Chankaya Institute of Management Village Gharuan, Tehsil Kharar Dist. Mohali, Punjab Email: info@chanakyainstitute.




(With special reference of Ludhiana Stock Exchange)

Submitted in partial fulfillment of the Requirement for the degree of





I hereby declare that the Analytical study On

Submitted in partial fulfillment of the Requirement for the degree of

To Punjab Technical University, Jalandhar is my original work and not submitted for the award of any other diploma, degree. Place: Gharuan Date



This is to certify that the project report entitled “ONLINE TRADING OF LUDHIANA STOCK EXCHANGE” submitted by Mr. Hari Singh is a bona fide piece of work conducted under my direct supervision and guidance. No part of this work has been submitted for any other degree of any other university. It may be considered for evaluation in partial fulfillment of the degree of Masters in Business Administration. Hari singh Signature



If words are considered as a symbol of approval and token of appreciation then let the words play the heralding role expressing my gratitude The world of capital market war far from me but I got an opportunity to understand the capital market at LSE. While training I learnt many things about capital market and its structure. So I am very thankful to Ludhiana Stock Exchange association limited for giving me such opportunity. First of all I thank to that Gracie god who blessed me with all kinds of facilities that had been provided to me for completion of my report. I am also grateful to Miss Rizvi Garg for permitting me to learn and gave me project on Ludhiana stock exchange Ltd. I acknowledge my deepest sense of gratitude and sincere feeling of in debt ness divine all my faculty members and Mr. Shami Kohli (senior manager) under whose guidance and through their sustained efforts and encouraging attitude IU was able to complete my project. It would have been difficult to achieve the results in such a short span of time.



For management career, it is important to develop managerial skills. In order to achieve positive and concrete results, along with theoretical concepts, the exposure of real life situation existing in corporate world is very much needed. To fulfill this need, this practical training is required. I took training in LUDHIANA STOCK EXCHANGE located in Ludhiana. It was my fortune to get training in a very healthy atmosphere. I got ample opportunity to view the overall working of the stock exchange. This report is the result of my 45 days of summer training in LUDHIANA STOCK EXCHANGE, as a part of M.B.A. The subject of my report is- Online trading.


1. Introduction (A) Capital Market (B) Stock exchange


Stock Exchanges



Share Trading

4. Research Methodology

5. On Line Trading


6. Growth of On Line Trading in INDIA

7. Analysis and Interpretation 8. Finding

9. Conclusion 11. Suggestion 10. Limitations

12. Bibliography


11. Questionnaire

Introduction to the capital market

The capital market is the market for securities, where companies and the government can raise long term funds. The capital market includes the stock market and the bond market. Financial regulators ensure that investors are protected against fraud. The capital markets consist of the primary market, where new issues are distributed to investors, and the secondary market, where existing securities are traded.


Capital market thus plays a vital role in channelizing the savings of individuals for Investment in the economic development of the country. As a result the investors are not constrained by their individual abilities, but by the abilities of the companies, which in turn enhance the savings and investments in the country, liquidity of capital market is an important factor affecting growth. Since projects require long term finance, but on the other hand, the investor may not like to relinquish control over their savings for a long time. A liquid stock market ensures a quick exit without incurring heavy losses or costs. Thus development of efficient market system is necessary for creating conductive climate for investment and economic growth.

Capital market Segment – Primary And Secondary
Broadly , the comprises of two segments – the new issue market which is commonly known as primary market and the stock market which is known as secondary market. Primary


A primary offering, such as with a corporate bond, means you are buying it directly from the issuer, at par value, usually. A secondary market is where you sell or buy existing issues. I.E. If you bought a bond last year, now need to get your principal, you can sell it in the secondary market. You may not get par value. If rates are up since you bought the bond, then you will likely have to sell it at a discount to be able to get rid of it. If rates have fallen since you bought it, you could get a premium for it. Secondary The market where securities are traded after they azre initially offered in the primary market. Most trading is done in the secondary market. To explain further, it is trading in previously issued financial instruments. An organized market for used securities. Bombay Stock Exchange (BSE), National Stock Exchange NSE, bond markets, over-the-counter markets, residential mortgage loans, governmental guaranteed loans etc Secondary Market refers to a market where securities are traded after being initially offered to the public in the primary market and/or listed on the Stock Exchange. Majority of the trading is done in the secondary market. Secondary market comprises of equity markets and the debt markets. For the general investor, the secondary market provides an efficient platform for trading of his securities. For the management of the company, Secondary equity markets serve as a monitoring and control conduit—by facilitating value-enhancing control activities, enabling implementation of incentive-based management contracts, and aggregating information (via price discovery) that guides management decisions.



Stock Exchange is a market like any other centralized market where both buyers and sellers come and conduct their business of purchase and sale of shares & securities. In other words, it is a market place for shares and securities where trading takes place in a controlled and protected environment.

A stock exchange, share market or bourse is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts and other pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock

markets is driven by various factors which, as in all free markets, affect the price of stocks (see stock valuation).


There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-thecounter. This is the usual way that bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

The concept of share broking emerged after the establishment of the joint stock companies. The ownership of the companies was divided into small parts and that every part was called share. So, the term “Share” denominates some part in the ownership of the company. The shares are freely transferable subject to the some certain restrictions. When the need was felt to sell the shares by the owner of the shares, it was difficult to find out the buyers of the shares who want to buy the shares at the price the seller want to sell. At that time a need was felt to bring the buyers and sellers on a common platform. To solve this problem, a group of persons came into picture, which used to bring the buyers and sellers together for the trade of the shares. These persons are called the share Brokers who find the persons who wish to buy or sell their securities. The whole process of finding the buyers and sellers of the securities by the brokers is called the Share Broking. The origination of the Indian securities market may be traced back to 1975, when 22


enterprise brokers under a Banyan tree established the Bombay Stock Exchange (BSE). Over the last 130 years, the Indian securities market has evolved continuously to become one of the most dynamic, modern international standards both in terms of structure and in terms of operating efficiency.

SR. NO. TRADE 1 2 3 4 deliveries DAY T T+2 T+2 T+3 DESCRIPTION OF ACTIVITY Trading Day PAY IN BY 10.30 am. PAY – OUT BY 2 pm. Auction of shortage in Auction pay-in by

5 T+5 10.30 (1 am/ pay Out by 2 pm.)


Functions of Stock Exchange
Stock exchange is established into the main purpose of providing a market place for the members to deal in securities under well laid down regulations and to protect the interest of the investors. The main functions of stock exchange are; 1. It brings the companies and investors together so that the investors can put risk capital into companies and thus, companies can use the capital. 2. It provides an orderly regulated market for securities. 3. It provides continuous, ready and open market for selling and buying securities. 4. It promotes savings and investment in the economy by attracting funds from the investors. 5. It facilitates take overs by means of acquiring majority of shares traded on the stock market. 6. It acts as a clearing house of business information. 7. It motivates the managers of well reputed companies, to retain their shares in ‘A’ group, to improve performance.


8. It induces the managers to improve performance for converting non-specified shares into specified shares in the exchange. 9. It enables the investors to evaluate the net worth of their holdings. 10. It also allows the companies to float their shares in the market.

Institutional offering
Investment Banking
IL&FS Invest smart securities limited (IISL) offers you extensive range of Investment Banking Services for equity related products and instruments. Our team advises you on transactions like business structuring and capital raising opportunities based on your corporate needs and state of capital markets. Services we specialize in include Management of:
     

Initial Public Offering (IPOs) Follow-on Offerings Qualified Institutional Placements (QIPs) Buyback of Equities Open Offers Mergers & Acquisitions


 

Private Equity Placements ESOPs

Institutional Equity:Company’s efficient execution, quality research, top quality human resources and complete compliance with stock exchange regulations, as well as business standard ethics lend towards our exemplary services to investors, through IPOs, equities, derivatives and mutual funds. Company also focus on identifying undiscovered value stocks to investors. Through it’s array of services, this division is wellsuited to corporate investors, banks, financial institutions, insurance companies and FII’s .company’s Institutional Equity Business (IEB) is well positioned to offer support for a complete range of investment banking service to corporates.


IISL, work closely with institutional investors, private equity investors and corporates, have been hosting round table conferences with leading CIOs / Fund Managers etc. Also, conduct activities like organizing of road shows, enabling the senior management to interact with FIIs, regular conference calls for institutional Investors etc. This works as a pre-requisite to investing in stocks. Company’s expertise in this area also extends to international investors from Singapore, Hong Kong, USA and the UK.

Institutional Debt:Institutional debt broking division includes, secondary market broking, primary market debt placement & distribution and provident fund advisory services. Secondary debt broking is the principle service provided by this division. The clients mainly comprise of institutional debt players, such as banks, primary dealers, mutual funds, large provident funds and in some cases corporate treasuries. The division empanelled with almost all banks, primary dealers and mutual funds, on whose behalf it acts either on the buying or


selling side. All types of debt papers are covered, including government securities, treasury bills, public sector bonds, corporate bonds etc. This desk also provides transacting and advisory services to various provident funds and HNI clients. The primary market services cover placement of debt paper issued by corporates, with institutional segments covering banks, mutual funds etc. These services cover various activities :









instrument, quantum, timing, other instrument specific structuring such as put / call option, conversion option and rating. Assisting in the rating exercise and suggesting various means and options to improve rating if so desired, through “Structured Obligations” or other mechanisms.

