruments.

7.

To carry on the business of financing; provide lease and hire purchase services; to provide
consultancy in the area of lease and hire purchase financing.

8.

To operate mutual funds; receive funds from investors; equity or debt instrument research
activity instrument in debt and/or equity instruments.

Shareholders Agreement
Shareholders Agreement was entered into by and among our Company (formerly Orbis
Infotech Private Limited), Infinity Technology Trustee Private Limited as the trustee of Infinity
Venture India Fund, LNM India Internet Ventures Limited, Transatlantic Corporation Limited

(together the VC Investors) and the Promoters dated November 2, 2000. The VC Investors
invested an aggregate amount of Rs. 206,000,000 in our Company for which they were issued
55,425 equity shares at an average price of Rs. 3,716.73 per equity share. Pursuant to a letter
agreement (the Letter Agreement) dated May 27, 2004 between the parties to the Shareholders
Agreement, each of the VC Investors have agreed not to enforce rights that have accrued to them
before the said Letter Agreements and have agreed that the Shareholders Agreement, together
with all the rights and obligation on the parties will stand terminated immediately upon the listing
of the shares of our Company and consequent to the listing, the rights of the Shareholders
Agreement, including the rights that have arisen prior to such termination shall be terminated. A
copy of the Shareholders Agreement and a copy of the Letter Agreement terminating the
Shareholders Agreement are available for inspection as material documents at the corporate offices
of our Company.

Key Competitive Strengths

Diverse Branch Network

Bouquet of financial products and services
Advanced Technology team that delivers market leading product innovation
Strong Sales and Marketing Teams with continuous reinvestment and training
Strong cross Selling Opportunities
Strong Team of Experienced Promoters
Leading Product innovation and marketing strategies
Well capitalized player, with strong banking relationships and credit ratings
Ability to combine People & Technology in unique ways
Strong market presence and increased market share leads to virtuous cycle of growth and
profitability

Key Business Strategies

Increase the number of Client Relationships

Offer Diversified Financial Products & Services Capture Greater Share of Wallet
Multiple Channels Enhance Customer Experience and Opportunities to interact with us
Relationship Manager driven sales model, provide high quality service and exploit cross-sell

opportunities
Low cost and highly scalable business
Brokerage Offering
Online Automated Channel

 Third Party Financial Products Offering.

FUNCTIONAL AREAS OF INDIABULLS
The product range offered by Indiabulls includes
1.

Equity Analysis

2.

Depositories

3.

Personal Loans

4.

Equity And Derivative

5.

Indiabulls Resource Ltd.

1. INDIABULLS Equity Analysis.

Building and maintaining your ideal portfolio demands objective, dependable information.
Indiabulls Equity Analysis helps satisfy that need by rating stocks based on carefully selected, factbased measures. And because we're not focused on investment banking, we don't have the same
conflicts of interest as traditional brokerage firms. This objectivity is an important difference in our
ratings.
What is Indiabulls Equity Analysis?

An Equity Rating approach is objective and easy to understand

Indiabulls Equity Analysis provides clients with an objective stock rating system for more
than 500+ stocks
An unbiased approach to help in deciding which shares to buy and sell.
Includes third party opinions to facilitate more informed investing decisions.
Features of Indiabulls Equity Analysis
This feature of Equity Analysis provides its clients in short and precise the companys
background, stock price, asset class, ratings along with the 3 rd party opinions. Following are the
parameters:
Overview:
Contains precise information about the industry (cement, pharmaceutical, IT, etc), current stock
price, asset class (large cap; mid cap; small cap) and 52 week high-low.
i.

Company background /details:

ii.

Services and products offered

Client profile
Core competency
Achievements and its relative position (market share) in the industry.
Equity Ratings:

Ratings are based on a set of parameters, which are as follows:

Fundamentals - Assessed on parameters like net profit margin and ROE (Return on Equity).
Valuation - Assesses the attractiveness of a particular stock. Higher the current value of the

company, lower is its future attractiveness.

Risk - Assessed on parameters like price volatility, liquidity of the stock, debt/equity ratio, etc.
Momentum - Assesses the potential of the stock to keep performing at a stronger than market
level in the future. The more the number of buy/buy-hold recommendation the better the
momentum rating for the company.
iii.

Current consensus opinion:

Perspective from the viewpoint of the Analyst which are used to generate ratings for each company
(scrip wise). This includes the following:
Third party opinions
Only for companies researched by some analysts
Parameters include Buy, Buy/Hold, Hold, Weak/Hold, Sell, No opinion
iv.

Fundamental information :

Under this parameter the companys share is compared with the industry and market which is
based on the following parameters:

Revenue: Income generated from sales of the product.

