A

Comprehensive Project Study

On
MARKET ANALYSIS OF
ANGEL BROKING

In partial fulfillment of the course of MBA, Gujarat

Technological University, Ahmedabad

Submitted to:
SOM-LALIT INSTITUTE OF BUSINESS MANAGEMENT
Guided by:

Submitted by:
MILAN G.SOLANKI

Submitted on: 25/03/2010

Roll No.: 39

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DECLARATION

I Mr. Milan G. solanki a student of Som-Lalit Institute of Business Management hereby declare
that the project work presented in this report is my contribution and has been carried out under
supervision of Professor .

The objective of the summer training undertaken is to get knowledge of the real corporate world,
which further sharpen the skill, broadens vision and awakens to the hard realities of the corporate
world.

This work has not been previously submitted to any other university for any other examination

DATE: SIGNATURE

PLACE:

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 P R E FA C E

“Life is a series of experience, each one of which makes us bigger”

Henry Ford

Share trading in India is undergoing a transition and consolidation phase witnessed never before.
The competition is likely to become so severe after the entry of many players, retaining a customer
is most difficult practice for any service provider.

Though India has a very big untapped market but the players will not flourish unless they change
the way the customers are being served. Given the awareness level of today customers every player
has to treat with care and make the customer feel that he is the king. Number of Online Share trader
in India has crossed the line. More and more customers are coming under this umbrella and many
of the existing one are changing exhibition area. So Retention and Satisfaction of Customers are
now more important as it was never before. Players keep coming with new schemes in order to
attract new customers and retain the existing one. This is being supplemented with increased
advertising and brand building efforts. Success of any organization depends upon its being
proactive. An often quoted marketing adage is to manage a business well is to manage its future
and to manage its future is to manage information.

To give the student of management a feel of real world situation they are being sent to any
organization where they work on a prescribed problem or a topic and come out with various
conclusions and suggestions. I am very lucky as I got an opportunity to work with “Angel
Broking”, which is showing phenomenal growth and success in its Sector. My topic of study was
“Financial Analysis of Angel Broking”.

This project is an effort to do a depth study and analysis of various known and unknown reasons for
customer satisfaction and retention. “To err is human” and I am not an exception, valuable
comments are always welcomed since it will motivate to work with greater enthusiasm and
efficiency in the future.

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 ACKNOWLEDGEMENTS

"Everybody lives and acts partly according to his own, partly according to other
people's ideas."
Leo Tolstoy

No task can be achieved alone, particularly while attempting to finish a project of such magnitude.
It took many very special people to facilitate it and support it. Hence, I would like to acknowledge
all of their valuable support and convey my humble gratitude to them.

First of all I thank Angel Broking, the Indian marketers and advertisers who have without fail
produced, Surrogate Ads which we so often debate about. At least they gave me a topic to work on
and even realize the issue of surrogate ads which I did not notice till now.

I would like to acknowledge my faculty member Mr. Dhaval Ghelani for sharing his valuable ideas,
constructive criticism and motivation, which were the guiding, light during the entire tenure of this
work.

I would like to acknowledge my family members and friends, as without their blessings and co-
operation this project work would have been a dream.

Finally, I would like to thank to all these people who have support me directly or indirectly to
complete my project and to make this project reality.

N. J. Raiyani
(Nimish J. Raiyani)

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 E X E C U T I V E S U M M A RY

The Comprehensive Study at “Angel Broking Ltd.” undertaken by me has given me an exposure
into the investment scenario in India. The project that we were involved with while working at
“Angel Broking Ltd.” includes advisory services i.e. educating the existing and potential investors
about stock market as an alternative source to investment. This involves catering to the queries of
the investors about the concept of stock market, the various options that an investor can invest his
money into, funds management of investors.

Analyzing the investors’ behavior includes understanding the concerns a person has towards Stock
Market, his stages in life and wealth cycle, the effect of the investments made by the peer groups,
effect of the profession he/she is in, education qualification, importance of tax benefits, the most
preferred saving tool etc. and this all is analyzed with the help of a schedule prepared.

Through the systematic investment plan invest a specific amount for a continuous period, at regular
intervals. By doing this, the investor get the advantage of rupee cost averaging which means that by
investing the same amount at regular intervals, the average cost per unit remains lower than the
average market price.

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 CONTENTS

SR. NO. PARTICULARS PAGE NO.

1. INDUSTRY OVERVIEW : 9
A. History of stock exchange 9
B. Online Trading process. 11

2. COMPANY PROFILE : 12
A. History & Development 12
B. General Information 13
C. Management team 15
D. Milestones 16
E. Angel Logo, Vision & Business Philosophy 17
F. Organizational Structure 20
G. Products of Angel Broking 21

H. Investment Advisory Services 23

I. Commodity 24

J. Department Study 26

K. Brokerage 37

L. Other features 40
41
M. SW0T Analysis
42
N. Procedure of client acquisition
3. MARKET AND COMPETITOR’S ANALYSIS : 48
A. Market Analysis using Porter’s 5 Forces 48
B. Competitors Analysis 53
a) Players of the Industry 58
b) Different Companies’ Charges for Online Account

c) Different companies’ Charges

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 4. RESEARCH METHODOLOGY : 60
A. Research Hypothesis 60
B. Objectives of Study 63
C. Importance of Study 64
D. Scope of Study 65
E. Limitations of Study 66
F. Sources of Data 68
G. Research Design 69

H. Research Plan 70

I. Sampling Plan 71
5. DATA ANALYSIS 72

6. RESEARCH FINDINGS 86

7. SUGGESTIONS 87

8. CONCLUSION 88

9. BIBLIOGRAPHY 90

10. ANNEXURE 91

1. INDUSTRY OVERVIEW:

A. HISTORY OF STOCK EXCHANGES :-

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Do you know that the world's foremost market place “New
York Stock Exchange” (NYSE), started its trading under a tree
(now known as 68 Wall Street) over 200 years ago? Similarly,
India's premier stock exchange Bombay Stock Exchange
(BSE) can also trace back its origin to as far as 125 years
when it started as a voluntary non-profit making association.

You hear about it any time it reaches a new high or a new low, and you also hear about it daily in
statements like 'The BSE Sensitive Index rose 5% today'. Obviously, stocks and stock markets are
important. Stocks of public limited companies are bought and sold at a stock exchange. But what
really are stock exchanges? A stock exchange is an organized market place for securities (like
stocks, bonds, options) featured by the centralization of supply and demand for the transaction of
orders by member brokers, for institutional and individual investors. The exchange makes buying
and selling easy. For example, you don't have to actually go to a stock exchange, say, BSE - you
can contact a broker, who does business with the BSE, and he or she will buy or sell your stock on
your behalf. All stock exchanges perform similar functions with respect to the listing, trading, and
clearing of securities, differing only in their administrative machinery for handling these functions.

Most stock exchanges are auction markets, in which prices are determined by competitive bidding.
Trading may occur on a continuous auction basis, may involve brokers buying from and selling to
dealers. In certain types of stock or it may be conducted through specialists dealing in a particular
stock.

But where did it all start? The need for stock exchanges developed out of early trading activities in
agricultural and other commodities. During the middle Ages, traders found it easier to use credit
that required supporting documentation of drafts, notes and bills of exchange. The history of the
earliest stock exchange, the French stock exchange, may be traced back to 12th century when
transactions occurred in commercial bills of exchange.

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The first stock exchange in India, Bombay Stock Exchange was established in 1875 as 'The Native
Share and Stockbrokers Association' and has evolved over the years into its present status as the
premier stock exchange in the country. It may be noted that BSE is the oldest stock exchange in
Asia, even older than the Tokyo Stock Exchange, which was founded in 1878. The country's
second stock exchange was established in Ahmedabad in 1894, followed by the Calcutta Stock
Exchange (CSE). CSE can also trace its origin back to 19th century. From a get together under a
'Neem Tree' way back in the 1830s, the CSE was formally established in May 1908.

India's other major stock exchange National Stock Exchange (NSE), promoted by leading financial
institutions, was established in April 1993. Over the years, several stock exchanges have been
established in the major cities of India. There are now 23 recognized stock exchanges — Mumbai
(BSE, NSE and OTC), Calcutta, Delhi, Chennai, Ahmedabad, Bangalore, Bhubaneswar,
Coimbatore, Guwahati, Hyderabad, Jaipur, Kochi, Kanpur, Ludhiana, Mangalore, Patna, Pune,
Rajkot, Vadodara, Indore and Meerut. Today, most of the global stock exchanges have become
highly efficient, computerized organizations. Computerized networks also made it possible to
connect to each other and have fostered the growth of an open, global securities market.

B. ONLINE TRADING PROCESS :-

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Realize there is untapped market of investors who want to be able to execute their own trades when
it suits them, brokers have taken their trading rooms to the Internet. Known as online brokers, they
allow you to buy and sell shares via Internet.