   

Pre marketing the placement / issuance Selling / placing the issuance Assisting in any related documentation for the issuance Assisting in all other steps to complete the issuance for draw down funds


The debt instrument covered by this division cover both short term as well as longer term instruments. Commercial paper and MIBOR Linked Bonds are popular among the short-term instruments. The division uses a proprietary online platform called “DebtonNet” for online book building of debt issuances. IL&FS investsmart securities limited is facilitating the three type of trading product to its retail customer are

SmartStart is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates your banking, broking, and demat accounts. A comprehensive trading service, which allows you to invest in equities and derivatives. SmartStart trading platform allows you the flexibility of trading on any internet capable system, with access to both the NSE and BSE.



Trade on NSE & BSE


Simple order entry for Equity & Derivatives

       

Fully Customizable display User friendly Get Quote screen Integrated Accounts (Bank. Demat & Trading) Live order status Track your orders real-time Dynamic buying power Works behind a Proxy Back office access

Browser Type Internet Connection of 28.8/33.6 Kbps) System above Operating System Windows 98/2000 or Windows XP Pentium 3 and above. RAM 128 MB or Microsoft Internet explorer 6.0 or higher Dial-up connection (Modem at a minimum



Flexibility of trading on both the NSE & BSE via a single screen.

Fully Customizable display –
The save desktop option allows you to save your created trade screen layout, so the next time you access the application the created layout is not lost Integrated Accounts (Bank. Demat & Trading) – Integrates your banking, broking and demat accounts. This enables you to trade in shares without going through the hassles of tracking settlement cycles, writing cheques and Transfer Instructions, chasing your broker for cheques or Transfer Instructions etc. Live order status – Tracking all your orders is made easy through the order status screen. Further drill down into all details pertaining to an order is available in the order detail sub report Track your orders – Track your stock order and trades

Dynamic buying power –


Reflects your credits and debits instantly on every trade execution. No need to refresh each statement to know your latest buying limits Works behind a Proxy – This platform can be accessed on any Internet enabled network. You can access it even from your place of work Back Office access – View segment wise ledger bills and contract notes, trades, positions, account contract notes, trades, positions, account balance, realized/unrealized profit & loss, and buying power all in real time

Smartinvest is a browser-based system designed for customers who transact occasionally. It is ideal for investors who believe in the Buy and Hold approach towards investment in equities. SmartInvest's capability as a browser-based trading platform gives you the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE & BSE, you are in the driver's seat when routing your order to the best price on either of


the exchanges. Smartinvest sophisticated yet easy to use point and click order entry interface allows you to react more quickly to the markets and make better decisions.


         

Instant Loading Works behind a Proxy Live Streaming quotes Multiple Watch lists NSE& BSE Access Single order form for Cash and FnO Point and Click order entry Hot Key Functions Market Depth Window Back Office access


Browser Type (Java enabled) Internet Connection

Microsoft Internet Explorer 6.0 or higher

Broadband/Dial-Up connection (Modem at a

minimum of 28.8/33.6 Kbps) System Pentium 3 or 4 GHz or best available at market

RAM (Physical) 128 MB or better


Operating System

Windows 98/2000 or Windows XP

BENEFITS:Instant Loading The browser-based applet system allows you instant access to your account with no wait time, unlike other systems that take a few minutes to load. Works behind a Proxy This platform can be accessed on any Internet enabled network. You can access it even from your place of work Live Streaming quotes Keep an eye on the stocks you care about most with streaming, real-time quotes and customizable market data. Color-coded price changes help you to spot trends and react to them quickly Multiple Watch lists The new watch list option allows you to create upto 10 watch lists. Each watch list can be personalized by inserting securities which you would like view as a group NSE& BSE Access Flexibility of trading on both the NSE & BSE via a single screen Single order form for Cash and FnO Single order form offers you the convenience of transacting in


various segments of the market without having to switch between multiple windows

Point and Click order entry Makes order entry quick and simple with a click on the security the same gets inserted into the order form on your trade screen

Hot Key Functions Using a single keystroke (Hot Key) function you can achieve important tasks very similar to a broker's terminal. Accessing important reports is also one keystroke away

Market Depth Window It gives an immediate "at a glance" info about the stock you are following. The view provides the best 5 bid and offer quotes and the outstanding order quantities

Back Office access View segment wise ledger bills and contract notes, trades, positions, account balance, realized/unrealized profit & loss, and buying power all in real time



SmartTrade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term price movements. The platform offers active traders the tools they need to make critical decisions with confidence. SmartTrade is designed and built from the ground up to address the needs of active traders. SmartTrade makes the most of state-of the-art technology to deliver power, speed and reliability. Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy.


           

Fully Customizable display Dynamic Charts with Indicators EOD Charts Real-Time market data Advanced Alert capabilities Live order status Track your orders real time Real time position updates Dynamic buying power Derivative chain Lock terminal option Message window docking

higher (Java enabled) Microsoft Internet Explorer 6.0 or

Internet Connection


(Modem at a minimum of 28.8/33.6 Kbps)

market RAM 128 MB or better

P 3 or 4 GHz or best available at

Operating System

Windows 98/2000 or Windows XP



Fully Customizable display
The save desktop option allows you to save your created trade screen layout, so the next time you access the application the created layout is not lost.

Dynamic Charts with Indicators
Provides you a wealth of charting capabilities and timing indicators, which allow

you to go right into the action with real-time daily charts, and intra-day charts. Watch price movements by minutes, days, or weeks.

EOD Charts
SmartTrade puts up to 5 years of in-depth market history at your command with the power to instantly back-test any trading strategy you design, before risking one rupee of your trading capital.

Real-Time market data
Get real time market data from both the NSE and BSE similar to what your broker gets.

Advanced Alert capabilities
Alert Window allows you to be free from watching every tick.


Users can be notified once a security has reached the set parameters. Multiple securities can be monitored using the set parameters. These alerts can be triggered both visually and audibly.

Live order status
Tracking all your orders is made easy through the order status screen. Further drill down into all details pertaining to an order is available in the order detail sub report.

Track your orders real time
Track your stock order and trades in real-time.

Real time position updates
All your positions are updated automatically and instantly. No need to use the refresh button at all.

Dynamic buying power
Reflects your credits and debits instantly on every trade execution. No need to refresh each statement to know your latest buying limits.

Derivative chain
This feature provides you with a list of all derivative contracts


available for the selected security. To view derivative prices of a security just right click on the symbol and click on derivative chain.

Lock terminal option
If your system is unattended this function locks the trading platform for you and can be accessed again only on providing the proper login details.

Message window docking
This feature enables you to receive trading messages, intra-day trading calls, and messages from both the exchanges flashed real time onto your screen

These are the various product ranges for its retail customer

SMART POWER SMART ELITE Advance subscription value(Rs) Default delivery brokerage 0.50% 0.35%


1250 0 0.25%

25000 0.20%

50000 0.15%


intraday brokerage CM (1 leg) intraday brokerage CM (2 leg intraday brokerage F&O (1 leg) intraday brokerage F&O (2 leg) option brokerage(which is high)

0.05% 0.05% 0.05% 0.05% 2.5% or Rs.100

0.04% 0.04% 0.04% 0.04%

0.03% 0.03% 0.03% 0.03%

0.03% 0.03% 0.03% 0.03%

0.02% 0.02% 0.02% 0.02%

2.5% or 1% or Rs 90 Rs.60

.75% or .60% or Rs.40 Rs.30

IISL have tie up with 5 banks, which are. HSBC, HDFC, IDBI, CITI, AXIS bank , for online money transfer




The emergence of online exchanges has facilitated faster transactions by providing online trading portals and brokerage houses ease and flexibility. The Internet has indeed opened up new opportunities for conducting the business. The worldwide stock exchanges has made a major shift from the traditional method of trading and now conduct a bulk of its business online through its brokers and partners. In the developed countries majorly all the exchange transactions are conducted online. The trend took off slowly in India and the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) two of the largest exchanges in India have been conducting online trade successfully for some time.

The Indian exchanges and brokering houses have been very slow in moving their transactions online and the major reason has been the lot government regulations. The initial delay was due to laying down the specifications for creating Closed User Groups (CUGs). This issue was resolved between the Department of


Telecommunications (DoT) and the Finance Ministry around 1998 and after that soon came the online trading portals like IL&FS investsmart,,, etc. Connectivity related issue was perhaps the most important technological factor.RBI made regulation that it is mandatory for company to store at least 7 year financial and transactional data. In the non-stop, 24 hours a day, seven days a week world of investing, we are able to  Obtain investment news around the clock  Check quotes on exchanges all over the world – day or night  Easily compare one investment to another via numerous ratios, charts, graphs, and tables  Screen for the best investments to fit our individual goals and requirements  Trade stocks as easily and quickly as professional traders  Calculate retirement needs based on various scenarios  Regularly monitor portfolios and make necessary changes quickly and almost effortlessly

 Control the routing of individual trades for the best possible price and execution


Even many years after the launch of the first online brokerage firm, there remain a large contingent of individual investors who still pick up the phone and call their stock broker to buy and sell investments. However, every year a growing number of investors are placing their trades using online brokers.



