1.

1 INTRODUCTION TO 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.

Online trading definition is a basic understanding of online trading processes. Since the
invention of Internet people have been able to do practically everything virtually. Due to the
Internet online trading has become one of the most popular ways to trade as far as stock trading
turned out to be as available to independent investors as possible. Online trading gives both
beginners who've just had a single day trading course and advanced traders an opportunity to
trade stocks, options, forex and futures all over the world without physical presence of a broker
and with much lower commissions, because everything is done online

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 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.

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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.

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1.2 NEED FOR THE STUDY
The present study to review the online trading procedure a case study of ONLINE TRADING at
India Infoline Limited., as the exchange has changed it’s trading from it and there is need to
assess the performance of the capital market.

Maintaining good records requires discipline, just like good trading. Unfortunately, many
commodity traders don’t take the time to track their trading history, which can offer a wealth of
information to improve their odds of successMost professional traders, and those who
consistently make money from trading commodities, keep diligent records of their trading
activity. The same cannot be said for the masses that consistently lose at trading commodities.

1.3 SCOPE OF THE STUDY

● ‘Investor can assess the company financial strength and factors that effect the company.
Scope of the study is limited. We can say that 70% of the analysis is proved good for the
investor, but the 30% depends upon market sentiment.
● The topic is selected to analyses the factors that affect the future EPS of a company based
on fundamentals of the company.
● The market standing of the company studied in the order to give a better scope to the
Analysis is helpful to the investors, share holders, creditors for the rating of the company.

1.4 OBJECTIVES OF THE STUDY

● It is to analyze the changes in trading after the exchange shifted from outcry to online
trading system.
● It is to study the functions of India Infoline Limited through various departments.
● To know the online screen based trading system adopted by India Infoline Limited and
about its communication facilities. The appropriate configuration to set the network,
which would link the India Infoline Limited to individual / members.
● To know about the latest and future development in the stock exchange trading system.

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1.5 RESEARCH METHODOLOGY
The data collection methods include both primary and secondary Collection methods.

Primary method: This method includes the data collected from the personal interaction with
authorized members of India Infoline Limited.

Secondary method: The secondary data collection method includes:

● The lecturers delivered by the superintendents of respective departments.
● The brochures and material provided by India Infoline Limited.
● The data collected from the magazines of the NSE, economic times, etc.
● Various books relating to the investments, capital market and other related topics.

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2.1 THEORETICAL REVIEW OF LITERATURE
Before getting into online trading, we should know some things about the internet, e-commerce
and etc.
Internet
Internet is a worldwide, self-governed network connecting several other smaller networks and
millions of computers and persons, to mega sources of information. This technology shrinks vast
distances, accelerating the pace of business reforms and revolutionizing the way companies are
managed. It allows direct, ubiquitous links to anyone anywhere and anytime to build up
interactive relationships.
A combination of time and space, called the Internet promises to bring unprecedented changes in
our lives and business. Internet or net is an inter-connection of computer communication
networks spanning the entire globe, crossing all geographical boundaries. It has re-defined the
methods of communication, work study, education, business, leisure, health, trade, banking,
commerce and what not it is virtually changing every thing and we are living in dot.com age. Net
being an interactive two way medium, through various websites, enables participation by
individuals in business to business and business to consumer commerce, visit to shopping
arcades, games, etc. in cyber space even the information can be copied, downloaded and
retransmitted.
The use of Internet has grown 2000 percent in last decade and is currently growing at 10 percent
per month. In India, growth of Internet is of recent times. It is expected to bring changes in every
functional area of business activity including management and financial services. It offers stock
trading at a lower cost. Internet can change the nature and capacity of stock broking business in
India.

E-commerce
Electronic commerce is associated with buying and selling over computer communication
networks. It helps conduct traditional commerce through new way of transferring and processing
of information. Information is electronically transferred from computer to computer in an

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automated way. E-commerce refers to the paperless exchange of business information using
electronic data inter change, electronic technologies. It not only reduces manual processes and
paper transactions but also helps organization move to a fully electronic environment and change
the way they operated.
PC’s and networking attempts to introduce banks of the tools and technologies required for
electronic commerce. The computers are either workstations of individual office works or serves
where large databases and information reside. Network connects both categories of computers;
the various operating systems are the most basis program within a computer. It manages the
resources of the computer system in a fair and efficient manner.
Now we can enter in to the concept known as online trading.
In the past, investors had no option but to contact their broker to get real time access to market
data. The net brings data to the investor on-line and net broking enables him to trade on a click of
mouse. Now information has become easily accessible to both retail as well as big investor.

EVOLUTION OF BROKING IN INDIA:

The evolution of a broking in India can be categorized in three phases -
Stockbrokers will offer on their sites features such as live portfolio manager, live quotes, market
research and news, etc. to attract more investors.
Brokers will offer online broking and relationship management by providing and offering
analysis and information to investors during broking and non-broking hours based on their
profile and needs, i.e. customized services.
Brokers (now e-brokers) will offer value management or services like initial public offering
online, on-line asset allocation, portfolio management, financial planning, tax planning,
insurance services, etc. and enables the investors to take better and well considered decisions.