Online Trading is a service offered on the Internet for purchase and sale of shares. In the real world,
you place orders on your stockbroker either verbally (personally or telephonically) or in a written
form (fax). In Online Trading, you will access a stockbroker's website through your internet-
enabled PC and place orders through the broker's internet-based trading engine. These orders are
routed to the Stock Exchange without manual intervention and executed thereon in a matter of a
few seconds.

There are 2 types of online trading service: discount brokers and full service online broker.
Discount online brokers allow you to trade via Internet at reduced rates. Some provide quality
research, other don’t. Full service online brokerage is linked to existing brokerages. These brokers
allow their clients to place online orders with the option of talking/ chatting to brokers if advice is
needed. Brokerage rates here are higher. Indiainfoline.com, ICICIDirect.Com, IndiaBulls.Com,
AngelBroking.com, Angel broking.Com, HDFCSecurities.Com is some of the online broking sites
in India.

The various transactions involved in online trading can be shown from the point of view of the
 Client
 Broker
 Stock Exchange.

2. COMPANY PROFILE:

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A. HISTORY & DEVELOPMENT :-

“Angel Broking” is the retail broking arm of SSKI, an organization with more than eight decades
of trust & credibility in the stock market. It is India's leading retail financial Services Company
with We have over 250 share shops across 115 cities in India. While our size and strong balance
sheet allow us to provide you with varied products and services at very attractive prices, our over
750 Client Relationship Managers are dedicated to serving your unique needs. Angel Broking 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 Angel Broking Professional Network offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful
technology complemented by our knowledgeable and customer focused Relationship Managers.
We are creating a world of Smart Investor. Angel Broking offers a full range of financial services
and products ranging from Equities to Derivatives enhance your wealth and hence, achieve your
financial goals. Angel Broking' Client Relationship Managers are available to you to help with your
financial planning and investment needs. To provide the highest possible quality of service, Angel
Broking provides full access to all our products and services through multi-channels.

In a shot span of 22 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.

B. GENERAL INFORMATION :-

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Angel Broking's tryst with excellence in customer relations began in 1987. Today, Angel has
emerged as one of the most respected Stock-Broking and Wealth Management Companies in India.
With its unique retail-focused stock trading business model, Angel is committed to providing ‘Real
Value for Money’ to all its clients.

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
nationwide network comprising of 21 Regional hubs, 124 branches and 6810 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 5.9 thousand retail clients.

Angel Booking’s meeting with excellence in customer relations began more than 20 years ago.
Angel Group has emerged as one of the top 3 retail broking houses in India and incorporated in
1987.

It has memberships on BSE, NSE and the leading commodity exchanges in India NCDEX & MCX.
Angel is also registered as a depository participant with CDSL.

 ANGEL’S PRESENCE :-

 Nation- wide network of 21 regional hubs

 Presence 124 cities
 6800 + sub brokers & business associates
 5.9 lakh + clients

ANGEL GROUP COMPANIES

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Angel Broking Ltd. Member on the BSE and Depository Participant with CDSL

Membership on the NSE Cash and Futures & Options

Angel Capital & Debt Market Ltd.
Segment

Angel Commodities Broking Ltd. Member on the NCDEX & MCX

Angel Securities Ltd. Member on the BSE

 ANGEL’S BUSINESS:-

 Equity Trading
 Commodities
 Portfolio Management Services
 Mutual Funds
 Life Insurance
 Personal Loans
 IPO
 Depository Services
 Investment Advisory

C. MANAGEMENT TEAM :-

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 SR. Name Designation & Department
NO.

1. Mr. Dinesh Thakkar Founder Chairman & Managing Director

2. Mr. Lalit Thakkar Director – Research

3. Mr. Amit Majumdar Executive Director – Strategy and Finance

4. Mr. Rajiv Phadke Executive Director – HR & Corp

5. Mr. Vinay Agrawal Executive Director – Equity Broking

6. Mr. Nikhil Daxini Executive Director - Sales and Marketing

Executive Director - Distribution & Wealth

7 Mr. Hitungshu Debnath
Management

8. Mr. Mudit Kulshreshtha Executive Director – Operations

D. MILESTONES :-

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 October, 2009 ‘Major Volume Driver’ Award by BSE for 2008-09

May, 2009 Wins Award for ‘Broking House with Largest Distribution
Network’ & ‘Best Retail Broking House’

August, 2008 Crossed 500000 trading accounts

November, 2007 ‘Major Volume Driver’ for 2007

December, 2006 Created 2500 business associates

September, 2006 Launched Mutual Fund and IPO business

July, 2006 Launched the PMS function

October, 2006 ‘Major Volume Driver’ award for 2006

October, 2005 ‘Major Volume Driver’ award for 2005

September, 2004 Launched Online Trading Platform

April, 2004 Initiated Commodities Broking division

April, 2003 First published research report

November, 2002 Angel’s first investor seminar

March, 2002 Developed web-enabled back office software

November, 1998 Angel Capital and Debt Market Ltd. Incorporated

December, 1997 Angel Broking Ltd. Incorporated

E. ANGEL’S LOGO, VISION & BUSINESS PHILOSOPHY :-

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F. ANGEL’S ORGANIZATIONAL STRUCTURE :-

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G. PRODUCTS OF ANGEL BROKING :-

 Online Trading

 Commodities

 DP Services (Depositary Participant Services)

 PMS (Portfolio Management Services)

 Insurance

 Investment Advisory services

 Mutual Fund

 Personal loans

 Quality assurance

 Online- Trading

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Specially designed for the net know-how traders and investors who prefer operating from their
home or office through the internet. The investor can access state of the art technology via trading
on BSE, NSE, F & O, MCX and NCDEX through 3 unique e-trading softwares.

 Features of Online trading at Angel:

 Multiple exchange on a single screen

Investor can trade online on BSE, NSE-Cash and F&O, MCX and NCDEX on a single screen.

 Speed
Investor use the latest technology to generate efficient uptime and greater stability to gain high
speed.

 Competitive brokerage rates

Best value added services at the most competitive brokerage rates.

 Optimum margins
Angel gives investors the trading exposure at optimum margin level

 Online fund transfer

The clients enjoy the convenience of online transfer of funds from their bank accounts, to the
margin account of Angel, online.

 Personalized service
HNI clients can avail personalized advisory services from trained and experienced dealers,
regarding trading opportunities.

 Off line services

Investors are free to make a telephone call to any of our 40 well equipped branches across the
country.

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 Technology
Angel provides the latest infrastructure tools to support and integrate the backend and front office
functionalities.

 Back office infrastructure

Angel provides an automated web enabled centralized back-office whereby the clients can have
access to their trade confirmation reports, holding statement, their net position, the margins and
the statement of accounts and ledgers on a 24 X 7 basis.

 Technical support
Angel removes technical difficulties through an online support system manned by qualified
professionals.

 E – contract notes cum bills

Angel provides contract notes cum bills in electronic form resulting in ease of access to trades
carried out by the clients on any particular day.

 Commodities

A commodity is a basic good representing a monetary value. Commodities are most often used as
inputs in the production of other goods or services. With the advent of new online exchange,

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commodities can now be traded in futures markets. When they are traded on an exchange,
Commodities must also meet specified minimum standards known as basic grade.

 Types of Commodities
 Precious Metals : Gold and Silver
 Base Metals : Copper, Zinc , Steel and Aluminum
 Energy : Crude Oil, Brent Crude and Natural Gas
 Pulses : Chana , Urad and Tur
 Spices : Black Pepper, Jeera, Turmeric , Red Chili
 Others : Guar Complex, Soy Complex, Wheat and Sugar

 Benefits at Angel
 Three different online products tailored for traders & investors.
 Single Screen customized market-watch for MCX / NCDEX with BSE / NSE.
 Streaming Quotes and real time Rates. Intra-day trading calls.
 Research on 25 Agro Commodities, Precious and Base Metals, Energy products and
Polymers.
 An array of daily, weekly and special research reports.
 Highly skilled analysts with professional industry experience.
 Active relationship management desk.
 Seminars, workshops and investment camps for investors.

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  Depositary participant services

Angel Broking Ltd. is a DP services provider though 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.

 Portfolio management services

Successful investing in Capital Markets demands ever more time and expertise. Investment
Management is an art and a science in itself. Portfolio Management Services (PMS) is one such
service that is fast gaining eminence as an investment avenue of choice for High Net worth
Investors (HNI). PMS is a sophisticated investment vehicle that offers a range of specialized
investment strategies to capitalize on opportunities in the market. The Portfolio Management

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Service combined with competent fund management, dedicated research and technology, ensures a
rewarding experience for its clients.

Angel PMS brings with it years of experience, expertise, research and the backing of India's leading
stock broking house. At Angel, experienced portfolio management is the difference. It will advise
you on a suitable product based on factors such as your investment horizon, return expectations and
risk tolerance.

 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.

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  Investment Advisory Services

To derive optimum returns from equity as an asset class requires professional guidance and advice.
Professional assistance will always be beneficial in wealth creation. Investment decisions without
expert advice would be like treating ailment without the help of a doctor.

 Expert Advice: Their expert investment advisors are based at various branches across India to
provide assistance in designing and monitoring portfolios.