To understand the appropriate organizational structure of the LUDHIANA STOCK EXCHANGE LTD and LUDHIANA STOCK EXCHANGE securities LIMITED.And Growth of Online Trading in India

2. To analyse the online trading and its process.


On Line Trading


Meaning of Online Trading
“Change is the law of nature”. There were times when man was a wanderer or a normal. He himself had to go place to place in search of food, water and now everything is available at your doorstep just at the click of the mouse. The growth of information technology has affected almost all sectors of life. Internet has enabled us to get every information at our doorstep. When Internet has affected all sectors he could “stock markets” the most important player of the economy, has remained far behind? Like all other sectors Internet has set its feet in the stock markets also. Internet trading commissions are clearly posted on the websites of the various services, and are typically a fixed rate charge, depending upon the type of security being traded and the size of trade. In theory, therefore, an Interest investor always knows what commission he is being charged on each trade. Internet investors can take as much time as they would like to take prior to placing a trade order. Similarly the online investor likely does not have to worry that his broker is making unauthorized trades. Since there is no individual broker making a commission, the only person who is authorized to trace in a the account is the actual investor. Furthermore, the internet investor can never become a victim of excessive trading (where for the broker) since the


investor maintains total control over the number of transactions which take place in the account.

All of these positive features of internet trading may lead the unwary investor to believe that Internet trading is a way to take control of their finances and save more money in the process. Unfortunately, this is not always the case. The advantages of Internet stock trading have also its weaknesses and these weaknesses present significant drawbacks for the average investor. First and foremost, the average investor is not an expert in the financial markets. There is a danger for allowing the autonomy of online trading to hull you into the belief that you are an expert investor. An online investor sitting at home at a personal computer also foregoes proper investment advice and financial planning, perhaps among the most valuable services provided by traditional brokers. There are, of course, additional risks relative to performing transactions over the Internet especially on a shared computer. Those people whom investors have provided their account number and password can freely trade that account while the


investor will have little, if any, resource against the brokerage firm for the breach of security.







Online trading started in India in February 2000 when a couple of brokers started offering an online trading platform for their customers.

The central computer located at the Exchange is connected to the workstations of the Brokers through satellite using Very Small Aperture Terminals (VSATs). Orders placed at the Brokers' workstations reach the central computer and are matched by the computer based on price and time priority.


Both the exchanges have switched over from the open outcry trading system to a fully automated computerized mode of trading known as BOLT (BSE On Line Trading) and NEAT (National Exchange Automated Trading) System. It facilitates more efficient processing, automatic order matching, faster execution of trades and transparency. The scrips traded on the BSE have been classified into 'A', 'B1', 'B2', 'C', 'F' and 'Z' groups. The 'A' group shares represent those, which are in the carry forward system (Badla). The 'F' group represents the debt market (fixed income securities) segment. The 'Z' group scrips are the blacklisted companies. The 'C' group covers the odd lot securities in 'A', 'B1' & 'B2' groups and Rights renunciati

An investor interesting in trading through Internet shall have to, firstly register himself with an Internet brokerage firm. Some formalities such as filling the account opening form of the ebroker, copies of identity proof, copy of residence proof are made to register himself with the e-trader. Secondly, the investor would be required to open a bank account with a scheduled bank and sufficient balance should be kept in the account. Thirdly he would

The client places order via the net by logging on to his Broker’s site.

be required to open account with a depository participant because only dematerialized shares can be traded on Internet.

The broker accepts and executes the order and places it with the exchange

The exchange accepts the order after checking the share limit for the day.

The broker makes the payment either directly via the client bank account or pays through its own account and recovers it later from the client.

The exchange receives money and completes the settlement.

So, generally following steps are followed while doing the trading through the Internet:

The client is intimated about the settlement either through the demat or via e-mail.

Those investors interested in doing the trading over Internet system, that is,NEAT - ISX (NSE), should approach the brokers and register with the Stock Broker.



After registration, the broker will provide to them a login name, password and a personal identification number (PIN).

Actual placement of an order, Using the place order window as under can then place an order: (a) First by entering the symbol and series of stock and other parameters such as quantity and price of the scrip on the place order window. (b) Second, fill in the symbol, series and the default quantity.

It is the process of review. Thus, the investor has to review the order placed by clicking the review option. He may also re-set to clear the values.

After the review has been satisfactory; the order has to be sent by clicking on the send option.


The investor will receive an "Order Confirmation" 'message along with the order number and the value of the order.
Step- 7:


In case the order is rejected by the Broker or the Stock Exchange for certain reasons such as invalid price limit, an appropriate message will appear at the bottom of the screen. At present, a time lag of about ten seconds is there in executing the trade.

It is regarding charging payment, for which there are different modes. Some brokers will take some advance payment from the, investors and will fix their trading limits. When the trade is executed, the broker will ask the investor for transfer of funds by the investor to his account.






Places an order on the net on the broker’s website through the distinctive I.D. code The settlement of the deal (buy/sell order) gets reflected in his Demat account.

Accepts the order, Checks the client’s Identity and places the order with the stock exchange

Accepts the order after checking the scrip limit of the broker for the day

Executes the order

Pays the Exchange

The client is intimated about the execution of the deal by e-mail. Pays the broker pending physical delivery.

though his owns account and receives it from the client account.

Receives the money and completes the settlement



In everyday language, when we talk of shares we normally refer to equity shares or ordinary shares of a company. The terms shares and stock essentially means the same things, the letter being a more common American usage. An equity share is evidence of ownership in a company. The physical evidence of this ownership of this document is called the Share Certificate. Now days, shares are usually kept in electronic, or dematerialized, form with a depository participant (Banks, brokers, financial institutions) of the National Securities Depository Limited (NSDL). However, if one wants one can still hold the share in the physical form which has your name endorsed on it, and is proved that you are a part owner of the company. Your ownership rights are proportionate to the number of share you own. Companies issue shares of a certain fixed denomination, called face value or par value of that share, which is clearly indicated on a share certificate in the physical form.

2. Investment: Investment essentially refers to what you do with your savings in order to preserve them and make them grow or yield an income. If you keep your savings in the form of cash, they are certainly going to


diminish in value because the purchasing power of money is constantly going down as a result of inflation. (The value of money is judged by the quantity of goods and services you can buy with it). Therefore, if you want to maintain or increase the value of your savings, you have to keep them in forms other than cash. This is what investment is all about, deployment of your saving with the intentions of preserving or increasing their value. This deployment can be done by using your savings to buy land, residential properties, commercial properties, gold, jewelry, works of art, fixed deposits in banks and companies, shares, bonds, infact, anything whose value is likely to either remain constant or appreciate with time. Investment also refer to using one's savings with the intention of earning an income.

3. Demate A/c:On doing an online business ever customer has to open and demate account in any bank whichever he likes. Demate account is the account in which the trading done by the customer is mentioned. If the customer sales or purchases any share the details of this sale and purchasing are in demate account. This account contents the name of the shares and also the number of shares held or sold and also the rate of the share with this demate account. It is also compulsory for every customer to open a saving account in the bank because the amount which is to be received when the customers sales the shares are transferred from the demate account to the saving account.


It is the responsibility of the customers that the share which he purchased or sales are properly transferred in demate account from the stock exchange whichever he deals. The amount of dividend whichever to be received on the shares when held for one or more year are also transferred in this demate account. It is compulsory for every customer to have a PAN no. For opening an demate account. If PAN no. Is not there is no chance for the customer to do any trading on line. There is no limit of amount to deal in this account.

4. Circuit Limit:While issuing the shares to the public the company has to fix a particular limit of the rate of the per share this limit is called as circuit limit. This circuit limit is generally fixed on the percentage basis. This circuit limit is applied to both the ends of the share. That is to the upper limit also and also to the lower limit actually circuit limit is of two types 1) Upper limit 2) Lower limit It is compulsory for every company to fix the circuit limit. This limit is


beneficial to both. The customer and also to the company generally every company fix below 10%of the rate of per share.

5. Upper Limit: While issuing the shares to the public the company has to fix the upper limit this limit is also calculated in percentage the limit is also beyond which the rate of the shares cannot exceed nor that the customer doing the trading can sell above the level. For ex. Customer wants to sell a share which is of Rs10 and its upper limit is fixed at 10% so in this case the person will have to sell it at Rs11 or the rate which ever he wants but the person cannot sell it beyond this Rs 11 because by addition of upper limit to the rate of share the maximum amount of the shares is Rs 11 only and not above.

6.Lower Limit: At the time of issuing share the company has to fix the lower limit also. This lower limit is calculated on the basis of the rate of the shares. This limit bears the same percentage, which is mentioned for the upper limit of the share. Like upper limit in this limit also the share minimum rate of the share is fixed the customer who wants to see; the holding shares has to first consider the


upper& lower limit of the share he cannot sell the share below the lower limit and

not above the upper limit like the upper limit Percentage generally in this limit also the percentage is below 10% of the face value of the shares the percentage is below 10% of the face value of the shares the percentage of the upper &lower limit is equal to every type of share For ex. Suppose the person wants to sell the shares and the rate of the share is Rs. 10/- and the lower limit percentage is 10% of the rate. So in this case the person cannot sell the share at below Rs. 9/-. He will have to sell at above Rs. 9/or up to the upper limit of the share.

7. Sensex:When the shares are issued to the public the stock exchange gives a particular group to the company. For ex. The Reliance Group is given the group “A” like this there are several companies which fall in “A” Group. The weightage mean is calculated according to its equity when all the companies of Group “A” has calculated this weightage mean they are added all together when this addition is done the result which comes down is known as “Sensex”.