The actual definition of “Online Trading” is as explained below:

“Online trading is a service offered on the internet for purchase and sale of shares. In the real
world you place orders on your stockbroker either verbally (personally or telephonically) or in a
written form (fax).” In online trading, you will access a stockbroker’s website through your
internet enabled PC and place orders through the broker’s internet based trading engine. These
orders are routed to the stock exchange without manual intervention and executed thereon in a

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matter of a few seconds.The net is used as a mode of trading in internet trading. Orders are
communicated to the stock exchange through website.
In India:
Internet trading started in India on 1st April 2000 with 79 members seeking permission for
online trading. The SEBI committees on internet based securities trading services has allowed
the net to be used as an Order Routing System (ORS) through registered stock brokers on behalf
of their clients for execution of transaction. Under the ORS the client enters his requirements
(security, quantity, price buy/sell) on broker’s site.
Objectives:
Internet trading is expected to
● Increase transparency in the markets,
● Enhance market quality through improved liquidity, by increasing quote continuity and
market depth,
● Reduce settlement risks due to open trades, by elimination of mismatches,
● Provide management information system,
● Introduce flexibility in system, so as to handle growing volumes easily and to support
nationwide expansion of market activity.
Besides, through internet 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.
Some of the brokers offering net trading include ICICI direct, kotakstreet, etc.

Requirements for net trading:

For investors:
1. Installation of a computer with required specification
2. Installation of a modem
3. Telephone connection
4. Registration for on-line trading with broker

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 5. A bank account
6. Depository account
7. Compliance with SEBI guidelines for net trading

The following should be produced to get a demat account and online trading account:
As identity proof & address proof any one of the following:
● Voter ID card
● Driving license
● PAN card( in case of to trade more than 50000)
● Ration card
● Bank pass book
● Telephone bill
Other requirements, which are necessary
● First page of the bank pass book and last 6 months statement.
● Bank manager’s signature along with bank’s seal, manager registration code on
photograph.

For stock brokers:

1. Permission from stock exchange for net trading
2. Net worth of Rs. 50 lac
3. Adequate back-up system
4. Secured and reliable software system
5. Adequate, experienced and trained staff
6. Communication of order (trade confirmation to investor by e-mail)
7. Use of authentication technologies
8. Issue of contract notes within 24 hours of the trade execution
9. Setting up a website.

The net is used as a medium of trading in internet trading. Orders are communicated to the stock
exchange through website. Internet trading started in India on 1st April 2000 with 79 members

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seeking permission for online trading. The SEBI committees on internet based securities trading
services has allowed the net to be used as an Order Routing System (ORS) through registered
stock brokers on behalf of their clients for execution of transaction.
Under the Order Routing System the client enters his requirements (security, quantity, price, and
buy/sell) in broker's site. They are checked electronically against the clients account and routed
electronically to the appropriate exchange for execution by the broker. The client receives a
confirmation on execution of the order. The customer's portfolio and ledger accounts get updated
to reflect the transaction. The user should have the user id and password to enter into the
electronic ring. He should also have demat account and bank account. The system permits only a
registered client to log in using user id and password. Order can be placed using place order
window of the website.
Procedure for net trading
Step 1: Those investors, who are interested in doing the trading over internet system i.e. NEAT-
IXS, should approach the brokers and get them self registered with the Stock Broker.
Step 2: After registration, the broker will provide to them a Login name, Password and personal
identification number (PIN).
Step 3: Actual placement of an order. An order can then be placed by using the place order
window as under:
First by entering the symbol and series of stock and other parameters like quantity and price of
the scrip on the place order window.
Second, fill in the symbol, series and the default quantity.
Step 4: 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.
Step 5: After the review has been satisfactory, the order has to be sent by clicking on the send
option.
Step 6: 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 10 seconds is there in executing the trade.

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Step 8: It is regarding charging payment, for which there are different mode. Some brokers will
take some advance payment from the investor and will fix their trading limits. When the trade is
executed, the broker will ask the investor for transfer of funds to his account.

Internet trading provides total transparency between a broker and an investor in the secondary
market. In the open outcry system, only the broker knew the actually transacted price. Screen
based trading provides more transparency. With online trading investors can see themselves the
price at which the deal takes place.

The time gap has narrowed in every stage of operation. Confirmation and execution of trade
reaches the investor within the least possible time, mostly within 30 seconds. Instant feedback is
available about the execution. Some of the websites also offer;
● News and research report
● BSE and NSE movements
● Stock analysis
● IPO and mutual fund centers
Step by step procedure in online trading:
Following steps explain the step by step approach to on-line trading:
● Log on to the stock broker's website
● Register as client/investor
● Fill the application form and client broker agreement form on the requisite value stamp
paper
● Obtain user ID and pass word
● Log on to the broker's site using secure user ID and password
● Market watch page will show real time on-line market data
● Trade shares directly by entering the symbol or number of the security
● Brokers server will check your limit in the on-line account and demat account for the
number of shares and execute the trade
● Order is executed instantly (10-30 seconds) and confirmation can be obtained.
● Confirmation is e-mailed to investor by broker

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 ● Contract note is printed and mailed in 24 hours
● Settlement will take place automatically on the settlement day
● Demat account and the bank account will get debited and credited by electronic means.

ONLINE TRADING HAS LED TO ADDITIONAL FEATURES SUCH AS:

● Limit / stop orders: orders that can be go unfilled, but there is an extra Charge for this
leeway facility since one need to hold a price.
● Market orders: orders can be filled at unexpected prices, but this type is much more
risky, since you have to buy stock at the given price.
● Cash account: where funds have to be available prior to placing the order.
● Margin account: where orders can be placed against stocks, to increase Purchasing
power.
ADVANTAGES OF ONLINE TRADING:
● Online trading has made it possible for anyone to have easy and efficient access to more
reports and charts than it was previously possible if one went to any brokers' office. Thus
we have access to a lot more information online.
● Online trading has let room for smaller organizations to compete with multinational
organizations since it is no longer a leg it issue. Being online does not identify the size of
any particular organization, therefore, this additional power to the underdogs.
● Online trading has allowed companies to locate themselves where they want as physical
location is not an issue anymore. Companies can establish themselves according to their
gains and losses, for instance where tax (sales and value added taxes) is best suited to
them.
● Online trading gives control to individuals and they can exercise it over accounts thus
comprehend what is going on when they trade. It is like going back to school and re-
educating oneself on how to trade online.
● Individuals’ benefit by saving comparatively a lot more when trading online as the cost
per trade is less.

