AMITY GLOBAL BUSINESS SCHOOL, AHMEDABAD

Summer Internship Project Report

0n

MARKETING OF FINANCIAL SERVICES PRODUCTS [RELIGARE SECURITIES LTD.]

In partial fulfillment of Summer Training for M.B.A Program ( 2010-2012} SUBMITTED BY: TUSHAR PATEL ROLL NO: (60) MBA 2009 -2011

SUBMITTED TO: PROF KALIKA BANSAL

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ACKNOWLEDGEMENT I am thankful to the management of Religare securities limited for permitting me to go through my summer training. First and fore most I would like to thank my company guide Mr. chintan shah ( sales manager) for his constant encouragement, guidance and advice at every stage of my training. This project would not have been successfully completed without his great support. I am very much thankful to my college for their excellent guidance, support and appreciation and he also provided me with this great opportunity to work in such a reputed organization. I express my sincere thanks to Prof. Kalika Bansal, Amity Global Business School, Ahmadabad who helped me in understanding the project and the implementation of the same. Her suggestions really helped me think on a broad perspective and give me motivation to do my best. I would also like to thank Amity, Ahmadabad for helping and supporting me for my Summer Internship Program at RELIGARE SECURITIES LIMITED.

Date: Place: - Ahmadabad PATEL TUSHAR

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PREFACE Indian Stock market is considered to be the one of the fastest growing as well as most volatile market in the world. Sensex and Nifty has touched all time high and created history. There are many factors which contributes such a drastic change in the stock market. We can divide these factors in mainly three categories like economic factors (These factors effect economy as a whole), industry specific factors (Such factors related to the any industry specific event that can affect industry as a whole) and company specific factors (These factors includes any such event or news about the company which could affect its share price). During recent times many corporate actions has taken place which have substantially affect the individual share price of the company. The actions taken by the company is known as event. Such event includes Dividend Distribution, Bonus Issue, Right Issue, Mergers & Acquisitions, and Stock Split etc. Event studies examine the behavior of firms‟ stock prices around corporate events. A vast literature written over the past several decades has become an important part of financial economics. Prior to that time, the usefulness of event studies arises from the fact that the magnitude of abnormal performance at the time of an event provides a measure of the (unanticipated) impact of this type of event on the wealth of the firms‟ claimholders. Thus, event study provides evidence relevant for understanding corporate policy decisions. In this research report we try to study one of such corporate event and fry to find out its impact on that company and investors.

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CERTIFICATE

This is to certify that Mr. TUSHAR PATEL, M.B.A student of Amity Global Business School, Ahmedabad has done research project on the topic “MARKETING OF FINANCIAL

SERVICES PRODUCT [RELIGARE SECURITIES LTD.]” He successfully
completed his project under my guidance. This project certifies the work of the candidate based on actual survey of the concerned project.

Date: Place: Ahmedabad

Prof. Kalika Bansal
(Faculty Guide)

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EXECUTIVE SUMMARY This project has been a great learning experience for me; at the same time it gave me enough scope to implement our analytical ability. This project as a whole can be divided into two parts:  The first part gives an insight about the importance of Demat account which is necessary for dealing in stock market. This part shows that the charges (Brokerage plans) for trading in the Religare securities limited. There are various schemes in this company according to the client‟s portfolio. This part is also include the comparative study of charges in other organization with respect to this company.  However, the second part gives an insight about the importance of Fundamental analysis in the broking industry. It is also based on whatever I learned at collage and also I have gathered all information through internet. In narrow sense the fundamental analysis is more concern with such specific factors such as intrinsic value of the firm, etc. fundamental analysis is also a part of equity analysis which is generally done by the fund managers or institutional & professional advisors before they invest or gives the advice for investing in such stocks.  Lastly the third part gives an insight about the importance of Technical analysis in the broking industry. It is purely based on whatever I learned at collage and also I have gathered all information through internet. In narrow sense these attitudes are related to the role under condition with such specific factors such as trend, or price & chart patterns, etc. Technical analysis is a part of equity analysis which is generally done by the fund managers or institutional & professional advisors before they invest or gives the advice for investing in such stocks

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CONTENT
NO.
1. 2. 3.

TITLE
ACKNOWLEDGEMENT PREFACE BODY REPORT Executive summery

Pg. No.
2 3

Introduction of the company
Research design Objective of the study Data collection 4. GROUP COMPANIES features Key events and milestones Vision and mission Types of accounts

7 8 8 13 18 22 23 28 33 37 38 43

5.

INTRODUCTION TO COMMODITY MARKETS History of commodity trading Leading commodities market in india

6.

TYPES OF SHARES TRADING

7.

DATA ANALYSIS AND INTERPRETATION

8. 9. 10.

FINDINGS AND CONCLUSION APPENDIX

BIBLIOGRAPHY

60 61 66

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Introduction of the company Religare is a global financial services group with a presence across Asia, Africa, Middle East, Europe and the Americas. Religare is promoted by the promoters of Ranbaxy pharmaceuticals Limited. In India, Religare‟s largest market, the group offers a wide array of products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management. The group has also pioneered the concept of investments in alternative asset classes such as arts and films. With over 10,000 employees across multiple geographies, Religare serves over a million clients, including corporate and institutions, high net worth families and individuals, and retail investors. Religare operate from six regional offices and 25 sub-regional offices and have a presence in 330 cities and towns controlling 979 locations which are managed either directly by Religare or by our Business Associates all over India, the company have a representative office in London. While the majority of Religare offices provide the full complement of its services yet it has dedicated offices for investment banking, institutional brokerage, portfolio management services and priority client services. As on date the Company is empanelled with UTI, IDBI, IFCI, SBI, BOI-MF, Punjab National Bank, PNB-MF, Oriental Insurance, GIC, UTI-Offshore, ICICI Can bank MF, Punjab & Sind Bank, Pioneer ITI, SUN F&C, IDBI Principal, Prudential ICICI, ING Baring and J M Mutual Fund. RELIGARE was founded with the vision of providing integrated financial care driven by the relationship of trust. The bouquet of services offered by RELIGARE includes Broking (Stocks and Commodities), Depository Participant Service, Advisory on Mutual Fund Investments and Portfolio Management Services.

RELIGARE is a pioneer in the concept of partnership to reach multiple locations in order to effectively service its large base of individual clients. Besides the reach of RELIGARE, the clients of the company greatly benefit by its strong research capability, which encompasses fundamentals as well as technical knowledge.

