PROJECT REPORT

ON

‘ANALYSIS OF DEMAT ACCOUNT AND ONLINE TRADING KARVY

STOCK BROCKING LIMITED’

SUBMITTED TO THE UNIVERSITY OF MUMBAI IN THE PARTIAL

FULFILLMENT OF THE DEGREE MASTER OF COMMERCE.

SUBMITTED BY:

VRUKSHIT SURENDRA PATIL

M.COM-II

ROLL NO.: 14074

ACADEMIC YEAR: 2020-21

PROJECT GUIDE:

PROF. ARCHANA VISHNU PAWAR

M.COM (ACCOUNTANCY)

B.ED, SET (COMMERCE)

SUBMITTED TO:

UNIVERSITY OF MUMBAI

SONOPANT DANDEKAR ARTS, V.S.APTE COMMERCE AND M.H.MEHTA COLLEGE,

R.H.SAVE INSTITUTE OF MANAGEMENT, PALGHAR DIST: PALGHAR PIN: 401404

UNIVERSITY OF MUMBAI

1
 ACKNOWLEDGEMENT
If words are considered as a symbol of approval and token of appreciation then let the words
play the heralding role expressing my gratitude. My successful completion of this project
report involved more than just my desire to earn a valued degree working on this project has
presented me with many insights and challenges.

I would like to thank the University of Mumbai for introducing Masters of Commerce
course, thereby giving its student a platform to abreast with changing business scenario, with
the help of theory as a base and practical as a solution- I am also thankful to the management
of S.D.S.M College of PALGHAR for making all the facilities available and espousing the
cause of the research. I would like to thank our honorable principal Dr. Kiran Save.

I would like to express my earnest gratitude to Prof. Archana Pawar for her superlative
guidance and unflinching support throughout the project work. No development would have
been feasible had it not been for their excellent supervision, constant encouragement and
careful perusal, in completion of the project successfully.

Last but not the least; I would like to thank my parents & teachers for giving the best
education and friends for their support and feelings without which this project would have not
been possible. Many others without whose invaluable help and expert advice this project
would not have been the same ought to be cited.

With the completion of my project entitled ‘ANALYSIS OF DEMAT ACCOUNT AND

ONLINE TRADING KARVY STOCK BROCKING LIMITED’

-VRUKSHIT SURENDRA PATIL.

 DECLARATION

I, VRUKSHIT SURENDRA PATIL, A STUDENT OF SONOPANT DANDEKAR ARTS,

V.S.APTE COMMERCE AND M.H.MEHTA SCIENCE COLLEGE, PALGHAR DIST: -
PALGHAR, PIN:- 401 404 STUDYING IN M.COM-II HEREBY DECLARE THAT I
HAVE COMPLETED THIS PROJECT ON ‘ANALYSIS OF DEMAT ACCOUNT AND
ONLINE TRADING KARVY STOCK BROCKING LIMITED’ DURING THE
ACADEMIC YEAR 2020-21. THE INFORMATION SUBMITTTED IS TRUE AND
ORIGINAL TO THE BEST OF MY KNOWLEDGE.

DATE: 29-May-2021 SIGNATURE OF STUDENT

PLACE: PALGHAR
 CERTIFICATE

I, PROF. ARCHANA PAWAR, HEREBY CERTIFY THAT VRUKSHIT SURENDRA

PATIL OF SONOPANT DANDEKAR ARTS, V.S.APTE COMMERCE AND
M.H.MEHTA SCIENCE COLLEGE, PALGHAR DIST: - PALGHAR, PIN: - 401404 OF
M.COM-II HAS COMPLETED HIS PROJECT ON ‘ANALYSIS OF DEMAT ACCOUNT
AND ONLINE TRADING KARVY STOCK BROCKING LIMITED’ DURING THE
ACADEMIC YEAR 2020-21. THE INFORMATION SUBMITTED IS TRUE AND
ORIGINAL TO THE BEST OF MY KNOWLEDGE.

PROF. ARCHANA PAWAR SIGNATURE OF THE

SIGNATURE OF PROJECT PRINCIPAL OF THE COLLEGE

GUIDE

SIGNATURE OF CO-ORDINATOR SIGNATURE OF

EXTERNAL

EXAMINER
Chapter Title of the Chapter Page Nos.
No.
1 Introduction 06
1.1 Executive Summary 07
1.2 Introduction to the Topic 08-09
1.3 Historical Background 10-12
1.4 Demat Account and Online Trading 13-17
1.5 Industry Profile 18-24

2 Research Methodology 25
2.1 Formulation of Research Problem 26-26
2.2 Karvy Demat Account and Its Services 27-27
2.3 How to Open Karvy Demat Account 28-29
2.4 Facilities of Karvy Demat Account 30-31
2.5 Comparison for Charges of Karvy Demat Account
32-32
and Others Demat Account
2.6 Competitors of Karvy Stock Broking Limited 33-40
2.7 Online Trading Advantages and Disadvantages 41-42

3 Literature Review 43-46

4 Data Analysis & Interpretation 47-58

5 Findings & Conclusions 59

5.1 Findings 60-60
5.2 Suggestions 61-61
5.3 Conclusions 62-62

6 Bibliography & References 63-64

DETAILS OF CONTENTS
 CHAPTER- I
INTRODUCTION
 EXECUTIVE SUMMARY
This project has been a great experience for me and at the same time it gives me
enough scope to implement my analytical ability. Stock Broking leading industry
which is basically my concern industry around which my project to be revolved is
really a very complex industry.
The first part gives an insight about demat account and online trading and its various
aspects. It is purely based on what I learned at Karvy Stock Broking Ltd. One can
have a brief knowledge about demat account, share trading and online trading and all
its basics through the project. Apart from it I have also gained knowledge briefly
about mutual fund, insurance etc.
This entire topic has been covered in a very systematic way. The language has been
kept simple so that even a layman could understand. All the data’s have been well
analyzed with the help of charts and diagrams.
The second part consists of data and their analysis, collected through a questionnaire
which helps me to clearly know the terms and condition of different leading stock
broking companies and their business strategies. It covers the topic “Analysis of
Demat Account and Online Trading”. The data collected has been well organized and
presented. Hope the research findings and conclusions will be of use.
I have really enjoyed during the time period of summer internship because I gained
much better knowledge about the market trading activities not only a single Karvy
Stock Broking Ltd. but also gained another company’s share trading activities.
The practical knowledge gives me enough scope to implement my experience in
related companies in the near future. I am able to know better how to manage the
employees work and to take necessary steps to enhance growth and development of
the employees as well as the company’s wellness.
 COMPANY
INTRODUCTION

The KARVY group was formed in 1983 at Hyderabad, India. Karvy ranks among the
top player in almost all the field it operates. The Karvy Group is a premier integrated
financial services provider, ranked among the top-5 in the country across its business
segments. The Group services over 70 million individual investors in various
capacities, and provides investor services to over 600 corporate houses. Karvy Group
established its presence through a wide network of over 450 branches, (or 900 offices)
covering in excess of 400 cities and towns.