Market capital : Number of shares * market price
Price/sales: Stock's current price / revenue per share
Profit margin(%): This parameter is an indicator of profitability which is calculated as: Net

earnings after taxes/revenues

ROE (%) Return on Equity : This is useful in comparing the profitability of a company to

other firms in the same industry and this calculated as: Net income/shareholders equity
Long Term Debt/Equity: A measure of financial leverage indicating the proportion of equity
and debt used by the company to finance its assets.

v.

Peer analysis:

The Scrip is compared with it peers with respect to various parameters like revenue, growth
P/E and the analyst Consensus.
This includes the following:
Revenue: Income generated from sales compared to its peers.
Growth %: Growth measured in terms of percentage which is compared to its peers in the
same industry.
P/E: PE Ratio is calculated as the current market price of a share divided by the earnings per
share (EPS). Higher P/E multiple would indicate the investors willingness to pay more for
the stock relative to its earnings which is reflected in a high growth %.
Analyst consensus: The Analyst views are mentioned under this category.

vi.

Growth expectations and valuation measures

This parameter is based on the following valuations:

Annual EPS Trend

Current P/E multiples

Valuing Potential Growth

Annual EPS Trend:

EPS: The EPS is arrived by dividing the net profit by the number of shares in the company. The
ratio shows the kind of price that investors are willing to pay for each rupee of earnings.
Indiabulls Equity Analysis provides the clients with a measure of the companies future
profitability with the help of forecasted EPS, which is derived from historical data. It shows the
trend of the annual EPS generated.
Current P/E multiples:
P/E: It measures the stock price relative to its earnings. PE Ratio is calculated as the current
market price of a share divided by the earnings per share (EPS). It includes trailing data, which
indicates last 4 quarters along with the estimated financials. Here the higher P/E multiple would
indicate the investors willingness to pay more for the stock relative to its earnings which is
reflected in a high growth %.
It is useful to compare the P/E ratios of companies in the same industry, market, or against the
company's own historical P/E. This explains the use of this ratio in case of peer analysis and the
comparative analysis with respect to the industry and the market as a whole.
Valuing Potential Growth:

PEG: The PEG (price/earnings to growth) ratio is a tool that can help investors find undervalued
and overvalued stocks.
If PEG =1 - then market is pricing the stock to fully reflect the stock's EPS
growth.
If PEG > 1 - then the stock is possibly overvalued or that the market expects
future EPS growth to be greater than what is currently in the market.
If the PEG < 1 - it is a sign of a possibly undervalued stock or that the market
does not expect the company to achieve the earnings growth that is reflected
in the market.
2) Depositories
Indiabulls is a depository participant with the National Securities Depository Limited and
Central Depository Services (India) Limited for trading and settlement of dematerialized shares.
Indiabulls performs clearing services for all securities transactions through its accounts. We offer
depository services to create a seamless transaction platform execute trades through Indiabulls
Securities and settle these transactions through the Indiabulls Depository Services. Indiabulls
Depository Services is part of our value added services for our clients that create multiple
interfaces with the client and provide for a solution that takes care of all your needs.
SCHEDULE OF CHARGES
NSDL
CDSL

3. Personal Loans.
Offers the shortest route to a loan with minimum paperwork and procedures. With

Easymoney,

you can avail of easy loans for a minimum of Rs.10, 000 to a maximum amount of Rs.1,00,000.
Features of Easymoney are:
Flexible loan tenor of up to 4 years (i.e. 1 month to 48 months).

Loans available from a minimum of Rs.10,000 up to a maximum of Rs.100,000.

Easy monthly repayment through equated monthly installments (EMI).
Mediclaim Insurance bundled with every loan you avail.
Easy documentation and quick disbursal.
You take today and you can pay it tomorrow with no penalties

Documents required:

Residence Proof
Identity Proof

Income Proof

4. EQUITY & DERIVATIVE

Equity Business caters:
Needs of independent investors.
Active traders
Non-Resident Indian (NRI) investors.

Indiabulls offers:
Broker assisted trade execution
Automated online investing
Access to all IPO's.

Indiabulls offers the purchase and sale of securities, which includes Equity, Derivatives and
Commodities Instruments listed on National Stock Exchange of India Ltd (NSEIL), The Stock
Exchange, Mumbai (BSE) and NCDEX.
Types of Accounts
Indiabulls Signature Account - Comprehensive services including research and investing
guidance for independent investors.
Power Indiabulls - Indiabulls is dedicated to empower Active Traders through personal
service and advanced trading technology.
Non-Resident Indian (NRI) Investor Services - With an extensive range of investment
products, you will discover an unwavering commitment to helping you invest in India.
All of this comes to you backed by your Relationship Manager available to you 24x7.
Indiabulls is India's leading retail financial services company with 414 locations spread
across 124 cities.
Over 4400 Client Relationship Managers are dedicated to serving your unique needs.
Is complemented by our knowledgeable and customer focussed Relationship Managers.
Provides our clients with real-time service & 24/7 access to all information and products.