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RESEARCH DESIGN
TITLE OF THE STUDY

MARKETING of FINANCIAL SERVICES PRODUCTS [ RELIGARE SECURITIES LTD. ]

OBJECTIVES OF THE STUDY:

 Getting a knowledge about a demat account , trading account ,commodity ,equity ,Insurance plus investments.  How to earn profit in positive and negative markets?  To Study how to build a relationship marketing in Capital Market.?  To study various financial products like Equity, Mutual Funds, Commodity& Portfolio management services.  To Study the various services provided by Broker house to there clients.  To study what other services investors expect from their broker house.

DATA COLLECTION

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Primary data  Collected through Structured Questionnaire. Secondary data  We had also made phone calls to the client to get accurate information for their investment.  Another method to get the information was a direct approach in which we approached the clients and got a direct response from them.  Discussions with the concerned by personal interview LIMITATIONS  Client does not proper answer about an opening account  Compare our product with other company product  Fake lead is to be generated

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Activities of Religare Enterprises Limited

Religare Securities Limited Equity Broking Online Investment Portal Portfolio Management Services Depository Services

Religare Finvest Limited Lending and Distribution business Proposed Custodial business

Religare Insurance Broking Limited Life Insurance

Religare Commodities Limited Commodity Broking

General Insurance Reinsurance

Religare Capital Markets Limited Investment Banking Proposed Institutional Broking

Religare Arts Initiative Limited Business of Art Gallery launched - arts-i

Religare Realty Limited In house Real Estate Management Company Religare Hichens Harrison** Corporate Broking Institutional Broking Derivatives Sales Corporate Finance

Religare Venture Capital Limited Private Equity and Investment Manager

Religare Asset Management*

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AMITY GLOBAL BUSINESS SCHOOL, AHMEDABAD Name

Religare is a Latin word that translates as 'to bind together'. This name has been chosen to reflect the integrated nature of the financial services the company offers.
Symbol

The Religare name is paired with the symbol of a four-leaf clover. Traditionally, it is considered good fortune to find a four-leaf clover as there is only one four-leaf clover for every 10,000 three-leaf clovers found. For us, each leaf of the clover has a special meaning. It is a symbol of Hope. Trust. Care. Good Fortune. For the world, it is the symbol of Religare.

For us, each leaf of the clover has a special meaning. It is a symbol of Hope. Trust. Care. Good Fortune. For the world, it is the symbol of Religare.

The first leaf of the clover represents Hope. The aspirations to succeed. The dream of becoming. Of new possibilities. It is the beginning of every step and the foundation on which a person reaches for the stars. The second leaf of the clover represents Trust. The ability to place one‟s own faith in another. To have a relationship as partners in a team. To accomplish a given goal with the balance that brings satisfaction to all, not in the binding, but in the bond that is built. The third leaf of the clover represents Care. The secret ingredient that is the cement in every relationship. The truth of feeling that underlines sincerity and the triumph of diligence in every aspect. From it springs true warmth of service and the ability to adapt to evolving environments with consideration to all.

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The fourth and final leaf of the clover represents Good Fortune. Signifying that rare ability to meld opportunity and planning with circumstance to generate those often looked for remunerative moments of success. Hope. Trust. Care. Good Fortune. All elements perfectly combine in the emblematic and rare, four-leaf clover to visually symbolize the values that bind together and form the core of the Religare vision.

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INTRODUCTION

Religare Securities Ltd

Religare Finvest Ltd

Religare Wealth Management Services Ltd

Religare Commodities Ltd

Religare Capital Markets Ltd

RELIGARE ENTERPRISE LTD.

Religare Insurance Broking Ltd

Religare Finance Ltd

Religare Venture Capital Pvt Ltd

Religare Realty Ltd

GROUP COMPANIES

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Religare Enterprises Limited group comprises of Religare Securities Limited, Religare Commodities Limited, Religare Finvest Limited and Religare Insurance Broking Limited which deal in equity, commodity and financial services business. 1. Religare Securities Limited RSL is one of the leading broking houses of India and are dealing into Equity Broking, Depository Services, Portfolio Management Services, Internet Trading, Institutional Equity Brokerage & Research, Investment Banking, Merchant Banking and Corporate Finance. To facilitate free and fare trading process Religare is a member of major financial institutions like, National Stock Exchange of India, Bombay Stock Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and a SEBI approved Portfolio Manager. RSL serves a platform to all segments of investors to avail the opportunities offered by investing in Indian equities either on their own or through managed funds in Portfolio Management

2. Religare Commodities Limited Religare is a member of NCDEX and MCX and provides platform for trading in commodities, which is an online facility also.

RCL provides platform to both agro and non-agro commodity traders to derive the actual price of the commodity and also to trade and hedge actively in the growing commodity trading market in India. With this realization, Religare Commodities is coming up with its branches at mandi locations. It is a flagship effort from our team which would be helpful in facilitating trade and speculating price of commodities in future.

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3. Religare Finvest Religare Finvest Limited (RFL), a Non Banking Finance Company (NBFC) is aggressively making a name in the Financial services arena in India. In a fast paced, constantly changing dynamic business environment, RFL has delivered the most competitive products and services. RFL is primarily engaged in the business of providing finance against securities in the secondary market. It also provides finance for application in Initial Public Offers to nonretail clients in the primary market . RFL is also planning to initiate personal loan portfolio as fund based activity and mutual fund distribution as fee based activities. Along with this, the company also undertakes non-fund based advisory operations in the field of Corporate Financing in the nature of Credit Syndication which includes inter alias, bills discounting, inter corporate deposit, working capital loan syndication, placement of private equity and other structured products. 4. Religare Insurance Broking Ltd. Religare has been taking care of financial services for long but there was a missing link. Financial planning is incomplete without protective measure i.e. structured products to take care of event of things that may go wrong Religare Insurance Broking Limited. As composite insurance broker, deals in both insurance and reinsurance, providing our clients risk transfer solutions on life and nonlife sides. This service will take benefit of Religare‟s vast business empire spread throughout the country -- providing our valued clients insurance services across India. We aim to have a wide reach with our services – literally! That‟s why we are catering the insurance requirements of both retail and corporate segments with products of all the insurance companies on life and non-life Still, there is more in store. We also cater

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individuals with a complete suite of insurance solutions, both life and general to mitigate risks to life and assets through our existing network side. For corporate clients, we will be offering value based customized solutions to cover all risks, which their business is exposed to. Our clients will be supported by an operations team equipped with the best of technology support Religare Insurance Broking aims to provide neutral, transparent and professional risk transfer advice to become the first choice of India

Why customer trade with Religare? 1. Personal Assistance Dedicated dealers for facilitating trading and post trade needs. Dedicated Relationship Managers for assisting multiple investments needs.