Karvy covers the entire spectrum of financial services, vie stock broking, depository
participant, distribution of financial products (including mutual funds, bonds and
fixed deposits), commodities broking, personal finance advisory services, merchant
banking & corporate finance, wealth management, NBFC, among others.

The Group is professionally managed and ranks among the best in technology,
operations and research across the financial industry. The Karvy Group has evolved
over the last three decades and today it assumes many avatars.

The Karvy Group is today a well-diversified conglomerate. Its businesses straddle the
entire financial services spectrum as well as data processing and managing segments.
Since most of its financial services were retail focused, the need to build scale and
skill in the transaction processing domain became imperative. Also during stressed
environment in the financial services segment, the non-financial businesses bring in a
lot of stability to the group’s businesses.

Karvy’s financial services business is ranked among the top-5 in the country across its
business segments. The Group services over 70 million individual investors in various
capacities, and provides investor services to over 600 corporate houses, comprising
the best of Corporate India.
Present Karvy is a member of National stock Exchange (NSE), the Bombay stock
Exchange (BSE), and The Hyderabad stock Exchange (HSE).Market analysis and
market predictions are done by professional management team.

KARVY as covering the spectrum of financial services such as stock Broking

Services, Advisory Services, Stock broking ,Depository Participants, Distribution of
financial products – mutual funds, fixed deposits, equities, Insurance Broking
Commodities Broking, Personal Finance Advisory Services, Merchant Banking and
corporate Finance, Placement Finance, Placement of equity, IPO’s, among other.
COMPANY VISION
To achieve & sustain market leadership, Karvy shall aim for complete customer
satisfaction, by combining its human and technological resources, to provide world
class quality services. In the process Karvy shall strive to meet and exceed customer’s
satisfaction and set industry standards.

COMPANY MISSION
Our mission is to be a leading and preferred service provider to our customers, and we
aim to achieve this leadership position by building an innovative, enterprising, and
technology driven organization which will set highest standards of service and
business ethics.

COMPANY HISTORY

OUR STORY

One fateful evening in the summer of 1982, 5 young men who worked for a renowned
chartered accountancy firm decided that it was time they struck out on their own to
create an enterprise that would someday become an iconic name in the financial
services space.

They came from ordinary middle class backgrounds. They had two assets; one was
their education and the other an unquenchable desire to succeed. They had a lot
stacked against them: the environment was not conducive to entrepreneurship;
technology was not fully supportive, financial markets were largely unregulated; they
were based out of Hyderabad while most key players in the financial world were in
Mumbai or other metros and the wolf was at the door. The odds seemed
insurmountable.
These remarkable young men’s “Never say die” approach held them in good stead
over the years. They stuck to their dreams, burnt the midnight oil, embraced
technology and made it work for them and through sheer dint of determination,
eventually overcame all obstacles.

First came the registry business, followed by broking, and the rest became a lesson for
every young individual to emulate.

PRESENT STATUS
Present Karvy is a member of National stock Exchange (NSE), the Bombay stock
Exchange (BSE), and The Hyderabad stock Exchange (HSE).Market analysis and
market predictions are done by professional management team.

KARVY as covering the spectrum of financial services such as stock Broking

Services, Advisory Services, Stock broking ,Depository Participants, Distribution of
financial products – mutual funds, fixed deposits, equities, Insurance Broking
Commodities Broking, Personal Finance Advisory Services, Merchant Banking and
corporate Finance, Placement Finance, Placement of equity, IPO’s, among other.

SWOT ANALYSIS OF KARVY

Strengths:
a) Employees are highly empowered.
b) Strong Communication Network.
c) Good co-operation between employees.
d) Number 1 Registrar and Transfer agent in India.
e) Number 1 dealer of Investment Products in India.

Weaknesses:
a) High Employee Turnover.
b) Low awareness due to lack of advertisement.
Opportunity:
a) Growth rate of mutual fund industry is 40 to 50% during last year and it
expected that this rate will be maintained in future also.
b) Marketing at rural and semi-urban areas.

Threats:
a) Increasing number of local players.
b) Better products

Registered office
“KARVY HOUSE”
46, Avenue 4, Streeet No.1, Banjara Hills,
Hyderabad-500 034, Andhra Pradesh, India.
Telephone:- +91-40 -23312454
Fax:- +91-40-23311968
E-Mail :- Mailmanager@karvy.com
Website: www.karvy.com
DEMAT ACCOUNT AND ONLINE TRADING

DEMAT ACCOUNT
Demat account is very much similar to saving current account of a bank, with the
only difference being that it deals with securities in electronics form and not
money. A demat account is just polite farewell to paperwork and a warm welcome to
greater efficiency and for that matter, security. A demat account a unique, capital-
market-investor-oriented.