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 ● Individuals can invest in a variety of products, unlike earlier when people bought bonds,
mutual funds, and stock for long-term basis and sat on them. Now they can invest in
stocks, stock and index options mutual funds, government, and even insurance.

INVESTORS REASONS TO TRADE ONLINE:

● They have control over their accounts, can make their own decisions and don’t have to
give reasons for their actions. They are independent.
● They have a reason to participate in the market and learn about it.
● It is interesting, cheap, easy, fast, and convenient.
● A lot of information is online so they can keep up-to-date with what is happening in the
trading world.
● It will give investors a greater choice and better realization.
● The immediate impact will be competition and benefits will accrue to the investors.
● It will lead to brokerage commissions going down and brokers striving to increase
business afloat.
● Investors will now go to place, which have better trading conditions and also members to
offer them better facilities.
● They have access to numerous tools to invest, and can create their own portfolio.

HERE ARE THE POSSIBLE DISADVANTAGES:

● When network crashes, there will be problems and delays due to a large influx of rapid
online trading criteria.
● Individuals are restricted to first-hand financial guidance. This simply means that the
individual is himself / herself alone to.
● A tax (sales tax and value added tax) evaluation becomes an issue, especially when you
are trading internationally.
● One has no idea with whom he is dealing with on the other end.
● According to a study conducted by Mary Rowland, careful investor: is online trading bad
for your portfolio, the more one trades the less returns one gets, meaning that an addicted

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 trader gets, carried away online and begins to trade for too much which causes losses for
him / her.
● Individuals think that they are trading with the market directly and know what they are
doing, but the truth is that even though technology has taken over, the basic rules of
trading are the same. It seems that the middleman has been removed, but that is not so.
When the individuals click on the mouse, his trade goes through a broker. The
commissions online pertain to the intermediary.3.2
● There is a need for more effective communication links over the Internet and the ability
of the server to deal with a large volume of visitors.

STOCK EXCHANGES IN INDIA

Stock exchanges are the perfect type of market for securities whether of government and semi-
govt bodies or other public bodies as also for shares and debentures issued by the joint-stock
companies. In the stock market, purchases and sales of shares are affected in conditions of free
competition. Government securities are traded outside the trading ring in the form of over the
counter sales or purchase. The bargains that are struck in the trading ring by the members of the
stock exchanges are at the fairest prices determined by the basic laws of supply and demand.
Definition of a stock exchange:
“Stock exchange means any body or individuals whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling or dealing in
securities.” The securities include:
● Shares of public company.
● Government securities.
● Bonds

History of Stock Exchanges:

The only stock exchanges operating in the 19th century were those of Mumbai setup in 1875 and
Ahmedabad set up in 1894. These were organized as voluntary non-profit-marking associations
of brokers to regulate and protect their interests. Before the control on securities under the
constitution in 1950, it was a state subject and the Bombay securities contracts (control) act of
1925 used to regulate trading in securities. Under this act, the Mumbai stock exchange was

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recognized in 1927 and Ahmedabad in 1937. During the war boom, a number of stock exchanges
were organized. Soon after it became a central subject, central legislation was proposed and a
committee headed by A.D.Gorwala went into the bill for securities regulation. On the basis of the
committee’s recommendations and public discussion, the securities contract (regulation) act
became law in 1956.

Functions of Stock Exchanges:

Stock exchanges provide liquidity to the listed companies. By giving quotations to the listed
companies, they help trading and raise funds from the market. Over the hundred and twenty
years during which the stock exchanges have existed in this country and through their medium,
the central and state government have raised crores of rupees by floating public loans. Municipal
corporations, trust and local bodies have obtained from the public their financial requirements,
and industry, trade and commerce- the backbone of the country’s economy-have secured capital
of crores or rupees through the issue of stocks, shares and debentures for financing their day-to-
day activities, organizing new ventures and completing projects of expansion, diversification and
modernization. By obtaining the listing and trading facilities, public investment is increased and
companies were able to raise more funds. The quoted companies with wide public interest have
enjoyed some benefits and assets valuation has become easier for tax and other purposes.

Various Stock Exchanges in India:

At present there are 23 stock exchanges recognized under the securities contracts (regulation),
Act, 1956. Those are:
Ahmedabad Stock Exchange Association Ltd.
Bangalore Stock Exchange
Bhubaneswar Stock Exchange Association
Calcutta Stock Exchange
Cochin Stock Exchange Ltd.
Coimbatore Stock Exchange
Delhi Stock Exchange Association
Guwahati Stock Exchange Ltd
Hyderabad Stock Exchange Ltd.(Presently not working)

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Jaipur Stock Exchange Ltd
Kanara Stock Exchange Ltd
Ludhiana Stock Exchange Association Ltd
Madras Stock Exchange
Madhya Pradesh Stock Exchange Ltd.
Magadh Stock Exchange Limited
Meerut Stock Exchange Ltd.
Mumbai Stock Exchange
National Stock Exchange of India
OTC Exchange of India
Pune Stock Exchange Ltd.
Saurashtra Kutch Stock Exchange Ltd.
Uttar Pradesh Stock Exchange Association
Vadodara Stock Exchange Ltd.