 Indiabulls offers a full range of financial services and products ranging from Equities to
Insurance to enhance your wealth and hence, achieve your financial goals.
Post Registration Services:

Deliver and receive cheques and securities

Obtain market information
Place orders
Get access to IPOs via the Book Building route as well as to all the fixed price issues.

Documents required for trading account and D-Mat A/C

2-passport size photograph.
Photocopy of Income Tax Permanent Account Number (PAN) Card - If you do not have PAN,
then you would be required to give a declaration to that effect and fill form 60.

Identity Proof - Photocopy of any of the following:

Passport
PAN Card
Voter ID
Driving License
Ration Card
Address Proof - Photocopy of any one of Driving License / Passport/Ration Card/Voter
Card/ Bank Statement.

Features of Power Indiabulls.

(It is a unique offering by the company which helps an investor to trade online).
An investor can avail this feature by paying a fee of Rs. 750; with this he can track all the listed
scripts at NSE.
The features include:
Live Streaming Quotes
Fast Order Entry
Tic by Tic Live Charts
Technical Analysis

 Live News and Alerts

Extensive Reports for Real-time Accounting

5. Indiabulls Resources Ltd

Indiabulls Resources Ltd, a 100 per cent subsidiary of Indiabulls Financial Services Ltd.,
has been established with the objective of evolving as an independent oil company over time. The
immediate short-term goal is to partner with oil companies who are willing to come to India and bid
in the current NELP-6 round.
Through its group companies, Indiabulls is also engaged in real estate development. The
company is in the process of developing modern commercial complexes in the heart of Mumbai.
Indiabulls Estates Pvt Ltd. the real estate arm of Indiabulls Financial Services will set up an
integrated township spread across 100 acres in Sonepat, 15 km from Delhi.

INTRODUCTION AND CONCEPT OF SHARE TRADING

Trading in shares is old phenomena its regulation had been started when securities contract
act had been formed in 1956. Transfer of resources from those with idle resources to others who
have a productive need for them is most efficiently achieved through the securities market.

It

provides a channel for reallocation of savings to investments.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) is a regulatory governing body of
security market. The SEBI Act 1992 was enacted to empower SEBI with statutory powers for:

Protecting the interests of investors in securities.

Promoting the development of the securities market

Regulating the securities market

Its regulatory jurisdiction extends over corporate in the issuance of capital and transfer of
securities. It has powers to register and regulate all the market all market intermediaries and also
to penalize them in case of violations of the provisions of the ACT, rules and regulations made there
under. SEBI has a full autonomy and authority to regulate and develop an orderly securities
market.
The share market can be segmented in two parts one is Primary Market another is Secondary
Market.

Financial market can be divided into following four sub-markets.

Primary Market
It provides opportunity to issuers of securities government as well as corporate to raise
resources to meet their requirements of investments. In this market companies issue fresh security
sin exchange of funds through public issues or private placements. The market design for primary
market is provided in the provision of Companies Act, 1956 which deals with issues, listing and
allotment of securities. The investors have to apply the shares by filling the application form issue
by the company along with the application money. According to Disclosure and Investor Protection
guidelines of SEBI, 1992 company has to disclose all the necessary information regarding pricing of
issues, listing requirements, disclosure norms lock-in-period for promoters contribution, contents of
offer documents pre and post issue obligations etc.

Company can issue shares at face value, at premium or at discount. Another method of
pricing which is now days common is issuing the securities through online system of the stock
exchange has to comply with the section 55 to 68a of the companies Act, 1956 and SEBI guidelines
2000. The company is required to enter in to an agreement with the stock exchanges which have
the requisite system for online offer of securities. The advantages for this new system are:(a) The investors part with money only after allotment.
(b) It eliminates refunds except in case of direct applications.
(c) It reduces the time taken for issue process

Secondary Market
Secondary market is the place for sale and purchase of existing securities. It enables an
investor to adjust his holdings of securities in response to changes in his assessment about risk and
return. It enables him to sell securities for cash to meet his liquidity needs. It essentially comprises
of the stock exchanges which provide platform for trading of securities and a host of intermediaries
who assist in trading of securities and clearing and settlement of trades. The securities are traded,
cleared and settled as per prescribed regulatory framework under the supervision of the exchanges
and oversight of SEBI.
Trading Mechanism
Earlier trading on stock exchanges in India used to take place through open outcry without
use of information technology for immediate matching or recording of trades. This was time
consuming and inefficient. This imposed limits on trading volumes and efficiency. In order to
provide efficiency, liquidity and transparency National Stock Exchange introduced a nation wide on
line fully automated screen based trading system where a member can punch in to the computer
quantities of securities and the prices at which he likes to transact and the transaction is executed
as soon as it finds a matching sale or buy order from a counter party. Screen based trading
electronically matches orders on a price/time priority and hence cuts down on time, cost and risk of
error, as well as on fraud resulting in improved operational efficiency. It enables market
participants, irrespective of their geographical locations to trade with one another and it provides
equal access to everybody.