ONLINE TRADING
Online trading is the act of placing buy/sell orders for financial securities and/or
currencies with the use of a brokerage's internet-based proprietary trading platforms.
The use of online trading increased dramatically in the mid- toolate-'90s with the
introduction of affordable high-speed computers and internet connections. Stocks,
bonds, options, futures and currencies can all be traded online

OBJECTIVE OF THE STUDY

This Study is undertaken at the Karvy Stock Broking Limited at Lower Parel
(Mumbai). Following objectives are as follows:-

To study the financial products and services of Karvy Stock Broking LTD.
To make a comparative study of competitors of Karvy Stock Broking LTD.
To analyze the marketing strategies of Karvy Stock Broking LTD.
To know the attitude of investors towards Share Market & other investment
avenues.
To understand about the future Share Market.
To study the online trading platform adopted by Karvy Stock Broking Ltd.
And it’s various facilities.
To understand the stock exchanges, their functions, regulatory bodies and the
trading system in India.
SPECIAL FEATURE OF DEMAT ACCOUNT

Account opening charges - Rs 650 but can be waived off

Annual Maintenance Charge (AMC) - Rs 480+ Service Tax which is free for
the first year and applicable from the second year.
Brokerage Charges Delivery- 0.5% Intraday - 0.05% Futures- 0.05% Options-
Rs. 90 per lot.
Detailed research report would be sent to the client’s e-mail id daily
Relationship Manager would be allotted who would be in direct contact with
the client
Android and I-phone app is provided to the client and he can place the order
through his phone.
NEST software is provided to the client so that he can place the order via his
Laptop/Desktop.
Karvy Online Portal- Through which he can place orders online.
Direct-on-call- For the not so tech-savvy client, he can call and the RM would
place the order.
SMS-9225592255
Toll free number-1800 419 8283
Karvy Online Trade MOBILE APP

Karvy Stock Broking Limited brings a revolutionary Mobile Trading APP. Now get
ready to experience a feature filled powerful trading app to keep pace with dynamic
Markets. With this app, access stock market news, currencies, commodities, quotes of
NSE & BSE and many more updates instantly and execute trade on the move.

Advanced app, yet easy to use with convenience of secure and real time access to
stock quotes and trade from anywhere, at any time. It is a valuable tool for anyone, be
it a short term or a long term investor or a person interested in stock markets, business
and economy.

Main Features of Mobile Application areas under:

 Very fast & secured

 User friendly interface
 Advanced Charts
 Easy access to Info
 Track your portfolio
 Create Watch list
NEXT GENERATION ELECTRONIC SECURITIES TRADING

Karvy NEST (Next Generation Electronic Securities Trading platform), is a complete

trading solution for members across several exchange venues including NSE. The
software is an integrated system for trading and risk management. Karvy Nest
supports multiple exchanges and multiple segment trading.

Karvy Nest Trader is the front-end application that allows a trader to perform several
trading functions that include:

 Track scrip’s of user’s choice by creating market watch groups.

 View market picture data for scrip’s.
 Place Buy/Sell orders to the exchange.
 View orders, trades and positions data.
 Set up effective risk management system.
 Use add-on tools to receive alerts, send internal messages etc.
 In this manner, several trading functions can be performed easily
through the Karvy Nest Trader workstation.
KARVY’S REVOLUTIONARY ONLINE TRADING PLATFORM

Karvy Online Web

Karvy NEST Web offers an investor with fast, reliable service and support and an
extensive product offering. It gives the Investor the convenience of secure and real
time access to news, quotes, and trading. It allows the investor to do all the things that
are possible from a Trading WorkStation (EXE) and more.

It comes with low bandwidth Web Platform and Xpress Platform, with the
convenience to trade anywhere on mobiles, laptop and tablet .With this platform you
can perform following actions.

 Place, Modify and Cancel your Orders

 View Order Book
 View Trade Book
 View Intraday Book
 View Market Picture
 Configure Market Watch
 View Back Office Reports
 View Real Time News

Benefits of the Demat Account

 No loss of share certificates.

 No delay in transfer of shares.
 No possibility of forgery on various document dealing to bad
deliveries, legal disputes.
 No possibility of theft of share certificates.
 No prevalence of fake certificates in the markets
 No mutilation or loss of share certificates in transit.
 You can also receive your bonuses and rights into your depository
account as a direct credit, thus eliminating risk of loss in transit.
INDUSTRY PROFILE

SECURITIES MARKET IN INDIA

Introduction:
Capital market is the backbone of any country’s economy. It facilitates conversion of
savings to investments. Capital market can be classified as primary and secondary
market. The fresh issue of securities takes place in primary market and trading among
investors takes place in secondary market. Primary market is also known as new issue
market. Equity first enter capital market though investment in primary market. In
India, common investors participating in the equity primary market is massive. The
number of companies offering equity though primary markets increased continuously
in the post-independence period till the year 1995. After 1995, there is a continuous
slump experienced by the primary market offering equity. The main reason for slump
is lack of investors’ confidence in the primary market. So it is important to understand
the causes and measures of revival of investors’ confidence leading to capital
mobilizing and investment in right avenues creating, economic growth in the country.
Globally, there are increased evidences to suggest that investor confidence has
assumed an important role in the economic development of a country. The economist
(1998) indicated that a lot of issues need to address to make capital markets safer.
Transparency, strengthening financial system and managing crises are the issues,
which cannot be quickly fixed. But they add up to a stronger system.

The Securities market is the market for equity, debt and derivatives.” The securities
market has essentially 3 categories that is the issuer of securities, the investors in the
securities and intermediaries. The issuers are the borrowers or deficit savers, who
issue securities to raise funds. The investors, who are surplus savers, deploy their
savings by subscribing to these securities. The intermediaries were the agents who
match the needs of the users and suppliers of funds for a commission.

These intermediaries pack and unpack securities to help both the users and investors
to achieve their respective goals. There are a large variety and number of
intermediaries providing various services in the Indian Securities market. This process
of Mobilizing of resources is carries out under the supervision and overview of
regulators. The regulators develop fair market practices and regulate the conduct of
issuer’s securities and intermediaries. They are also in charge of protecting the
interest of the investors. The regulator ensures a high service standard from the
intermediaries and supply of equity securities and non-manipulated demand for them
in the market.
EQUITY CULTURE IN THE INDIAN FINANACIAL SYSTEM

The capital market services are as a reliable guide to the performance and the
financial position of companies and ties up companies and there by promoters
efficiency. It values firms accurately and ties up manager composition to stock value
and there by provides incentives to managers to maximize firm value. It thus helps to
align the interests of the managers and there by efficient resources allocation growth.
A near continuous valuation of companies as reflected in share prices and the implied
possibility of mergers and takeovers are conducive to financial discipline and more
efficient allocation of capital.