Out of these major stock exchanges were:

NSE
The National Stock Exchange of India Limited has genesis in the report of the High Powered
Study Group on Establishment of New Stock Exchanges, which recommended promotion of a
National Stock Exchange by financial institutions (FI’s) to provide access to investors from all
across the country on an equal footing. Based on the recommendations, NSE was promoted by
leading Financial Institutions at the behest of the Government of India and was incorporated in
November 1992 as a tax-paying company unlike other stock exchanges in the country. On its
recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April
1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994.
The Capital Market (Equities) segment commenced operations in November 1994 and operations
in Derivatives segment commenced in June 2000
NSE's mission is setting the agenda for change in the securities markets in India. The NSE was
set-up with the main objectives of:
● Establishing a nation-wide trading facility for equities and debt instruments.

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 ● Ensuring equal access to investors all over the country through an appropriate
communication network.
● Providing a fair, efficient and transparent securities market to investors using electronic
trading systems.
● Enabling shorter settlement cycles and book entry settlements systems, and
● Meeting the current international standards of securities markets.
The standards set by NSE in terms of market practices and technology, have become industry
benchmarks and are being emulated by other market participants. NSE is more than a mere
market facilitator. It's that force which is guiding the industry towards new horizons and greater
opportunities.

BSE
The Stock Exchange, Mumbai, popularly known as "BSE" was established in 1875 as "The
Native Share and Stock Brokers Association". It is the oldest one in Asia, even older than the
Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making
Association of Persons (AOP) and is currently engaged in the process of converting itself into
demutualised and corporate entity. It has evolved over the years into its present status as the
premier Stock Exchange in the country. It is the first Stock Exchange in the Country to have
obtained permanent recognition in 1956 from the Govt. of India under the Securities Contracts
(Regulation) Act 1956.The Exchange, while providing an efficient and transparent market for
trading in securities, debt and derivatives upholds the interests of the investors and ensures
redresses of their grievances whether against the companies or its own member-brokers. It also
strives to educate and enlighten the investors by conducting investor education programmers and
making available to them necessary informative inputs.

A Governing Board having 20 directors is the apex body, which decides the policies and
regulates the affairs of the Exchange. The Governing Board consists of 9 elected directors, who
are from the broking community (one third of them retire ever year by rotation), three SEBI
nominees, six public representatives and an Executive Director & Chief Executive Officer and a
Chief Operating Officer.

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The Executive Director as the Chief Executive Officer is responsible for the day-to-day
administration of the Exchange and the Chief Operating Officer and other Heads of Department
assist him.

The Exchange has inserted new Rule No.126 A in its Rules, Byelaws pertaining to constitution
of the Executive Committee of the Exchange. Accordingly, an Executive Committee, consisting
of three elected directors, three SEBI nominees or public representatives, Executive Director &
CEO and Chief Operating Officer has been constituted. The Committee considers judicial &
quasi matters in which the Governing Board has powers as an Appellate Authority, matters
regarding annulment of transactions, admission, continuance and suspension of member-brokers,
declaration of a member-broker as defaulter, norms, procedures and other matters relating to
arbitration, fees, deposits, margins and other monies payable by the member-brokers to the
Exchange, etc.

REGULATORY FRAMEWORK OF STOCK EXCHANGE

A comprehensive legal framework was provided by the “Securities Contract Regulation Act,
1956” and “Securities Exchange Board of India 1952”. Three tier regulatory structure
comprising
● Ministry of finance
● The Securities And Exchange Board of India
● Governing body
Members of the stock exchange:
The securities contract regulation act 1956 has provided uniform regulation for the admission of
members in the stock exchanges. The qualifications for becoming a member of a recognized
stock exchange are given below:
● The minimum age prescribed for the members is 21 years.
● He should be an Indian citizen.
● He should be neither a bankrupt nor compound with the creditors.
● He should not be convicted for fraud or dishonesty.

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OBJECTIVES AND FUNCTIONS OF SEBI
● To protect the interest of investors in securities.
● Regulating the business in stock exchanges and any other securities market.
● Registering and regulating the working of intermediaries associated with securities
market as well as working of mutual funds.
● Promoting and regulating self-regulatory organizations.
● Prohibiting insider trading in securities.
● Regulating substantial acquisition of shares and take over of companies.
● Performing such functions and exercising such powers under the provisions of capital
issues (control) act, 1947 and the securities to it by the central government.

SEBI GUIDELINES TO SECONDARY MARKETS: (STOCK EXCHANGES):

● Board of Directors of Stock Exchange has to be reconstituted so as to include non-

members, public representatives and government representatives to the extent of 50% of
total number of members.
● Capital adequacy norms have been laid down for the members of various stock
exchanges depending upon their turnover of trade and other factors.
● All recognized stock exchanges will have to inform about transactions within 24 hrs.
TYPES OF ORDERS:
Buy and sell orders placed with members of the stock exchange by the investors. The orders are
of different types.

Limit orders: Orders are limited by a fixed price. E.g. ‘buy Reliance Petroleum at Rs.50.’Here,
the order has clearly indicated the price at which it has to be bought and the investor is not
willing to give more than Rs.50.

Best rate order: Here, the buyer or seller gives the freedom to the broker to execute the order at
the best possible rate quoted on the particular date for buying. It may be lowest rate for buying
and highest rate for selling.

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Discretionary order: The investor gives the range of price for purchase and sale. The broker can
use his discretion to buy within the specified limit. Generally the approximation price is fixed.
The order stands as this “buy BRC 100 shares around Rs.40”.

Stop loss order: The orders are given to limit the loss due to unfavorable price movement in the
market. A particular limit is given for waiting. If the price falls below the limit, the broker is
authorized to sell the shares to prevent further loss. E.g. Sell BRC limited at Rs.24, stop loss at
Rs.22.