 Timely Entry & Exit: Their advisors will regularly monitor customers’ investments and guide
customers to book timely profits. They will also guide them in adopting switching techniques
from one stock to another during various market conditions.

 De-Risking Portfolio: A diversified portfolio of stocks is always better than concentration in a

single stock. Based on their research, They diversify the portfolio in growth oriented sectors
and stocks to minimize the risk and optimize the returns.

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H. COMMODITIES :-

A commodity is a basic good representing a monetary value. Commodities are most often used as
inputs in the production of other goods or services. With the advent of new online exchange,
commodities can now be traded in futures markets. When they are traded on an exchange,
Commodities must also meet specified minimum standards known as basic grade.

 Types of Commodities
 Precious Metals : Gold and Silver
 Base Metals : Copper, Zinc , Steel and Aluminum
 Energy : Crude Oil, Brent Crude and Natural Gas
 Pulses : Chana , Urad and Tur
 Spices : Black Pepper, Jeera, Turmeric , Red Chili
 Others : Guar Complex, Soy Complex, Wheat and Sugar

 Benefits at Angel
 Three different online products tailored for traders & investors.
 Single Screen customized market-watch for MCX / NCDEX with BSE / NSE.
 Streaming Quotes and real time Rates. Intra-day trading calls.
 Research on 25 Agro Commodities, Precious and Base Metals, Energy products and
Polymers.

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  An array of daily, weekly and special research reports.
 Highly skilled analysts with professional industry experience.
 Active relationship management desk.
 Seminars, workshops and investment camps for investors

 DEPOSITARY PARTICIPANT SERVICES :-

Angel Broking Ltd. is a DP services provider though 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.
 Wide branch coverage
 Personalized/attentive services of trained a dedicated staff
 Centralized billing & accounting
 Acceptance & execution of instruction on fax
 Daily statement of transaction & holdings statement on e-mail
 No charges for extra transaction statement & holdings statement

 PORTFOLIO MANAGEMENT SERVICES :-

Successful investing in Capital Markets demands ever more time and expertise. Investment
Management is an art and a science in itself. Portfolio Management Services (PMS) is one such
service that is fast gaining eminence as an investment avenue of choice for High Net worth
Investors (HNI). PMS is a sophisticated investment vehicle that offers a range of specialized
investment strategies to capitalize on opportunities in the market. The Portfolio Management
Service combined with competent fund management, dedicated research and technology, ensures a
rewarding experience for its clients.

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Angel PMS brings with it years of experience, expertise, research and the backing of India's leading
stock broking house. At Angel, experienced portfolio management is the difference. It will advise
you on a suitable product based on factors such as your investment horizon, return expectations and
risk tolerance.

I. DEPARTMENT STUDY :-

 PRODUCT & SERVICE DETAILS AND PORTFOLIO:-

 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 :

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
scrip’s, 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 :

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 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 scrip 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 / scrip 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 :

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 An online forum to help clients, specifically day trader is 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 scrip’s. 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.

 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. Over
and above this, financial status of the calls is monitored at all times.

 INVESTMENT ADVISORY DESK:

At Angel, they have a dedicated Investment Advisory Desk :-

 To help manage client’s equity portfolio and create wealth

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  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 in-depth 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 whopping 80%

Angel’s Portfolio Advisory Team had a successful track record of assisting its clients in managing
their portfolios for over 4 years.

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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 are 100% discretionary, time horizon 12-18 months and 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

 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

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  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
 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

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  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.

 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.

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 FEATURES OF THE ANGEL GOLD :

 A premium service for clients who need professional guidance on long term investments.
 Minimum fund / portfolio of Rs. 1 lakh and maximum of Rs. 4 lakh eligible for Angel Gold.
 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.

 COMMODITIES SERVICES :

 Agro Tech Speak : Mainly gives the investors insight into and a forecast for agro
commodities viz. pulses (urad, channa etc); reports on oil complex (soybeans 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.

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  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 :

 Professionally qualified analysts with rich industry experience
 Research on 25 agro commodities, precious metals, base metals, energy products and
polymers

 E-Broking :
 Single screen customized market watch for MCX / NCDEX with BSE / NSE
 Streaming quotes and intraday calls

 DP Facilities in Commodities Trading on CDSL

 24x7 Online Back-office
 Efficient Risk Management
 Competitive Brokerage Rates

 MUTUAL FUND DISTRIBUTION AND ADVISORY :

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.

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  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 updating of unit holdings at latest NAV / Online dividend payout 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.

 DEPOSITORY PARTICIPANT SERVICE :

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

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  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
 No charges for extra transaction statement and holding statement

J. BROKERAGE :-

PREPAID SCHEME A RS 2000/- PER ANNUM

Table A Table B
Scheme Type A Brokerage Rate Brokerage Rate
(for AMC Scheme Account) (for non AMC Scheme Account)
AMC AMC Rs. 2,000 pa Nil

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Account opening Charges  Speed Trade A/c Rs. 1,000  Speed Trade Account Rs. 1,000
(one time)  Classic Account Rs. 750  Classic Account Rs. 750
 Offline Account  Offline Account

Percentage Min. Paisa Percentage Min. Paisa

Cash Segment
Trading
First Leg 0.07% 05p 0.10% 10
Second Leg 0.07% 05p 0.10% 10
Delivery
Delivery Brokerage 0.40% 10p 0.50% 50
Other charges Cash segment (Trading and Delivery)
Stamp Duty Y Y Y Y
Turnover Tax Y Y Y Y
Service tax Y Y Y Y

Default Brokerage  
Futures & Options Segment
First Leg 0.07% 01p 0.10% 10
Second Leg (same day) 0.02% 01p 0.0% 00
Next day 0.07% 01p 0.10% 10
Other charges F&O Segment
Stamp Duty Y Y Y Y
Turnover Tax Y Y Y Y
Service tax Y Y Y Y

Default Brokerage  

PREPAID SCHEME RS 6000/- PER ANNUM

Table A Table B
Scheme Type B Brokerage Rate Brokerage Rate
(for AMC Scheme Account) (for non AMC Scheme Account)

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AMC  AMC Rs. 6,000 pa Nil
Account opening Charges  Speed Trade A/c Rs. 1,000  Speed Trade Account Rs. 1,000
(one time)  Classic Account Rs. 750  Classic Account Rs. 750
 Offline Account  Offline Account

Percentage Min. Paisa Percentage Min. Paisa

Cash Segment
Trading
First Leg 0.05% 05p 0.10% 10
Second Leg 0.05% 05p 0.10% 10
Delivery
Delivery Brokerage 0.25% 10p 0.50% 50
Other charges Cash segment (Trading and Delivery)
Stamp Duty Y Y Y Y
Turnover Tax Y Y Y Y
Service tax Y Y Y Y

Default Brokerage  
Futures & Options Segment
First Leg 0.05% 01p 0.10% 10
Second Leg (same day) 0.02% 01p 0.0% 0
Next day 0.05% 01p 0.10% 10
Other charges F&O Segment
Stamp Duty Y Y Y Y
Turnover Tax Y Y Y Y
Service tax Y Y Y Y

Default Brokerage  

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 Along with these above schemes many other competitive schemes are available for customers
depending on their volume of trading.

K. OTHER FEATURES :-

1. ANGEL BROKING FIRST STEP PROGRAM :-

 What is:-
In the complex world of investing in shares in India, interested beginners didn't have any place they
could start out from. This is why Angel Broking started the First Step program - to assist and guide
new investors when they take their first steps into the world of investing in shares. This program is
explicitly designed for beginners. You will not feel unintelligent when asking questions like "Who

41 | P a g e
owns the Stock Market?" or "What is a stock-split?" since Angel Broking people are trained to
assist those taking their first step in the market.

 Consist of:-
The Angel Broking First Step program is a special, never-been-done-before program created by
Angel Broking for new investors to the stock market. Despite being a beginner with a small amount
to invest, they will still be able to benefit from Angel Broking experience, technology-based tools
and research. In fact, Angel Broking have created special versions of all of these for clients - clear
and simple information tools for there understanding, demonstrations to help them get started and
research re-written in easier language. See how Angel Broking friendly assistance empowers them
to become a 'Stock Market ka Sher'.

2. ANGEL BROKING VALUE LINE :-

A monthly investment report based on fundamental research with Stock ideas, Stock Updates,
Earning Guide, Stock Recos, Mutual Fund Guide , Market Outlook, Sector Updates.

L. SWOT ANALYSIS :-

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A SWOT analysis focuses on the internal and external environments, examining strengths and
weaknesses in the internal environment and opportunities and threats in the external environment.

STRENGTH WEAKNESS
 Service 

 Distribution network 

 Marketing  Competition from Banks

 Products

OPPORTUNITIES THREATS

 Ever increasing market  New competitors

 Improving technology  Technology based business

 Unfulfilled needs of customers.

