A Descriptive Model on ‘Demat Operations’ – A case study for Integrated Enterprises (India) Ltd Introduction

Depository Participant (DP): The investor obtains Depository Services through a DP of NSDL. A DP can be a bank, financial institution, a custodian, a broker, or any entity eligible as per SEBI (Depositories and Participants) Regulations, 1996. The SEBI regulations and NSDL bye laws also lay down the criteria for any of these categories to become a DP. Just as one opens a bank account in order to avail of the services of a bank, an investor opens a depository account with a DP in order to avail of depository facilities. Though NSDL commenced operations with just three DPs, Depository Participant Services are now available in most of the major cities and towns across the country.

Demat Trading:
Instead of signing the transfer deed as seller and delivering share certificates to a broker, you shall give your DP debit instruction when you sell your shares in the electronic form. You can trade through any broker of your choice registered with the stock exchanges connected with NSDL but will have to provide the details of your account with the DP. The money would be received from the broker/ paid to the broker in the same fashion as done in case of buying/ selling of physical shares. The DP will provide you a statement updated every fortnight giving details of your holdings. Shares bought in the electronic form can be pledged/ hypothecated by making application to the DP in the prescribed form. For the purpose of calculation of capital gains tax, the cost of acquisition of shares would be determined on the principle of first in first out. The process of opening an account with a DP is similar to the opening of bank account. Photograph, Introduction and signing the prescribed agreement form are some of the requirements. If there are any discrepancies in your holdings statement or pass book entries, you can contact your DP. If the problem cannot be resolved at DP end, you can approach NSDL. There is absolutely no restriction to the number OD DPs you can open accounts with. Just as you can have savings or current accounts with more than one bank, you can open accounts with more than one DP. There is no minimum balance required for your account with DP. In fact you could have nil security in your account.


What's the security that a person has with respect to proof of his holdings? Upon opening an account with DP, you sign an agreement where the DP indemnifies you for any misuse of your holdings. When any company announces right, bonus or dividend for a particular security, the DP will give details of the clients having electronic holdings of that security as of record date/ book closure to the registrar. The registrar will then calculate the benefits due to all shareholders. The disbursement of cash benefits like dividend or interest will be done by the registrar whereas distribution of securities entitlements will be done by the DP based on information provided by the registrar The investor retains the choice of receiving the corporate benefits in physical or electronic form. For discrepancies in corporate benefits in the form of securities, you can approach your DP who will then approach the registrar. In case of discrepancies in cash benefits, you will have to contact the registrar directly.

Features of Demat services in Integrated Enterprise (India) limited
In our continuous endeavor to offer the best services to our customers, we provide the following benefits: • • • • • • • • • • • • • Highly competitive service charges Wide network of 112 branches across the country Secured transmission and storage of data Statement of Holdings updated on hourly basis in our websites Complete range of demat related services Managed by a team of well organized and specialized personnel Quick, efficient and simple procedures Online services such as Speed-e and IDeAS Relationship Scheme Trading services Online connectivity with Head Office Full fledged Back Office System Tax related processing services are also conveniently available to all account holders

Demat Process:
A request form together with the share certificates desired to be dematerialized is given to the DP. He sends the request along with the share certificates to the company/ registrars through NSDL for confirmation of its genuineness. After checking the records, the registrar will destroy the certificates and sends confirmation of dematerialization to NSDL. NSDL then confirms the dematerialization of shares to your DP to credit the


holding of shares in your account electronically. This takes about 15 days from the date of request. Electronic holdings can be converted back into certificates, if so desired, in a similar fashion as that for dematerialization.

Benefits of Demat:
In the depository system, the ownership and transfer of securities takes place by means of electronic book entries. At the outset, this system rids the capital market of the dangers related to handling of paper. NSDL provides numerous direct and indirect benefits, like: ♦ Elimination of bad deliveriesIn the depository environment, once holdings of an investor are dematerialized, the question of bad delivery does not arise i.e. they cannot be held "under objection". Statistically, in the physical environment, about 20% of delivered stock constitutes bad deliveries. Of these, about 1% is ultimately absorbed by the system as bad delivery cost. Rectification of objection usually involves extensive follow up by the investor. Also, the investor cannot sell the securities till they are registered. This means that in the physical environment, every fifth person taking delivery of stock gets securities, the genuineness to which there is a doubt whereas he parts with genuine funds ♦ Elimination of all risks associated with physical certificatesDealing in physical securities have associated security risks of theft of stocks, mutilation of certificates, loss of certificates during movements through and from the registrars, thus exposing the investor to the cost of obtaining duplicate certificates and advertisements, etc. This problem does not arise in the depository environment No stamp duty for transfer of equity instruments & units of mutual funds in the depository (In case of physical shares, stamp duty of 0.5% is payable on transfer of shares). ♦ Immediate transfer and registration of securities – In the depository environment, once the securities are credited to the investors account on pay out, he becomes the legal owner of the securities. There is no further need to send it to the company's registrar for registration. Having purchased securities in the physical environment, the investor has to send it to the company's registrar so that the change of ownership can be registered. This process usually takes around three to four months and is rarely completed within the statutory framework of two months thus exposing the investor to opportunity cost of delay in transfer and to risk of loss in transit. To overcome this, the normally accepted practice is to hold the securities in street names i.e. not to register the change of ownership. However, if the investors miss a book closure the


securities are not good for delivery and the investor would also stand to loose his corporate entitlements. ♦ Faster settlement cycle – The exclusive Demat segments follow rolling settlement cycle of T+5 i.e. the settlement of trades will be on the 5th working day from the trade day. This will enable faster turnover of stock and more liquidity with the investor. ♦ Pay in & pay out of securities & funds is on the same day for scrip less trades – In the exclusive Demat segments the settlement of trades (both securities and funds) is on the 5th working day from the trade day. This means that a buyer who parts with funds on the 5th working day, gets the securities on the same day evening and a seller who parts with securities on the 5th working day gets funds on the same day evening. This reduces the funding cost of 5-6 for a broker (in case of institutional trades) that they have to bear in the physical segment. In the physical segment, the settlement period is spread over a period of three to four days. ♦ Faster disbursement of non cash corporate benefits like rights, bonus, etc. – NSDL provides for direct credit of non-cash corporate entitlements to an investors account, thereby ensuring faster disbursement and avoiding risk of loss of certificates in transit. ♦ Reduction in rate of interest on loans granted This benefit is provided by some banks against pledge of dematerialized securities as dematerialized securities eliminates the following hassles/ risks: getting securities registered in their name at the time of book closure and risk of stocks coming under objections when they are send to the company's registrar for registration if the pledgee defaults in repayment.  Increase in maximum limit of advances from Rs.10 lakhs to Rs.20 lakhs per borrower and reduction in minimum margin from 50% to 25% by banks for advances against dematerialized securities as per the Monetary and Credit Policy for the first half of 1998-99 announced by the Reserve Bank of India.  Reduction in brokerage of 0.25% to 0.5% by many brokers for trading in dematerialized securities - Brokers provide this benefit to investors as dealing in dematerialized securities reduces their back office cost of handling paper and also eliminates the risk of being the introducing broker.  Reduction in handling of huge volumes of paper 4

 Periodic status reports to investors on their holdings and transactions, leading to better controls.