NSE has main computer which is connected through Very Small Aperture Terminal (VSAT)
installed at its office. The main computer runs on a default tolerant STRATUS mainframe computer
at the exchange. Brokers have terminals installed at their premises which are connected through
VSATs. An investor informs a broker to place an order on his behalf.
What is Equity?
Financing a company through the sale of stock in a company is known as equity financing.
Alternatively, debt financing (for example issuing Bonds) can be done to avoid giving up shares of
ownership of the company. Unofficial financing known as trade financing usually provides the major
part of a company's working capital (day-to-day operational needs). Trade financing is provided by
vendors and suppliers who sell their products to the company at short-term, unsecured credit
terms, usually 30 days. Equity and debt financing are usually used for longer-term investment
projects such as investments in a new factory or a new foreign market. Customer provided
financing exists when a customer pays for services before they are delivered, e.g. subscriptions
and insurance.
EQUITY MARKET
Public equity markets are those where corporates raise resources through IPOs by getting
listed in the stock exchanges. Public equity markets are subjected to a wide range of governance,
disclosure,

transparency

and

compliance

norms

set

by

the

securities

exchanges

commissions/government agencies and also the self-regulatory functions set by the exchanges
themselves. Institutional and retail investors mostly use this channel.
The distinct advantages of the public equity capital are:

Lower cost of capital for the firm

Provide liquidity for current stockholders
Shift monitoring costs for private lenders
Firm can learn from information contained in the stock price movements.
However, public equity capital has some costs too. These include
Disclosure of proprietary information
Agency costs of outside equity
Costs of reporting/filing with regulators/exchanges
Costs of corporate control
Under-pricing

A few features generally observed in the respect of the IPO markets include:

Typically, IPO prices are below the level that they reach on the market a few days or
weeks later, when more public information is available (under pricing). However the
extent of under-pricing will narrow with several companies coming up for listing.

Each IPO generates beneficial information externalities for other companies that are
about to go public.

Privatized companies tend to list in public equity markets that offering better legal
protection of shareholders.

The decisions to go public are affected by firms ownership structure. When company
has only one owner or when banks holds majority shares, companies are less likely
to prefer public equity.

PUBLIC EQUITY CAPITAL

Governments:
The scope of government in further development of public equity markets could consist of:

Extend the realm of regulation to other markets as well

Extend fiscal support to corporate accessing public equity markets

Evolve policy framework that will streamline compliance requirements and thereby
costs of regulation

Refine regulation so as to make it cohesive, comprehensive and more integrated.

Choice of public equity markets in case of privatization and divestment process of

government stake.

DERIVATIVE MARKET
A derivative security can be defined as a security whose value depends on the values of
other underlying variables. Very often, the variables underlying the derivative securities are the
prices of traded securities. In fact, a derivative transaction helps cover risk, which would arise on
the trading of securities on which the derivative is based and a small investor can benefit
immensely.
Let us take an example of a simple derivative contract:

Ram buys a futures contract.

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

If the price is unchanged Ram will receive nothing.

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

As we can see, the above contract depends upon the price of the Infosys scrip, which is the
underlying security. Similarly, futures trading have already started in Sensex futures and Nifty
futures. The underlying security in this case is the BSE Sensex and NSE Nifty.
Derivatives and futures are basically of 3 types:

Forwards and Futures

Options
Swaps

Forward contract
A forward contract is the simplest mode of a derivative transaction. It is an agreement to
buy or sell an asset (of a specified quantity) at a certain future time for a certain price. No cash is
exchanged when the contract is entered into.
Illustration 1:
Shyam wants to buy a TV, which costs Rs 10,000 but he has no cash to buy it outright. He
can only buy it 3 months hence. He, however, fears that prices of televisions will rise 3 months
from now. So in order to protect himself from the rise in prices Shyam enters into a contract with
the TV dealer that 3 months from now he will buy the TV for Rs 10,000. What Shyam is doing is
that he is locking the current price of a TV for a forward contract. The forward contract is settled at
maturity. The dealer will deliver the asset to Shyam at the end of three months and Shyam in turn
will pay cash equivalent to the TV price on delivery.
Illustration 2:
Ram is an importer who has to make a payment for his consignment in six months time. In
order to meet his payment obligation he has to buy dollars six months from today. However, he is
not sure what the Re/$ rate will be then. In order to be sure of his expenditure he will enter into a
contract with a bank to buy dollars six months from now at a decided rate. As he is entering into a