Stock market promoter’s growth is through the creation of liquidity. Many profitable
investments require long term capital but investors are often reluctant to control over
their savings for long periods. Equity market makes investment less risky, more
profitable and more attractive by making it more liquid. By facilitating long term and
more profitable investment, liquid stock market improves the allocation of capital and
enhances growth. Through these effects, stock market liquidity can lead to more
savings and investment also.

Historically, many investors and been made much before they become innovations.
Inventions become innovations and ignited industrial revolution when liquid financial
market made it possible to develop projects that require large capital injections for
long periods. The industrial revolution had wait the financial revolution took place.
Since high projects tend to comparatively risky, stock market that facilitates risk
diversification through international integration can encourage a shift to higher return
projects and thereby help to promote growth.

Large active and liquid stock markets induce investors to research & monitor firm and
the resulting improved information improves resource allocation and accelerates
growth.
STOCK EXCHANGE IN INDIA

The market for long term securities like bonds, equity stock and preferred stocks are
divided in two primary and secondary markets. The primary market deals with the
new issues of securities. Outstanding securities are traded in the secondary market
which is commonly known as stock market or stock exchange. In the Secondary
market the investors can sell n buy securities. Stock markets predominantly deal in the
equity share. Debt instruments like bonds and debentures are also traded in the stock
market. Well regulated and active stock market promotes capital formation. Growth
of the primary market depends on the stock market. The health of the company has
reflected by the growth of the stock market.

The origin of the stock exchange in India can be traced back to the later of the 19th
century. After the American civil war (1860-61) due to the share mania of public, the
number of brokers dealing in share increased. The brokers organized an informal
association of brokers dealing in share increased, the brokers association in 1975. At
presently in India there are 23 stock Exchanges are there and situated in various part
of the country. All the stock exchanges in India are controlled by SEBI (Security
Exchange Board of India).

FUNCTIONS OF STOCK MARKET

 Provide quotations of share/ stock for facilitating trading and marketability.

 Extend liquidity to such stock as they are easily marketable and traded.
NATIONAL STOCK EXCHANGE

The National Stock Exchange of India Limited (NSE) is the leading stock exchange
of India, located in Mumbai. The NSE was established in 1992 as the first
demutualized electronic exchange in the country. NSE was the first exchange in the
country to provide a modern, fully automated screen-based electronic trading system
which offered easy trading facility to the investors spread across the length and
breadth of the country. Mr. Vikram Limaye is Managing Director & Chief Executive
Officer (MD & CEO) of NSE.

National Stock Exchange has a total market capitalization of more than

US$1.41 trillion, making it is the world 12th largest stock exchange as of March
2016.NSE's flagship index, the NIFTY 50 the 51 stock index (50 companies with 51
securities inclusive of DVR), is used extensively by investors in India and around the
world as a barometer of the Indian capital markets. However, only about 4% of the
Indian economy / GDP are actually derived from the stock exchanges in India.

NSE was set up by a group of leading Indian financial institutions at the behest of the
government of India to bring transparency to the Indian capital market. Based on the
recommendations laid out by the government committee, NSE has been established
with a diversified shareholding comprising domestic and global investors. The key
domestic investors include Life Insurance Corporation of India, State Bank of India,
IDFC Limited and Stock Holding Corporation of India Limited. And the key global
investors are Gagil FDI Limited, GS Strategic Investments Limited, and SAIF II SE
Investments Mauritius Limited.

NSE offers trading, clearing and settlement services in equity, equity derivatives, debt
and currency derivatives segments. It is the first exchange in India to introduce
electronic trading facility thus connecting together the investor base of the entire
country. NSE has 2500 VSATs and 3000 leased lines spread over more than 2000
cities across India.
BOMBAY STOCK EXCHANGE

The Bombay Stock Exchange (BSE) is an Indian stock exchange located at Dalal
Street, Kala Ghoda. Mumbai (formerly Bombay), Maharashtra, India.

Established in 1875, the BSE is Asia’s first stock exchange, It claims to be the world's
fastest stock exchange, with a median trade speed of 6 microseconds, The BSE is the
world's 11th largest stock exchange with an overall market capitalization of more than
$ 2 Trillion as of July, 2017. More than 5500 companies are publicly listed on the
BSE. Of these, as of November 2016, there are only 7,800 listed companies of which
only 4000 trade on the stock exchanges at BSE and NSE. Hence the stocks trading at
the BSE and NSE account for only about 4% of the Indian economy.

Depository
A depository is an organization which holds securities (like share, debentures, bonds,
government securities, mutual funds units etc.) of investors in electronic form at the
request of the investors through a registered Depository Participant. It I like a bank for
securities. It also provides services pertaining to transactions in securities. National
Securities Depository Limited (NSDL) and Central Depository Services Limited
(CDSL) are two depositories registered with the SEBI.

Depository Participant (DP):

A depository participant is a registered agent through which investors can avail DP

services. Public financial institutions, scheduled commercial banks, foreign banks
operations in India with the approval of the RBI, state financial corporations,
custodians, stock-brokers, clearing corporations / clearing houses , Non-Banking
Financial Company (NBFC) and registrar to an issue or transfer agent complying with
the requirements prescribed by SEBI can be registered as a DP. Each security is
identified with an ISIN (International Securities Identification Number) which is a
unique 12 digit alphanumeric identification number allotted for a security.
Services provided by a Depository

 Opening a demat account

 Dematerialization and Dematerialization of securities maintaining
record of securities held by the beneficial owner in the electronic form
 Settlement of trades by delivery or receipt of securities from/ in BO
accounts.
 Settlement of off-market transactions between BO
 Receive electronic credit of securities allotment by issuers under IPO
or otherwise on behalf of demat account holders
 Receiving non-cash corporate benefits such as allotment of bonus and
rights shares or any other non-cash corporate benefits given by the
issuers in electronic form on behalf of its demat account holders.
 Pledge dematerialized securities & facilitating loans against shares.
 Freezing of the demat account for debits, credits, or both.
 CHAPTER- II
RESEARCH METHODLOGY
FORMULATION OF RESEARCH PROBLEM

RESEARCH METHODLOGY

 sample size : 50
 sources of data : primary data and secondary data
 sampling used in data collection: random sampling

Primary Data:

The required data was collected by way of distribution of questionnaires to investors

at random by way of telephonic interviews and online distribution of Questionnaire.