You can open two types of e-share (depository) accounts
• •

Individual Account Corporate Account

Individual Account:
The following documents are required for opening an individual e-share account      Account opening set complete in all respects Client-DP agreement on a (Rs. 20/- or Rs.50/-) non-judicial stamp paper 1passport size photograph of all applicants with signatures across the photographs. PAN card for all holders Proof of Identity & Proof of Address (Any one of the following)  Voter's ID Card  Driving License  Passport

Corporate Account:
The following documents are required for opening a corporate account • • • • • • • • • • • Account opening set complete in all respects Client-DP agreement on a (Rs. 20/- or Rs. 50/-) non-judicial stamp paper 1 passport size photograph of all Authorized Signatories with signatures across the photograph Introduction by an existing e-share client or bank manager's attestation Certified copy of Memorandum & Articles of Association Board resolution signed by the Chairman/MD/CEO/CS/any person above the rank of the authorized signatories PAN card of the Company and all the authorized signatories Latest Bank Statement List of Directors Proof of Address of all the authorized signatories Cancelled cheque leaf


NRI Account:
Repatriable/ Non-repatriable: • • • • • • Completed Application form, duly signed by all applicants Execute agreement on a (Rs. 20/- or Rs. 50/-) non-judicial stamp paper 1 passport size photograph of all applicants with signatures across the photographs PAN card for all holders Proof of Identity & Proof of Address (Both local and foreign address) RBI approval wherever applicable.

In the event of the death of one of the Joint holders, the securities will be transmitted to the surviving holder(s). The surviving holder(s) will have to request us (vide a form called Transmission Form) to transmit (transfer) the securities lying in the joint account to the e-share account of the surviving holder(s). For this purpose, the surviving holder(s) can have an e-share account with the same DP or with different DP. They must submit the following documents to effect the transmission  Transmission form complete in all respects  Notarised copy of the death certificate  Client Master report of the surviving holder account, if it belongs to any other DP The account of the surviving holder(s) must be in the same sequence as that of the account with the deceased. (For e.g. if the account holding pattern is in the name of Mr. A, B & C and Mr. B has died, the surviving holders must have an account with Mr. A as the first holder and Mr. C as the second holder.)

Sole Holder Account- with nomination:
If the e-share account is held by a single holder and nominee has been registered, the shares will be transmitted to the nominee. The requisition will have to be submitted by the nominee along with the following documents:  Transmission form complete in all respects 6

 Notarised copy of the death certificate  Affidavit & verification in the prescribed format  A duly stamped & signed Client Master report of the nominee account, if it belongs to any other DP

Sole Holder Account- without nomination:
In case of death of the sole holder, the legal heir(s) or legal representative(s) of the deceased must request us to transmit the balances lying in the Client account of the deceased to the account of the legal heir(s) or legal representative(s). For this, the legal heir (s) or the legal representative(s) of such securities must submit an instruction called the transmission form to us along with the following documents: • • • Original death certificate/ copy of the death certificate duly notarised A copy of the Succession certificate duly notarised or an order of a court of competent jurisdiction where the deceased has not left a Will; or A copy of the Probate or Letter of Administration duly notarised.

However, if the legal heir(s) or the legal representative(s) express inability to produce either of the documents mentioned under (b) and (c) above, and the market value of the securities held in each account of the deceased as on the date of application for transmission does not exceed Rs.1lakh, then we will process the transmission request on the basis of the following documents:  Transmission form; (Annexure O)  Copy of the death certificate, duly notarised  Letter of Indemnity duly supported by a guarantee of an independent Surety acceptable to the DP, made on appropriate non judicial stamp paper;  An Affidavit & verification made on appropriate non judicial stamp paper and  No Objection Certificate(s) from all the legal heir(s) other than the deponent. Signed & stamped Client Master report of the deponent account, if it belongs to any other DP

Operational issues pertaining to depository operations:
Specific issues with respect to opening and operating depository accounts are as given below

In the depository system, with respect to the status of investments, the only difference is the form in which the securities are dealt. As it does not alter investment activities per se, there is no need for any special approvals to open or operate a depository account. 7

The account can be opened by the person or by his/her power of attorney holder provided the POA has the necessary authorizations At the time of dematerializations of any securities into these accounts, the account holder should hand over to his DP, copies of RBI approvals obtained at the time of acquiring these securities. If these securities were acquired under a scheme which does not require special approval from RBI by the acquirer, then no approval letter is needed. (For e.g. when shares are issued to NRI in public issues, RBI gives a general approval to the issuing companies and the investor need not take any separate approval.) When securities are to be debited from the account, the account holder should provide a copy of the relevant RBI approval for sale of securities to the DP. When securities are to be credited to the account, the account holder should provide a copy of the relevant approval for purchase of securities to the DP. If the same approval is applicable to multiple.

Account Maintenance:
To avail of the various services offered by NSDL an investor/ a broker/ an approved intermediary (for lending & borrowing) has to open a NSDL depository account with any of its DPs. Depository accounts are of three types:

Beneficiary account: An investor who wants to hold securities in dematerialised (demat) form and receive or deliver securities by inter-account transfers must have a depository account called beneficiary account with a DP of his choice. Clearing member account: Member brokers of those stock exchanges which have established electronic connectivity with NSDL need to open a clearing member account, with a DP of his choice, to clear and settle trades in the demat form. This account is popularly known as Settlement account or "Pool account". This account is meant only to transfer securities to and receive securities from the clearing corporation/ house and hence, the member broker does not have any ownership (beneficiary) rights over the shares held in such an account. Further, clearing members of stock exchanges permitting Automatic Lending or Borrowing Mechanism (ALBM) transactions can request for a "clearing member ALBM" account to participate in ALBM transactions. These additional CM Accounts maintained for the purpose of ALBM transactions will have to be


necessarily opened with the clearing house of the concerned stock exchange e.g. a BSE clearing member's "normal clearing member account" could be with a DP XYZ, but his "clearing member ALBM" account will have to necessarily be with the clearing house of the BSE.