contract on a future date it is a forward contract and the underlying security is the foreign
currency.
The difference between a share and derivative is that shares/securities is an asset while
derivative instrument is a contract
Index
To understand the use and functioning of the index derivatives markets, it is necessary to
understand the underlying index. A stock index represents the change in value of a set of stocks,
which constitute the index. A market index is very important for the market players as it acts as a
barometer for market behavior and as an underlying in derivative instruments such as index
futures.
The Sensex and Nifty
In India the most popular indices have been the BSE Sensex and S&P CNX Nifty. The BSE
Sensex has 30 stocks comprising the index which are selected based on market capitalization,
industry representation, trading frequency etc. It represents 30 large well-established and
financially sound companies. The Sensex represents a broad spectrum of companies in a variety of
industries. It represents 14 major industry groups. Then there is a BSE national index and BSE
200. However, trading in index futures has only commenced on the BSE Sensex.
While the BSE Sensex was the first stock market index in the country, Nifty was launched by
the National Stock Exchange in April 1996 taking the base of November 3, 1995. The Nifty index
consists of shares of 50 companies with each having a market capitalization of more than Rs 500
crore.
Futures and stock indices
For understanding of stock index futures a thorough knowledge of the composition of
indexes is essential. Choosing the right index is important in choosing the right contract for
speculation or hedging. Since for speculation, the volatility of the index is important whereas for
hedging the choice of index depends upon the relationship between the stocks being hedged and
the characteristics of the index.

Choosing and understanding the right index is important as the movement of stock index
futures is quite similar to that of the underlying stock index. Volatility of the futures indexes is
generally greater than spot stock indexes.
Every time an investor takes a long or short position on a stock, he also has an hidden
exposure to the Nifty or Sensex. As most often stock values fall in tune with the entire market
sentiment and rise when the market as a whole is rising.
Retail investors will find the index derivatives useful due to the high correlation of the index
with their portfolio/stock and low cost associated with using index futures for hedging
Understanding index futures
A futures contract is an agreement between two parties to buy or sell an asset at a certain
time in the future at a certain price. Index futures are all futures contracts where the underlying is
the stock index (Nifty or Sensex) and helps a trader to take a view on the market as a whole.
Index futures permits speculation and if a trader anticipates a major rally in the market he
can simply buy a futures contract and hope for a price rise on the futures contract when the rally
occurs. We shall learn in subsequent lessons how one can leverage ones position by taking position
in the futures market. In India we have index futures contracts based on S&P CNX Nifty and the
BSE Sensex and near 3 months duration contracts are available at all times. Each contract expires
on the last Thursday of the expiry month and simultaneously a new contract is introduced for
trading after expiry of a contract.
Example:
Futures contracts in Nifty in July 2006
Contract month

Expiry/settlement

July 2006

July 27

August 2006

August 24

September 2006

September 28

On July 27
Contract month

Expiry/settlement

August 2006

August 25

September 2006

September 28

October 2006

October 26

The permitted lot size is 100 or multiples thereof for the Nifty. That is you buy one Nifty
contract the total deal value will be 100*3000 (Nifty value)= Rs 3,00,000.
In the case of BSE Sensex the market lot is 50. That is you buy one Sensex futures the total
value will be 50*4000 (Sensex value)= Rs 2,00,000.
The index futures symbols are represented as follows:
BSE

NSE

BSXJUN2006 (June contract)

FUTDXNIFTY28-JUN2006

BSXJUL2006 (July contract)

FUTDXNIFTY28-JUL2006

BSXAUG2006 (Aug contract)

FUTDXNIFTY28-AUG2006

Stock markets by their very nature are fickle. While fortunes can be made in a jiffy more
often than not the scenario is the reverse. Investing in stocks has two sides to it a) Unlimited
profit potential from any upside (remember Infosys, HFCL etc) or b) a downside which could make
you a pauper. Derivative products are structured precisely for this reason -- to curtail the risk
exposure of an investor. Index futures and stock options are instruments that enable you to hedge
your portfolio or open positions in the market. Option contracts allow you to run your profits while
restricting your downside risk. Apart from risk containment, options can be used for speculation
and investors can create a wide range of potential profit scenarios.
We have seen in the Derivatives School how index futures can be used to protect oneself
from volatility or market risk. Here we will try and understand some basic concepts of options.
What are options?
An option is a contract, which gives the buyer the right, but not the obligation to buy or sell
shares of the underlying security at a specific price on or before a specific date. Option, as the
word suggests, is a choice given to the investor to either honour the contract; or if he chooses not
to walk away from the contract.