 Education level

M. PROCEDURE OF CLIENT ACQUISITION :-

1. In the first phase we are given training and we are explained about different things of
market about Angel Broking Ltd, its introduction, products and services offered by
Angel Broking Ltd. We have been trained by their well experienced Staff.
2. After that we are trained to cope up with the customers, through there well experienced
Sales Executives.
3. They provide us leads and we make calls. Three types of leads are provided to us :-

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  People who registers themselves on Angel Broking website willing to be client of
Angel broking and want to know about its product.
 People who have Demat account already with any another broker.
 People who are totally unknown to this market.
4. Then after that we have to provide details of product and convince them. People who have
already demat account; we have to convince them by giving information about Angel
Broking services & benefits.
5. And people who are unknown to share market, we tell them about Angel Broking first
step program for fresher.
6. Then we have to visit them and get the formed filled from them.
7. We collect all-important documents from client.

 PROCEDURE FOR OPENING A DP ACCOUNT WITH ANGEL BROKING :-

1. You can open a Depository Participant (DP) account, either through an Angel
Broking branch or through an Angel Broking Franchisee center.
2. There is no fee for opening DP accounts with Angel Broking. However a nominal
deposit (refundable) is charged towards services which will be adjusted against all
future billings.
3. All investors have to submit their proof of identity and proof of address along with
the prescribed account opening form.

 IN DP ACCOUNT OPENING FORM :-

1. Minor details like name of the branch, name of the client & address and other details
of the client required to be mentioned in the form and Agreement.
2. Signatures are required on all pages of the agreement.
3. All the details (Name & address of the client) must be filled.
4. Name, Address & signature of the witness are compulsory. (Please note that 1
witness is required to sign on behalf of the client)

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 5. Please note that if the signature on the form & the proof provided differs, the form
will be liable for rejection. In such cases the client has to get his signatures verified by
the banker.
6. Nominee details must be supported by 2 witnesses (Name, Address & signature).
7. Minor accounts, HUF accounts, Corporate accounts, and Accounts having 3 holders
cannot have nominees in a DP account.
8. Please note that joint accounts cannot be opened in case Minor accounts and HUF
accounts.
9. In case of any corrections on the application form & agreement holders have to
counter sign at place of the correction.

 ACCOUNT OPENING REQUIREMENTS UNDER VARIOUS HEADS :-

a) PROOF OF IDENTITY (ANY ONE OF THE FOLLOWING) :-

1. Photocopy of Valid Passport (Page containing the date of expiry also to be attached)
2. Photocopy of Voters Identity card.

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3. Photocopy of Valid Driving License (Page containing the date of expiry also to be
attached).
4. Photocopy of Pan card
5. Photocopy of MAPIN card
6. Identity card/document with applicant’s Photo, issued by
a) Central/State Government and its Departments,
b) Statutory/Regulatory Authorities,
c) Public Sector Undertakings,
d) Scheduled Commercial Banks,
e) Public Financial Institutions,
f) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and
g) Credit cards/Debit cards issued by Banks.

b) PROOF OF ADDRESS (ANY ONE OF THE FOLLOWING) :-

1. Photocopy of Ration card.

2. Photocopy of Valid Passport (Page containing the date of expiry also to be attached). (Copy
of expiry date also to be submitted)
3. Photocopy of Voters Identity card.

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4. Photocopy of Valid Driving License (Page containing the date of expiry also to be
attached). (Copy of expiry date also to be submitted)
5. Photocopy of Telephone or Electricity bill. (Government entity only & should not be more
than 3 months old)
6. Photocopy of Leave-License / Purchase Agreement.
7. Photocopy of Voters Identity card.
8. Photocopy of Bank Passbook or latest Bank statement.
9. Self-declaration by High Court & Supreme Court judges, giving the new address in respect
of their own accounts.
10. Identity card/document with address, issued by
a) Central/State Government and its Departments,
b) Statutory/Regulatory Authorities,
c) Public Sector Undertakings,
d) Scheduled Commercial Banks,
e) Public Financial Institutions and
f) Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their Members.

c) Photocopy of cheque leaf of bank account number mentioned on the form to verify
the Bank MICR No.

d) Latest photograph signed by the client.

 FOR H.U.F ACCOUNT OPENING REQUIREMENTS :-

1. Signed Photograph of the Karta is required.

2. Proof of Identity of the Karta
3. Pan card of HUF
4. Proof of Address

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5. Photocopy of cheque leaf of bank account number mentioned on the form to verify the
Bank MICR No.
6. HUF Stamp is required wherever the client signs on the agreement.
7. Letter from the Karta operating the Demat account with the two witnesses of coparceners.
8. No joint names & nominees allowed for HUF accounts.

 FOR MINOR ACCOUNT OPENING REQUIREMENTS :-

The account opened in the name of the minor cannot have second and third holders. Further there
can be no nominee for minor account. The Guardian has to sign on behalf of the Minor.

1. Birth Certificate of the Minor.

2. Guardian’s Proof of Address.
3. Guardian’s Proof of Identity.
4. Photograph of the Minor & Guardian.
5. Photocopy of cheque leaf

 FOR N.R.I. (NON RESIDENT INDIAN) CLIENT :-

1. Latest photograph signed by the client.

2. Photocopy of Valid Passport (Page containing the date of expiry also to be attached)
3. Proof of Local Address

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4. Proof of Foreign Address
5. Photocopy of cheque leaf of bank account number (NRE or NRO) mentioned on the form to
verify the Bank MICR No.

 FOR PARTNERSHIP FIRM :-

The account cannot be opened in the name of a partnership firm. It has to be opened in the name of
the partners, as an individual account. Maintaining dairy of clients and contacting them at regular
basis. To get feedback from them about Angel Broking services.

3. MARKET AND COMPETITORS ANALYSIS:

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A. MARKET ANALYSIS USING PORTER’S 5 FORCES:-

POTENTIAL ENTERANT

Investmart
Various Banks
Geojit
Cipher
UTI Securities Ltd.
Refco Group Ltd.
IDBI Capital Mkt. Services Ltd.

SUPPLIERS BUYERS
COMPETITORS
Web maintainers Share Khan Small Investors
NSCL ICICI Web Trade Ltd Franchise/Business
CSDL 5paisa.com Partners
NSE Kotak Securities Ltd HNI’s
BSE India Bulls MF Companies
MCX Motilal Oswal Securities Ltd HUF
NCDEX HDFC Securities Ltd Institutional Investors
Marwadi Finance Ltd
Etc

SUBSTITUTES

Mutual Funds
Insurance
Bank FD

 SUPPLIER:-

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 NSDL & CSDL are the regulatory bodies for Depository Participants like SSKI, SHCIL,
ICICIdirect.com, etc. Also these regulatory bodies have got an upper hand as the bargaining
power stock broking houses like Angel etc. would be less.
 NSE & BSE are playgrounds where common an investor trade through stock broking houses,
for which they have to take permission from NSE/BSE.
 NSE & BSE are under the purview of SEBI, that’s why stock broking houses like Angel, have
low bargaining power. But here there is one advantage that NSE/BSE have i.e. they cannot go
for forward integration.
 MCX & NCDEX are stock exchanges, which trade in commodities and derivatives. Here again
stock broking houses have to follow rules and regulation of the same.
 Web maintainers are companies, which maintain web sites & technical aspects of the same.
Here stock broking houses like Angel can have more bargaining power due to stiff competition
among web maintaining companies.
 Web maintainers are companies who make and maintain software’s for stock broking houses. If
say for example stock broking houses switches over to other web maintainers then that
company cannot understand the mechanisms of software’s. So it is quite high switching cost.

 BUYERS:-

 There are various types of investors who trade through stock broking houses like Angel,
which includes investors like small investors, medium net worth investors, business
partners, institutional investors and mutual fund companies.
 Here the bargaining power of stock broking houses depends on how big the investor is.So
here we can say that bargaining power of stock broking houses is high in case of small
investors & HUF.While its moderate in HNI/MNI’s and business partners and less in case
of mutual fund companies and institutional investors.
 There is competitive buzz in stock broking industry, competitors are offering low brokerage
and best services with added feature. So switching cost is pretty much less. So the buyer can
easily switch over to competitors product.

 ENTRY BARRIERS:-

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 Huge capital: - Capital is necessary not only for fixed facilities but also for customers
credit and absorbing start up losses. To start a stock broking house, one needs huge capital
for technology up gradation and skilled manpower.

 Technology: - Technology for stock broking houses is life saving device. Stock broking
requires huge capital to make their products user friendly, which in turn requires capital to
employ skilled manpower. Thus, technology could be one of the entry barriers.

 Regulatory Constraints:- Obtaining a license is a tedious job for a stock broking house. It
should comply with the regulation of the governing bodies like SEBI, NSDL, etc. For a
stock broking houses to plunge into the stock broking industry, it needs to have some kind
of financial background and expertise. Thus, regulators constraints could be an entry
barrier.

 Experience curve:- The core competency in this industry is the services which are
provided to the end-users and the research based activities which includes “TIPS”,
fundamental as well as technical script analysis. Also the most important thing which helps
already established firms is-“TRUST” which people would be having on firms like Angel,
SSKI, Motilal Oswal, etc. this is very difficult for new companies to imitate.