Buying and selling shares: To buy and sell the shares the investor has to locate register broker
or sub broker who render prompt and efficient service to him. The order to buy or sell specifying
the number of shares of the company of investors’ choice is placed with the broker. The order
may be of any type. After receiving the order the broker tries to execute the order in his
computer terminal. Once matching order is found, the order is executed. The broker then delivers
the contract note to the investor. It gives the details regarding the name of the company, number
of shares bought, price, brokerage, and the date of delivery of share. In this physical trading
form, once the broker gets the share certificate through the clearing houses he delivers the share
certificate along with transfer deed to the investor. The investor has to fill the transfer deed and
stamp it. The stamp duty is one of the percentage considerations, the investor should lodge the
share certificate and transfer deed to the register or transfer agent of the company. If it is bought
in the DEMAT form, the broker has to give a matching instruction to his depository participant
to transfer shares bought to the investors account. The investor should be account holder in any
of the depository participant. In the case of sale of shares on receiving payment from the
purchasing broker, the broker effects the payment to the investor.

Share groups: The scrips traded on the BSE have been classified into ‘A’,’B1’,’B2’,’C’,’F’ and
‘Z’ groups. The ‘A’ group represents those, which are in the carry forward system. The ‘F’ group
represents the debt market segment (fixed income securities). The Z group scrips are of the
blacklisted companies. The ‘C’ group covers the odd lot securities in ‘A’, ‘B1’&’B2’ groups.

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ROLLING SETTLEMENT SYSTEM:
Under rolling settlement system, the settlement takes place n days (usually 1, 2, 3 or 5days) after
the trading day. The shares bought and sold are paid in for n days after the trading day of the
particular transaction. Share settlement is likely to be completed much sooner after the
transaction than under the fixed settlement system.

The rolling settlement system is noted by T+N i.e. the settlement period is n days after the
trading day. A rolling period which offers a large number of days negates the advantages of the
system. Generally longer settlement periods are shortened gradually.

SEBI made RS compulsory for trading in 10 securities selected on the basis of the criteria that
they were in compulsory demat list and had daily turnover of about Rs.1 crore or more. Then it
was extended to “A” stocks in Modified Carry Forward Scheme, Automated Lending and
Borrowing Mechanism (ALBM) and Borrowing and lending Securities Scheme (BELSS) with
effect from Dec 31, 2001.SEBI has introduced T+5 rolling settlement in equity market from July
2001 and subsequently shortened the cycle to T+3 from April 2002. After the T+3 rolling
settlement experience it was further reduced to T+2 to reduce the risk in the market and to
protect the interest of the investors from 1st April 2003.

Activities on T+1: conformation of the institutional trades by the custodian is sent to the stock
exchange by 11.00 am. A provision of an exception window would be available for late
confirmation. The time limit and the additional changes for the exception window are dedicated
by the exchange.

The exchanges/clearing house/ clearing corporation would process and download the obligation
files to the broker’s terminals late by 1.30 p.m on T+1. Depository participants accept the
instructions for pay in securities by investors in physical form up to 4 p.m and in electronic form
up to 6 p.m. the depositories accept from other DPs till 8p.m for same day processing.

20
Activities on T+2: The depository permits the download of the paying in files of securities and
funds till 10.30 a.m on T+2 from the brokers’ pool accounts. The depository processes the pay in
requests and transfers the consolidated pay in files to clearing House/clearing Corporation by
11.00am/on T+2. The exchange/clearing house/clearing corporation executes the pay-out of
securities and funds latest by 1.30 p.m on T+2 to the depositories and clearing banks. In the
demat mode net basis settlement is allowed. The buy and sale positions in the same scrip can be
settled and net quantity has to be settled.

21
2.2 JOURNAL ARTICLES

ARTICLE-1
TITLE: Investors‟ Satisfaction on Online Share Trading and Technical Problems Faced by the
Investors: A Study in Coimbatore District of Tamilnadu
AUTHOR: Dr.N.Sakthivel
ABSTRACT: This paper investigated investors‟ satisfaction on online share trading and
technical problems faced by the investors in Coimbatore district of Tamilnadu. The satisfaction
of investors on online share trading based on brokerage houses were analysed using percentage
analysis and the technical problems faced by the investors while trading shares through online
using were analysed using Garrett ranking analysis. Primary data were collected from sample
620 respondents through the structured questionnaire. Data collected have been analyzed and
tested using SPSS.
ARTICLE-2
TITLE: Online investors‟ trading behaviour and performance: Evidence from the Korean equity
market
AUTHOR: Natalie Y Oh
ABSTRACT: This paper investigates the trading behaviour and performance of online equity
investors in comparison to other investors on the Korean stock market. We find that online
traders are noise traders who provide liquidity to other investors. We also show that the
aggregate trading activity of all investor types largely fails to explain market returns. However,
returns on the index have a significant positive impact in changing online investment flows,
compared to the negative feedback trading we find for other domestic investor types. Volatility is
apparently perceived as an opportunity, and like all other investors, online traders increase their
trading during volatile periods. In periods when there is uncertainty about the future direction of
the market online investors reduce purchases and sales indiscriminately. Although some market
timing ability characterizes online buy trades, the long run performance of online investors‟
trading decisions is below that of other investors

22
ARTICLE-3

TITLE: Online Stock Trading: Do Demographics, Internet Usage, and Attitudes Matter?
AUTHOR: Jianwei Hou
ABSTRACT: This paper investigates how individuals‟ demographics may influence their
adoption of online stock trading. The results indicate that online stock traders are more likely to
be male, have higher levels of education, and have higher levels of income than non- traders.
Age was not found to correlate with individuals‟ adoption of online stock trading. This study
also found that online stock traders differ from non-traders in terms of their Internet usage
behaviors as well as their attitudes toward the Internet.