To begin, there are two kinds of options: Call Options and Put Options.
A Call Option is an option to buy a stock at a specific price on or before a certain date. In this way,
Call options are like security deposits. If, for example, you wanted to rent a certain property, and
left a security deposit for it, the money would be used to insure that you could, in fact, rent that
property at the price agreed upon when you returned. If you never returned, you would give up
your security deposit, but you would have no other liability. Call options usually increase in value as
the value of the underlying instrument rises. When you buy a Call option, the price you pay for it,
called the option premium, secures your right to buy that certain stock at a specified price called
the strike price. If you decide not to use the option to buy the stock, and you are not obligated to,
your only cost is the option premium.
Put Options are options to sell a stock at a specific price on or before a certain date. In this
way, Put options are like insurance policies. If you buy a new car, and then buy auto insurance on
the car, you pay a premium and are, hence, protected if the asset is damaged in an accident. If this
happens, you can use your policy to regain the insured value of the car. In this way, the put option
gains in value as the value of the underlying instrument decreases. If all goes well and the
insurance is not needed, the insurance company keeps your premium in return for taking on the
risk. With a Put Option, you can "insure" a stock by fixing a selling price. If something happens
which causes the stock price to fall, and thus, "damages" your asset, you can exercise your option
and sell it at its "insured" price level. If the price of your stock goes up, and there is no "damage,"
then you do not need to use the insurance, and, once again, your only cost is the premium. This is
the primary function of listed options, to allow investors ways to manage risk.
Technically, an option is a contract between two parties. The buyer receives a privilege for which he
pays a premium. The seller accepts an obligation for which he receives a fee.
Call option
An option is a contract between two parties giving the taker (buyer) the right, but not the
obligation, to buy or sell a parcel of shares at a predetermined price possibly on, or before a
predetermined date. To acquire this right the taker pays a premium to the writer (seller) of the
contract.
There are two types of options:

Call Options

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

a predetermined price, on or before a predetermined date.

Illustration 1:
Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8 This contract allows Raj to
buy 100 shares of SATCOM at Rs 150 per share at any time between the current date and the end
of next August. For this privilege, Raj pays a fee of Rs 800 (Rs eight a share for 100 shares).
The buyer of a call has purchased the right to buy and for that he pays a premium.
Now let us see how one can profit from buying an option.
Sam purchases a December call option at Rs 40 for a premium of Rs 15. That is he has purchased
the right to buy that share for Rs 40 in December. If the stock rises above Rs 55 (40+15) he will
break even and he will start making a profit. Suppose the stock does not rise and instead falls he
will choose not to exercise the option and forego the premium of Rs 15 and thus limiting his loss to
Rs 15.

Let us take another example of a call option on the Nifty to understand the concept better.
Nifty is at 3000. The following are Nifty options traded at following quotes.

Option contract

Strike price

Call premium

JUNE Nifty

3000

Rs 90

3100

Rs 65

3000

Rs 160

3100

Rs 130

JULY Nifty

A trader is of the view that the index will go up to 3100 in July 2006 but does not want to
take the risk of prices going down. Therefore, he buys 10 call of July contracts at 3100. He pays a
premium for buying calls (the right to buy the contract) for 130*10*100= Rs 130000/-.
In July 2006 suppose the Nifty index goes up to 3100. He sells the call or exercises the option and
takes the difference in spot index price which is (3100-3000) * 100 (market lot) = 10,000 per
contract. Total profit = 100,000/- (10,000*10).
He had paid Rs 130,000/- premium for buying the call option. So he earns by buying call option is
Rs 40,000/- (130,000-60,000).
If the index falls below 3100 the trader will not exercise his right and will opt to forego his premium
of Rs 60,000. So, in the event the index falls further his loss is limited to the premium he paid
upfront, but the profit potential is unlimited.
Call Options-Long & Short Positions
When you expect prices to rise, then you take a long position by buying calls. You are
bullish.
When you expect prices to fall, then you take a short position by selling calls. You are
bearish.

Hedging

We have seen how one can take a view on the market with the help of index futures. The
other benefit of trading in index futures is to hedge your portfolio against the risk of trading. In
order to understand how one can protect his portfolio from value erosion let us take an example.
Illustration:
Ram enters into a contract with Shyam that six months from now he will sell to Shyam 10 dresses
for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he will make a profit of Rs
3000 if the sale is completed.

Cost (Rs)

Selling price

Profit

1000

4000

3000

However, Ram fears that Shyam may not honour his contract six months from now. So he inserts a
new clause in the contract that if Shyam fails to honour the contract he will have to pay a penalty
of Rs 1000. And if Shyam honours the contract Ram will offer a discount of Rs 1000 as incentive.