Intermediary account: Any person choosing to act as an approved 'intermediary' for stock lending and borrowing needs to open an intermediary account with any DP of his choice. An intermediary account may be opened with the DP only after the intermediary has obtained registration from the Securities & Exchange Board of India and with the prior approval of NSDL. This account is meant only to deposit the securities received from the lender and lend them to the borrower under stock lending and borrowing scheme. The intermediary does not have any ownership (beneficiary) rights over the shares held in such an account.

Dematerialization is the process by which a client can get physical certificates converted into electronic balances. An investor intending to dematerialize its securities needs to have an account with a DP. The client has to deface and surrender the certificates registered in its name to the DP. After intimating NSDL electronically, the DP sends the securities to the concerned Issuer/ R&T agent. NSDL in turn informs the Issuer/ R&T agent electronically, using NSDL Depository system, about the request for dematerialisation. If the Issuer/ R&T agent finds the certificates in order, it registers NSDL as the holder of the securities (the investor will be the beneficial owner) and communicates to NSDL the confirmation of request electronically. On receiving such confirmation, NSDL credits the securities in the depository account of the Investor with the DP.

Rematerialisation is the process by which a client can get his electronic holdings converted into physical certificates. The client has to submit the Rematerialisation request to the DP with whom he has an account. The DP enters the request in its system, which blocks the client's holdings to that extent automatically. The DP releases the request to NSDL and sends the request form to the Issuer/ R&T agent. The Issuer/ R&T agent then prints the certificates dispatches the same to the client and simultaneously electronically confirms the acceptance of the request to NSDL. Thereafter, the client's blocked balances are debited.
• • •

A client can rematerialize his dematerialised holdings at any point of time. The Rematerialisation process is completed within 30 days. The securities sent for Rematerialisation cannot be traded.


Market Transfers:
Trading in dematerialised securities is quite similar to trading in physical securities. The major difference is that at the time of settlement, instead of delivery/receipt of securities in the physical form, the same is affected through account transfers. Delivery of securities to or from a clearing member are called "Market Trades" in the depository system. A simple way of determining whether a trade is a market trade is that, either source or target in a transfer instrument is a CM account; such a transfer is a "Market Trade" Procedure in Case of Market Transfer for Retail Investors:

In the diagram, the selling client and clearing member1 have their respective accounts with DP1 and the buying client and clearing member2 have their respective accounts with DP2. DP1, DP2 and the Clearing Corporation/ Clearing House have on line electronic connectivity with NSDL. The following paragraphs, explain the flow of securities to effect settlement of a market trade: Step-1: - Seller gives delivery instruction to DP1 to debit his account and transfer securities to "Clearing Member1 Pool A/c" with DP1. [Clearing Member1 gives corresponding receipt instruction to DP1 to accept in his clearing account securities transferred by seller through DP1 if he has not already given standing receipt instruction for all credits into his clearing account.] Step-2: - Securities are transferred from "Selling Client A/c" to "Clearing Member1 Pool A/c" with DP1. Step-3: - Clearing Member1 gives delivery to CC instruction to DP1 to debit his


"Clearing Member1 Pool A/c" and credit his "Clearing Member1 Delivery A/c". The transfer will take place on the "execution date" mentioned in the instruction. Delivery to CC instruction to be given as per final/ net delivery obligation. Step-4: - Securities lie in the "Clearing Member1 Delivery A/c" till settlement day. At the time of pay-in, securities lying in "Clearing Member1 Delivery A/c" are automatically flushed to the Clearing Corporation/ Clearing House. No debit instruction is needed for this transfer. The deadline time for pay-in of securities to the Clearing Corporation/ Clearing House may vary from one exchange to another. Step-5: - At the time of payout securities are transferred from the Clearing Corporation/ Clearing House to "Clearing Member2 Receipt A/c" with DP2. No credit instruction is needed because this transfer is automatic. Step-6: - Securities are transferred from "Clearing Member2 Receipt A/c" to "Clearing Member 2 Pool A/c". Receipt account of clearing members is purely a transit account for maintaining audit trail. Step-7: - Clearing Member2 gives a delivery instruction to DP2 to debit his "Clearing Member 2 Pool A/c" and credit "Buying Client A/c" with DP2. [Buyer gives corresponding receipt instruction to DP2 to accept in his account securities transferred from "Clearing Member2 Pool A/c" through DP2 unless he has not given a standing instruction to receive credits to his account.] Note: - Funds are not handled by NSDL. Clearing Member2 obtains cheque from buyer and gives it to the Clearing Corporation/ Clearing House. Only after the cheque is cleared by clearing bank, the Clearing Corporation/ Clearing House allows credit of securities to clearing member2 and thereafter, communicates the match to NSDL. Step-8: - Securities are transferred to "Buying Client A/c" from "Clearing Member2 Pool A/c" with DP2. Note: Until delivery instruction is given by the clearing member, the securities will remain in his "Pool A/c". However, if they are not transferred to a "Beneficial Owner A/c", the securities will not be eligible to any corporate benefits like bonus, dividends, etc.
Off - Market Transfers:

Trading in dematerialised securities is quite similar to trading in physical securities. The major difference is that at the time of settlement, instead of delivery/receipt of securities in the physical form, the same is affected through account transfers. Trades which are not settled through the Clearing Corporation/ Clearing House of an exchange are classified as "Off Market Trades". Delivery of securities to or from sub brokers, delivery for trade-for-trade transactions, by this definition are off-market trades.


Procedure in case of an Off-Market Transfer Involving Two Clients:

The selling client will have to give a delivery instruction to his DP to transfer securities from his depository account to the buying client's depository account. To receive securities from the selling client's depository account, the buying client must give a receipt instruction if he has not already given a standing receipt instruction to his DP. The details in the "delivery" and "receipt" instructions must match else the transfer will not take place. The transfer will take place on the "execution date" indicated in the instructions. If the buying client has given a standing receipt instruction, this may be ignored. The payment aspect is handled outside the NSDL environment between the selling and buying clients.