2. Research & Advisory Regular news and updates on market Research service over SMS to keep one Daily and weekly technical reports A complete information report on results and performance individual companies. Complete reports on various economic sectors and their performance along with analysis of few major companies in that sector Trading calls in Futures & Options Daily capsule of Market indices and index movement, national and international corporate news, and their performance along with forth coming IPO tracker.

3. Add-Ons

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Access to all your accounts through your Customer Relationship Number (CRN) Access your ledger balances and account information over internet, branch and call center

Interest on Cash Margin Even while you are waiting to make your next trade or online investment, your unutilized cash does not lie idle with us. You earn interest on your unutilized cash margin. 360 degree Investment Portal Invest online in Equities, Commodities, Currency, IPO and Mutual Funds in a single platform and maintain all your financial records at one place. Now, you can also file your tax and book air tickets, make hotel reservations and buy attractive holiday packages, all online. So get empowered, enrich your experience of investing online and open yourself to a whole new world of possibilities for Religare Online will become Your World Online, beyond investments!

Exposure upto 20 times* on your margin Allowing you the freedom to trade without hassles throughout the day without having to worry about your cash margin. You can get exposure (on cash segment) as high as 20 times for intraday trades.

FEATURES

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1. What is “Trade Rewards” ? Trade Rewards* is a unique offering from Religare that gives you dual benefit of a hassle free investment experience on the net as well as an opportunity to earn while you invest with us.

So earn reward points each time you trade in Equities, Commodities & Currency Derivatives or invest in your favorite IPOs online with us through highly sophisticated and customized trading platform R-ACE (Religare Advanced Client Engine)

2. How are reward points calculated? You will earn reward points as you trade/invest using Religare‟s online trading platform R-ACE. The earned reward points can be redeemed against attractive gift vouchers and offers.

3. How will I know how many reward points have I accumulated? You can check the status of your accumulated reward points on your trading screen under trading screen. A complete statement of transactions of your reward points can also be viewed on trading screens.

4. How do I redeem my reward points? The reward points accumulated by you can be redeemed using the "Redemption" option in the Trade Reward section. You can redeem your reward points against our list of attractive gift vouchers and offers.

5. How many points can I redeem ? The points reflected against "Total Redeemable" option in the statement can be redeemed at anytime. The redeemable points are calculated on the basis of previous months‟ transactions.

6. When will I get my gift? Any redemption request received by Religare will be fulfilled in approximately two

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weeks time from the date of receipt & delivery will be made at the address registered with us. You can also track your shipments by using „Previous Redemption‟ option.

Redemption partners

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Religare Securities Limited

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Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a leading equity and securities firm in India. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments; it currently holds a reasonable share of the market. The major activities and offerings of the company today are Equity Broking, Depository Participant Services, Portfolio Management Services, International Advisory Fund Management Services, Institutional Broking and Research Services. To broaden the gamut of services offered to its investors, the company offers an online investment portal armed with a host of revolutionary features. RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and is a SEBI approved Portfolio Manager. Religare has been constantly innovating in terms of product and services and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all the portfolio investment decisions depending upon a client‟s risk / return parameter. Religare has a very credible Research and Analysis division, which not only caters to the need of our Institutional clientele, but also gives their valuable inputs to investment dealers.

Key Events and Milestones

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1994 RSL received membership of the NSE as „stock broker

2000 RSL received membership of the Futures and Options segment of the NSE RSL received registration as „Depository Participant‟ with NSDL 2002 RSL received registration as „Portfolio Manager‟ from SEBI 2003 RSL received registration as „Depository Participant‟ with CDSL. 2004 RSL received membership of the BSE as „stock broker

2006 Establishment of representative office in London. RCL received membership of NMCE. RIBL received licence from IRDA to act as „composite broker‟. Joint venture agreement with Aegon International N.V. for carrying on the business of mutual fund asset management.RSL received registration as „Merchant Banker in Category - I from SEBI.

2007 -RSL received membership of derivative segment of the BSE as trading-cum-clearing member

VISION AND MISSION

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Vision
To build Religare as a globally trusted brand in the financial services domain and present it as the „Investment Gateway of India'.

Mission
Providing complete financial care driven by the core values of diligence and transparency.

Brand Essence
Core brand essence is Diligence and Religare is driven by ethical and dynamic processes for wealth creation.

Major Players of Online Trading in India Religare Securities

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ICICI Direct Share Khan India bulls Motilal Oswal HDFC HSBC Angel Trade Reliance Money Standard Chartered IDBI Paisa Builder Geojit Networth Kotak Securities India infoline India infoline Others

Religare securities offering different services.

a) Equity & Derivative:

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Religare is one of the heavyweight equity players in India with membership of National Stock Exchange of India and Bombay Stock Exchange - both major exchanges of India. We believe in innovative services that could cater a range of customers according to their requirements.

b) Commodities: Religare Commodities Limited is a member of both the exchanges (MCX & NCDEX) that allows you to trade in all the commodities traded at both the exchanges. At present, trading in commodities is restricted to futures contracts only. Religare is currently offering special services to our esteemed investors in commodities:. Portfolio Advisory Services (COMPASS) - This allows investors to get the benefit of our in-depth research services and generate better returns with minimal risk.

c) Depository Services: Religare is among the few major Depository Participants holding securities worth more than Rs.6000 crore under its management. RSL provides depository services to investors as a Depository Participant with NSDL and CDSL.

d) Portfolio Management Services The main idea behind Portfolio Management Services is to manage our client's wealth more efficiently, reduce risk by diversifying across assets, sectors and funds, and maximizing returns.