 Technique of data collection

 Personal Interview
 Survey Conduction
 Tele Calling

Secondary Data:
 Internet
 Magazines
 Books
Demat Account
Demat account is very much similar to saving current account of a bank, with the only
difference being that it deals with securities in electronics form and not money. A
demat account is just polite farewell to paperwork and a warm welcome to greater
efficiency and for that matter, security. A Demat account a unique, capital-market-
investor-oriented.

DEMAT SERVICES OF KARVY

Dematerialization

Dematerialization is a process in which you can convert physical share certificates

into electronic shares. Shares should have been transferred in your name / joint names
before sending it for dematerialization.

In order to get your shares converted from the physical to the electronic form, you
have to submit your certificates along with a request form asking for the conversion.
This request form is called a DRF or a Demat Request Form.

Rematerialisation

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

Step-1
Account opening forms are available at all Karvy centers fill up the account opening
form and submit the same with some formalities. If your shares are held in joint
names, the account should be opened in the same order of names.

Step-2
An account number will be allotted to you which have to be quoted in all your future
demat related correspondence with Karvy.

Step-3
Submit a dematerialization request form (DRF) for the conversion of the shares
certificates into electronic form.

Step-4
After the necessary verification has been done by the registrar/ company, an
appropriate entry is made into your demat account.
Generally the process of opening an account follows the following steps:

LEAD MANAGEMENT SYSTEM (LMS) / REFERENCES

CONTACT THE PERSON OVER PHONE OR THROUGH EMAIL

FIXING AN APPOINTMENT WITH THE PERSON

YES GIVING DEMONSTRATION NO

DOCUMENTATION

FILLING UP THE FORM

SUBMISSION OF THE FORM

LOGIN OF THE FORM

SENDING ACCOUNT OPENING KIT TO THE CLIENT

TRADING
FORMALITIES THAT ARE REQUIRED TO BE COMPLETED
TO OPEN AN ACCOUNT
 To open a Depository Account, you have to submit the duly filled in Account
Opening form along with the following documents:
 Residential Proof - Copy of Ration Card, Passport, Driving License,
Telephone Bill, Electricity Bill or Rental Agreement
 Photo Identity Proof - Copy of Driving License, Passport or Ration Card
 Cancelled cheque
 Passport size photograph

Why to open a demat account with Karvy?

Karvy is India’s premier financial institution. It was setup in1982 and today has and
first depository participants, no.1 registrar and ISO 9002 company in India. And also
has many achievements with over 10 lakh investors having entrusted to keep stock
there. Moreover, you have the convenience of operating you demat account from any
of the karvy centers spreading across 46 cities in India.

By demat account you can get following facilities:-

 Status of request: You can also get status of your transactions by status or
Requests.
 Personal details: Provides your various client related information like client
name, client address, joint holders name, account type, bank account details
for a give client id.
 Customer ledger: All your financial transactions pertaining to your demat
account like Bills, Payments, waivers etc. are available in customer ledger.
 Religare Securities Limited (RSL), a 100% subsidiary of Religare enterprises
Limited is a leading equity and securities firm in India. The company currently
handles sizeable volumes traded on NSE and in the realm of online trading
and investments; it currently holds a reasonable share of the market. The
major activities and offerings of the company today are Equity Broking.
 Depository Participant Services, Portfolio Management Services, International
Advisory Fund Management Services, Institutional Broking and Research
Services. To broaden the gamut of services offered to its investors, the
company offers an online investment postal armed with a host of revolutionary
features.
 RSL is a member of the National Stock Exchange of India, Bombay Stock
Exchange of India, Depository Participant with National Securities Depository
Limited and Central Depository Services (I) Limited, and is a SEBI approved
Portfolio Manager.
 Comparison for Charges of Karvy Demat A/c & Others Demat A/c

Particulars Karvy ICICI Sharekhan HDFC Indiabulls

750/- 750/-
650/-
A/C Opening (waive off if Existing
But can be NIL 700/-
charges trading is more Relationship
waived off
than Rs. 1 lakh) OR 799/-
Free for 1st year Free for 1st year
DEMAT A/C
and 650/- P.A and 300/- P.A 30 P.M. 500 P.M No AMC
Charges
from 2nd year from 2nd year
Trading
through
Both Website Both Website Website
Website or
Software
Software
NIL NIL NIL N.A N.A
Charges

IPO Online Yes Yes Yes No No

Buy Today
Sell Yes but only on
Yes Yes No Yes
Tomorrow 127 scrips of NSE
(BTST)
650/- but it
Minimum depends on
5000/- NIL 5000/- 500/-
Margin Investor it isn’t
compulsory
Equity, F&O, Equity, F&O,
Equity,
Currency, Equity, Currency, Equity,
Mutual
Products Commodity y, Derivatives and Commodity , Derivative,
Funds, IPO,
Mutual Funds, Mutual Funds Mutual Funds, IPO.
etc
IPO, FD , Bond IPO, FD, Bond
Delivery Delivery
0.5% 0.5%
Delivery 0.3% Delivery 0.5% Intraday Intraday
Delivery
Intraday 0.03% Intraday 0.1% 0.15% 0.03%
Brokerage 0.4% to 0.85% Future 0.1%
Future 0.03% Future Future
Charges Intraday Option Rs. 100/-
Option Rs. 30/- 0.05% 0.03%
per lot 0.01 to 0.15% per lot Option Option
Rs.100/- Rs. 100/-
Per lot Per lot
Competitors of Karvy Stock Broking Limited

HDFC Securities

HDFC BANK is one of the leading Depository Participant (DP) in the country with
over 8 Lac demat accounts.
HDFC Bank Demat services offers you a secure and convenient way to keep track of
your securities and investments, over a period of time, without the hassle of handling
physical documents that get mutilated or lost in transit.
HDFC BANK is Depository participant both with National Securities Depositories
Limited (NSDL) and Central Depository Services Limited (CDSL).