 Network:- the “Reach” to the customer is the key factor in the industry. The network of the
companies like Motilal Oswal, Sharekhan, ICICI is very efficient and spreaded all over
India. It will take time for a new entrant to establish such a huge network (e.g. Marwadi),
which say that, ”Network can come up as most difficult entry barrier to overcome.”

 Expected Retaliation: - whenever a new player comes in the industry, the old companies
have an option to reduce the prices of their product. This kind of practice is called expected
Retaliation, which is also possible in this industry in terms of less brokerage rates and
reduced account opening charges. E.g. before the entry of so many mew companies,
Sharekhan was having two types of accounts viz. speed trade speed trade plus, which were

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 costing 1000 & 1500 account opening charges respectively. But due to competition, they
have come up with only one account i.e. speed trade plus with the account charges of
Rs.1000.

 COMPETITORS:-

 The company is facing the competition from local as well as national level players. The
local players provide facility for off-line trading while the national players like
ICICIdirect.com, Share Khan and Kotakstreet.com, HDFC Security provides online trading
services.
 There are also other big names like Indiabulls, Motilal Oswal, 5paisa and Marwadi encircles
the company form both the sides by providing online and off-line trading with competitive
services.

 POTENTIAL ENTRANT:-

 New entrant that may take away the share of current players.
 Nationalized banks are also thinking to enter in this field by tieing up with broking houses.
E.g. Bank Of Baroda.

 SUBSTITUTES:-

 Here substitutes are such instruments that can be used instead of investing in shares.
 The instruments like Bank FD, insurance, mutual funds are the substitutes.
 If the use of this instruments increase this may be disadvantage for the stock broking
houses.
 The companies and banks that are having these instruments can plunge into this industry.
 Banks are planning to jump while others may come.

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B. COMPETITORS’ ANALYSIS:-

a. PLAYERS OF THE INDUSTRY

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Angel Broking Ltd.:
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.

The group is promoted by Mr. Dinesh Thakkar, who started this enterprise as a small sub-broker in
1987 with staff strength of 3 personnel. As on date, the group is managed by a team of 150
professionals & 700 support staff and a nation wide network comprising 50 branches, over 2600+
sub brokers and business associates and 6000 terminals which cater to the requirements of more
than 110,000 retail clients.

ICICI Web Trade Ltd. (ICICIdirect.com):

ICICIdirect.com was the first entrant into e-broking.ICICdirect.com provides the 3-in-1 to the
users, which ties in their saving bank account and their Demat account to their brokerage account
electronically. This integration ensures that money is transferred to/from their bank account and the
shares are transferred from/to their Demat account automatically without writing any cheques or
transfer instructions while carrying out their trades in shares.

ICICIdirect.com has the option of trading in shares in cash, margin or spot segments. An investor
can also invest in 14 Mutual Funds (Prudential ICICI MF, Franklin Templeton India MF, Alliance
Capital MF, JM MF, Birla Sun Life MF, Sundaram MF, IL&FS MF, Principal MF, HDFC MF,
Standard Chartered MF, Reliance Capital MF, Kotak Mahindra MF, TATA MF and DSP
MERRILL LYNCH MF) through their trading account.

India Bulls:

Indiabulls is India's leading retail financial services company with 77 locations spread across 64
cities. Its size and strong balance sheet allows providing varied products and services at very

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attractive prices, our over 750 Client Relationship Managers are dedicated to serving your unique
needs.

Indiabulls is lead by a highly regarded management team that has invested crores of rupees into a
world class Infrastructure that provides real-time service & 24/7 access to all information and
products. The Indiabulls Professional Network offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your finger-tips. 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, Derivatives,
Demat services and Insurance to enhance wealth and to achieve the financial goals.

S S Kantilal Ishwarlal Securities Pvt. Ltd. (sharekhan.com):

Share khan, India’s leading stock broker is the retail arm of SSKI, and offers you depository
services and trade execution facilities for equities, derivatives and commodities backed with
investment advice tempered by decades of broking experience. A research and analysis team is
constantly working to track performance and trends. That’s why Share khan has the trading
products, which are having one of the highest success rates in the industry. Share khan is having
240 share shops in 110 cities; the largest chain of retail share shops in India is of Share khan.

In future, Share khan is planning to enter in Mutual funds, Insurance sector and banking sector to
expand beyond the market currently covered by it. And it has started MF (Mutual Funds) on
priority basis but wants to grow in it.

5Paisa.com:
5paisa is the trade name of India Infoline Securities Private Limited (5paisa), member of National
Stock Exchange and The Stock Exchange, Mumbai. 5paisa is a wholly owned subsidiary of India
Infoline Ltd, India’s leading and most popular finance and investment portal. 5paisa has emerged as

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one of leading players in e-broking space in India. The company’s brokerage is one of the lowest in
the industry. It also provides the research on commodities. Investors can benefit from its analysis
and advice available at the click of the mouse. For those who prefer to trade the traditional way,
India Infoline investor points are available across the country.

India Infoline was founded by a group of professionals in 1995. Its institutional investors include
Intel Capital, one of the leading technology companies in the world promoted by the U K
government, ICICI, TDA and Reeshanar. The company offers a slew of products such as stock and
derivatives broking, commodities broking and mutual funds.

Advani Share Brokers:

Advani Share Brokers, the reputed Bombay based investment house, operates from India's financial
hub, Dalal Street, since sixty years. It deals in equities, debt and derivatives on the Bombay Stock
Exchange and the National Stock Exchange of India.

Agroy:
AGROY Group of Companies is a well-established name in the field of capital markets and
financial services. AGROY Finance & Investment Ltd. (AFIL) is the group's flagship company
engaged in capital markets as a premier financial and stock broking house. The company was
formed in July 1992. Since then it has enjoyed patronage of a large number of valued customers
and business partners.

HDFC Securities Ltd (HDFCsec):

HDFCsec is a brand brought to you by HDFC Securities Ltd, which has been promoted by the
HDFC Bank & HDFC with the objective of providing the diverse customer base of the HDFC
Group and other investors a capability to transact in the Stock Exchanges & other financial market
transactions. The services comprise online buying and selling of equity shares on the National
Stock Exchange (NSE). Buying and selling of select corporate debt and government securities on

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the NSE would be introduced in a subsequent phase. In a few months, they will also start offering
the following online trading services on the BSE and NSE:
1. Buying and selling of shares on the BSE
2. Arbitrage between NSE & BSE
3. Trading in Derivatives on the NSE
4. Margin trading products.
They are also planning to include buying and selling of Mutual Funds, IPO subscriptions, Right
issues, purchase of Insurance policies and asset financing.

Dalmia Securities:

Dalmia Securities (P) Ltd., is one of the market leaders in the Indian securities market. Its
reputation is best reflected in the quality of customer base, individuals who demand, and get, the
highest standard in asset handling. Dalmia is a powerful builder of the market, generating
professional resources, setting standards of prudence, efficiency and of friendliness to investors.
Web site: www.dalmiasec.com.

Motilal Oswal Securities Ltd. (MOSt):

One of the top-3 stock-broking houses in India, with a dominant position in both institutional and
retail broking, MOSt is amongst the best-capitalized firms in the broking industry in terms of net
worth.

MOSt was founded in 1987 as a small sub-broking unit, with just two people running the show.
Focus on customer-first-attitude, ethical and transparent business practices, respect for
professionalism, research-based value investing and implementation of cutting-edge technology
have enabled it to blossom into a thousand-member team.
The institutional business unit has relationships with several leading foreign institutional investors
(FIIs) in the US, UK, Hong Kong and Singapore. In a recent media report MOSt was rated as one
of the top-10 brokers in terms of business transacted for FIIs.

58 | P a g e
The retail business unit provides equity investment solutions to more than 50,000 investors through
270 outlets spanning 150 cities and 22 states. MOSt provides Advice-Based Broking, Portfolio
Management Services (PMS), E-Broking Services, Depository Services, Commodities
Trading, and IPO and Mutual Fund Investment Advisory Services. Its Value PMS Scheme
gave a 160% post-tax return for the year ended March 2004.

With value investing at the core of its investment philosophy, a strong research team consistently
provides high-performance ideas.

MOSt’s equity research has been consistently ranked very highly in surveys conducted by leading
international publications like Asiamoney and Institutional Investor. In AsiaMoney Brokers Poll
2003 MOSt has been rated as the Best Domestic Research House - Mega Funds, while in 2000
and 2002 it has been rated as the Best Domestic Equity Research House and Second best
amongst Indian Brokerage firms respectively.

Kotak Securities Limited (kotakstreet.com):

Kotak Securities Ltd., a strategic joint venture between Kotak Mahindra Bank and Goldman Sachs
(holding 25% - one of the world’s leading investment banks and brokerage firms) is India’s leading
stock broking house with a market share of 5 - 6 %. Kotak Securities Ltd. has been the largest in
IPO distribution - It was ranked number One in 2003-04 as Book Running Lead Managers in public
equity offerings by PRIME Database. It has also won the Best Equity House Award from Finance
Asia - April 2004.