Inter-Depository Transfers:
Transfer of securities from an account in one depository to an account in another depository is termed as an inter-depository transfer. This facility is quite similar to the account transfers within NSDL.

It can be done only for securities that are available for dematerialisation on both the depositories. 12

• •

• •

• • •

The account in NSDL can be either a clearing account or a beneficiary account. For debiting the clearing account or the beneficial account with NSDL, the form for "Inter-depository delivery instruction" is required to be submitted by the clearing member/beneficial owner to its DP. For crediting the clearing account or the beneficial account, the standing instruction given for automatically crediting the account is applicable. In case the standing instructions are not given, then the form for "Inter-Depository Receipt Instruction" is required to be submitted by the clearing member/beneficial owner to its DP. As both the depositories are connected to each another, the batches to effect inter depository transfers are presently exchanged on each working day. Online transfer of inter depository instructions has commenced w.e.f December 14, 2002. In the online inter depository transfer (OLIDT) module, Inter Depository Transfer instructions for the day will be exchanged online between the two depositories. Thus, the instructions executed by DPs may get settled at shorter intervals. The deadline time for DPs to verify & release Inter Depository Transfer delivery/ receipt instructions is 6 p.m. on weekdays and 2.30 p.m. on Saturdays. The Issuer/Registrar & Transfer Agent is informed about the transfer by both the depositories and it amends its records accordingly. Government securities cannot be transferred from one depository to another using this facility.

Securities held in a depository account can be pledged/hypothecated to avail of loan/credit facility. Pledge of securities in NSDL depository requires that both the borrower (Pledgor) and the lender (pledgee) should have account in NSDL depository.

Corporate Actions:
Corporate actions are benefits given by a company to its investors. These may be either monetary benefits like dividend, interest or non-monetary benefits like bonus, rights, etc. NSDL facilitates distribution of corporate benefits. Monetary benefits (dividends etc): NSDL will give the beneficiary ownership details to the Issuer/R & T Agent. The Issuer/R & T Agent will carry out the necessary processing and the distribution of such benefits will be outside the system. Non-monetary benefits (rights bonus etc): NSDL will give the beneficiary ownership details to the Issuer/ R & T Agent. The Issuer/R & T Agent will carry out the necessary processing and upload the beneficiary


ownership details to NSDL. NSDL will then credit the beneficiary owners' accounts by downloading the data to the DPs.

Special services offered by DPs with respect to these accounts are as follows:
Standing Instruction Facility: DP enters the advise for the transfer of securities to or from a beneficial owner's account only on receipt of instructions from the client. The clients need to give delivery instruction to transfer securities from their account & receipt instruction to get credit into their account. However, for ease of operation, a facility of standing instruction is provided to the clients for receiving securities to the credit of their accounts without any further instruction from them. Change in Address: The client can change his address by submitting the changes in writing to the DP along with proof of identity, proof of new address with original document of new address for verification and latest transaction statement received from the DP of the client. The changes conveyed to the DP will be automatically communicated to the companies in which he is holding shares in dematerialized form. Bank Account Details: Details of bank account of the client, including the 9-digit code number of the bank and branch appearing on the MICR cheque issued by the bank have to given to the DP at the time of account opening. Companies use this information for printing them on dividend/interest warrants preventing its misuse. In case the client wishes to change this bank account details, he can do so by submitting the changes in writing to the DP. Nomination: A client can make a nomination of his account in favour of any person by filing the nomination form with his DP. Such nomination is considered to be conclusive evidence of the account holder'(s) disposition in respect of all the securities in the account for which the nomination is made. Transposition cum Demat: This is a facility whereby securities held jointly can be dematerialized in an account of same joint holders but having different sequence of names. e.g. securities held in joint names of X and Y can also be dematerialised in an account opened in the names of Y and X by submitting an additional form called Transposition Form along with


Dematerialization Request Form (DRF) to the DP.

Consolidation of Accounts: Some clients could have opened multiple accounts to dematerialize their shares held in multiple combinations & sequence of names. However, they may not need so many accounts after they have dematerialised their securities and may want to bring all their shareholdings into one or fewer accounts. Using off-market account transfer instruction such consolidation can be done. Closure of Account: A client can close a depository account by giving an application in the prescribed form. In case there is any balance in the account sought to be closed, the following steps are necessary. (a) Re-materialization of all securities standing to the credit of the account at the time of making the application for closure; or (b) Transferring the balance to the credit of another account opened by the same account holder(s) either with the same participant or with a different participant. Freezing of Accounts: Account freezing means suspending any further transaction from the depository account till the account is de-frozen. A depository account maintained with a DP can be frozen if the DP receives a written instruction in prescribed form from the client. A frozen account can be de-frozen or re-activated if the client submits written instruction in prescribed form to the DP.


Although India had a vibrant capital market, which is more than a century old, the paper-based settlement of trades caused substantial problems like bad delivery and delayed transfer of title till recently. The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL, the first depository in India. This depository promoted by institutions of national stature responsible for economic development of the country has since established a national infrastructure of international standards that handles most of the securities held and settled in dematerialized form in the Indian capital market. Using innovative and flexible technology systems, NSDL works to support the investors and brokers in the capital market of the country. NSDL aims at ensuring the safety and soundness of Indian marketplaces by developing settlement solutions that increase efficiency, minimize risk and reduce costs. At NSDL, we play a quiet but central role in developing products and services that will continue to nurture the growing needs of the financial services industry. In the depository system, securities are held in depository accounts, which is more or less similar to holding funds in bank accounts. Transfer of ownership of securities is done through simple account transfers. This method does away with all the risks and hassles normally associated with paperwork. Consequently, the cost of transacting in a depository environment is considerably lower as compared to transacting in certificates.
Promoters Shareholders

NSDL is promoted by Industrial Development Bank of India Limited (IDBI) - the largest development bank of India, Unit Trust of India (UTI) - the largest mutual fund in India and National Stock Exchange of India Limited (NSE) - the largest stock exchange in India. Some of the prominent banks in the country have taken a stake in NSDL. Promoters
• • •

Industrial Development Bank of India Limited Unit Trust of India National Stock Exchange of India Limited

Other Shareholders

State Bank of India 16

• • • • • • • • •

Oriental Bank of Commerce Citibank NA Standard Chartered Bank HDFC Bank Limited The Hongkong and Shanghai Banking Corporation Limited Deutsche Bank Dena Bank Canara Bank Union Bank of India