ARTICLE-4

TITLE : Online Stock Trading on Stock Brokers

AUTHOR : Devyani Ingale
ABSTRACT: This research is related to examines the new wave of online trading with respect
to industries, brokerages. Stock market is one of the important elements of the Indian economy
which determines the economic growth of India and financial state of the country. In today’s
world there are millions of people are connected to the internet and many of them are from rural
background. Last 30 years since 1991, GPL (Globalization, Privatization, Liberalization) the
internet has impacted much on people's perception. Customer satisfaction is only thing that make
a business successful. The present study to find out the customer awareness towards online
trading. The main objective of the study is to understand how the online trades take place. The
major reason for investing in the share market is convincing and easy to handle.

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3.1 INDUSTRY PROFILE
INTRODUCTION
In general, the financial market divided into two parts, Money market and capital market.
Securities market is an important, organized capital market where transaction of capital is
facilitated by means of direct financing using securities as a commodity. Securities market can be
divided into a primary market and secondary market.

PRIMARY MARKET
The primary market is an intermittent and discrete market where the initially listed shares are
traded first time, changing hands from the listed company to the investors. It refers to the process
through which the companies, the issuers of stocks, acquire capital by offering their stocks to
investors who supply the capital. In other words primary market is that part of the capital markets
that deals with the issuance of new securities. Companies, governments or public sector
institutions can obtain funding through the sale of a new stock or bond issue. This is typically
done through a syndicate of securities dealers. The process of selling new issues to investors is
called underwriting. In the case of a new stock issue, this sale is called an initial public offering
(IPO). Dealers earn a commission that is built into the price of the security offering, though it can
be found in the prospectus.

SECONDARY MARKET

The secondary market is an on-going market, which is equipped and organized with a place,
facilities and other resources required for trading securities after their initial offering. It refers to a
specific place where securities transaction among many and unspecified persons is carried out
through intermediation of the securities firms, i.e., a licensed broker, and the exchanges, a
specialized trading organization, in accordance with the rules and regulations established by the
exchanges.

A bit about history of stock exchange they say it was under a tree that it all started in
1875.Bombay Stock Exchange (BSE) was the major exchange in India till 1994.National Stock
Exchange (NSE) started operations in 1994.

24
NSE was floated by major banks and financial institutions. It came as a result of Harshad Mehta
scam of 1992. Contrary to popular belief the scam was more of a banking scam than a stock
market scam. The old methods of trading in BSE were people assembling on what as called a ring
in the BSE building. They had a unique sign language to communicate apart from all the
shouting. Investors weren't allowed access and the system was opaque and misused by brokers.
The shares were in physical form and prone to duplication and fraud.

NSE was the first to introduce electronic screen based trading. BSE was forced to follow suit.
The present day trading platform is transparent and gives investors prices on a real time basis.
With the introduction of depository and mandatory dematerialization of shares chances of fraud
reduced further. The trading screen gives you top 5 buy and sell quotes on every scrip.

A typical trading day starts at 10 ending at 3.30. Monday to Friday. BSE has 30 stocks which
make up the Sensex .NSE has 50 stocks in its index called Nifty. FII s Banks, financial
institutions mutual funds are biggest players in the market. Then there are the retail investors and
speculators. The last ones are the ones who follow the market morning to evening; Market can be
very addictive like blogging though stakes are higher in the former.

ORIGIN OF INDIAN STOCK MARKET

The origin of the stock market in India goes back to the end of the eighteenth century when long-
term negotiable securities were first issued. However, for all practical purposes, the real
beginning occurred in the middle of the nineteenth century after the enactment of the companies
Act in 1850, which introduced the features of limited liability and generated investor interest in
corporate securities.

An important early event in the development of the stock market in India was the formation of the
native share and stock brokers 'Association at Bombay in 1875, the precursor of the present day
Bombay Stock Exchange. This was followed by the formation of associations/exchanges in
Ahmedabad (1894), Calcutta (1908), and Madras (1937). In addition, a large number of
ephemeral exchanges emerged mainly in buoyant periods to recede into oblivion during
depressing times subsequently.

25
Stock exchanges are intricacy inter-woven in the fabric of a nation's economic life. Without a
stock exchange, the saving of the community- the sinews of economic progress and productive
efficiency- would remain underutilized. The task of mobilization and allocation of savings could
be attempted in the old days by a much less specialized institution than the stock exchanges. But
as business and industry expanded and the economy assumed more complex nature, the need for
'permanent finance' arose. Entrepreneurs needed money for long term whereas investors
demanded liquidity – the facility to convert their investment into cash at any given time. The
answer was a ready market for investments and this was how the stock exchange came into being.

Stock exchange means any body of individuals, whether incorporated or not, constituted for the
purpose of regulating or controlling the business of buying, selling or dealing in securities. These
securities include:

i. Shares, scrip, stocks, bonds, debentures stock or other marketable securities of a like
nature in or of any incorporated company or other body corporate;
ii. Government securities; and
iii. Rights or interest in securities.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) are the
two primary exchanges in India. In addition, there are 22 Regional Stock Exchanges. However,
the BSE and NSE have established themselves as the two leading exchanges and account for
about 80 per cent of the equity volume traded in India. The NSE and BSE are equal in size in
terms of daily traded volume. The average daily turnover at the exchanges has increased from Rs
851 crore in 1997-98 to Rs 1,284 crore in 1998-99 and further to Rs 2,273 crore in 1999-2000
(April - August 1999). NSE has around 1500 shares listed with a total market capitalization of
around Rs 9, 21,500 crore.