JOINT VENTURES

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AEGON Religare Life Insurance Company Life Insurance business (AEGON as a partner) For more information log on to

www.aegonreligare.com

Religare Macquarie Wealth Management Ltd. Private Wealth business (Macquarie, Australian Financial For Services major as log a partner) on to

more

information

http://www.religaremacquarie.com/

Vistaar

Religare

-The

Film

Fund

India's first SEBI approved Film Fund (Vistaar as a For more information log partner) on to

http://www.vistaarreligare.com/

Milestone Religare - Private Equity Fund Milestone, one of India's premier independent fund houses and Religare have come together and through the JV have formed an entity, Milestone Religare Investment Advisors Private Limited. For more information log on to

http://www.milestonereligare.com/

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OTHER GROUP COMPANIES Fortis Healthcare Limited, established in 1996 was founded on the vision of creating an integrated healthcare delivery system. With 22 hospitals in India, including multispecialty & super specialty centres, the management is aggressively working towards taking this number to a significant level in the next few years to provide quality healthcare facilities and services across the nation.

Super Religare Laboratories Limited (formerly SRL Ranbaxy) within 11 years of inception has become the largest Pathological Laboratory network in South Asia. It started a revolution in diagnostic services in India by ushering in the most specialized technologies, backed by innovation and diligence. The current footprint extends well beyond India in the Middle East and parts of Europe.

For more information log on to: http://www.srl.in/

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Type of Account Religare Stock Trading Religare Demat Religare Brokerage

Brokerage and Account Fees of Religare Securities Product of RSL Religare offers its wide range of financial services though a sophisticated and customized trading platform - R-ACE (Religare Advanced Client Engine). Below are 3 flavors of RACE accounts available to the investors. 1. R-ACE Lite (Advanced)

R-ACE Lite is the advanced trading platform for the investor of Religare. This trading account provides the entire feature of R-ACE (Basic) account. In addition it also provides real-time streaming stock quotes and alerts. This trading platform is also browser based and no software installation is needed. 2. R-ACE Pro (Professional)

As the name indicates this account is for high volume traders. Along with the features from above 2 accounts, this account also comes with Trading Terminal software which needs to install on your computer. This terminal directly connects the investor to stock market and having all industry standard Treading terminal features including technical charting (intra-day and EOD), multiple watch list, advanced hot-key functions for faster trading, derivative chains, futures & options calculator etc. As in basic and advance account, trading is available online through internet and offline though phone.

1. R-ACE LITE

[ADVANCED]

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Account activation charges Rs.499 Minimum margin of Rs.5000 required. Now due to modern business world and spread of the Information Technology most of the investor suggests online trading for saving the time as well as accuracy of the transaction. Religare provide such services to its clients through R-ACE Lite account. In such type of account client have a separate login id and password for open a R-ACE Lite software. In this software client can watch 20 different scripts as his wish and can trade online. The clients can also make 6 groups of 20 scripts each.

1. R-ACE PRO [ PROFESSIONAL]

Account activation charges Rs.999 Minimum margin of Rs.10000 required. Religare also provide a very huge platform for its big and loyal clients. R-ACE pro is a same account as R-ACE Lite but only the difference in the R-ACE Pro is that a client can add unlimited scripts as his wish.

Brokerage at Religare Securities Religare offers different brokerage plans for different kind of clients. Let us see one by one plan as mentioned below. R-ACE CLASSIC PLUS:

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Particular Fees Validity Period

Classic plus Rs. 600 6 Months

Brokerage: Type of trade Monthly turnover (Less than 1 cr.) Intraday Delivery Future 0.05% 0.50% 0.05% Monthly turnover (1 Cr. To 5 Cr.) 0.04% 0.40% 0.04% Monthly turnover (More than 5 Cr.) 0.03% 0.30% 0.03%

Note: Option brokerage is calculated 1% of gross premium amount or Rs. 75 per lot whichever is higher

R-ACE TRUMP PLUS: Particulars Cost of Subscription Validity Period Brokerage on Delivery Brokerage on Intraday Brokerage on Future Trade Brokerage on Option trade(premium) Trump Plus Rs. 2500 12 Months 0.25% 0.025% 0.025% 1% Gross premium amount or Rs 50 per lot whichever is higher

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R-ACE TRUMP SUPER: Particulars Cost of Subscription Validity Period Brokerage on Delivery Brokerage on Intraday Brokerage on Future Trade Brokerage on Option trade(premium) Trump Super Rs. 15000 12 Months 0.15% 0.015% 0.015% 1% Gross premium amount or Rs 50 per lot whichever is higher

R-ACE TRUMP STAR: Particulars Cost of Subscription Validity Period Brokerage on Delivery Brokerage on Intraday Brokerage on Future Trade Brokerage on Option trade(premium) Trump Star Rs. 50000 12 Months 0.10 0.01 0.008 Rs 50 per lot

R-ACE TRUMP SUPERSTAR: Particulars Cost of Subscription Validity Period Trump Superstar Rs. 100000 12 Months

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Brokerage on Delivery Brokerage on Intraday Brokerage on Future Trade Brokerage on Option trade(premium) Charges for call N Trade/ advisory desk or any other offline trade facility

0.10 0.005 0.005 Rs. 25 per lot Rs. 10 per lot

INTRODUCTION TO COMMODITY MARKET

INDIAN COMMODITY MARKET

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INTRODUCTION The vast geographical extent of India and huge population is aptly complemented by the size of the market. The broadest classification of the Indian Market can be made in terms of the commodity market and the bond market.

The commodity market in India comprises of all probable markets that we come across in our daily lives. Such markets are social institutions that facilitate exchange of goods for money. The cost of goods is estimated in terms of domestic currency. India commodity market can be subdivided into the following two categories:

Wholesale Market Retail Market The traditional wholesale market in India dealt with whole sellers who bought goods from the farmers and manufacturers and then sold them to the retailers after making a profit in the process. It was the retailers who finally sold the goods to the consumers. With the passage of time the importance of whole sellers began to fade out for the following reasons: The whole sellers in most situations, acted as mere parasites who did not add any value to the product but raised its price which was eventually faced by the consumers. The improvement in transport facilities made the retailers directly interact with the producers and hence the need for whole sellers was not felt. In recent years, the extent of the retail market (both organized and unorganized) has evolved in leaps and bounds. In fact, the success stories of the commodity market of India in recent years has mainly centered on the growth generated by the Retail Sector. Almost every commodity under the sun both agricultural and industrial is now being

provided at well distributed retail outlets throughout the country. Moreover, the retail outlets belong to both the organized as well as the unorganized sector. The unorganized retail outlets of the yesteryears consist of small shop owners who are price takers where consumers face a highly competitive price structure. On the other hand the organized sector is owned by various business houses like Pantaloons,