Legal Framework

As a part of its on-going market reforms, the Government of India promulgated the Depositories Ordinance in September 1995. Based on this ordinance, Securities and Exchange Board of India (SEBI) notified its Depositories and Participants Regulations in May 1996. The enactment of the Depositories Act the following August paved the way for the launch of National Securities Depository Ltd. (NSDL) in November 1996. The Depositories Act has provided dematerialisation route to book entry based transfer of securities and settlement of securities trade. In exercise of the rights conferred by the Depositories Act, NSDL framed its Byelaws and Business Rules. The Byelaws are approved by SEBI. While the Byelaws define the scope of the functioning of NSDL and its business partners; the Business Rules outline the operational procedures to be followed by NSDL and its "Business Partners."
Depository System - Business Partners

NSDL carries out its activities through various functionaries called "Business Partners" who include Depository Participants (DPs), Issuing companies and their Registrars and Share Transfer Agents, Clearing corporations/ Clearing Houses of Stock Exchanges. NSDL is electronically linked to each of these business partners via a satellite link through Very Small Aperture Terminals (VSATs) or through Leased landlines. The entire integrated system (including the electronic links and the software at NSDL and each business partner's end) is called the "NEST" [National Electronic Settlement & Transfer] system.



Issuing Companies/ their Registrar & Transfer Agents: Securities issued by issuers who have entered into an agreement with NSDL can be dematerialised in the NSDL depository. As per this agreement, issuer agrees to verify the certificates submitted for dematerialisation before they are dematerialised and to maintain electronic connectivity with NSDL. Electronic connectivity facilitates dematerialisation, Rematerialisation, daily reconciliation and corporate actions,. Clearing Corporation / House: The clearing corporations/houses of stock exchanges also have to be electronically linked to the depository in order to facilitate the settlement of the trades done on the stock exchanges for dematerialised shares. At present, all the major clearing corporations/houses of stock exchanges are electronically connected to NSDL. The following stock exchanges have linked up with NSDL to facilitate trading and settlement of dematerialised securities:
• • • • • • • •

Madras Stock Exchange Ltd. (MSE) National Stock Exchange of India Ltd. (NSE) Inter-connected Stock Exchange of India Ltd. (ISE) OTC Exchange of India (OTCEI) The Calcutta Stock Exchange Association Ltd. (CSE) The Delhi Stock Exchange Association Ltd. (DSE) The Stock Exchange, Mumbai (BSE) The Stock Exchange, Ahmedabad (ASE)

NSDL Facts & Figures
As on December 31, 2007

Number of certificates eliminated (Approx.) 467 Crore Number of companies in which more than 75% shares are 1914 dematted Average number of accounts opened per day since 3371 November 1996 74% of all pincodes in the Presence of demat account holders in the country country

The model for Dematerialization of NSDL 19





(a) Investor surrender certificates for dematerialization to depositary participant. (b) Depositary participant intimates NSDL of the request through the system. (c) Depositary participant’s submits the certificate to the registers. (d) Registrar confirms the dematerialization request from NSDL. (e) NSDL up dates its account of informs the depositary participant. (f) Depositary participant up dates its accounts and inform the investor. The entire process of dematerialization may take about 15 days. An Investor makes a dematerialization request, along with the investor physical Certificates of securities, to the issuer or its registrar through a depositary participant.

After prescribed verification and confirmation, their registrar substitutes in its records NSDL as registered owner in respect of the securities and inform NSDL accordingly. NSDL then enters the name of the investor as the beneficial owner of the securities, credits the investor’s account, and informs the investor’s depositary participant accordingly. Need and Objectives for a Depositary in India The present system of settlement based on physical delivery of paper certificates was probably adequate in the past when there was small number of investors participating in the transaction of the capital market. Increasing market and operational inefficiencies features the old system of stock Trading and settlement. This section of the market comprised the secondary market, which is popularly called as the ‘stock market’, comprising 23 recognized stock exchanges and is the organized market regulated by the Securities and Exchange Board of India (SEBI) for purchase and sale of securities through, intermediaries called stockbrokers and Sub Brokers. The old trading system is affected


(A) Unwarranted delay in transfer of shares, (B) Duplicate / fake forged shares, (C) Court injunction cases, (D) Bad deliveries (E) Loss in transits/ theft/mutilation, (G) Disputes or corporate actions, (H) Huge transaction cost, (I) Longer settlement cycles. (J) Poor infrastructure, large paper volume . All these factors serve as barriers to entry of an investors in to the market. This failure gave the idea of setting up of an electronic system with scrip less trading and quick settlements cycle. The main depository players are a) Depositary (new NSDL and CDSL) b) Issuer companies/Registrars of transfer agent (RTA) c) Depositary participant d) Investors e) Brokers (clearing members (CM)



ABOUT INTEGRATED ENTERPRISES (INDIA) LIMITED With our 34 years expertise in investments consulting, we provide you the best investment solutions that are suitable to reach your financial goals successfully. Our gamut of investment solutions include fixed deposits, post office schemes, bonds and mutual funds. We ascertain your risk profile and guide you with the right mix of various products, which effectively reduces your tax liability, increases your savings and ultimately enhances your wealth. We take care of your complete investment process from identifying the best investment avenue to restructuring your portfolio on a regular basis. Whether you have a conservative, balanced or aggressive investment risk appetite, our experts will guide you to build a portfolio to optimize the return on investments. With service excellence always at the fore, Integrated Enterprises is one of India's market-leading financial solutions providers serving over 6 lac investor families. We commenced operations in 1974, when there were very few companies to offer the services that we covered. Now, with a strong presence of 112 branches all over the country and a comprehensive suite of products and services, we take care of the needs of the investor community as a whole. Our services include distribution of financial products - Mutual Funds, IPO’s, Fixed Deposits, Bonds, Insurance and Post office Schemes. Integrated also provides Demat services and has built a strong customer base of more than 2 lakhs Demat account holders. Our processing services include PAN, TAN applications, e-TDS returns. We undertake merchant banking activities and also act as share transfer agent and registrar to an issue. Our core competence lies in reaching out to all prospective investors and satisfying their financial needs by providing them with the best product that suits them. We achieve this with the help of well-experienced manpower with vast domain knowledge and varied skill sets. Integrated Enterprises provide innovative and tailored solutions to all financial needs of its customers.