The BSE has over 6000 stocks listed and has a market capitalization of around Rs 9, 68,000
crore. Most key stocks are traded on both the exchanges and hence the investor could buy them
on either exchange. Both exchanges have a different settlement cycle, which allows investors to
shift their positions on the bourses. The primary index of BSE is BSE Sensex comprising 30
stocks. NSE has the S&P NSE 50 Index (Nifty) which consists of fifty stocks. The BSE Sensex is
the older and more widely followed index.

26
Both these indices are calculated on the basis of market capitalization and contain the heavily
traded shares from key sectors. The markets are closed on Saturdays and Sundays. 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 scrip's 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 scrip's are
the blacklisted companies. The 'C' group covers the odd lot securities in 'A', 'B1' & 'B2' groups
and Rights renunciations. The key regulator governing Stock Exchanges, Brokers, Depositories,
Depository participants, Mutual Funds, FIIs and other participants in Indian secondary and
primary market is the Securities and Exchange Board of India (SEBI) Ltd.

Brief History of Stock Exchanges

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

News on the stock market appears in different media every day. You hear about it any time it
reaches a new high or a new low, and you also hear about it daily in statements like 'The BSE
Sensitive Index rose 5% today'. Obviously, stocks and stock markets are important. Stocks of
public limited companies are bought and sold at a stock exchange. But what really are stock
exchanges? Known also as the stock market or bourse, a stock exchange is an organized
marketplace for securities (like stocks, bonds, options) featured by the centralization of supply
and demand for the transaction of orders by member brokers, for institutional and individual
investors.

The exchange makes buying and selling easy. For example, you don't have to actually go to a
stock exchange, say, BSE - you can contact a broker, who does business with the BSE, and he or
she will buy or sell your stock on your behalf.

27
Market Basics

Electronic trading
Electronic trading eliminates the need for physical trading floors. Brokers can trade from their
offices, using fully automated screen-based processes. Their workstations are connected to a
Stock Exchange's central computer via satellite using Very Small Aperture Terminus (VSATs).
The orders placed by brokers reach the Exchange's central computer and are matched
electronically.

Exchanges in India
The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the country's
two leading Exchanges. There are 20 other regional Exchanges, connected via the Inter-
Connected Stock Exchange (ICSE). The BSE and NSE allow nationwide trading via their VSAT
systems.

Index
An Index is a comprehensive measure of market trends, intended for investors who are concerned
with general stock market price movements. An Index comprises stocks that have large liquidity
and market capitalization. Each stock is given a weight age in the Index equivalent to its market
capitalization. At the NSE, the capitalization of NIFTY (fifty selected stocks) is taken as a base
capitalization, with the value set at 1000. Similarly, BSE Sensitive Index or Sensex comprises 30
selected stocks. The Index value compares the day's market capitalization vis-à-vis base
capitalization and indicates how prices in general have moved over a period of time.
Execute an order
Select a broker of your choice and enter into a broker-client agreement and fill in the client
registration form. Place your order with your broker preferably in writing. Get a trade
confirmation slip on the day the trade is executed and ask for the contract note at the end of the
trade date.

Need a broker
As per SEBI (Securities and Exchange Board of India.) regulations, only registered members can
operate in the stock market. One can trade by executing a deal only through a registered broker of
a recognized Stock Exchange or through a SEBI-registered sub-broker.

28
Contract note
A contract note describes the rate, date, time at which the trade was transacted and the brokerage
rate. A contract note issued in the prescribed format establishes a legally enforceable relationship
between the client and the member in respect of trades stated in the contract note. These are made
in duplicate and the member and the client both keep a copy each. A client should receive the
contract note within 24 hours of the executed trade. Corporate Benefits/Action.

Split
A Split is book entry wherein the face value of the share is altered to create a greater number of
shares outstanding without calling for fresh capital or altering the share capital account. For
example, if a company announces a two-way split, it means that a share of the face value of Rs 10
is split into two shares of face value of Rs 5 each and a person holding one share now holds two
shares.

Buy Back
As the name suggests, it is a process by which a company can buy back its shares from
shareholders. A company may buy back its shares in various ways: from existing shareholders on
a proportionate basis; through a tender offer from open market; through a book-building process;
from the Stock Exchange; or from odd lot holders.

A company cannot buy back through negotiated deals on or off the Stock Exchange, through spot
transactions or through any private arrangement.

Settlement cycle
The accounting period for the securities traded on the Exchange. On the NSE, the cycle begins on
Wednesday and ends on the following Tuesday, and on the BSE the cycle commences on
Monday and ends on Friday. At the end of this period, the obligations of each broker are
calculated and the brokers settle their respective obligations as per the rules, bye-laws and
regulations of the Clearing Corporation. If a transaction is entered on the first day of the
settlement, the same will be settled on the eighth working day excluding the day of transaction.
However, if the same is done on the last day of the settlement, it will be settled on the fourth
working day excluding the day of transaction.

29
Rolling settlement
The rolling settlement ensures that each day's trade is settled by keeping a fixed gap of a specified
number of working days between a trade and its settlement. At present, this gap is five working
days after the trading day. The waiting period is uniform for all trades. In a Rolling Settlement,
all trades outstanding at end of the day have to be settled, which means that the buyer has to make
payments for securities purchased and seller has to deliver the securities sold. In India, we have
adopted the T+5 settlement cycle, which means that a transaction entered into on Day 1 has to be
settled on the Day 1 + 5 working days, when funds pay in or securities pay out takes place.