Reliance, Tata and others. Such markets are usually selling a wide range of agricultural

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articles and manufactured, edible and

inedible, perishable and durable. Modern promotion enable such markets to

marketing strategies and other techniques of sales

draw customers from every section of the society. However the growth of such markets has still centered on the urban areas primarily due to infrastructural limitations. Considering the present growth rate, the total valuation of the Indian Retail Market is estimated to cross Rs. 10,000 billion by the year 2010. Demand for commodities is likely to become four times by 2010 than what it presently is. COMMODITY A commodity may be defined as an article, a product or material that is bought and sold. It can be classified as every kind of movable property, except Actionable Claims, Money & Securities. Commodities actually offer immense potential to become a separate asset class for market-savvy investors, arbitrageurs and speculators. Retail investors, who claim to understand the equity markets, may find commodities an understand as far as

unfathomable market. But commodities are easy to

fundamentals of demand and supply are concerned. Retail investors should understand the risks and advantages of trading in commodities futures before taking a leap. Historically, pricing in commodities futures has been less volatile compared with equity and bonds, thus providing an efficient portfolio diversification option. In fact, the size of the commodities markets in India is also quite significant. Of the country's GDP of Rs 13, 20,730 crore (Rs 13,207.3 billion), commodities related (and dependent) industries constitute about 58 per cent.

Currently, the various commodities across the country clock an annual turnover of Rs 1, 40,000 crore (Rs 1,400 billion). With the introduction of futures trading, the size of the commodities market grows many folds here on.

DIFFERENT TYPES OF COMMODITIES TRADED World-over one will find that a market exits for almost all the commodities known to us. These commodities can be broadly classified into the following:

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METAL

Aluminium, Copper, Lead, Nickel, Sponge Iron, Steel Long (Bhavnagar), Steel Long (Govindgarh), Steel Flat, Tin, Zinc Gold, Gold HNI, Gold M, i-gold, Silver, Silver HNI, Silver M Cotton L Staple, Cotton M Staple, Cotton S Staple, Cotton Yarn, Kapas Brent Crude Oil, Crude Oil, Furnace Oil, Natural Gas, M. E. Sour Crude Oil Cardamom, Jeera, Pepper, Red Chilli Arecanut, Cashew Kernel, Coffee (Robusta), Rubber Chana, Masur, Yellow Peas

BULLION FIBER ENERGY SPICES PLANTATIONS PULSES

PETROCHEMICALS HDPE, Polypropylene(PP), PVC OIL & OIL SEEDS Castor Oil, Castor Seeds, Coconut Cake, Coconut Oil, Cotton Seed, Crude Palm Oil, Groundnut Oil, Kapasia Khalli, Mustard Oil, Mustard Seed (Jaipur), Mustard Seed (Sirsa), RBD Palmolein, Refined Soy Oil, Refined Sunflower Oil, Rice Bran DOC, Rice Bran Refined Oil, Sesame Seed, Soymeal, Soy Bean, Soy Seeds Maize Guargum, Guar Seed, Gurchaku, Mentha Oil, Potato (Agra), Potato (Tarkeshwar), Sugar M-30, Sugar S-30

CEREALS OTHERS

COMMODITY MARKET Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts. It covers physical product (food, metals and electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a

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commodity. Articles on reinsurance markets, stock markets, bond markets and currency markets cover those concerns separately and in more depth. One focus of this article is the relationship between simple commodity money and the more complex instruments offered in the commodity markets. Commodity market is an important constituent of the financial markets of any country. It is the market where a wide range of products, viz., precious metals, base metals, crude oil, energy and soft commodities like palm oil, coffee etc. are traded. It is important to develop a vibrant, active and liquid commodity market. This would help investors hedge their commodity risk, take opportunities in the market. speculative positions in commodities and exploit arbitrage

HISTORY OF COMMODITY TRADING

COMMODITY TRADING IN INDIA The history of organized commodity derivatives in India goes back to the nineteenth century when the Cotton Trade Association started futures trading in 1875, barely about a decade after the commodity derivatives started in Chicago. Over time the derivatives market developed in several other commodities in India. Following cotton,

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derivatives trading started in oilseeds in Bombay (1900), raw jute and jute goods in Calcutta (1912), wheat in Hapur (1913) and in Bullion in Bombay (1920). However, speculation in essential

many feared that derivatives lead to unnecessary

commodities, and were harmful to the healthy functioning of the markets for the underlying commodities, and also to the farmers. With a view to restricting speculative activity in cotton market, the Government of Bombay prohibited options business in cotton in 1939. Later in 1943, forward trading was prohibited in oilseeds and some other commodities including food-grains, spices, vegetable oils, sugar And cloth. After Independence, the Parliament passed Forward Contracts (Regulation) Act, 1952 which Regulated forward contracts in commodities all over India. The Act applies to goods, which are defined as any movable property other than security, currency and actionable claims. The Act prohibited Options trading in goods. The Act envisages (imagine) three-tier regulation: 1) The Exchange which organizes forward trading in commodities can regulate trading on a day-to-day basis, 2) The Forward Markets Commission provides regulatory oversight under the powers delegated to it by the central Government. 3) The Central Government - Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution - is the ultimate regulatory authority. In 1970s and 1980s the Government relaxed forward trading rules for some commodities.