Features &Benefits:
As opposed to the earlier form of dealing in physical certificates with delays in
transaction, holding and trading in Demat form has the following benefits:

 Settlement of Securities traded on the exchanges as well as off market

transactions.
 Shorter settlements thereby enhancing liquidity.
 Pledging of Securities.
 Electronic credit in public issue.
 Auto Credit of Rights / Bonus / Public Issues /Dividend credit through ECS.
 Auto Credit of Public Issue refunds to the bank account.
 No stamp duty on transfer of securities held in demat form.
 No concept of Market Lots.
 Change of address, Signature, Dividend Mandate, registration of power of
attorney, transmission etc. can be effected across companies held in demat
form by a single instruction to the Depository Participant (DP).
 Holding / Transaction details through Internet / email.
 Secured & easy transaction processing
 HDFC Bank Ltd provides convenient facility called 'SPEED-e' (Internet based
transaction) whereby account holder can submit delivery instructions
electronically through SPEED-e website. SPEED-e offers secured means of
transaction processing eliminating preparation of instruction slips and
submission of the same across the counter to the depository participant. The
'IDEAS' facility helps in viewing the current transactions and balances
(holdings) of Demat account on Internet on real time basis.
ICICI DIRECT

 ICICI Direct (or ICICIDirect.com) is stock trading company of ICICI Bank.

Along with stock trading and trading in derivatives in BSE and NSE, it also
provides facility to invest in IPOs, Mutual Funds and Bonds.
 Trading is available in BSE and NSE.
 ICICI Direct offers 3 different online trading platforms to its customers.
 Share Trading Account by ICICI Direct is primarily for buying and selling of
stocks in BSE and NSE.
 This account allows Cash Trading, Margin Trading,
 Margin PLUS Trading, Spot Trading, Buy Today Sell Tomorrow and Call and
Trade on phone.
 ICICIDirect.com website is the primary trading platform for this trading
account. They also provide installable application terminal based application
for high volume trader.
 Online Mutual funds investment allows investor to invest on-line in around 19
Mutual Fund companies. ICICI Direct offers various options while investing
in Mutual Funds like Purchase Mutual Fund, Redemption and switch between
different schemes, Systematic Investment plans, Systematic withdrawal plan
and transferring existing Mutual Funds in to electronic mode. This account
also provides facility to invest in Government of India Bonds and ICICI Bank
Tax Saving Bonds.
 Active Trader account gives more personalized investment options to the
investors. It allows investor to use online and offline stock trading. It also
provides with independent market expertise and support through a dedicated
Relationship Manager from ICICI.
 Active Trader also provides commodity trading.
 Brokerage and fees
 Account opening fees : Rs 750/- (One time nonrefundable)
 Brokerage: ICICI Direct.com brokerages are varies on volume of trade and
inclusive of demats transaction charges, service taxes and courier charges for
contract notes. It ranges from 0.1% to 0.15% for margin trades, 0.2% to
0.425% for squared off trades and 0.4% to 0.85% on delivery based trades.
INDIABULLS

 Indiabulls is India's leading retail financial services company with 77 locations

spread across 64 cities. Its size and strong balance sheet allows providing
varied products and services at very attractive prices, our over 750 Client
Relationship Managers are dedicated to serving your unique needs.

 Indiabulls is lead by a highly regarded management team that has invested

crores of rupees into a world class Infrastructure that provides real-time
service & 24/7 access to all information and products. The Indiabulls
Professional Network offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your finger-
tips. This powerful technology is complemented by our knowledgeable and
customer focused Relationship Managers.

 Indiabulls offers a full range of financial services and products ranging from
Equities, Derivatives, Demat services and Insurance to enhance wealth.
Kotak Securities

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

 The company has a full-fledged research division involved in Macro

Economic studies, sector research and company specific equity research
combined with a strong and well networked sales force which helps deliver
current and up to date market information and news.

 Kotak Securities Ltd is also a depository participant with National Securities

Depository Limited (NSDL) and Central Depository Services Limited (CDSL)
providing dual benefit services wherein the investors can use the brokerage
services of the company for executing the transactions and the depository
services for settling them.

 The company has 42 branches servicing around 1, 00,000 customers.

Kotakstreet.com the online division of Kotak Securities Limited offers Internet
Broking services and also online IPO and Mutual Fund Investments.

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

 One of the top-3 stock-broking houses in India, with a dominant position in

both institutional and retail broking, most is amongst the best-capitalized firms
in the broking industry in terms of net worth.

 Most was founded in 1987 as a small sub-broking unit, with just two people
running the show. Focus on customer-first-attitude, ethical and transparent
business practices, respect for professionalism, research-based value investing
and implementation of cutting-edge technology have enabled it to blossom
into a thousand-member team.

 The institutional business unit has relationships with several leading foreign
institutional investors (FIIs) in the US, UK, Hong Kong and Singapore. In a
recent media report Most was rated as one of the top-10 brokers in terms of
business transacted for FIIs.

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

 With value investing at the core of its investment philosophy, a strong

research team consistently provides high-performance ideas.

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

 Sharekhan is the largest standalone retail brokerage in the country and the
third largest in terms of customer base after ICICI Direct and HDFC Securities

 Sharekhan is one of the pioneers of online trading in India. It offers a broad

range of financial products and services including securities brokerage, mutual
fund distribution, loan against shares, ESOP financing, IPO financing and
wealth management.

 Sharekhan was founded by Mumbai-based entrepreneur Shripal Morakhia in

2000.

 Sharekhan pioneered the online retail broking industry and leveraged on the
first wave of digitization, when dematerialization (demat) of securities came
into effect and electronic trading was introduced in the stock exchanges.

 In India, Sharekhan has over 3500 employees, and is present in over 500 cities
through 154 branches, more than 2,300 business partners.