A fully diversified financial services company providing quality service to corporates and retail investors with absolute integrity MOTTO “Building relationship with absolute integrity” VALUES Integrated has grown over the last decades based on a foundation of core values and vision. This has been our vantage point in building a strong customer relationship and reaching new heights in the future. a) Integrity We are trustworthy of customers and provide high quality services to their utmost satisfaction. We follow an honest and ethical approach in all our dealings with the customers b) Commitment We have a strong commitment to serve our customers. We understand individual customer needs and make them choose the right product that suits them. c) Workforce Our people are our greatest strengths. We have a well-managed workforce who have domain knowledge and are expertise in their field of operation d) Customer focus We are driven by our customers. We provide them with outstanding service by catering to all their financial needs under one roof. We continuously strive to understand and exceed customer expectations and ensure long-term satisfaction e) Teamwork Our efforts are based on teamwork and collaboration. We create a work culture that is conducive to innovative ideas and thoughts. We achieve our goals through efficient teamwork, partnership and joint effort. We work towards a unified approach in providing financial solutions to all investors.



1974 - Integrated begins operations Investors start investing in companies through us Accepts company deposits, post office schemes and bonds 1984 - Expansion of Integrated Branch Network across the country 1993 - Starts offering Merchant Banking services. Approved by SEBI as Category 1 Merchant Banker 1994 - Starts acting as Share Transfer Agent approved by SEBI as Category I RTI/STA 1998 - Diversified its activities as a Depository Participant offering Demat services to its Customers 2004 - Integrated expands its product range to include tax related services such as PAN, TAN and e-TDS filing 2005 - Adds E-Return filing to its array of services 2006 - Opens its 100th branch. Entry into Share Broking Services through its subsidiary company Integrated becomes a one-stop shop offering wide range of financial services Personalized Financial Planning to Retail Investors



• • • • • • • • • • •

34 years of experience as Total Financial Solutions Provider Wide spectrum of products and services to cater to the diversified needs of investors Serving over 6 lakhs investor families Investors have the facility of choosing all services under one roof Wide network of 112 branches across the country State-of-the-Art infrastructure is being used to provide effective service to the clients Highly competent workforce with professional knowledge and expertise Largest Depository Participant in India with a strong customer base of more than 2 lakhs Demat account holders More than 20 lakhs PAN applications have been made through us Category 1 Merchant Banker approved by SEBI Category 1 Registrar & STA approved by SEBI with more than 200 major client.

SERVICES DONE BY IEP Investments: Marketing corporate fixed deposits, debentures Demat services: Opening depository accounts, Demat Share broking services: Facilitating buying and selling of securities through NSE Insurance: Marketing life, health and general insurance schemes Corporate services: Merchant banking, registrar to an issue Tax related services: Processing of PAN, TAN, and e- TCS



SHRI. P. VAIDYANATHAN Chairman He is the Chairman and founder of the Company. He is the architect of the company's growth and success. He has been a driving force for the Company to reach great heights. He has more than 35 years experience in Financial Services Industry. His innovative ideas and envisioned future have fetched best results to the organization. In view of his experience and expertise in the field of Finance, he is in the Board of City Union Bank, Franklin Templeton Asset Management Company, Hatsun Agro Products and a member of executive committee of National Securities Depository Limited (NSDL). He is a Chartered Accountant, Cost Accountant and a Company Secretary by qualification.

SHRI. S. BALASUBRAMANIAN Director & Chief Operating Officer He is the Chief Operating Officer and Director of the Company. He has more than 15 years of experience with a Private Sector Bank and has been with the Company for more than 10 years holding various positions. In view of his dynamic leadership and decision-making skills, he has been inducted in the Board. He is a qualified Chartered Accountant and a Cost Accountant. He is also technically qualified with CAIIB.

SHRI. M. JAYARAMAN Whole Time Director He is heading the IT Division of the Company. He has been associated with the Company for more than 12 years. He has contributed materially towards the Networking of the Branches through Internet and processing of applications on a real-time basis. He has given his valuable inputs in designing the MIS of the Company. He is basically an Engineer with 22 years of experience.

TOP MANAGEMENT TEAM Shri. S. Balasubramanian - Chief Operating Officer & Whole Time Director


Shri. M. Jayaraman - Whole Time Director, In charge of e-TDS Division Mr. V. Krishnan - Vice President, In charge of North & West India Operations Mr. S. Narayanan - Asst. Vice President, Marketing Mr. R. Murali - Asst. Vice President, Systems & Operations Mr. S. Vasudevan - Asst. Vice President, e-TDS Division Mr. K. Arun - General Manager, Marketing Mr. K.T. Vinod Kumar - General Manager, Demat Division Mr. K. Suresh Babu - General Manager, Registry Division Mr. R. Sivakumar - General Manager, Systems Mr. N. Ramesh - Senior Executive, Share Broking Division Mr. K. Gurumurthy - Senior Executive, HR



 There are many investors who have their shares in physical format (i.e.) nearly 25% of the investors are holding their shares in physical format.  So to make them understand the necessity of making those Physical shares (i.e.) paper format shares into Demat form. Where they can avoid the problem of carrying those paper form shares with them while they go out for trade.  This also helps the investors to keep them aware of the fraudulent forms that run in the market. In case if they have the Demat form they need not want to worry about the duplicate paper forms prevail in the market.  Here, with the help of the DP’s they can get the information of those scrips, which are in their Demat, account.  Here this, will also simplify their trading process. By the help of having the Demat account they get the shares or value of the shares within 2-4 days.  It was studied that, from 1996 till 31/December/2007 there where 74% of the investors hold their shares in Demat account.  And in 1914 companies more than 75% of the investors are holding their shares in Demat account. (Till: 31-12-2007).  Till 31-12-2007, the number of Demat accounts opened per day are 337 with various DP’s.  Given the volume of Demat Operation, the researcher is interested in making a Demat study with regard to Integrated Enterprises (India) Ltd (i.e.) Why many of the Investors open Demat account with Integrated Enterprises (India) Ltd.



# To study the profile of capital market investors. # To study the securities held under Demat System. # To study the profile of Relationship account. # To study the trading pattern through Demat.



# The first scope is to know, what kind of age group investors are they. And also to know their exposure to market. # The next scope is to know the securities of which kind they go for. And what kind of sectors they mainly prefer to invest. # The next scope is related with the company (i.e.) in which scheme the investors have opened is Demat account, and maintaining his shares. In case of Integrated there are four schemes, which have their own benefits. # The next scope of the study is to know, how the investors trade. And what kind of pattern and volume they trade.