The company has a full-fledged research division involved in Macro Economic studies, sectoral
research and company specific equity research combined with a strong and well-networked sales
force, which helps deliver current and up todate market information and news.
The company has 42 branches servicing around 1, 00,000 customers. Kotakstreet.com the online
division of Kotak Securities Limited offers Internet Broking services and also online IPO and
Mutual Fund Investments.

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Kotak Securities Limited manages assets over 1700 crores under Portfolio Management Services
(PMS) which is mainly to the high end of the market. Kotak Securities Limited has newly launched
“Kotak Infinity” as a distinct discretionary Portfolio Management Service, which looks into the
middle end of the market.

UTI SECURITIES LTD.: (UTISEL)

UTI Securities Ltd was incorporated on June 24, 1994 by Unit Trust of India as a 100% subsidiary
and on the repealing of the UTI Act, the capital is now held by the Administrator of the Specified
Undertaking of Unit Trust of India (ASUUTI). UTI Securities has been working as an independent
professional entity for providing financial intermediary and advisory services to its corporate and
retail clientele. The Company has built up a reputation for transparent and fair execution of
transactions, which have been well received and appreciated by its clientele. The staff at UTI
Securities strives to maintain the quality of services offered to its clients at the highest degree.

The Company has grown from an institutional brokerage house to a full-fledged financial
intermediary having nationwide presence in major cities with 20 branches and 50 franchisees to
service a wide range of clients. We are committed to gradually enhance our network in the near
future.

The company has also invested in the joint-venture company with Standard Chartered Bank viz.
Standard Chartered UTI Securities (P) Ltd. that is engaged in primary dealership and Covernment
securities. The company is very soon going to start Commodity Trading through its subsidiary,
USEc Commodities Ltd, which provides facility of commodity trading on NCDEX and MCX.

IL&LS Invest smart:

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IL&FS Invest smart Limited (IIL) is a premier financial service organisation providing individuals
and corporate with customized financial management solutions. We work towards understanding
your financial goals and helping you attain them.

IDBI Capital Market Services Ltd:

IDBI Capital is a leading Indian securities firm offering a complete suite of products and services to
individual, institutional and corporate clients.

IDBI Capital Market Services Ltd. (IDBI Capital), a wholly owned subsidiary of Industrial
Development Bank of India (IDBI), is a leading Indian securities firm, offering a complete suite of
products and services to individual, institutional and corporate clients. Our services include fixed
income trading, equities brokerage, debt and equity derivatives, research, private placements,
depository services, portfolio management and distribution of financial products. Over the last five
years, we have emerged as a leading player in each of these businesses.
 March 1995 - Commenced Equity Broking on NSE CM segment
 July 1995 - Built agent Distribution Network across the country
 October 1996 - Commenced Debt Broking on NSE WDM segment
 December 1996 - Started operations as a Depository Participant
 1996 - Started to act as Arranger to Privately Placed Bond issues
 April 1998 - Commenced operations as a Portfolio Manager
 February 1999 - Acquired membership of BSE, Mumbai
 November 1999 - Started operations as a Primary Dealer
 June 2000 - Acquired Derivatives memberships of BSE and NSE
 March 2002 - Achieved an outright secondary market turnover exceeding Rs100, 000 cr in
G-Secs
 May 2005 – Have good position in Market.

b. charges provided by the different companies for online account

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 Opening Fee: Brokerage: Interface:

Parameters Banks
Trading A/c Demat Delivery Square Off Associated
with

Angel HDFC, UTI,

725 NIL 0.35 0.06
ICICI
HDFC, UTI,
Share khan 750 NIL 0.50 0.10 OBC, IDBI &
Citibank
ICICI Direct
750 NIL 0.75 0.18 ICICI Bank

Indiabulls
750 250 0.40 0.10 HDFC, UTI

Citibank,
5 paisa NIL 0.20 0.05 HDFC, OBC,
UTI & ICICI
Kotak Bank &
Kotak Street 500 0.59 0.06
Citibank
HDFC HDFC &
700 NIL 0.50 0.15
Securities Other 4 Banks

c. competitive analysis

FOLLOWER:
- The follower is just blindly following the other player, which is leader and challenges.
- The players like 5 paisa, Motilal Oswal, HDFC Securities, Kotakstreet are the followers.

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LEADER:
- ICICIdirect.com is a leader in the online account which is having 1,24,000 account in the country.
- While in offline account Sharekhan is leading with 64,000 offline accounts.

NICHER:
- ICICIdirect.com and Kotakstreet.com are the two stock broking houses, which are focusing only
on online investors.

CHALLENGER:
- Sharekhan, Kotakstreet and Indiabulls come under this head.
- Sharekhan challenges competitors by providing quality services and research based advice.
- Indiabulls is also challenging with low brokerage rates and class one services.

3. RESEARCH METHODOLOGY:

A. RESEARCH HYPOTHESIS :-

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Ordinarily, when one talks about hypothesis, one simply means a mere assumption or some
supposition to be proved or disproved. But for a researcher hypothesis is a formal question that he
intends to resolve. Thus a hypothesis may be defined as a proposition or a set of proposition set
forth as an explanation for the occurrence of some specified group of phenomena either asserted
merely as a provisional conjecture to guide some investigation or accepted as highly probable in
the light of established facts.

 WHAT IS HYPOTHESIS?
 Hypothesis means a simple assumption or some theory to be proved or disproved.

 WHAT IS RESEARCH HYPOTHESIS?

 A Research Hypothesis is a predictive statement capable of being statement by scientific way
that relates an independent variable some to dependent variable.

 Thus a hypothesis may be defined as a proposition or a set of proposition set forth as an

explanation for the occurrence of some specified group of phenomena either asserted simply as
a provisional assumption to guide some investigation or accepted as highly probable in the light
of established facts.

 BASIC CONCEPTS USED IN TESTING OF RESEARCH HYPOTHESIS

A. Null Hypothesis:- Hypothesis of no difference between population, results and sample results

is called Null Hypothesis. The null hypothesis is generally symbolized as H0.

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  For e.g., If we are to compare method A with method B about its superiority and if we
proceed on the assumption that both methods are equally good, then this assumption is
termed as the Null Hypothesis.

B. Alternative Hypothesis:- Hypothesis of difference between population, results and sample

results is called Alternative Hypothesis. The alternative hypothesis is generally symbolized as

Ha.

 For e.g., If we may think that the method A is superior or the method B is inferior, then this
assumption termed as Alternative Hypothesis.

 There are 3 possibilities of alternative hypothesis:

1) Ha : µ ≠ µH0 (Two tail test)

2) Ha : µ > µH0 (One tail test)

3) Ha : µ < µH0 (One tail test)

 TESTING OF HYPOTHESIS

 Null Hypothesis Ho: In Rajkot city the proportion of investors who are investing in both
capital market and derivative market is less than 55% out of total investors.

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 Alternate Hypothesis Ha: In Rajkot city the proportion of investors who are investing in both
capital market and derivative market is more than 55% out of total investors.

 So, p= .55
q= .45
P= 52/100 = 0.52
Level of Significance = 5% and its value is +- 1.64.

Z= P-p

√p * q
n

Z= 0.52 - 0.55

√0.55*0.45
50

SO, Z = -0.03 / 0.07

= -0.43

 Here calculated value is lying between the table values. So, we can say that the alternative
hypothesis is rejected and null hypothesis is accepted.

 As per testing of hypothesis, we can say that the proportion of investors who are investing both
capital market and derivatives out of total investors in Rajkot is not more than 55%.

B. OBJECTIVES OF STUDY :-

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 The objective of my Project is to gain knowledge about way 2 wealth’s competitive strength
and to recognize awareness of investors toward different technical facilities provided by the
company.

 PRIMARY OBJECTIVES OF THE PROJECT ARE :-

 To learn about company routine working activities like opening of trading account, demat
account and different stock operating activities etc.

 To learn the marketing techniques that is used to acquire new client and provided better
service to existing clients to maintain relation with them for a long time.

 SECONDARY OBJECTIVE :-

 To study Angel Broking’s competitive strengths which are useful to face competition
efficiently and some weakness which need to remove for better growth in future.

C. IMPORTANCE OF STUDY :-

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Every research is conducted to fulfill certain objective and these objectives in turn fulfill some
purpose. MBA curricular is designed to give more practical exposes to the student so that he can
make use of theoretical knowledge in the real life situation, with this thrust dissertation study has
been included which provides opportunity to research to gain practical insight of the market. This
hand on experience helps him in identifying the critical factor of consumer buying behavior. This
rich experience will be great help in researcher’s future endeavors and it also solves the purpose for
the partial fulfillment of MBA curriculum.

I sincerely believe that road to improvement is never- ending and one always learns from a new
experience. This project is a step towards gaining knowledge about real world and putting the
theory on practice. I shall look forward to and gratefully acknowledge all suggestion on this small
step I have taken.