The trading of shares of “A” group is totally depended on this sensex value. The price of the share rises this sensex value also rises and when the price of this share comes down the sensex value also comes down. With the sensex

8. Scripts:The company, which has more than one working area, it has to issue the share separately than that company is the company which has the script of its name. For Ex. The Reliance this company has its several working area Namely Reliance, Capital Reliance, Infocom Reliance Energy, Reliance Industry. So reliance company issues separate share for separate working area but the bold name which is given to the working area is “Reliance”. So in this case Reliance has its own scripts. Other example Ambuja, Birla, Etc.

9. Groups:-

When the shares are issued by the company they

are given the particular group by the Stock exchange according to its demand in the market. There are mainly 7 groups .


The first step is to open a demat account with your selected Depository Participants (DP). All transactions on both the BSE and NSE are done in demate securities. When you buy shares, you are required to pay money to your broker or sub-broker immediately upon getting the contract note/confirmation memo for the purchase of shares. The broker issue as contract note, whereas sub-broker issues a confirmation memo. Similarly, when you sale shares you are required to give delivery of your shares by transferring them to the demate account of your broker/sub-broker immediately upon getting the contract note or confirmation memo. When you buy the shares then the share you have purchased will come first to demate account of your broker/sub-broker. Once this happens, you can instruct your broker/sub-broker to transfer those shares to your demate account for receiving shares in your demate account you will have to give your broker or sub-broker the details regarding your demate account.


When you sale shares you are required to give delivery of share from your demate account by instructing your DP to transfer the number of shares that you have sold from your account to the demate account of your broker. In this regard, you will be required to include the details of the demate account of your broker in the instruction slip that you give to your DP. Your broker or sub-broker will help you to fill in the delivery instructions. These instructions are of a technical nature and the delivery instruction forms and procedures differ from DP to DP.

Nevertheless, with all the convenience of online trading there are still investors who prefer the old fashion way of offline trading. Offline trading has lost some popularity but it is still the main form of investing. Offline trading offers many benefits as well. 1. The one benefit that an investor appreciates the most is that they are not alone when making investment decisions. 2. There are experienced and professional brokerage companies that handle their investments for them. 3. Investors are not faced with the challenge of making these vital investment decisions; especially, if they do not have the experience necessary to make the appropriate investments.


4. Also, there is someone there to answer any questions that may cause concerns. sNot to mention, with offline trading mistakes are less likely to take place. No one wants to throw their money away or stand by and watch someone else throw their money away. It may be wise to hire a professional to assist you in making the correct investment decisions if you feel you lack the knowledge necessary.

sPoints of difference between online trading and off line trading are as follows:
1. Online trading is very expensive as compare to manual trading or offline trading. 2. Online trading consumes less time as compare to manual trading. 3. Online trading has very helpful to finding the records easily but offline trading takes more time to finding the records. 4. In the help of online trading, there is no chance of any errors while doing the trading. in offline trading there are some errors exist like barriers of communication . 5. With the help of online trading, we know the international market rate of share very easily.


Dematerialization is the process wherein shares certificates or other securities held in physical form are converted into electronic form and credited to demat account of an investor opened with a depository participant. SEBI has made compulsory trading of shares of all the companies listed in stock exchanges in demat form with effect from 2nd January 2002.The procedure of opening a demat account with DP is similar to opening an account with a bank.s

A. Procedure for purchasing dematerialized

ssecurities :The procedure for purchasing dematerialized securities is also similar to the procedure for buying physical securities. 1. Investor instructs DP to receive credits into his account in the prescribed form. There may be one time standing instruction or separate instruction each time to receive credits.


2. Investor








exchanges linked to depository through a broker. 3. Broker receives payment from investor and arranges payment to clearing corporation. 4. Broker receives credit to securities in clearing account on the payout day.

Broker gives instructions to DP to debit clearing account and credit client’s account. Investor receives shares into his account by way of book entry.

B. Procedure of selling dematerialized securities
The procedure for selling dematerialized securities in stock exchanges is similar as selling physical securities. The only major difference is that instead of delivering physical securities to the broker, the investor instructs his DP to debit his demat account with the number of securities sold by him and credit the brokers clearing account. The procedure for selling dematerialized securities is given below:


1. Investor sells securities in any of the stock exchange linked to depository through a broker. 2. Investor instructs his DP to debit his demat account with the number of securities sold and credit the broker’s clearing account. 3. Before the pay-in-day, broker of the investor transfers the securities to clearing corporation. 4. The broker receives payment from the stock exchange. 5. The investor receives payment from the broker for sale of securities in the same manner as received in case of sale of physical securities.

Rematerialization is the process of conversion of electronic holdings of securities into physical certificate form. For rematerilisation of scrip’s, the investor has to fill up a remat request form (RRF) and submit it to the DP. The DP forwards the


request to depository after verifying the investor’s balances. Depository in turn initiates the registrars and transfer agent or the issuer company. RTA/ Company prints the certificates and dispatches the same to the investor. s

Market timings:
Normal Market / Exercise Market Open time : 09:55 hours Normal market close : 15:30 hours Set up cut of time for Position limit/Collateral value : 16:15 hours : till 15:30 hrs Trade modification end time / Exercise Market


Internet Based Trading through Order Routing Systems
Internet based trading on conventional exchanges, uses the Internet as a medium for communicating client orders to the exchange, through broker web sites. Broker’s web sites may serve a variety of functions. These may include; • • • Allowing the clients to directly trade through investors; Advertise the broker dealers’ services to potential investors; Offer market information and investment tools similar to those offered by information vendor or SRO web sites; • Offer real-time or delayed quote information, continuously update quotes while the user visits other sites, or allow investors to create a personal stock ticker; • Provide market summaries and commentaries, analyst reports and trading strategies and market data on currencies, mutual funds, options, market indices and news; and • • Offer investors access to portfolio management tools and analytic programs; Information on commission and fees; and


Account information and research reports.

In an Order Routing system, a broker offering Internet trading facility provides an electronic template for the customer to enter the name of the security, whatever it is to be bought or sold, the quantity and whatever the order is a market or limit order. Once the broker’s system receives this information.

Use of Internet as Alternative Trading Systems (Provision for price discovery and matching outside conventional exchanges)
In foreign jurisdiction, Alternative trading systems have been developing outside conventional securities markets, which provide investors with additional proprietary electronic trading facilities for securities that are traded principally on securities exchanges, or other organized markets. They have price discovery functions, matching systems and crossing systems. The systems that are currently in use in outside jurisdictions are closed systems and are not accessible to the general public through the Internet. The securities markets regulators abroad the maintained flexible and open policies designed to encourage innovation in the secondary securities markets. As a result, a number of market participants, usually broker-dealers, have


developed computerized “alternative trading systems” by which the system centralize, display, match, cross or otherwise execute trading interest.

Use of Internet for making Initial Public Offerings
Issues of securities of using the Internet to communicate directly with their shareholders, potential investors and analysts by disseminating corporate information. In foreign jurisdiction, they are also using the Internet to communicate to the public for the following: • • • Public offerings; Private offerings; and Disclosure and communication

Issuers are using the Internet to market themselves to potential investors. The Internet is also being used for fulfilling necessary disclosure requirements, for disseminating the prospects in electronics form and even for receiving share applications in public issues electronically. In India, SEBI has taken initiative in


permitting use of the network of stock exchange for collection of investor applications in public offerings by the issuer companies

Investment Advisory Services
Brokers as well as other service provides such as investment firms, research outfits etc. are using the Internet for marketing and advertising purposes, for presenting information on portfolio analysis and market information, and for communicating with and receiving orders from potential investors. The services offered by the service providers to the investors are generally the following: • • • • • • Advertising Providing advice; Underwriting Communicating with the investors; Customer orders; and Record keeping investment information and investment


Working Groups set up by the Committee
Considering the present state of capital markets in India and keeping in view the ongoing developments in Internet based securities business, it was felt that SEBI as a regulator could strive to identify areas where use of Internet in the capital market is possible within the existing legal framework. One such area identified by the Committee, which is also the central within the existing legal framework. One such area identified by the Committee, which is also the central

theme of this report, is the area of Internet trading on existing electronic exchange. In this area, through early introduction of Cyber Laws would be highly describe but their existence is not a necessary precondition. To look into the existing regulatory scenario and to bring out some ground rules for use of the medium of Internet, the Committee therefore constituted the following two working groups to look into the area of: i. Security protocols and standardization of interfaces for Interest based securities trading, chaired by Prof. Deepak B. Phatak, IIT, Pawai, Mumbai



Surveillance and monitoring related issues arising due to Interest based securities trading, chaired by Shri. L.K. Singhvi, Sr. ED, SEBI The committee also requested Ms D N Raval, Executive Director, SEBI to examine the legality of introduction of Internet trading and issue of Alternative trading systems. This report of the standing committee examines the regulatory and security requirements Internet Based Trading on Conventional Exchanges. Separate reports (s) will cover the other areas related to Internet applications in the securities markets.

The report of the first working group on security protocols and standardization of interfaces has since been submitted and incorporated in the report. The committee would like to place on record its sincere thanks to Dr. D.B. Phatak, Ms. D.N. Raval and their team members. The global financial market is undergoing a transformation due to rapid technological developments. It thus becomes

imperative that for developing in effective regulatory framework developments in other parts of the world should be studies and analyzed.