Research design:


Research design can be thought of as the structure of research -- it is the "glue" that holds all of the elements in a research project together. We often describe a design using a concise notation that enables us to summarize a complex design structure efficiently.

By the time you get to the analysis of your data, most of the really difficult work has been done. It's much more difficult to: define the research problem; develop and implement a sampling plan; conceptualize, operationally and test your measures; and develop a design structure. If you have done this work well, the analysis of the data is usually a fairly straightforward affair. Descriptive Statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data. With descriptive statistics you are simply describing what is, what the data shows. O Here descriptive Analysis is used, since the clients are walk-in clients. O These clients are who come to trade (buy& sell) shares. O Data collected are primary data.

Convenience Sampling is used for data collection.

Research tool:
A well-structured Questionnaire is used for collecting data from clients. This Questionnaire is prepared on the basis of the objectives of the case.



 To study the profile of Capital Market investors

4.1 PERCENTAGE ANALYSIS; Table 4.1.1 Classification of Respondents based on Gender Total Percentage Male 49 65.33333 Female 26 34.66667 Total 75 100

Interpretation: Here Sample size taken is 75. Out of 75, 49 are Male (65.33%) and 26 are Female (34.67%). And this clearly shows that Males are dominating to invest in shares and take risks. Whereas Females are not taking risk by investing in shares rather they go for safety investment (i.e.) Mutual Funds where it is a indirect investment in shares and risks involved also less.


Figure 4.1.1 Classification of Respondents based on Gender

60 50 40 Population 30 20 10 0 1 Male&Female Male Female

Table 4.1.2


Classification of Respondents based on Age Percentage (%) 1 9 32 25 8 75 100 1.333333 12 42.66667 33.33333 10.66667 100

Gender/Age <25 25-35 35-45 45-55 >55 Total Percent

Male 1 9 12 19 8 49 65.33333

Female 0 0 20 6 0 26 34.66667


Interpretation: In case of age most of the investors are from the age group 35-45. There are totally 32 investors falling under this category at 42.67%. Where Males are 12 and Females are 20. Here, Females dominate because, Males of this age belongs to working category and are busy earning people. So on behalf of them they approve their wife’s to trade (or) open the account in their wife’s name and by call they trade. These 35-45 age groups dominate because they like to take more risk and earn more returns since this peer group is the working group. Then, followed by 45-55 age group investors. There are totally 25 investors falling under this category at 33.33%. Where Males are 19 and Females are 6. Here they are standing at next stage door (where they are nearing their retiring stage). So they like to take the advantage of earning more profit for their future and be safe. In case of other groups they are Safety considering people .So only few of those groups invest in shares.

Figure 4.1.2 Classification of Respondents based on Age


Splitting of Population Age wise
25 20 Population 15 10 5 0 <25 25-35 35-45 Age 45-55 >55 Male Female

Table 4.1.3 Classification of Respondents based on their Profession


Gender/Occupation Bank Business Engineer/Tech Government staff House Wife Retired Service Teacher Others Total Percentage

Male 2 6 9 1 0 10 17 2 2 49 65.33333

Female 0 0 0 3 15 2 5 1 0 26 34.66667

Total 2 6 9 4 15 12 22 3 2 75 100

Percentage 2.66666667 8 12 5.33333333 20 16 29.3333333 4 2.66666667 100

Interpretation: Here, most of the investors belong to Service category. They are 22 in number. Here, they go for investing because they want to diversify their capital and to get returns out of that. Then, followed by House Wife’s because they go as per the information of their Husband’s who want their belonging’s to trade. They are nearly 15 in number. Then, it is the Retired group who play this, as they have capital with them to invest and they also get the enough capital from their children. So they take risk and invest to make more profit out of that. Other occupation persons are very less since they are busy and they are of idea, that they don’t wish to take risk.

Figure 4.1.3 Classification of Respondents based on their Profession










B B u an k En s gi i ne G ne ss ov er er/T nm e en ch H t st ou a se ff W i R fe et ire Se d rv i Te ce ac he O r th er s P e To rc tal en ta ge

Male Female

Table 4.1.4 Classification of Respondents based on their Exposure

Gender/Expose Advertisement Friends Relatives Others Total Percentage

Male 7 21 11 10 49 65.33333

Female 0 10 12 4 26 34.66667

Total 7 31 23 14 75 100

Percentage 9.3333333 41.333333 30.666667 18.666667 100

Interpretation: Here, most of the investors are exposed to the market by their Friends (31). This is because they are those who work with them and who live nearby of them. And they have the experience and knowledge in the market. Then, followed by the Relatives (23) who are the well wishers of them. And they need them to follow the market. Then, it is Others and Advertisement’s which make them less expose to the market. Because, in case of Others very few has the idea of Stock Market and they invest on their own interest. Whereas in case of Advertisement no one will go for investing and take the risk.

Figure 4.1.4 Classification of Respondents based on their Exposure


Exposure to Stock Market
25 20 Population 15 10 5 0 0 1 2 Guides 3 4 5 Series1 Series2

To study the securities held under Demat System


Table 4.1.5 Classification of Respondents based on the Securities held by them

Blue Chip




























Interpretation: Here, 38 of the investors hold Both Blue chip & Ordinary Securities in their DEMAT System because they want to diversify their capital in all sectors so that they can get return of all kind. Then, followed by the investors who hold the Ordinary securities is 20. They feel that, by going for the Ordinary one’s they can get normal profit and if there is loss also it will be less while comparing to Blue chips. Next, followed by 17 investors who go for the Blue Chip. Because they make more profit then Ordinary ones.

Figure 4.1.5


Classification of Respondents based on the Securities held by them

Kind of Securities
30 25 20 15 10 5 0 Blue Chip Ordinary Both Male Female

Table 4.1.6


Classification of Respondents based on different Scrips held in Demat
Sectors IT/Tele/Comm. Agro/Farm/Fer Pharmacy Realties Infrastructure Power Textile Banking Oil Petroleum Cement Industrial Resource Media Mixture Population 23 6 1 3 21 12 4 20 3 8 4 1 1 37 Percentage 16 4.17 0.69 2.08 14.59 8.33 2.78 13.89 2.08 5.56 2.78 0.69 0.69 25.69

Interpretation: Here, Most of the investors belong to Diversification/Mixture (37/75). This is because, they can split (or) diversify their capital in different sectors, so that they can gain more profit. Next, followed by IT/Telecom/Communication (23/75). Because it was a booming sector, So all go for this. Then, it is Infrastructure (21/75) investors go for this sector, because everyone thinks it is a developing sector.