 The company has 14 lakh clients and on an average, executes more than 4 lakh
trades per day
ONLINE TRADING

 Online trading is a service offered on the internet for purchase and sale of
shares.
 In online trading, you will access a stockbroker’s website and place orders
through the broker’s internet based trading engine. These orders are routed to
the stock exchange without manual intervention and executed thereon in a
matter of a few seconds.
 Online trading started in India on 1st April 2000 with 79 members seeking
permission for online trading.
 Through online trading three fundamental objectives of securities regulation
can be easily achieved, these are:
 Investor protection
 Creation of a fair and efficient market, and
 Reduction of the systematic risks.

Advantages of Online Trading:

 If there is a market opportunity, investors can make a decision and get real
time stock trading without having to call or visit the broker's office.
 It is easy to open and manage your account online.
 Investors can access their accounts online 24/7.
 Online trading is secure, and you can make a lot of money if you use it smartly
and carefully.
 Online trading favors active traders who require frequent trades and demand
lesser commission rates.
Disadvantages:
 Online trading is a risky business and you can always potentially lose money.
Sometimes, Internet connection can be a problem or the website itself loads
very slowly.
 Investors may incur a loss due to mechanical or platform failures.
Process of Online Trading

Selection of a broker:
The buying and selling of securities can only be done through SEBI registered brokers
who are members of the Stock Exchange. The broker can be an individual,
partnership firms or corporate bodies. So the first step is to select a broker who will
buy/sell securities on behalf of the investor or speculator.

Opening Demat Account with Depository:

Demat (Dematerialized) account refer to an account which an Indian citizen must
open with the depository participant (banks or stock brokers) to trade in listed
securities in electronic form. Second step in trading procedure is to open a Demat
account.

Placing the Order:

After opening the Demat Account, the investor can place the order. The order can be
placed to the broker either (DP) personally or through phone, email, etc. Investor must
place the order very clearly specifying the range of price at which securities can be
bought or sold.

Executing the Order:

As per the Instructions of the investor, the broker executes the order i.e. he buys or
sells the securities. Broker prepares a contract note for the order executed. The
contract note contains the name and the price of securities, name of parties and
brokerage (commission) charged by him. Contract note is signed by the broker.

Settlement:
This means actual transfer of securities. This is the last stage in the trading of
securities done by the broker on behalf of their clients.
 CHAPTER- III
LITERATURE REVIEW
LITERATURE REVIEW

 Bhatt & Bhatt (2012) in their paper entitled “Financial Performance Evaluation of
depositories in India ( A comparative study of NSDL & CDSL)” explores the fact
that the trend of automation especially, Dematerialization, has enabled the Indian
capital market to take the world center stage & scale to unprecedented heights.
Securities market in India has grown exponentially. The analysis of the progress
of NSDL & CDSL in economic terms clearly reveals that both the depositories
have shown a remarkable progress in terms of DEMAT accounts, DEMAT value
&quantity, Settlement value and quantity and the number of depository
participants. Their study reveals that both the depositories have been working
financially smoothly over a period of last six financial years.

 Chaudhary & Malik (2011) in their paper “Depository system in India: An

appraisal” states that majority of the participants are resided with NSDL with
stake of 55 percent. Thus, it acts as the primary organization with the majority of
participants in the system. Further the paper analysis concludes that the
respondents have no clear & crisp idea regarding the services offered by the DPs
to their clients. In order to overcome geographical & time barriers formal &
informal communication need to be developed. The majority of respondents were
comfortable with the prevailing fee structure of depository which shows the
existing fee structure followed by NSDL is benevolent.

 George (1996) in his article “Towards a paperless settlement system” explains

about the role of the NSDL in revolutionizing the paperless stock settlement
system in the country. He has examined steps taken by the depository to ensure
that the scrip less trading system is a success. He has also stressed the importance
of the role of regulatory body in making the depository system successful.
Jeyanthi (2007) in his research work “A study on National Stock Exchange of
India Limited” has highlighted that the NSE has created a niche for itself not only
in the national arena but also in the international market with the adaptation of
required structural changes. Therefore there is no doubt that NSE will be an
 attractive destination for the national & international investors to park their funds
in the years to come.

 Javaid (2003) in his thesis “A study of operations of stock exchanges with the
special reference to Delhi Stock Exchange” discussed that Indian stock market has
emerged as a major source of finance for the corporate sector. It is an institution
evolved in the industrial developed capitalistic economies with free market
mechanism. Stock exchange was termed as institutional allocator of resources par
excellence.

 Kaur (2013) in her paper “Investors preference between DEMAT & REMAT and
awareness regarding depository & its various laws” explains the depository
system in India, focusing on the reasons for investors preference between REMAT
& DEMAT. To sum up she concludes that the growth rates of DEMAT account
holder is increasing over years. The Indian system of capital market is two tier
system-Indian government allows holding securities in any form i.e. either in
physical securities or in electronic (DEMAT) form. The respondents feel that the
dematerialization provides enough services & it is convenient to use. Majority of
people are shifting towards dematerialization as compared to the past history &
study.

 Olekar & Talwar (2013) in their paper “Online trading & DEMAT account in
India – Some issues” observed that the banks normally levy a lower service
charges compared to other depository participants. He also found that when the
numbers of users are more online, the speed of transactions is affected.

 Nidhiwalia and RavinderKumar (2007) examined the investor's preference for

traditional trading and online trading. The major findings of the study were that
Indian investors are more conservative, they do not change easily and Indian
traditional traders still choose brokers for trading. But Internet traders are more
comfortable with online trading because of its transparency and complete control
over the terminal.
 Rao (1995) in his paper “Depository System: A boon for India capital markets”
holds the view that the introduction of depositories would improve the market
efficiency. It is also expected to arrest the prolonged depression in the stock
market. The paper analysis shows the manner in which the depository would help
to revive the stock market. To sum up, he states that the eligibility criteria will
require companies to improve their internal systems. He is hopeful that depository
system will bring a sea change in corporate democracy, particularly in corporate
management, price discovery in market place & proxy exercise etc.

 Sahoo (1995) in his article “Thedepository’sordinance, 1995 explained” has

explained the provisions of Depositories Ordinance 1995, which provides a legal
basis for the establishment of depositories in securities with a view to ensure free
& expeditious transfer of securities.