With nearly who million on-line investors, Internet trading in the United States is growing by leaps and bounds. Internet trading is being facilitated by large brokerage houses, thus changing the total concept of securities trading. A team comprising of members from stock exchanges and SEBI visited the United states to these development and had interactions with brokerages houses, agencies involved in Internet service providers and other facilitating Internet trading. The team also discussed the developments in the emerging regulatory and supervisory framework in United States with the Securities and Exchange Commission officials. They were also tripped of the various initiatives taken by SEC in this regard. These inputs have been utilized while drafting this report.

Recommendations of the Committee
Application for Permission by Brokers SEBI registered Stock Brokers interested in providing Internet based trading services will be required to apply to the respective stock exchange for a formal permission. The stock exchange should grant approval or reject the application as the case may be, and communicate its decisions to the number within 30


calendar days of the date of completed application submitted to the exchange. The stock

Exchange, before giving permission to brokers to start Internet based services shall ensure the fulfillment of the following minimum conditions. Net worth Requirement The broker must have a minimum net worth of Rs. 50 lacs if the broker is providing the Internet based facility on his own. However, if some brokers collectively approach a service provider for providing the interest trading facility, net worth, criteria as stipulated by the stock exchange will apply. The net worth will be computed as per the SEBI circular no FITTC/DC/CIR-1/98 dated June 16, 1998.s Operational and System Requirements: Operational Integrity: The stock Exchange must ensure that the system used by the broker has provision for security, reliability and confidentiality of data through use of encryption technology. This stock exchange must also ensure that records encryption technology. The stock Exchange must also ensure the records maintained in electronic from by the broker are not susceptible to manipulation.


System Capacity The stock Exchange must ensure that the brokers maintain adequate backup systems and data storage capacity. The stock Exchange must also ensure that the

workers have adequate system capacity for handling data transfer, and arranged for alternative means of communications in case of Internet link failure. Qualified Personnel: The stock Exchange must lay down the minimum qualification fro personnel to ensure that the broker has suitably qualified and adequate personnel to handle communication including instructions as well as other back office work which is likely to increase because of higher volumes. Written Procedures: Stock Exchange must develop uniform written procedures to handle contingency tuations and for review of incoming and outgoing electronic correspondence. Signature Verification/ Authentication:


It is desirable that participants use authentication technologies. For this purpose is should be mandatory for participants to use certification agencies as and when notified by Government/SEBI. They should also clearly specify when manual signatures would be required. Client Broker Relationship Know Your Client: The stock Exchange must ensure that brokers have sufficient, verifiable information about clients, which would facilitate risk evaluation of clients.

Broker- Client Agreement: Brokers must enter into an agreement with clients spelling out all obligations and rights. This agreement should also inter alia, the minimum service standards to be maintained by the broker for such service specified by SEBI/Exchange for the internet based trading from time to time. Exchange will prepare a model agreement for this purpose. The broker agreement with clients should not have Investor Information: The broker web site providing the internet based trading facility should contain information meant for investor protection such as









arbitration rules, investor protection rules etc. The broker web site providing the Internet based trading facility should also provide and display prominently, hyper link to the web site/page on the web site of the relevant stock exchange (s) displaying rules/ regulations/ circulars. Ticker/quote/order book displayed on the web-site of the broker should display the time stamp as well as source of such information against the given information. Order/Trade Confirmation: Order/Trade confirmation should also be sent to the investor through email at client’s discretion at the time specified by the client in addition to the other made of display of such confirmation of real time basis on the broker web site. The investor should be allowed to specify the time interval on the web site itself

within which he would like to receive this information through email. Facility for reconfirmation of orders which are larger than that specified by the member's risk management system should be provided on the internet based system. Handling Complaints by Investors: Exchanges should monitor complaints from investors regarding service provided by brokers to ensure a minimum level of service.


Exchange should have separate cell specifically to handle Internet trading related complaints. It is desirable that exchanges should also have facility for on-line registration of complaints on their web site. Risk Management: Exchanges must ensure that brokers have a system-based control on the trading limits of clients, and exposures taken by clients. Brokers must set predefined limits on the exposure and turnover of each client. The broker systems should be capable of assessing the risk of the client as soon as the order comes in. The client should be informed of acceptance/rejection of the order within a reasonable period. In case system based control rejects an order because of client having exceeded limits etc., the broker system may have a review and release facility to allow the order to pass through. Contract Notes: Contract notes must be issued to clients as per existing regulations, within 24 hours of the trade execution.

Cross Trades: As a matter of abundant precaution, the committee seeks to reiterate that as III the case of existing system, brokers using Internet based systems for routing client orders will also not be


allowed to cross trades of their clients with each other. All orders must be offered to the market for matching. It is emphasized that in addition to the requirements mentioned above, all existing obligations of the broker as per current regulation will continue without changes. Exchanges may also like to specify more stringent standards as they may deem fit for allowing Internet based trading facilities to their brokers. Enforcement: A separate working group has been set to look into the surveillance and enforcement related issues arising due to Internet based securities trading. However, general anti-fraud provisions (SEBI Fraudulent and Unfair Trade Practices Regulations, 1995) would apply to all transactions involving securities or financial services, regardless of the medium.



The Online Trading is having many features which make it most suitable for the investors to go for. Some of these features are as follows:

The Internet can provide a new sense of control over your financial future. The amount of investment information available online is truly astounding. It's one of the best aspects of being a wired investor. For the first time in history, any individual with an Internet connection can: • Know the price of any stock at any time • Review the price history of any stock in chart format • Follow market events in-depth • Receive a wealth of free commentary and analysis about stock markets and the global economy • Conduct extensive financial research on any company


One of the great appeals of using an online trading account is the fact that the account belongs to you, and is under your direct control. When you want to buy or sell stock, you no longer need to call your broker on the phone; hope that he is in the office to place your order; possibly argue with the broker about the order; and hope that the transaction is executed instantly.

At the most basic level, an online trading account gives you more agility in buying and selling stocks. This is through sophisticated information streams, dedicated trading platforms and sophisticated tools for accessing the markets.

Every broker house aims at providing the investor with the best price available. Also due to the high level of transparency with regard to display of information relating to the specific stocks and company profiles, you will be able to get the best quote for your orders.


Online trading offers you greater transparency by providing you with an audit trail. This involves a complete integrated electronic chain starting from order placement, to clearing and settlement and finally ending with a credit into your depository account. All these stages are subject to inspection, thus bringing in transparency into the system.

Online trading integrates your bank account, your trading account and your demat accounts, which leads to easy and paperless trading for you.

You as an Investment online customer will be able to execute the entire trading transaction, right from logging on to our site, to the execution and settlement of your bank account, in a very short period of time.

Trading on the net, gives even the smallest retail investor access to information that earlier was available only to the big traders. This provides a level playing field for all investors in the securities market.


This method of trading reduces the settlement risk for the investor, as in this case all short sell orders are squared off at the specified cut-off time and not allowed to be carried forward. In the case of a demat account your demat account is checked by us before executing your sell transaction. This reduces the settlement risk for the buyer, who is assured of the delivery of the securities and for you as a seller of the securities

Every trade is confirmed immediately and you will receive an on-screen confirmation following every trade with full details for your records. This avoids costly errors that would have been discovered when it is too late.

Your Bank, Depository and online account are integrated for your convenience. Various broking houses provide access to many of the popular banks.




Less Costly:

The most significant advantage of the Online broking is the cost reduction in the brokerage. Due to the power of the Internet one has the privilege of becoming the clients of really large brokerages with the benefits of enjoying the low charges hithelio before enjoyed only by the big players. As the DP account has got linked to the trading account most players do not charge a minimum transaction cost thus truly allowing one to buy a single share and achieve meaningful rupee price averaging whatever be your buying power.

2) Peace of Mind:
One can never have complete peace of mind but online investing does away with the hassles of filling up instruction slips, visits to the broker for handing over these slips and consequent costs.

3) Keeping Records:


The site one trades on keeps a record of all transactions down to unexecuted orders and cancelled orders thus keeping one abreast of all your transactions 24 hours a day. No paperwork means more time at one’s disposal for research and analysis.

4) Access to Information and investment Tools:
Most online investing sites have a wealth of information for their registered members. This includes research reports, results, analysis and even gossip and the buzz in the market.

5.) Unparalleled Liquidity:
The. bank account linked with the trading account invariably has an A TM free. Most partner banks offer Internet banking as well. This results in one’s money becoming available to him whenever he like from his trading account. Conversely in case he spot an opportunity in the market he can immediately allocate money from his savings account to his trading account and make profits.

6.) Unparalleled Safety:
Most sites are secure using 128-bit algorithms -highest available commercially anywhere in the world. Moreover even if somebody


broke in and tampered with one’s account the money from the stocks he sold or the stock bought from the money in his account is in his account only.

7.) Reduces the settlement risk:
This method of trading reduces the settlement risk for the investor, as in this case no Short sale is possible i.e. the seller will not be able to sell the securities unless he has their 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.

8.) Offers greater transparency:
Online trading gives greater transparency to the investors by providing them an audit trail. This involves a complete integrated electronic chain starting from order placement, to clearing and settlement and finally ending with a credit to the depository account of the investor. All these stages are


subject to inspection, thus bringing in transparency into the system.