LEADING COMMODITY MARKETS OF INDIA The government has now allowed national commodity exchanges, similar to the BSE & NSE, to come up and let them deal in commodity derivatives in an electronic trading environment. These exchanges are expected to offer a nation-wide

anonymous, order driven; screen based trading system for trading. The Forward Markets Commission (FMC) will regulate these exchanges. Consequently four commodity exchanges have been approved to commence business in this regard. They are:

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S.NO. 1

COMMODITY MARKET IN INDIA MULTI COMMODITY EXCHANGE (MCX), MUMBAI

2

NATIONAL COMMODITY AND DERIVATIVE EXCHANGE LTD (NCDEX), MUMBAI

3 4

NATIONAL BOARD OF TRADE (NBOT), INDORE NATIONAL MULTI AHMEDABAD COMMODITY EXCHANGE (NMCE),

COMMODITY EXCHANGES IN INDIA: A commodity exchange refers to the market place where buying and selling of commodities for future delivery takes place. The two important commodity exchanges in India in which most of the commodity are traded, are Multi-Commodity Exchange of India Limited (MCX), and National Multi-Commodity & Derivatives Exchange of India Limited (NCDEX). I. MULTI-COMMODITY EXCHANGE (MCX)

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MCX an independent multi-commodity exchange has permanent recognition from Government of India for facilitating online trading, clearing and settlement operations for commodity futures markets across the country. Key shareholders of MCX are Financial Technologies (India) Ltd., State Bank of India, NABARD, NSE, HDFC Bank, State Bank of Indore, State Bank of Hyderabad, State Bank of Saurashtra, SBI Life Insurance

Co. Ltd., Union Bank of India, Bank Of India, Bank Of Baroda, Canara Bank, Corporation Bank. Headquartered in Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodity futures integration of dedicated resources, robust technology and scalable since inception MCX has recorded many first to its credit. Inaugurated in November 2003 by Mukesh Ambani, chairman & managing director, Reliance Industries Ltd, MCX offers futures trading in the following commodity categories: Agro Commodities, Bullion, Metals- Ferrous & Non-ferrous, Pulses, Oils & Oilseeds, Energy, Plantations, Spices and other soft commodities. MCX has built strategic alliances with some of the largest players in commodities eco-system, namely, Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors' sanghatana, united planters markets. Through the infrastructure,

association of India, pulses importers association, shetkari

association of India and India pepper and spice trade association. Today MCX is offering spectacular growth opportunities and advantages to a large cross section of the participants including producers / processors, traders, corporate, regional trading centers, importers, exporters, cooperatives, industry associations, amongst others MCX being nation-wide commodity exchange, offering multiple commodities for

trading with wide reach and penetration and robust infrastructure, is well placed to tap this vast potential.

NATIONAL COMMODITY & DERIVATIVES EXCHANGE LIMITED (NCDEX) National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally managed online multi commodity exchange promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank

for Agriculture and Rural Development (NABARD) and National Stock Exchange of

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India Limited (NSE). Punjab National Bank (PNB), CRISIL Limited (formerly the Credit Rating Information Services of India Limited), Indian Farmers Fertilizer Cooperative

Limited (IFFCO) and Canara Bank by subscribing to the equity shares have joined the initial promoters as shareholders of the Exchange. NCDEX is the only commodity exchange in the country promoted by national level institutions. This unique parentage enables it to offer a bouquet of benefits, which are currently in short supply in the commodity markets. The institutional promoters of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust,

nationwide reach, technology and risk management skills. NCDEX is a public limited company incorporated on April 23, 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on May 9, 2003. It has commenced its operations on December 15, 2003.

NCDEX is a nation-level, technology driven de-metalized on-line commodity exchange with an independent Board of Directors and professionals not having any vested interest in commodity markets. It is committed to provide a world-class commodity exchange platform for market driven by best global participants to trade in a wide spectrum of commodity derivatives practices, professionalism and transparency.

NCDEX is regulated by Forward Market Commission in respect of futures trading in commodities. Besides, NCDEX is subjected to various laws of the land like the Companies Act, Stamp Act, Contracts Act, Forward Commission (Regulation) Act and various other legislations, which impinge on its working. NCDEX is located in Mumbai and offers facilities to its members in more than 390 centers throughout India. The reach will gradually be expanded to more centers. NCDEX currently facilitates trading of

thirty six commodities - Cashew, Castor Seed, Chena, Chilly, Coffee, Cotton, Cotton Seed Oilcake, Crude Palm Oil, Expeller Mustard Oil, Gold, Guar gum, Guar Seeds, Guar, Jeera, Jute sacking bags, Mild Steel Ingot, Mulberry Green Cocoons, Pepper, Rapeseed Mustard Seed ,Raw Jute, RBD Palmolein, Refined Soy Oil, Rice, Rubber, Sesame Seeds, Silk, Silver, Soy Bean, Sugar, Tar, Turmeric, Arad (Black Mated), Wheat, Yellow Peas, Yellow Red Maize & Yellow Soybean Meal. At subsequent phases trading in more commodities would be facilitated.

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Since 2002 when the first national level commodity derivatives exchange started, the exchanges have conducted brisk business in commodities futures trading. In the last three years, there has been a great revival of the commodities futures trading in India, both in terms of the number of commodities allowed for futures trading as well as the value of trading. While in year 2000, futures trading were allowed in only 8 commodities, the

number jumped to 80 commodities in June 2004. The value of trading in local currency saw a quantum jump from about INR 350 billion in 2001-02 to INR 1.3 Trillion in

2003-04. The data in the below Table indicates that the value of commodity derivatives in India could cross the US$ 1 Trillion mark in 2006. The market regulator Forward

Markets Commission (FMC) disseminates fortnightly trading data for each of the 3 national & 21 regional exchanges that have been set up in recent years to carry on the futures trading in commodities in the country. Exhibit presents comparative trading data for three fortnightly periods in March, June and September 2005 and brings up some interesting facts.

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TYPES OF SHARE TRADING:

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ONLINE SHARE TRADING:

Online Trading is a service offered on the internet for purchase and sale of shares. In the real world, one place orders on one‟s stockbroker either verbally (personally or telephonically) or in a written form (fax). In Online Trading, one has to access stockbroker's website through one‟ internet-enabled PC and place orders through the broker's internet-based trading engine. These orders are directed towards the Stock Exchange without any intervention. 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. The various transactions involved in online trading can be shown from the point of view of the Client Broker Stock Exchange

The client places an order from his net by logging on to his broker‟s site. The broker accepts and executes the order, and places it with the exchanges. The exchange accepts the order after checking the share limit for the day. The brokers makes the payment either directly via the client‟s bank account or pays through his own account and recovers it later from the client. The exchange receives money and completes the settlement. The client is intimated about the settlement either through the demat account or via E-mail.

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BENEFITS OF ONLINE TRADING: This mode of trading has benefited to a great extent to many users and nowadays more and more people are attracted towards advantages are that it:

1. Ensures the best price for investors This technique offers the best price for the buying and selling transactions of the investors, by ensuring proper matching of their orders. Also due to the high level of transparency because of display of information relating to the specific stocks and company profiles, the investors are able to get the best quote for the shares. This leads to a reduction in the transaction cost for the investors.