Shyam defaults

Shyam honours

1000 (Initial Investment)

3000 (Initial profit)

1000 (penalty from Shyam)

(-1000) discount given to Shyam

- (No gain/loss)

2000 (Net gain)

As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his initial
investment. If Shyam honours the contract, Ram will still make a profit of Rs 2000. Thus, Ram has
hedged his risk against default and protected his initial investment.
The above example explains the concept of hedging. Let us try understanding how one can use
hedging in a real life scenario.
Stocks carry two types of risk company specific and market risk. While company risk can
be minimized by diversifying your portfolio market risk cannot be diversified but has to be hedged.
So how does one measure the market risk? Market risk can be known from Beta.

Beta measures the relationship between movement of the index to the movement of the
stock. The beta measures the percentage impact on the stock prices for 1% change in the index.
Therefore, for a portfolio whose value goes down by 11% when the index goes down by 10%, the
beta would be 1.1. When the index increases by 10%, the value of the portfolio increases 11%.
The idea is to make beta of your portfolio zero to nullify your losses.
Hedging

involves

protecting

an

existing

asset

position

from

future

adverse

price

movements. In order to hedge a position, a market player needs to take an equal and opposite
position in the futures market to the one held in the cash market.
Every portfolio has a hidden exposure to the index, which is denoted by the beta. Assuming
you have a portfolio of Rs 1 million, which has a beta of 1.2, you can factor a complete hedge by
selling Rs 1.2 mn of S&P CNX Nifty futures.
Steps:
1. Determine the beta of the portfolio. If the beta of any stock is not known, it is safe to
assume that it is 1.
2. Short sell the index in such a quantum that the gain on a unit decrease in the index would
offset the losses on the rest of his portfolio. This is achieved by multiplying the relative
volatility of the portfolio by the market value of his holdings.
Therefore in the above scenario we have to shortsell 1.2 * 1 million = 1.2 million worth of Nifty
Now let us study the impact on the overall gain/loss that accrues:

Index up 10% Index down 10%

Gain/(Loss) in Portfolio
Gain/(Loss) in Futures
Net Effect

Rs 120,000

(Rs 120,000)

(Rs 120,000)

Rs 120,000

Nil

Nil

As we see, that portfolio is completely insulated from any losses arising out of a fall in
market sentiment. But as a cost, one has to forego any gains that arise out of improvement in the
overall sentiment. Then why does one invest in equities if all the gains will be offset by losses in
futures market. The idea is that everyone expects his portfolio to outperform the market.

Irrespective of wh The same methodology can be applied to a single stock by deriving the beta of
the scrip and taking a reverse position in the futures market.
Thus, we have seen how one can use hedging in the futures market to offset losses in the cash
market. Either the market goes up or not, his portfolio value would increase.
Speculation
Speculators are those who do not have any position on which they enter in futures and
options market. They only have a particular view on the market, stock, commodity etc. In short,
speculators put their money at risk in the hope of profiting from an anticipated price change. They
consider various factors such as demand supply, market positions, open interests, economic
fundamentals and other data to take their positions.
Example:
Ram is a trader but has no time to track and analyze stocks. However, he fancies his
chances in predicting the market trend. So instead of buying different stocks he buys Sensex
Futures.
On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise in
future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number of
contracts to close out his position.
Selling Price : 4000*100

= Rs 4,00,000

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

Net gain = Rs 40,000 Ram has made a profit of Rs 40,000 by taking a call on the future value of
the Sensex. However, if the Sensex had fallen he would have made a loss. Similarly, if would have
been bearish he could have sold Sensex futures and made a profit from a falling profit. In index
futures players can have a long-term view of the market up to at least 3 month.

Arbitrage
An arbitrageur is basically risk averse. He enters into those contracts were he can earn
riskless profits. When markets are imperfect, buying in one market and simultaneously selling in
other market gives riskless profit. Arbitrageurs are always in the look out for such imperfections.
In the futures market one can take advantages of arbitrage opportunities by buying from lower
priced market and selling at the higher priced market. In index futures arbitrage is possible
between the spot market and the futures market (NSE has provided a special software for buying
all 50 Nifty stocks in the spot market.

Take the case of the NSE Nifty.

Assume that Nifty is at 1200 and 3 months Nifty futures is at 1300.

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

If there is a difference then arbitrage opportunity exists

. Let us take the example of single stock to understand the concept better. If Wipro is quoted at Rs
1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC at Rs
1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3 months at Rs
1070.
Sale

1070

Cost

1000+30

Arbitrage profit

1040

These kinds of imperfections continue to exist in the markets but one has to be alert to the
opportunities as they tend to get exhausted very fast.