9.) Ease of trade:
It is the ease of doing the trade through net, with a click of mouse, one can buy or sell any share that is dematerialized. Other than the above-mentioned advantages, Internet trading provides some additional advantages to the investors, brokers and also helps the nation to channelize the resources. Net trading would increase competition in the market hence increase in the bargaining power of the investors. The entire communication between the investor, broker and exchange would take place within milliseconds.


There is a flip side to everything and online trading is no exception.



4% 14% 21% More Costly Lack Of Know ledge 11% Loyalty to Traditional Broker Lack of Trust Slow Speed 23% Other


Source:- 27% Loyality is of traditional broker 23% people says that online trading is more costly than manual trading. 21% people not prefer online trading because of lack of knowledge. So, the main problems of online trading are as follows:


1.) "Server not found": This may appear on one’s screens when he is desperately trying to get out of an unprofitable position. Some of the online sites are providing a telephone number for use in case their sites are overloaded or their server down. 2.) Connectivity of the Broker with NSE: Recently ICICI Direct had a connectivity problem with the NSE for two and halfhours during trading hours. This problem is rare but be alive to its possibility. 3.) Cyber attack: In the event of a malicious attack on the systems of one’s broker he is protected only if the company is taking proper precautions against such attacks and if proper backup is regularly been taken. He may like to choose a brokerage that has a stated security policy and contingency plan in place. 4.) Non-availability of a seamless interface: As a client one will access the NSE through a server of the online brokerage and this may involve queuing delays. If a number of client access the server the server takes its own time sending the orders to the NSE server. He must check out the seamlessness of


this interface before selecting an online brokerage. The faster the orders are processed the more seamless is the interface.

5.) Non- availability of personalized advice: If one like to ask his broker "Aaj kya achcha lag raha hai" he may not be able to do so. If he want advice on a particular stock in his portfolio he may not even be able to get that. 6.) Margin: If Internet trading alone is not fast and furious enough; many people are trading on margin. That is where the brokerage firm lends you money by leveraging his account, allowing him to buy a large amount of securities by putting up only a small amount of money. He may have forgotten what he read in the small print of his agreement, but the brokerage firm has the right to change the maintenance margin requirements without any warning or notice to him. In fact, the firm has the right to liquidate his securities holdings (and it can pick and choose which ones) without any notice to one if he fail to meet the margin call. And there he was leveraged to the hilt, hoping to hit a home run when he


discovered that he is required to make a large deposit that he cannot make. The next thing one know, the firm is selling off his securities at a point in time that is not the best for him. These are the perils of trading on margin.

7.) Little use of advisory services: The advisory services being promised by the brokers would be of little use to investors looking for an insight into the market. Many would not like to rely on research reports, which are there for all. So, net investors will have to do their own research and take their own decision, whether wild or wise. 8.) Increased charges: Some of the brokers are of the view that they would have to provide advisory services to the customers. But with increased volumes, they will have to follow the international practice of charging a little more than the normal charges from a customer looking for personal advice.



Several broking houses now offer online trading facilities. You can trade online with e-brokerages such as ICICI Direct, Kotakstreet, India bulls, India info line’s and HDFC securities. If you are already comfortable trading with your regular broker, here are few reasons why you may consider switching to trading online, or at least another avenue of trading. an obvious advantage of online trading is that your transaction would be virtually paperless. Your trading account would be linked to your demat and bank account, ensuring a smooth transaction process. This is especially

helpful in the extent T+2 settlement system, where you have just two days to settle your transaction. The normal process of issuing of delivery note, in case of a sale, or arranging for a payment in case of purchaser of shares, is all taken care of the minute your order is executed online. The absence of manual intervention ensures that you are completely in control of all transaction. There is also little room for error, as your order is always confirmed before it is executed. You can also make better decision as you have a clear record of all your previous transaction. When you trade offline, a demat statement is normally sent to you only on a quarterly basis .keeping track of your portfolio can be a hassle in such a case. The inter net can


provide a new sense of control over your financial future. The amount of investment information available online is truly astounding. Its one of the best aspect of being a wired investor for the first time in history, any individual with an internet connection can: • Know the price of any stock at any time • Review the price history of any stock in chart format • Follow market events in-depth • Receive a wealth of free commentary and analysis about stock markets and globe economy. • Conduct extensive financial research on any company • Talk with other investors around the world

At investsmart you can get real-time stock quotes, daily roundups of the stock market, experts commentary, and a deep community of fellow investors. Convenience is probably the greatest advantage online trading offers investors. if don’t have time to trade during market hours ,perhaps you are at work, you can log on the web-trading site and place your order offline, during off market hours. Your order would join the queue and be expected the next day. You would need to enjoy a good relationship with your broker, for you to be able to reach him in the late hours. For non-resident Indians


(NRI), trading online is perhaps their easiest option to invest in the Indian stock markets. What is more, the time difference, in some cases, can work to their advantage .Antony, an NRI-based in New York, places his order in the evening after work, when it is day time India and the markets are open. We also have access to considerable information online. By just logging on to ICICI direct online, for instance, we can get the latest news, market information and company research. Moreover, if our connection is maddeningly slow and we want to get your order executed immediately, most e-brokerages also provide a facility to trade offline by placing our order via the phone

Rolling Settlement Cycle :
In a rolling settlement, each trading day is considered as a trading period and trades executed during the day are settled based on the net obligations for the day. At NSE and BSE, trades in rolling settlement are settled on a T+2 basis i.e. on the 2nd working day. For arriving at the settlement day all intervening holidays, which


include bank holidays, NSE/BSE holidays, Saturdays and Sundays are excluded. Typically trades taking place on Monday are settled on Wednesday, Tuesday's trades settled on Thursday and so on.

Concept Of Buying Limit
Suppose you have sold some shares on NSE and are trying to figure out that if you can use the money to buy shares on NSE in a different settlement cycle or say on BSE. To simplify things for ICICI Direct customers, we have introduced the concept of Buying Limit (BL). Buying Limit simply tells the customer what is his limit for a given settlement for the desired exchange. Assume that you have enrolled for a ICICI Direct account, which requires 100% of the money required to fund the purchase, be available. Suppose you have Rs 1,00,000 in your Bank A/C and you set aside Rs 50,000 for which you would like to make some purchase. Your Buying Limit is Rs 50,000. Assume that you sell shares worth Rs 1,00,000 on the NSE on Monday. The BL therefore for the NSE at that point of time goes upto Rs 1,50,000. This means you can buy shares upto Rs 1,50,000 on NSE or

BSE. If you buy shares worth Rs 75,000 on Tuesday on NSE your BL will naturally reduce to Rs75,000. Hence your BL is simply the amount set aside by you from your bank account and the amount realized from the sale of any shares you have made less any purchases you have made. Your BL of Rs 50,000, which is the amount set aside by you from your Bank account for purchase is available for BSE and NSE. As you have made the sale of shares on NSE for Rs.100000, the


BL for NSE & BSE rises to 1,50,000. The amount from sale of shares in NSE will also be available for purchase on BSE. ICICI Direct

Future Agenda:
Under the existing legal and regulatory framework, SEBI

registered brokers can offer trading on Internet through order is routing systems. However, with the rapid development of the technology, we have to evolve fisher steps in this direction it is therefore proposed that as the next step link between the depositories and banks shall be established after the necessary regulations have been passed. This would reduce the clearing and settlement time and would also minimize the risk of all the participants involved in the transactions. We have to look forward towards achieving an ideal scenario where all the services related to securities markets including marketing of initial public offers on internet, providing investment advisory services to the clients, broking, clearing .



According to an article by Krishnamurthy B in 2005 after inception of online trading in India in the year 2000 online trading is gained momentum with trading volumes growing by 150 per cent per annum in the years 2003-2005 and it was more than approx. 200% in the year 2008 The volume of all trades executed through the Internet on the National Stock Exchange had grown from less than Rs 100 crore (Rs 1 billion) in June 2003 to over Rs 700 crore (Rs 7 billion) in July 2005 which was a handsome growth in the year 2005in the starting of 2008 the growth of online share was good but at the mid of the year when subprime crisis affected India including all over the world, market of online trading got shrunk by more than 50% Now the growth of online trading is on its right track ,Indian stock market has been announced the one of the Safe and stable market of the world, so here in India the online trading is growing like anything in comparison to the whole world At the end of July 2008, there were more than 168 registered brokers on the NSE and the number of Internet trading subscribers to about 2.024 million. In the year 2007 India has 8 crore (80 million) internet user, the % of internet user is growing in each year


At the same time the number of subscribers trading through the portal of Kotak Securities had gone up significantly by 150 per cent and the number of online trading customers had grown from 30,000 to 75,000. And the company expected to have at least 130,000 customers by the end of that fiscal. In the recent past years of 2005 ICICIDirect and Indiabulls recorded an annual volume growth of 100 per cent and Indiabulls had about 30 per cent of India's online trading volumes. Today the total volume of online trade in India is about 2931% of total trades. According to brokers the better broadband connectivity across the country and wider awareness of equity as an asset class will raise the online trade volumes to over 50% of total trade.In India the demography is such that 75% of the population is under the age of 36 and more than 50% of the 75% is under age of 25 and this is another supporting factor The Chief Executive of Reliance Money Ltd says that online investing is still at a nascent stage in India and expects that Internet-based trading will eventually take about half of the total stock market trading as like with developed markets such as the US. Philippines has the highest online trade with about 55-60% execution of trade is online. The reason is because they had wider Internet connectivity years before India. The biggest challenge in


India remains better Internet connectivity. The earlier Web-based technology used for Internet trading

has been replaced by specialized software which gives real-time global data streaming rates to trader helping investors to analyze the market trends and helps in faster execution of trades. Earlier the investors made trade calls over the phone which sometimes led to the delays. Online share trading in India was at a boom in the end of 2006 with daily-traded volumes more than tripling from Rs 1,500 crore to Rs 5,000 crore in the last one year and terminals was set up in small towns such as Rajkot, Hubli and Vijayawada .In that

year the share of online trading rose dramatically from 7% last year to 20% as a percentage of overall traded volumes. Due to this factor the top five US brokerage firms decided to make a foray into India in the next year driven by strategic interest. Also at that time non-metros accounted for half of the daily turnover of online trading. Graph is showing the declining in the turnover of online trading in Indian stock exchange during slowdown in economy due to subprime mortgage crisis.