The report consists of a step–wise efforts towards meeting the objectives of the study. It covers the
step-wise collection of data collection and the representation of the data together with the analysis.
It also includes some suggestions put forward hoping it would help the company achieve its vision.

D. SCOPE OF STUDY :-

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 These are some of the following scope of the study :-

1. The present study can be extended to assess the present marketing condition of stock
market.

2. The study can be used to design a proper product, price, place & promotional strategy for
stock market.

3. From the present study we can know the market share of different by-products and
accordingly formulated strategy to enhance it.

4. The result of marketing success of different by-product can be interpreted to assess the rate
of employee’s satisfaction in that department (marketing).

5. This study can be applied to find out an effective distribution channel to enhance the sale of
by-product of “Angel Broking”.

E. LIMITATIONS OF STUDY :-

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1. Services of competitors :-
 We cannot give proper comment on competitor’s services till we use it. But I try to
collect as accurate information as possible. As we all know services are intangible and
we cannot predict its quality, it is a thing to feel not to see.

2. No proper assurance of right information :-

 The main data sources are websites, telephonic information and offices visit.
 The data on websites might be possible, not get updated.
 The marketing person might be possible, is not through with all concepts to which I
contacted.
 Sometimes, they try to hide information.

3. Lack of awareness of Stock market :-

 Since the area is not known before it takes lot of time in convincing people to start
investing in shares primarily in IPO’s.

4. Mostly people comfortable with traditional brokers :-

 As people are doing trading from their respective brokers, they are quite comfortable to
trade via phone.

5. Lack of Techno Savvy people and poor Internet penetration :-

 Since most of the people are quite experienced and also they are not techno savvy. Also
Internet penetration is poor in India.

6. Some respondents are unwilling to talk :-

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  Some respondents either do not have time or willing does not respond, as they are quite
annoyed with the phone call.

7. Inaccurate Leads :-
 Sometimes leads are provided which had error in it which varies from only 5 digit
phone number to wrong phone number

8. Misleading Concepts :-
 Some people think that Shares are too risky and just another name of gamble but they
don’t know it’s not at all that risky for long investors.

F. SOURCES OF DATA :-

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 TYPES OF DATA SOURCES :-

 Primary Data,
 Secondary Data

 PRIMARY DATA :-

 Primary data is a data that is collected for the first time in the processing of the analysis.
 I have prepared questionnaire for collecting primary data.
 I have adopted the contact through telephone for the purpose of collecting Primary data. I
discuss with Team Manager and employees of the company to get information about
competitors of Angel Broking.

 SECONDARY DATA :-

 Secondary data are those which have already been collected by someone else and which
have already been passed through the statistical process.
 Under Secondary sources, I got information from Articles in magazines & Newspapers.
 I used Internet (such as search engine www.google.com, www.icicidirect.com,
www.indiabulls.com and miscellaneous sources (such as brochures, pamphlets, library) for
collecting secondary data.

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G. RESEARCH DESIGN :-

 WHAT IS RESEARCH DESIGN?

 “A Research Design is the arrangement of conditions for collection and analysis of data in a
manner that aims to combine relevance to the research purpose with economy in
procedure.”

 The Research Design is the conceptual structure within which research is conducted; it
constitutes the blueprint for the collection, measurement and analysis of data.

 TYPES OF RESEARCH DESIGNS:

(a) EXPLORATORY OR FORMULATIVE RESEARCH DESIGN:

 The main purpose of such studies is that of formulating problem for more precisely,
discovery of ideas & insights and to make more precise meaning of broadly defined
problem.

(b) DESCRIPTIVE & DIAGNOSTIC RESEARCH DESIGN:

 Descriptive research studies are those studies which are concerned with describing the
characteristics of a particular individual, or of a group, whereas diagnostic research studies
determine the frequency with which something occur or its association with something else.

(c) EXPERIMENTAL OR HYPOTHESIS-TESTING RESEARCH DESIGN:

 Hypothesis-testing research studies are those where the researcher tests the hypotheses of
causal relationships between variables.

 I made my research on the basis of exploratory research design on Angel Broking ltd. And I
tried to know the reactions of marginal individuals and the study of individuals who are
investing their money in different sources like capital market & derivatives. I also study about
their preference for investing in different broking companies.

H. RESEARCH PLAN :-

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 WHAT IS RESEARCH PLAN?

 Researcher must arrange his ideas in order and write them in the form of an experimental
plan which is called Research Plan.

 IMPORTANCE OF RESEARCH PLAN FOR NEW RESEARCHER:

 It helps him to organize his ideas in a form whereby it will be possible for him to look for
flaws and inadequacies, if any.
 It provides an inventory of what must be done and which materials have to be collected as a
preliminary step.

 RESEARCH PLAN OF ANGEL BROKING:

 Contact Method:
The study is carried out through personal interviews.

 Research Instrument:
We have use questionnaire for collecting Information from respondents.

 Type of Questionnaire:
A structured non-disguised questionnaire is our tool for collecting primary data.

 Type of Questions:
Questions in a questionnaire are of mainly close ended.

 Geographical Area Covered:

The study covers different investors in Rajkot.

 Period of Survey:
The survey was completed in one and half month

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I. SAMPLING PLAN :-

 WHAT IS SAMPLING PLAN?

 A sample plan is a definite plan for obtaining a sample from a given population. It refers to
the technique or the procedure the research would adopt in selecting items for the sample.
Sample design may as well lay down the number of items to be included in the sample that
is the size of the sample.

 Sampling Unit:
Sampling unit of the study is investors who are between 20 to 65 years.

 Sample Size:
Because of large number of investors it was not feasible to conduct census survey so we
have restricted ourselves to 50 respondents.

 Sampling Design:
For the study, I used simple random sampling design.

 I also did the fieldwork for which utmost care has been taken to keep project unbiased from
personal opinion.

75 | P a g e
 4. DATA ANALYSIS :-

 GENERAL DATA:-

 AGE GROUP:

Age group(years) No. of respondents

Below 20 0
20-35 8
36-50 19
51-65 15
Above 65 8

20

18

16

14

12

10
Series 3
8

0
Below 20 20-35 36-50 51-65 above 65

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Out of total 50 respondents, below 20 years of age were none, 16% respondents falls in the age
group of 20-35 years, 38% respondents falls in the age group of 36-50 years, 30% respondents falls
in the age group of 51-65 years and next 16% respondents falls in the group of more than 65 years.

 JOB PROFILE:

Category No. of respondents

Service 24
Business 20
Others 06

No. of respondents

12%

Service
Business
Others
48%

40%

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Out of total respondents, most of respondents were from service class and 40 % were during
business and rest of the respondents includes retired person, other people, other professional’s
students etc.

 ANNUAL INCOME (IN LACS):

Income group No. of Respondents

Less than 1 lac 13
1-5 lacs 23
More than 5 lacs 14

No. of respondents

26%
28%

Less than 1 lac

1-5 lacs
More than 5 lacs

46%

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Most of the respondents belong to the income group of 1-5 lakh, followed by the respondents
belong to income group of more than 5 lakh which is 28% of total respondents and rest of
respondents belong to the income group below 1 lakh.
 EDUCATIONAL BACKGROUND:

Qualification No. of respondents

Under graduate (U.G) 13
Graduate 20
Post graduate(PG) 14
Others(O) 03

40

35

30

25

20 No. of
respondents

15

10

Figure : 4

Most of the respondents were graduate and 28% were post graduate and rest 6% belong to
other category.

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 QUESTIONNAIRE:-

Q1. When the respondents were asked about earning person of their family, the following
responses were obtained.

30

25

20

15
Series 3

10

0
Parents My Self Brother/Sister Other

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Q2. When the respondents were asked about their current annual income, the following
responses were obtained.

30

25

20

15
Series 3

10

0
Below 1 Lakh 1 to 3 Lakh 3 to 5 Lakh 5 Lakh and Above

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Q3. When the respondents were asked their first preference of investment, the following
responses were obtained.

Options No. of respondents

Only cash/capital market 19
Only derivative market 05
Both 26

30

25

20

15 No. of
respondents
10

Out of 50 respondents amount 52% respondents their fund in cash and derivative market, 38%
investment is only cash market and rest is derivative market.

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Q4.When the respondents were asked about proportion of income they invest in shares and
securities, the following responses were obtained.

Investment proportion No. of respondents

Up to 5% 12
5 to 10% 15
10 to 25% 16
More than 25% 07

18

16

14

12

10

No. of respondents
8 16
15
6 12

4
7
2

0
Up to 5% 5to 10 % 10 to 25% More than 25%

When the respondents asked about the proportions of income they invest in shares and securities, it
was found that most of the (32%) respondents invest 10-25% of their income, 30% of respondents
invest 5-10% and 24% of them invest up to 5% and rest more than 25%.

83 | P a g e
Q5.When the respondents were asked about the time period for which they are investing, the
following responses were obtained.

Time period No. of respondents

Less than 1 year 06
1-5 year 24
More than 5 year 20

30

25

20

15
No of respondents

10

0
Less than 1 year 1-5 year More than 5 year

Out of total 50 respondents 12% respondents were new investors, 48% were investing for 1-5 year
and rest was for more than 5 year.