FINDINGS AND ANALYSIS

ANALYSIS OF THE PREFERRED INVESTMENT AREA

The investment was broadly divided into five areas, mainly-Bank deposits.
Shares, Mutual Fund, Real Estate and insurance plans.

Following observations can be made on the basis of above analysis:

Bank Deposits being the most preferred area, 43% respondents out of
hundred invested in bank deposits.
The second preferred area was Shares as 27% respondents were investing in
the share market.
Then preferred area was the Mutual Funds with 13% of respondents
Real estates were the least preferred area i.e. only 7%

.
ANALYSIS OF THE FACTORS AFFECTING INVESTMENT
The factors are categorized in to four parameters to know the purpose of
investment made by the investor.

52% respondents go invests for higher returns.

29% respondents prefer Moderate Return for their investments.
15% prefer moderate risk.
Only 4% for Low risk.

ANALYSIS FOR INTERMEDIATING COMPANY

These factors are categorized into brokerage, Information provided by them

the exposure limit or loan facility provided by them and their Brand Name.

21% respondents choose Kotak Securities Ltd.

38% respondents choose Indiabulls Securities Ltd. for trading.
7% respondents choose ICICI direct.
4% respondents choose Fortis.
30% go for others.

ANALYSIS OF THE FACTORS FOR BROKING HOUSE

These factors are categorized into brokerage, Information provided by them

the exposure limit or loan facility provided by them and their Brand Name.

44% respondents choose their broking house on basis of information

provided by them.
28% prefer by the exposure limit and the loan facility provided to them.
12% by the brokerage charge by the broking house.
16% by Brand Name.

ANALYSIS OF THE INFLUENCE OF THE PAST PROFILE OF A

COMPANY

58% respondents say yes they study profile of the company before
making investment.
42% respondents say no.

ANALYSIS OF THE REQUIREMENT OF EXPERTISE

93% respondents say yes, they required expertise knowledge.

7% respondents say no.

MOST IMPORTANT SERVICE PARAMETER

The most important service parameter that came up as a result of survey

is Information i.e. the investors feel that the information contained in the
service package is the key to more profits.
Second major parameter is Quality of service.
20% investors feel that the quickness of service is above par than any
other aspect.

CONCLUSION
The perceptions of people about share markets are very strong. But they
can be influenced, if not completely changed.
The reason people prefer staying away from the share markets is lack of
confidence - about their own understanding of the market and the very nature of
the market.
The fact that stock markets themselves are volatile and wide open to changes in
external forces makes it much more difficult for people to consider them as an
investment alternative.
The right kind of campaigning directed towards increasing the awareness of
people will get new customers. But more than that, this campaign will help retain
customers, which is the key to staying ahead in the market.
Indiabulls Securities is currently one of the biggest broking houses in the country
and its strategies to penetrate further into the market will certainly take it way
ahead of its competitors.

RECOMMENDATIONS

INTRODUCTION PROGRAMS must be held for the sales teams before letting them go into
the field. In these induction classes the experienced sales staff employees should share their
valuable live experiences and knowledge, which they have experienced while in field.

Weekly magazines must be published and distributed to the investors that can help them for
making better investments.

Sales team must be fully equipped with latest technology such as using Laptop that can be
used for making presentation to the customers especially to the corporate clients about their
product and services provided by them.

Make your site user friendly so that more and more people know about trading and do the
same also.

Advertisement through Canopy, help to generate leads.

Company should advertise with a concern that has a brand name in the market.

Promotional Strategies

Press publicity:
Outdoor publicity:
Press publicity:
Paper inserts
Advertisements in newspaper (local and national).
Interest cards distribution
Mailers/personal invitations to selective section of the society
Leaflets

Outdoor publicity:
Banners in commercial areas and prime sites.
Air balloons at shopping complex.
Bus stands shelters.
Off site ATM for developing business

BIBLIOGRAPHY

www.indiabulls.com
www.nseindia.com
www.bseindia.com
www.sebi.gov.in
www.moneycontrole.com
Economics Times
C.R. Kothari, Marketing Research
NCFM W.Breen, Low Price-Earnings Ratio & Industry Relatives,

Financial Analysts Journal, July-Feburary 1968.

W.Breen & Savage J. Portfolio Distribution & Security Selection
Models, Journal of Finance, December 1968.
S.Basu, Investment Performance of Common Stocks in Relation to
Their Price-Earning Ratios: A Test of the Efficient Market Hypothesis,
Journal of Finance, June 1977.
Basu, Sanjoy, "The Relationship between Earnings Yield, Market Value
and Return for NYSE Common Stocks: Further Evidence," Journal of
Financial Economics 12 (1983): 129-156.
Indiabulls Broachres and Mannuals