Figure 4.1.6


Classification of Respondents based on different Scrips held in Demat

Population 40 35 30 25 20 15 10 5 0
Pe tro leu m In du st ria l M ed ia /C om m Ph ar ma uc tu re Te xti le


In fra str

/T ele

To study the profile of Relationship account

Oi l&




Table 4.1.7 Classification of Respondents based on the Schemes

Gen/Schemes RS.1000 RS.4000 RS.5000 RS.10000 Total Percentage

Male 14 19 5 11 49 65.33333

Female 9 9 5 3 26 34.66667

Total 23 28 10 14 75 100

Percentage 30.666667 37.333333 13.333333 18.666667 100

Interpretation: Here, 28 of the investors have opened their DEMAT a/c under Rs.4000 scheme. Because the amount is repaid after deducting the monthly maintenance when they are closing their a/c. And other charges are also less. Then followed by the Rs.1000 scheme, where 23 have opened their a/c. Here mainly those who trade rarely open their a/c. And they can give cheque for extra amount so that they can maintain their 1000 balance. And at the time of closing they can get that the amount back. The only difference between this scheme and 4000 scheme is here, the charges are little higher. But while comparing to other DP’s it is less. Then it is Rs.10000 scheme, 14 have opened their a/c. Here, they are mainly Intraday players. And they are execution of all charges. Then, it is Rs.5000 Scheme (2 in one scheme), 10 have opened their a/c. Here they can do Intraday also. And the charges will be as 4000 scheme


Figure 4.1.7 Classification of Respondents based on the Schemes

20 18 16 14 12 10 8 6 4 2 0 RS.1000 RS.4000 RS.5000 RS.10000

Male Female


To study the Trading pattern through Demat Table 4.1.8 Classification of Respondents based on the usage of demat account

Male Daily User Weekly Fortnightly Any Other Total Percentage 11 22 12 4 49 65.33333

Female 3 10 11 2 26 34.66667

Total 14 32 23 6 75 100

Percentage 18.666667 42.666667 30.666667 8 100

Interpretation: Here, 32 of the investors use weekly. Because they are mainly the delivery players. Next, followed by the fortnightly users. Where they are 23 players in my study who use fortnightly. They are the working category people. Next, 14 of them are Daily users. They are mostly Intraday players. Then, only it is any other, where 6 are there. Hey are mainly the Long term players.


Figure 4.1.8 Classification of Respondents based on the usage of demat account

25 20 15 10 5 0 Male Female

Daily User



Any Other


Table 4.1.9 Classification of Respondents based on their Trading Account

Male With CUB With Others Total 44 5 49

Female 22 4 26

Total 66 9 75

Percentage 88 12 100





Interpretation: Here, most of the investors who use their Demat a/c in IEP, have their Trading a/c with CUB Share Broking, which is the Subsidiary of IEP. And this is also inside the IEP itself. Where they don’t want to go to trade with others. And they can reduce their job.


Figure 4.1.9 Classification of Respondents based on their Trading Account

Having Trading a/c
50 45 40 35 30 25 20 15 10 5 0 Male Female

With CUB With Others


Table 4.1.10 Classification of Respondents based on holding Scrips
Investors <25 25-50 50-75 75-100 >100 Total Percentage 49 18 3 1 4 75 100 Percentage 65.333333 24 4 1.3333333 5.3333333 100

Interpretation: Here, Most of the investors hold <25 Scrips (49) in their Demat a/c. Because they don’t want to take more risk by investing in more Scrips. And some are mainly the Intraday players who buy& sell on spot itself. So, they always hold very less only. And the others will be who do delivery and some may get shares from their company itself when the company issues.


Figure 4.1.10 Classification of Respondents based on holding Scrips


<25 25-50 50-75 75-100 >100


Table 4.1.11 Classification of Respondents based on their trading pattern

Male Intraday Delivery Long Short All The above Total 12 27 6 0 4 49

Female 5 19 2 0 0 26

Total 17 46 8 0 4 75

Percentage 22.666667 61.333333 10.666667 0 5.3333333 100

Interpretation: Here, most of them are delivery players. Totally 46 investors are delivery players. Here, think and do business. They buy whey the market is in negative and sell when the market is at the peak. Next, it is Intraday players 17. These players are retired and house wives. They take more risk. This is that, they buy at morning and sell at evening or afternoon. Even it goes in loss they sell it out.


Figure 4.1.11 Classification of Respondents based on their trading pattern

30 25 20 15 10 5 0 -5 0 1 2 3 Investors 4 5 6 Male Female


To know the Volume the investor’s trade: # If we see the Intraday player’s trade in 100’s. Because they buy and sell them in the evening itself. And these players will hold only less volume of shares in their Scrips & in Demat a/c. They may also trade with other broker’s and have Demat a/c. But there they can make only delivery. # In case of delivery they trade once in a while. So, they trade up to 500’ s-1000. # In case of Long it also like Delivery, where they after one year sell (i.e.) if they buy today they may sell after 12 months, and at that time they will sell at large volume. # In case of Short term, here no one are trading. Here the tax involved has been increased from 10% - 15%, at the time of budget. So most of them stopped trading in short term. It is <1 year. # In case of combination they are as per the investor’s wish.


In Case of Suggestions and Facilities: (1) Most of the investor’s are asking for one more thermal, so that they can sit and give order. (2) Most are feeling bad of power facility here. Since there is a power shut down and there is no good backup for them. And all ask for Generators so that they can trade even when power goes of. (3) Some say the service is good and some say still it has to de improved. (4) Some ask for good customer service.


The middle-aged group people come to invest in shares at Integrated. All those invest are the persons in Service Most of the investors are exposed to stock market through friends. Most of the investors choose to invest in both Blue Chip and Ordinary Shares. Most of the investors go for the Mixture of Scrips Investors selectedly go to Rs.4000 Scheme Investors Mainly go for Using Demat a/c Weekly. Investors are mainly belonging to CUB Share Broking. Investors go for safe trading mainly (i.e.) they go for Delivery.


The investors greater than 55-aged group must be focused mainly. Advertisement must be given more priority to attract the investors, which is less in case of Integrated. Investors must be given awareness of others Schemes, So that they can know the advantage of other schemes to invest. Most of the investors are feeling Uncomfortable while Opening Demat account with IEP, Because of more process involved and strict rules.


Sign up to vote on this title
UsefulNot useful