84 | P a g e
Q6.When the respondents were asked trading frequency, the following responses were
obtained.

35

30

25

20

No. of respondents
33
15

10

12
5

3
2
0
Daily Monthly Weekly According to the market

On analyzing the trading practices it was found that majority, 66% of the investor’s trade according
to the market, 24% trade daily, 6% trade monthly and 7% trade weekly.

85 | P a g e
Q7.When the respondents were asked about trading advice, the following responses were
obtained.

30

25

20

15

24 No. of respondents

10

5
5
9 9
3

0
ea n ice ice r
id tio v he
p ad dv Ot
own t' s o d era
ur er en ok
yo p fri Br
Ex On
On

Regarding the decision of amount and investment area, 24 out of 50 takes the idea on their own and
9 on expert’s opinion, 5 on friend’s advice, and 9 on broker’s advice.

86 | P a g e
Q8. When the respondents asked whether any professional advice is available to them when
required, the following responses were obtained.

30

25

20

15
No. of Responding
27

10
18

0
Yes No Sometime

Out of 50 respondents, 27 respondents said that they don’t get professional advice, 18 said that they
get it sometimes, and 5 of them get advice when needed.

87 | P a g e
Q9. When respondents asked to give rank to criteria which they consider most while
investing, the following response was obtained.

30

25

20

Rank 1
15 Rank 2
Rank 3
Rank 4
24

21 21
10 20 20

16
14
5 5 11
5 10
9
8
3 7
6

0
Return Safety Liquidity Credit of Company

Out of 50 respondents, 24 respondents gave first rank to Safety and 21 respondents gave first rank
to Return. While on the other hand, 20 respondents gave last rank to liquidity.

88 | P a g e
Q10. When respondent asked reason for choosing particular broking company, following
response was obtained.

30

25

20

15
Series 3
27

10

13
5

5
3
2
0
Services Efficiency Network Trust Others

Out of 50 respondents, 27 respondents choose particular broking company because of its services
and 13 respondents choose broking company because of its efficiency.

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 5. RESEARCH FINDINGS:

On surveying various people who are involved in share trading both as trader as well as investor, I
found that brokerage is the most important factor on which people select / opt a broking house,
followed by image , convenience in trading , customer service, features, tips & suggestion & AMC.

What is interesting to note is the weighted contribution of these factors towards decision making.
Although brokerage leads the pack it has only 19% contribution, and is closely followed by broking
houses’ image with 18% and convenience in trade with 16%. Tips & suggestions are having only
10% contribution each towards decision making end up the pack.

On surveying Angel Broking Customer why they opted for same, I got to know it was because of
image Angel Broking carries in the market, followed by its competitive brokerage, convenience in
trade, features, customer service, tips and suggestions, and AMC.

Angel Broking Continuous increases its growth percentage as shown in the Graph & becomes one
of the India’s Topmost Online Trading Service Provider.

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 6. SUGGESTIONS:

I suggest following measures, which Angel Broking could take so as to take on heavy competition
from INDIABULLS and ICICIDIRECT.COM

1. To identify regions where promotions are required. ANGEL BROKING lacks visibility in
northern region where as it is a well known name in western region. Even then, its
promotional campaign focuses on western region where as northern region is still waiting
for promotional campaigns.

2. Try to reduce cost, so that benefits can be passed on to customers. Senior managers at
ANGEL BROKING keep on telling that it is difficult to reduce cost, because of services we
provide. But the fact is, India being a price sensitive market, people at times go for
monetary benefits rather than for long term non- monetary benefits.

3. If charges can’t be reduced because of costs involved, make the services customized, so that
services are provided to only those customers who are willing to pay the price for services
they are getting and let the other customers enjoy costs benefits without getting services.

4. Concept of margin funding should be introduced, as more and more people are asking for it.

91 | P a g e
 7. CONCLUSION:

In online trading “ANGEL BROKING” have mainly competition with icicidirect.com,

HDFCsec.com, 5Paisa.com India bulls. “ANGEL BROKING” comes at no. 2 retail broker. It has
an advantage of being in this industry for more than 8 decades. It has launched its website in 2000
and was among the first player in the online share trading. The “ANGEL BROKING” has decided
to spend its advertisement budget through four media i.e. Television, Print, Web and Outlets. Mr.
Boman Irani was the first brand ambassador for “ANGEL BROKING” on television media. From
the above analysis we can point out some points:-

1. ANGEL BROKING account opening charges are little higher than other competitors.
ANGEL BROKING is less flexible to cut down its account opening charges on the other
side; some of the brokers are offering free account opening to High Net Worth customers.

2. The charges of Demat account are reasonable at 300 p.a. but India bulls are offering pool
account with no Annual Maintenance charges.

3. ANGEL BROKING provides trading in NSE, BSE and Derivatives. It also launched online
Mutual Funds & Online IPO Bidding. Arbitrage facility is not enough available to
customers.

4. ANGEL BROKING is the only one that does not have any Demat transaction charges either
on buying or selling.

5. Unlimited toll free calls service is provided to customer in ANGEL BROKING.com.

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6. ANGEL BROKING accept offline payment from other banks also but icicidirect.com,
HDFCsec.com clients have compulsion to open an online account.

7. IPO Online service is better provided in ANGEL BROKING as compared to others.

8. ANGEL BROKING is only broker in which no margin needs to keep.

9. ANGEL BROKING research reports come in client e-mail at free of cost around 5-6 times
in a day. But some brokers charged for it and some provide it only at once in a day, while it
is paid in Indiabulls, icicidirect.com and 5paisa.com.

10. In brokerage, 5paisa.com have an edge on others with lowest brokerage .25% on delivery
and .05% on intraday

To sum up, I can say that computerization and automation are not to be avoided. Technology has
been able to make the stock markets accessible to every individual. It has also led to positive
developments in terms of reduced costs and fewer errors. But, as some experiences have indicated,
IT cannot be applied as a panacea for all problems. Regulation and knowledge dissemination are
still important. The use of technology should be preceded by a detailed study and assessment of all
other alternatives. The key to successful use to technology is the appreciation of its constraints.

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 8. BIBLIOGRAPHY:

BOOKS :-
 C. R. Kothari, Research Methodology: 2nd Revised Edition, New Age International
Publishers, New Delhi.

MAGAZINE :-
 Business World
 Financial Express

WEBSITES :-
 www.angelbroking.com
 www.icicidirect.com
 www.indiabulls.com
 www.bseindia.com
 www.nseindia.com
 www.scribd.com
 www.google.com

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 9. ANNEXURE:

QUESTIONNAIRE

 I am MBA student from Knowledge Gurukul Institute of Business Management-Rajkot.

As a part of my project, I am doing survey to know your views regarding investment in
stock market. So I request you to kindly spare your valuable time for giving your
opinion.

 INSTRUCTIONS:

(a) The purpose of the questionnaire is purely for research

(b) Please tick mark on the correct answers.
(c) All your answers will remain confidential

 GENERAL DETAIL:

a) Name:
(Surname) (First Name) (Middle Name)

b) Age: _________

c) Gender : M F

d) Qualification: ______________________

e) What is your work profession?

Service Business Other, please specify __________

f) Contact No. (Mo.) __________ (O.) __________

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 QUESTIONS:

Q-1. Who are the earning members in your family?

a) Parents b) Myself

c) Brother / Sister d) other, please specify _________

Q-2. What is your current annually income?

a) Below 1,00,000 b) 1,00,000 to 3,00,000

c) 3,00,000 to 5,00,000 d) 5,00,000 and above

Q-3. What is your first preference of investment?

a) Only cash/capital market b) Only derivative market

c) Both Cash & Derivative Market

Q-4. How much proportion of your income, you are invested in Shares & Securities?
a) Up to 5% b) 5 to 10%

c) 10 to 25% d) More than 25%

Q-5. What is the time period of your investment?

a) Less than 1 year b) 1 to 5 year

c) More than 5 year

Q-6. What is your trading frequency?

a) Daily b) Weekly

c) Monthly d) According to the Market

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Q-7. From whom you are receiving trading advice?
a) On Your Own Idea b) Expert’s Opinion

c) Friend’s Advice d) Broker’s Advice

e) Others

Q-8. Is any professional advice available to you when required?

a) Yes b) No

c) Sometime

Q-9. Give rank to given criteria which you consider most while investing.
a) Return b) Safety

c) Liquidity d) Credit of Company

e) Others

Q-10. What is the reason for choosing particular Broking Company?

a) Better services b) Efficiency

c) Network d) Trustworthiness

e) Others

Q-11. Are you satisfied with the current services provided by Angel Broking?

a) Fully satisfied b) Above average satisfaction

c) Below average satisfaction a) Not satisfied

Q-12. What is the reason for below average satisfaction or dissatisfaction?

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Q-12. If you are given chance then with which firm you would like to trade? And why?

THANKS FOR YOUR CO-OPERATION

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