2. Enables paperless trading Online trading integrates the bank, the brokerage and the demat accounts, which leads to easy and paperless trading for the client.

3. Allows quick trading The investor will be able to execute the entire trading transaction, right from logging on to the broker's site, to the execution and settlement of his bank account, in a very short period of time.

4. Reduces the settlement This method of trading reduces the settlement risk for the investor, as in this case no short sale is possible. That is .the seller will not be able to sell the securities unless he has their

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actual possession. In the case of a demat account (required for an online transaction), when a seller wants to sell the securities, his demat account is checked by the Depository Participant before executing the sale transaction. This reduces the settlement risk for the buyer, who is assured of the delivery of the securities.

HURDLES FOR ONLINE SHARE TRADING

1. Internet fraud: In India, internet frauds are not a very uncommon thing we see this kind of frauds happening in different ways.

2. Internet connectivity is not everywhere in India: As we all know that internet connectivity is to very less percentage of people and the people who are about internet are reluctant to go for online trading.

3. Older and experienced investor is not tech savvy. One of the biggest drawbacks that a country like India faces is that the older and experienced people are not that tech savvy so they trust offline trading only.

OFFLINE SHARE TRADING:

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As the name suggest offline share trading is that trading in which client come to the RM or call their RM to trade on behalf of them. In a country like India maximum share trading is done offline, as internet facility is not available everywhere in our country and various disadvantages that are attached to online share trading, many investor prefer offline share trading, which may be time consuming but a safer option.

Working of offline share trading:
Normally in all broking firms each client is appointed one RM (Relationship manager) and one dealer, RM looks and performs the transaction on behalf on of their client, suppose client will call up the RM, then RM will enter the order in his computer as stated by the client. RM also provides him various other information like margin short and other intra day report. in case of offline share trading, RM dealer can only advice their client but he cant commit a benefit in doing a particular transaction. All the telephone calls are recorded in case any problem may arise in future.

ADVANTAGES OF OFFLINE SHARE TRADING

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1. safer in comparisons to online share trading. Offline share trading is always considered to be a safer option than online share trading, because of increasing internet fraud.

2. Share trading can be done without internet connectivity at one’s home. In a country like India where internet connectivity is not available everywhere trading online is not possible for everyone, this is also the reason which enhances the growth of offline trading.

3. Better for new investors: offline share trading is considered to be better for new investor because in that case he can take a help of RM, but I case of online share trading he himself must have a complete knowledge about share market.

4. Brokerage charged is less as compared to online trading. Brokerage charges are more in case of online share trading but less in offline share trading, if we compare the brokerage charge of Religare itself brokerage charges for offline are .3p and .30p on Intra day and Delivery respectively.

DISADVANTAGE OF OFFLINE TRADING:

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1. It is a time consuming process as everything is done offline. it is quite obvious that in case of offline share trading takes more time in comparisons to online share trading, 2. RM may not provide the correct information as required by his client and may also trade without permission of client in order to achieve his brokerage target.

Online Trading Competes with Traditional Brokerage:
There is an increasing demand for online trading due to consumer's growing preference for internet as compared to offline share trading, but still maximum investor goes for offline share trading, because it is being used from years, and they feel it to be a safer option, other reason could be as not much people in India are tech savvy so the percentage of people doing online share trading is less. The study done in this report regarding this parameter clearly shows that although 91% of the people those who do share trading are aware about online share trading but still they don‟t prefer it.

DATA ANALYSIS AND INTERPRETATION
INCOME LEVEL

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NO. OF PERSON
16
14 12 10 8 6 4 2

NO. OF PERSON

0
< 100000 1 - 2 LACS 2 - 5 LACS > 5 LACS

Inference: There are 16 respondents who earn between 200000-500000 lacs and another 14 respondents earn between 100000-200000, 7 respondents earn less than 100000 and there are very less respondents in the survey who earn more than 500000 .

INVESTMENT OBJECTIVE

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NO. OF PERSON
12 10 8 6 4 2 0

NO OF PERSON

Inference: majority person can invest the money of tax benefit .there are
11 respondents can invest money to give a tax benefit. And 9 respondents invest money to earn a high income benefits .and rest of the the 7

respondents invest the money to getting a retirement protection.

INVESTMENT PORTION OF MY INCOME

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Sales

< 25% 25% - 50% 50% - 75% > 75%

INFERENCES:

RISK TAKING CAPACITY

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NO OF PERSON
18 16 14 12 10 8 6 4 2 0 LOW MEDIUM HIGH

NO OF PERSON

INFERENCES :

From whom will you get your Investment Advice?
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NO OF PERSON
OTHERS

CONSULTANTS

NO OF PERSON
FAMILY

FRIENDS

0

2

4

6

8

10

12

14

INFERENCES : There are majority of customers whose first source of
information itself .i.e 13 respondents from others and the 11 respondents from family. And the remaining customers have first source of information friends, brokers or consultants . These sources help the customers to take the decision regarding investment i.e which commodity would be beneficial

VARIOUS INVESTMENT AVENUES

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POST OFFICE SAVINGS 13%

NO OF PERSON

BANK DEPOSITS 13%

SHARES 45%

INSURANCE 7% DEBENTURES 2% COMMODITY MARKET 5%

MUTUAL FUNDS 15%

INFERENCES: The above observation speaks about the financial
instruments in which the people invest ;most of the people invest in the securities through share market and than invest in the mutual funds .and than after most of the people invest in the bank deposits. .thus more focuse should be made on securities so that company has the maximum investment. the less than people are invest in the debentures .

HOW MUCH RETURNS GET AFTER INVESTING?

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NO. OF PERSON
16 14 12 10 8 6 4 2 0 NO OF PERSON

> 5%

5% - 10%

10% - 15%

> 20%

INFERENCES : in this above charts seen the 16 respondents are getting
the between the 5- 10 % RETURNS And the another 13 respondents are getting the more than 20 % Retuns and less than 3 respondents are getting the 10 -15 %.

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TIME HORIZON TO ACHIEVE YOUR FINANCEIAL GOAL?
20 18 16 14 12 10 8

6
4 2 0 < 5 YEARS 6 - 10 YEARS 11-14YEARS >15 YEARS

INFERENCES :

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HOW MANY MONTHS OF LIVING EXPENSES COULD BE SAFELY COVERED BY YOUR CURRENT LIQUID INVESTMENT?