 Singh & Goyal ( 2011) in their paper entitled “ Analysis of factors affecting the
Decision Making of the Investors in Depository System” holds the view that most
of the investors think that the shorter settlement period , safety of securities with
the depositories , attitude of the staff available with the DPs, timely services
provided by the DPs to the investors, reduction in transaction costs , repatriation
of sales proceeds of shares / debentures are some of the factors which affects the
decision making of the investors in depository system. Opening DEMAT account
with DP is easy but they charge for providing this service. The education of the
investors plays an important role in decision making where the difference in the
opinions of the investors is found significant in most of the cases followed by
other factors such as occupation, age etc.

 Sandeep Srivastava, Surendra S Yadav and P K Jain (2008) on "Derivative

Trading in Indian Stock Market: Broker's Perception" found that high net worth
individuals and proprietary traders contribute to the major proportion of trading
volumes in the derivative segment. The survey also revealed investors are using
These securities for risk management, profit enhancement, speculation and
arbitrage. It also emphasized to popularize option instruments because they may
prove to be a useful medium for enhancing retail participation.
 CHAPTER- IV
DATA ANALYSIS & INTERPRETATION
DATA ANALYSIS AND DATA INTERPRETATION

Q.1:- Are you aware of online Share trading?

YES NO
80% 20%

INTERPRETATION

The above study indicates that majority of people are aware of online share trading &
there is a vast potential in online share trading.
Q.2:- Heard about Karvy stock broking ltd.?

YES NO
78% 22%

90%

78%
80%

70%

60%

50%

40%

30%
22%
20%

10%

0%
YES NO

INTERPRETATION

More than ¾ th people are aware about Karvy stock broking ltd. However about ¼ th
population can be tapped into.
Q.3:-Do you know about the facilities provided by Karvy Stock
Broking ltd.?

YES NO MAY BE
28% 43% 29%

50%

45% 43%

40%

35%

28% 29%
30%
25%

20%

15%

10%

5%

0% YES NO MAY BE

INTERPRETATION

The above study indicates that people despite being aware about Karvy stock broking
ltd., a majority are not aware about the services offered.
Q.4:-Which company provides a less Brokerage rate?
Karvy Stock ICICI HDFC Angel
Broking LTD Securities Securities Broking
33% 20% 14% 33%

INTERPRETATION

More than a majority feels that other service providers offer less brokerage rates as
compared to Karvy Stock broking ltd.
Q.5:-Which Company provides you a large number of products and
services?

Karvy Stock ICICI HDFC Angel

Broking LTD Securities Securities Broking
37% 20% 23% 20%

INTERPRETATION

A majority of people surveyed believe that Karvy Stock Broking Ltd., provides a
larger & wider range of financial products & services.
 Q.6:- Are you satisfied with the level of current broker?

YES NO
81% 19%

90%
81%
80%

70%

60%

50%

40%

30%
19%
20%

10%

0%
YES NO

INTERPRETATION

This study suggests that people are satisfied with the current broker. This is a good
sign for Karvy Stock Broking Ltd., however, it also makes it difficult to gain new
potential customers from its competitors.
Q.7:- You’re Frequency of trading?

DAILY WEEKLY MONTHLY YEARLY

18% 12% 30% 40%

45%
40%
40%

35%
30%
30%

25%

20% 18%

15%
12%

10%

5%

0%
DAILY WEEKLY MONTHLY YEARLY

INTERPRETATION

This study indicates that though there are good numbers of people involved in
intraday trading, however, majority of people are medium-long term investors.
Q.8:- According to your perspective which investment gives you
maximum return?

REAL SHARE INSURANCE

ESTATE
MARKET POLICY
25% 72% 3%

INTERPRETATION

This study indicates that equity market tops the chart in terms of people’s choice for
investment in the available avenues. This gives Karvy Stock Broking Ltd., vast
opportunity to tap into.
Q.9:- In which of these Financial Instruments do you invest into?

BOND EQUITY DERIVATIVE MUTUAL

FUND
7% 50% 3% 40%

INTERPRETATION

Mutual fund is the immediate successor in terms of people’s choice for investment,
however considering Mutual fund companies investing their majority of funds into the
equity market, equity markets are likely to be at the benefit.
Q.10:- What is your opinion regarding the stock broking services
provided by karvy?
Is it

GOOD AVERAGE POOR EXCELLENT

40% 20% 15% 25%

45%
40%
40%

35%

30%
25%
25%
20%
20%
15%
15%

10%

5%

0%
GOOD AVERAGE POOR EXCELLENT

INTERPRETATION

As per the above figure, we see that out of 100%, 40% of the customers are in favor
of Karvy services and them categories its service facility in good range.
Q.11:- Name of the broking firm with which you are making your
investments?

KARVY ANGEL ICICI OTHERS

BROKING SECURITIES
35% 20% 30% 15%

INTERPRETATION

Market share of Karvy stock broking Ltd is around 35%.

 CHAPTER- V
FINDINGS & CONCLUSIONS
 FINDINGS
 People want to invest their money in the security market but they haven’t

the proper knowledge.

 People are not aware of hedging in stock market.

 Businessmen are more interested in the stock market than the others.

 Half of the respondents are regular investor.

 Many respondents prefer the long term investment.

 Majority of respondents must consider the safety

 SUGESSTIONS

 They should provide proper guidance to their customers about Demat.

 For opening an account they require lots of signatures in a kit, which should be

reduced.

 They should focus on print and electronic media advertisements to make more

people aware about them.

 They should try to make some arrangements to reduce account opening time by

verifying documents at branch it selves.

 CONCLUSION

 Most of the people are not much aware of the stock market.

 Many people are not much aware about the financial products and services of

stock broking companies which had to be there.

 They are ignorant about Demat A/C and lack of knowledge and information about

it scared them of investing money in share market.

 CHAPTER- VI
BIBLIOGRAPHY & REFERENCES
 REFERENCES AND BIBLIOGRAPHY

 www.valueresearch.com

 www.nseindia.com

 www.bseindia.com

 https://issuu.com/search?q=sip

 https://www.slideshare.net/MANSIDHINGRA3/a-study-of-online-trading-in-
%20indian-stock-market

 http://www.projectfever.com/index.php?
main_page=product_info&cPath=3&p%20roducts_id=387

 Direct interaction with the investor