A crash of the market in the early February 2008 the investors remained away from online trading the turnover of the NSE from internet-based trading dipped to a daily average of Rs 1,648 crore between February 1 and February 8 as compared with Rs 3,450 crore in January 2008 Rs 3,587 crore in December 2007 and Rs 4,417 crore in November 2007 in the exchange’s cash market segment. In the mid February 2008 it accounted for just 12% of NSE’s total cash turnover as compared with a high of 24% in November last year.


"Issues that need to be addressed are education on cyber crime and the security solutions around it," says Vinesh Menon, Deputy CEO & Head for Online Investment & Branch Channel, Bajaj Capital

"It's a matter of time when we will see exponential growth in the online trading segment, not just through the computer but also through our mobile phones," adds Menon. With over 20 million investors, India boasts of the third highest investor base in the world, unthinkable till a few years ago. The most online stock broking companies started from 2000 onwards because of development of global Internet economy and for years 2000 to 2003 the stock market was under a bear hug. The intense competition among a new wave of online brokerage companies hammered down brokerage rates from 1% (in 2000) to 0.25 %, or even lower to 5 paisa The number of investors opting for online trading has gone up manifold, according to the recently published 'India’s Leading Equity Broking Houses, 2008' by Dun & Bradstreet (D&B). The publication says that less than 10% of the 191 broking firms


surveyed reported huge growth in opening of e-broking accounts and some firms saw a surge in value of up to 400% in e-broking during 2007


According to the report, numbers of e-broking accounts registered in 2007 have grown exponentionally. Indiabulls Securities Ltd added 4,51,611 accounts while a relatively new firm in the industry, Reliance Money added 2,15,678 accounts during the same time period. Motilal Oswal Securities Ltd managed to add 19,065 accounts while Unicon Financial Intermediates Pvt Ltd could increase their e-broking accounts by 13,787 According to market watchers, the rise in the value of on line transactions is also because of sustained bull run witnessed in 2007, when the 30-share Sensex of the Bombay Stock Exchange (BSE) gained from 13,842 points to 20,207 points, a gain of 6,365 points (up 47%).


E-broking is contributing a sizeable portion to the trading volumes and also to the revenue generated for leading stock broking firms. Some examples of the percentage contribution to trading volumes contributed by e-broking are 91% in case of Reliance Money, 62% for India Bulls, 20% each for ASL Capital and Shreyas Stock, 19% Angel Broking, and 15% Farsight Capital. In respect of revenues generated from e-broking, India Bulls (63%), Reliance Money (54%), Unicon Financial (30%) and Shreyas Stock (20%) reported higher shares in 2007. Ashika reported 98% growth in e-broking business in the first 10 months of 2007. Another significant trend is the growth in international business of broking firms. Firms that reported presence of offices outside India include Reliance

Money, Motilal Oswal, Karvy Stock Broking, JRG securities, Vogue and Bonanza Portfolio. HDFC Securities have 500,000 online customers’ deals in daily online trades worth Rs 250-300 crore is also in the black. The revenues it had in 2007-08 is Rs 100 crore. HDFC Securities had


revenues of Rs 67 crore and a net profit of Rs 7.21 crore in 200607. ICICIdirect has 1.5 million online broking accounts and parent ICICI Securities reported revenues of Rs 750 crore for March 2008. The new player Reliance Money has 2 million online accounts trades worth Rs 2,000 to Rs 3,000 crore per day.


The basic task of research is to generate accurate information for use in decision making. Research can be defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions.

There are basically two techniques adopted for obtaining information:

Primary Data. Secondary Data.
Primary Data is gathered specifically for the project at hand through personal interviews with the accounts officers.

Secondary data is previously collected and assembled for some project other than the one at hand. It is gathered and recorded by someone else prior to current needs of the researcher. It is less expensive than the primary data.


Secondary data was collected from Ludhiana Stock Exchange

Scope of study:
The study is limited to Ludhiana Stock Exchange , Firoz Gandhi Market Ludhiana
Data Collection: Data is collected from secondary sources. Sources of data collection are: 1) Ludhiana Stock Exchange 2) 3) 4)

For the successful research the manipulation of certain things, concepts, and symbols for the purpose of generalization is inevitable. Research is simply the pursuit of truth.


Analysis and Interpretation

What is your education qualification?

To invest in the stock market minimum 100000 or more than this should be the annual income level of the people. In India the per capita income in also increasing so we can say that there is a good opportunity for the online trading market. 1. For how long you have been trading with on line-trading? (a)1 year (c) 3 year Sample size 100 (b) 2 year (d) 4 year


4 5 4 0 3 5 3 0 2 5 2 0 1 5 1 0 5 0

1 year 2 year 3 year 4 year


According to this survey we find that 44% people says that we are investing the money online from one year and 26% people says that we are investing the money online from 2 years and 19% to 11% people says that we are investing money online from 3 to 4 year. so we can say that now online trading is very popular in the modern market. 2. How will you describe your experience with on-line trading till date? (a) very easy to operate (b) very difficult to operate (c) not secure (d) Any other Sample size 100


6 0 5 0 4 0 3 0 2 0 1 0 0 Ex perience I find it very easy to operate I find it very difficult to operate I feel it is not secure A other ny

According to this survey we find that 60% of people find very easy to operate and 15% people find difficult two operate and 10% and 15% people find no secure and any other. so we can say that online trading is very simple to operate and easy to under 3. what amount of money you invest normally ? (a) 50000 (c) 150000 to 2000000 Sample size 100
35 30 25 20 15 10 5 0 Money 50000 100000to150000 150000to200000 Any Other

(b) 100000 to 150000 (d) Any other amount


According to this survey we find that 35% of people invest money normally 50000 and 28% of people invest money 100000to150000 and 23% and 14% of people invest money between 150000to200000 and any other. So we can say that the people are not invest more money in the share market because there is a great risk involved while doing the trading.



How often do you trade? (a)Daily (c) Monthly Sample Size 100
40 35 30 25 20 15 10 5 0 Tim e daily weekly m onthly m than 1 m ore onth

(b) Weekly (d) More than one month

According to this survey we find that 10% of people do trade Daily and 40% people do trade weekly and 32% and 18% people do trade month and more than month. So we can say that people are generally invest in stock market weekly basis.


5. which trading you prefer? (a) On line trading (c) Both (b) Manual trading

Sample Size 100
50 40 30 20 10 0 Relationship On line trading Offline trading Both

According to this survey we find that 20% people prefer online trading and 32% people prefer offline trading rest of 48% people prefers both. So we can say that mostly people are awareness about the on line trading and because of this reason the mostly people are optimizing offline trading.

6. Whether online trading settled in Indian investor psyche (a) Yes Sample Size 100 (b) No


70 60 50 40 30 20 10 0 Settleled Yes No

According to this survey we find that 30% people says yes and 70% people says no. so we can find that on line trading is not settled in the Indian psyche because some people are not experience towards online trading.

7. What shortcomings do you feel in Indian On-Line trading ? (a) Lack of awareness the investors about on-line trading (b) Shortage of domestic technical expertise (c) Shortage Of Infra structure (c) any other Sample Size 100


50 40 30 20 10 0 Shortcomings Lack of awareness Shortage of expertise Shortage Of Infra structure any other

According to this survey we find that 15% of people says lack of awareness 49% says Shortage of expertise and 14% people says Shortage Of Infra structure and 22% says any other. So we can say that mostly people are shortage of experience about the Indian derivatives market or share market.

8. Which media would you prefer the most for investment? (a) T.V (c) Magazines (b) Newspaper (D) Journals


60 50 40 30 20 10 0 Media T.V Newspaper Magazines Journals

According to this survey we find that 55% people Prefer T.V and 25% people prefer newspaper and 10% people prefer magazines and 10% people prefer journals. So we can suggest that mostly people are very easily grapped the knowledge through T.V.

9.What is your annual income?



58%respondent are having the income level of 100000200000 ,21% is having 200000-300000 , 12% in having300000-400000 , 7% of the total respondent are having income more than 400000 per annum and only 2% are having less than 100000 per annum.

To invest in the stock market minimum 100000 or more than this should be the annual income level of the people. In India the per capita income in also increasing so we can say that there is a good opportunity for the online trading market.

10.What percentage of your monthly household income could be available for investment?