NO. OF MONTHS

> 12 MONTHS 4 - 12 MONTHS < 4 MONTHS

INFERENCES : the more of the person review about this covered by
liquid investment so they all are saying the more than 12 months are minimum occurred to getting the living expenses could be safely covered by our liquid investments. And the other 40% response about this is less than 4 months or in within 4-12 months are covered our living expenses .

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WHILE INVESTING YOUR MONEY WHICH WILL YOU PREFER?

NO. OF PERSON
TRUST 13%

LIQUIDITY 25%

HIGH RETURN 30%

LOW RISK 32%

INFERENCES :
When the person investing in his money by any services provider they most prefer to higher return in here 30% respondents prefer the higher returns and rest of the 32% are preferred the low risk taken ..and none of them 13% are prefered the trust ..because of it‟s a very risky .by servicer provider or even though the investors . That mean customers have different perception regarding investing their money.

HOW DO YOU INTEND TO USE THE INCOME EARNED BY YOUR INVESTMENT PORTFOLIO?

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NO. OF PERSON
20 18 16 14 12 10 8 6 4 2 0 REINVEST AT LEAST REINVEST 20 - 80 % OF RECEIVE AT LEAST 80 % EARNINGS EARNINGS 80% INVESTMENT NO. OF PERSON

INFERENCES: The above charts describe the when the people earn the
money while investing and earned they invest the earning income reinvested in the share market. The 18 respondents are receving the 80 % amount . and the another 10 respondents are some part of his income means 20-80% of amout reinvest in this .

CONCLUSION
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Commodities market equity markets contrary to the beliefs of many people, has been in existence in India through the ages and still has to go a long way ahead. Perceptions of investors towards equity and commodity trading might change quite a lot with time. The project reveals that equity and commodity market works in delivery base and intraday base .and commodity works in future and derivative in which investors invest money through the contracts given i.e 2 months contracts, 3 months contracts which expires last Thursday of every month. The future market also provide the benefits for the traders who want investment but they don‟t have enough money at particular time they can invest with margin money in commodities and pay later to earn profits. The investors can avail the benefits by opting different options, forward contracting, apply hedging to minimize the loss if occur in the commodity market. It also provides the facility of the hedging in the commodity market by which a customer can minimize the losses which he is facing and ultimately save the principle amount for future investment. Religare securities Ltd has the quality staff which helps in retaining the customers for trading and the employees provide the advice about the most beneficial commodities and equity provide the solution to the queries of the customers. Thus, it is referred that employees is providing the important role in satisfaction of the customers.

The project explains about satisfaction of the customers who are trading with the Religare securities Limited on the services provided by the RCL which is essential to smooth functioning of the trading. The firm is able to satisfy their customers by providing quality services and earning the higher profits in the market. At last, it can be concluded that most of the customers are satisfied with services provided by the potential customers. Religare securities Limited and they are ready to give advice of

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APPENDIX

QUESTIONNAIRE
 Name: ________________  Age: [ ] Below 25 yrs [ ] 25-50 yrs [ ] 50-75 yrs [ ] Above 75 yrs

 Occupation: [ ] Business [ ] Profession [ ] Employed [ ] Others

 Gender: [ ] Male [ ] Female

 Educational qualification: ___________  Annual income: [ [ ] Below 1, 00,000 ] Above 5, 00,000 [ ] 1, 00,000 -2, 00,00 [ ] 2, 00,000-5, 00,000

 Your Investment objective: [ safety [ ] For future welfare [ ] Retirement protection [ ] Tax benefit ] High income [ ] Reasonable income [ ] Reasonable income and

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 Investment portion of your income [ ] below 25% [ ] 25% to 50% [ ] 50% to 75% [ ] above 75%

 Your Risk taking capacity [ ] low [ ] Medium [ ] High

 From whom will you get your Investment Advice? [ ] Friends [ ] Family [ ] Consultants [ ] Others

 Your preference to various Investment avenues [ [ ] Shares [ ] Mutual funds [ [ ] Commodity market [ [ ] Debentures

] Insurance

] Bank deposits

] Post office savings

 What are the reasons for your preference?

 Do you have any investment in last 6 months? ________________________________________________________________________ _____  How much Return you Get after Investing ? [ [ ] >5% ] 10% -15% [ [ ] 5 % - 10 % ] 15 % - 20%

 What is the primary objective for these assets? [ [ [ ] Wealth preservation ] Source of Income ] Capital Appreciation

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[

] Retirement planning/ Education funding/long term wealth accumulation

 What is the time horizon you have to achieve your financial goal? [ [ [ [ ] 0-5 years ] 6-10 years ] 11-14 years ] 15 years or longer

 How do you intend to use the income earned by your investment portfolio? [ [ [ ] Reinvest at least 80% of my earnings ] Reinvest between 20% and 80% of my earnings ] Receive at least 80% of my earnings as income

 Taking into consideration all sources of income, what is your current attitude towards your income needs: [ [ [ ] I can forego at least 10% of my current income ] Present income is adequate for present needs ] I need at least 10% more income

 How many months of living expenses could be safely covered by your current Liquid investments? [ [ [ ] More than 12 months ] Between 4 and 12 months ] Less than 4 months

 Which of the following best describes your reaction if the value of your portfolio suddenly declined 15%?

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[

] I would be very concerned because I cannot accept fluctuations in the value of my portfolio. [ decline. [ [ ] If the amount of income I received was unaffected, it would not bother me. ] I invest for long term growth and accept temporary fluctuations due to market ] I invest for long term growth, but would be concerned about even a temporary

influences.

 While investing your money, which factor will you prefer? . (a) Liquidity (b) Low Risk (c) High Return (d) Trust

 Have you ever invested any where? Pl [ ] Yes [ ] No

 If yes where_______________________________________________________________

 Rank your understanding and comfort-level with investing in the stock market
[ ]

No experience and no comfort level in investing in stocks

[ ] No experience, but some level of comfort in stocks Some experience, and interest in stock market investing

[

]

Reasonable experience and comfort level with the stock market

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[

]

Extensive background and understanding of the stock market

BIBLIOGRAPHY
www.religareonline.com www.religrecm.com www.religarecommodities.com

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http://www.commodities.in www.religaresecurities.com www.moneycontrol.com

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