INTERPRETATION According to the data 23% of the total respondent invest less than 5% of their income, 41% respondents are saying that they invest 5%-10% of their monthly income (which is highest)

Whereas the 21% investor do the investment 10%-15% of their total monthly income,13 invest between 15%-20% of the total income and only 2% does more than 20% of their income invest in the market We can easily understand that 75% of the total population is having a good amount of investment, so the investment is their in the market, good number of people are ready to invest a good amount in the market


91% of respondent is in the income level of 100000 – 300000 (according to the last question analysis). So we can say that stock brokerage houses will have to do a good business with the help of Online trading system with few value addition services

10.Where do you often invest your money?



Highest number of respondent is having their investment in the equity that is 65% whereas the investment available for the mutual fund, term deposit and insurance is 14% ,12% and 9% So the investor for equity is high which is again showing the n number of opportunity for online trading

11.what is the primary objective of your investment?


INTERPRETATION 13% of the respondent invest the money for the reason capital appreciation but most of the investor is having same motive that is source of income and retirement plan, wealth preservation and education funding for children or other are only 10% From the analysis we can have idea that the main objective of the investor to earn the money through trading in stock market77% of the respondent achieve their objective with the help of investment in the equity market, because most of the investment take place in the form of equity (explanation of 4th ans. ) So we can say that there is a huge potential in the market for the trading in the stock market


12.Do you owe a Computer?


78% of the total respondent who are dealing with the stock market is having computer in their house and only 22% is not having computer in their house The people who is having computer that is 78% can also go for online trading which can be a large number of people who will go for online trading. they don’t need to do a additional investment for computer to go for online trading


13. To operate a computer is easy for me


76% (26+51) of the total respondent believe that operate a computer is easy for me whereas 20%(13+7) of the respondent is having problem to operate a computer out of that 20% , 75 believe that they can’t go for computer


So ,if 78% of the people who are dealing with the stock market is having computer at their house and around 76% of the same population don’t have any problem to operate

a computerSo around 60 % is their who is having computer and they don’t have problem to operate a computer. 14. Online trading is a secure way of trading


71% of the respondent is having a positive thinking that online trading is a secure way of trading whereas 185 of the respondent believes that online trading is not a secure way of trading Satisfaction about the process, by which they will be going to do a trading that is online trading, should be there in the mind of the


customer. If they believe that their is no risk over the money which they are going to invest in the market with the help of online trading, there will be a perception to go for online trading at least one time

15,online trading is easy and fast way of trading?


51% of the total respondent believe that online trading is a easy task Whereas 41% of the respondent believes that to deal with online Trading is not a easy task and 85 was confused to anything about that the trading via internet is a easy task or not


There is a difference between the people who believe and who don’t believe is not very big that is only 10% , the reason of this problem can be if a person is doing its investment on its own he or she think of the problem of being mistaken in the transaction. So there is a need of proper training to do trading online

16. Introduction of online trading helped to attract the new Investors thus increasing the trading volumes at Stock Market?



1. For how long you have been trading with on line-trading? According to this survey we find that 44% people says that we are investing the money online from one year. 11% people says that we are investing money online from 4 year. so we can say that now online trading is very popular in the modern market.


2. How will you describe your experience with on-line trading till date? According to this survey we find that 60% of people find very easy to operate. and15% people find no secure. so we can say that online trading is very simple to operate and easy to understand

3. What amount of money you invest normally? According to this survey we find that 35% of people invest money normally 50000. 14% of people invest money between 150000to200000. So we can say that the people are not invest more money in the share market because there is a great risk involved while doing the trading.


How often do you trade?

According to this survey we find that 10% of people do trade Daily. 18% people do trade more than month. So we can say that people are generally invest in stock market weekly basis. 5. which trading you prefer? According to this survey we find that 20% people prefer online trading and 32% people prefer offline trading. So we can say that mostly people are awareness about the on line trading and because of this reason the mostly people are optimizing offline trading.


6. Whether online trading settled in Indian investor psyche According to this survey we find that 30% people says yes and 70% people says no. so we can find that on line trading is not settled in the

Indian psyche because some people are not experience towards online trading. 7. What shortcomings do you feel in Indian derivatives market? According to this survey we find that 37% of people says lack of awareness 49% says Shortage of expertise and 14% people says any other. So we can say that mostly people are shortage of experience about the Indian derivatives market or share market. 8. Which media would you prefer the most for investment? According to this survey we find that 41% people Prefer T.V and 39% people prefer newspaper and 20% people prefer magazines. So we can suggest that mostly people are very easily grapped the knowledge through T.V


Online trading is the new concept in the stock market. In India, online trading is still at its infancy stage. Online trading has made


it easy to trade in the stock market as now people can trade while sitting at their home. Now stock market is easily accessible by the people. There are some problems while doing the trade through the internet. Major problem faced by online trader is that the investors are loyal to their traditional brokers, they rely upon the suggestions given by their brokers. Another major problem is that the people don't have full knowledge regarding online trading. They find it difficult to trade themselves, as a wrong entry made by them, can bring them huge losses. Nevertheless to say that online trading has the bright future as the percentage of the trade done through online trading is increasing day by day.



Despite of the training my level best, there were still some limitation which I think remains there to draw fruitful conclusion. There were some practical problem which come across and could not be properly death with

 The advisory services being promised by the brokers would be of little use to investors looking for an insight into the market.

 As a client one will access the NSE through a server of the online brokerage and this may involve queuing delays

If one like to ask his broker "Aaj kya achcha lag raha hai" he may not be able to do so. If he want advice on a particular stock in his portfolio he may not even be able to get that.



The introduction of the Internet has surprisingly changed our way of life as a society. It has defined the way we do business and the way we correspond. The Internet has opened many opportunities for online trading. The financial industry revolves around the Internet. Every thing is just a few clicks away. This makes online trading most convenient. But there are still investors who prefer the old fashion way of offline trading and they mainly prefer offline trading for security reasons. Internet has introduced a way for consumers to manage their money online. Not to mention, Internet has transformed the way investment companies operate their business and has made it easy for private investors to gain straight access to a range of different markets and online tools that were at one point only reserved by the use of investment professionals. Consumer investing and online trading has dramatically changed over the last decade. Online trading dynamically continues to be redefined. Services have expanded to include integrated management of additional financial accounts. Not to mention, it has subsequently expanded in conjunction with ground-breaking improvements to the traditional trading interface, such as telephone interface systems. Of course, online trading has many pros. There are several wonderful reasons to invest online and consider online trading. Money saving opportunities The amount of money you save depends primarily on the online brokerage firm that you choose. No two firms are the same. There may be different regulations, similar to bank regulations. There are minimum deposits required that must be maintained. As mentioned above, this will depend on the online brokerage firm.


2. Instant online access You can gain instant access to your account, the value of your portfolio updates immediately before your eyes. 3. Enter online trades at anytime You can enter online trades at anytime and from anywhere. This is very convenient if you live in a different time zone than the country you are trading in. Not to mention, it is especially fit for investors with busy schedules. 4. With online trading you are in charge You are in control of your investments. No sales pitches and no hassle. You decide where to invest your money.


Dear respondent, I am student of MBA. I am working on the project of “On-Line trading”. You are requested to fill the questionnaire to enable, to undertake the study on the said Project. Name………………………. Occupation……………… Address …………………… Phone no………………….
1. For how long you have been trading with on linetrading? (a)1 year (c) 3 year (b) 2 year (d) 4 year

2 .How will you describe your experience with on-line trading till date? (a) very easy to operate (b) very difficult to operate (c) not secure


(d) Any other


What amount of money you are invested normally? (a) 50000 (c) 150000 to 2000000 (b) 100000 to 150000 (d) Any other amount


How often do you trade? (a)Daily (c) Monthly (b) Weekly (d) More than one month

5. In which trading you will prefer? (a) Online trading (c) Both (b) offline trading

6. According to you online trading settled in Indian investor psyche (a) Yes (b) No

7. What shortcomings do you feel in Indian On-line Trading ? (a) Lack of awareness the investors about on-line trading (b) Shortage of domestic technical expertise (c) Shortage Of Infra structure


(d) If any other

8. Which media would you prefer the most for investor? (a) T.V (c) Magazines (b) Newspaper (d) Journals

9. What is your annual income? (a) Below 100000 2,00,000 (c) 2,00,000 – 3,00,000 4,00,000 (b) (d) 1,00,000 – 3,00,000 –

10. What percentage of your monthly household income could be available for m investment? (a) Less than 5% 10% (c) 20% 10% to 15% (b) (d) 5% to 15% to


11. Where do you often invest your money? (a) Equity Mutual fund (c) Insurance Term deposits (e) Others (b) (d)

12. What is the primary objective of your investment? (a) Capital appreciation of income (c) Retirement planning preservation (e) Education funding /others (b) Source (d) Wealth

13. Do you owe a Computer? (a) Yes

(b) No 14. online trading is a secure way of trading (a) (c) Strongly agree Can’t say (b) (d) Agree Disagree


15. online trading is easy and fast way of trading? (a) (c) Strongly agree Can’t say (b) (d) Agree Disagree

16. Introduction of online trading helped to attract the new Investors thus increasing the trading volumes at Stock Market?

(a) (c)

Strongly agree Can’t say

(b) (d)

Agree Disagree


BIBLIOGRAPHY BOOKS • C. R. Kothri, Research Methodology, Vishwa Prakshan MAGAZINES Business World LSE’s Magazine INTERNET SITES •
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