What are the advantages of Rolling Settlements?

As mentioned earlier, this is the system practiced in developed countries. Pay outs are quicker
than in weekly settlements, and investors will benefit from increased liquidity. The other benefit
of the modified system is that it keeps cash and forward markets separate. In the current system,
the trader has five days to square off his transaction which leads to a high level of speculation as
people even without funds tend to "play" the market. During volatile markets, especially in a
bearish market, this often leads to a payment problem which has dogged the Indian stock
exchanges for a long time. It provides for a higher degree of safety, and once mechanisms such as
futures and stock-lending become popular, it would result in quality speculation and genuine
investor interest.

When does one deliver the shares and pay the money to broker
As a seller, in order to ensure smooth settlement you should deliver the shares to your broker
immediately after getting the contract note for sale but in any case before the pay-in day.
Similarly, as a buyer, one should pay immediately on the receipt of the contract note for purchase
but in any case before the pay-in day.

Short selling
Short selling is a legitimate trading strategy. It is a sale of a security that the seller does not own,
or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers
take the risk that they will be able to buy the stock at a more favorable price than the price at
which they "sold short."

30
The selling of a security that the seller does not own, or any sale that is completed by the delivery
of a security borrowed by the seller, Short sellers assume that they will be able to buy the stock at
a lower amount than the price at which they sold short.

Auction
An auction is conducted for those securities that members fail to deliver/short deliver during pay-
in. Three factors primarily give rise to an auction: short deliveries, un-rectified bad deliveries, and
un-rectified company objections

Separate market for auctions

The buy/sell auction for a capital market security is managed through the auction market. As
opposed to the normal market where trade matching is an on-going process, the trade matching
process for auction starts after the auction period is over.

If the shares are not bought in the auction

If the shares are not bought at the auction i.e. if the shares are not offered for sale, the Exchange
squares up the transaction as per SEBI guidelines. The transaction is squared up at the highest
price from the relevant trading period till the auction day or at 20 per cent above the last available
Closing price whichever is higher. The pay-in and pay-out of funds for auction square up is held
along with the pay-out for the relevant auction.

Bad Delivery
SEBI has formulated uniform guidelines for good and bad delivery of documents. Bad delivery
may pertain to a transfer deed being torn, mutilated, overwritten, defaced, or if there are spelling
mistakes in the name of the company or the transfer. Bad delivery exists only when shares are
transferred physically. In "Demat" bad delivery does not exist.

Stock & Exchange Board of India

REGULATION OF BUSINESS IN THE STOCK EXCHANGES
Under the SEBI Act, 1992, the SEBI has been empowered to conduct inspection of stock
exchanges. The SEBI has been inspecting the stock exchanges once every year since 1995-96.
During these inspections, a review of the market operations, organizational structure and
administrative control of the exchange is made to ascertain whether:

31
 ● The exchange provides a fair, equitable and growing market to investors
● The exchange's organization, systems and practices are in accordance with the Securities
Contracts (Regulation) Act (SC(R) Act), 1956 and rules framed there under
● The exchange has implemented the directions, guidelines and instructions issued by the
SEBI from time to time
● The exchange has complied with the conditions, if any, imposed on it at the time of
renewal/ grant of its recognition under section 4 of the SC(R) Act, 1956.

During the year 1997-98, inspection of stock exchanges was carried out with a special focus on
the measures taken by the stock exchanges for investor's protection. Stock exchanges were,
through inspection reports, advised to effectively follow-up and redress the investors' complaints
against members/listed companies. The stock exchanges were also advised to expedite the
disposal of arbitration cases within four months from the date of filing.

During the earlier years' inspections, common deficiencies observed in the functioning of the
exchanges were delays in post trading settlement, frequent clubbing of settlements, delay in
conducting auctions, inadequate monitoring of payment of margins by brokers, non-adherence to
Capital Adequacy Norms etc. It was observed during the inspections conducted in 1997-98 that
there has been considerable improvement in most of the areas, especially in trading, settlement,
collection of margins etc.

Dematerialization
Dematerialization in short called as 'demat' is the process by which an investor can get physical
certificates converted into electronic form maintained in an account with the Depository
Participant. The investors can dematerialize only those share certificates that are already
registered in their name and belong to the list of securities admitted for dematerialization at the
depositories.

Depository: The organization responsible to maintain investor's securities in the electronic form is
called the depository. In other words, a depository can therefore be conceived of as a "Bank" for
securities. In India there are two such organizations viz. NSDL and CDSL. The depository
concept is similar to the Banking system with the exception that banks handle funds whereas a

32
depository handles securities of the investors. An investor wishing to utilize the services offered
by a depository has to open an account with the depository through Depository Participant.
Depository Participant: The market intermediary through whom the depository services can be
availed by the investors is called a Depository Participant (DP). As per SEBI regulations, DP
could be organizations involved in the business of providing financial services like banks,
brokers, custodians and financial institutions. This system of using the existing distribution
channel (mainly constituting DPs) helps the depository to reach a wide cross section of investors
spread across a large geographical area at a minimum cost. The admission of the DPs involves a
detailed evaluation by the depository of their capability to meet with the strict service standards
and a further evaluation and approval from SEBI. Realizing the potential, all the custodians in
India and a number of banks, financial institutions and major brokers have already joined as DPs
to provide services in a number of cities .
Advantages of a depository services:
Trading in demat segment completely eliminates the risk of bad deliveries. In case of transfer of
electronic shares, you save 0.5% in stamp duty. Avoids the cost of courier/ notarization/ the need
for further follow-up with your broker for shares returned for company objection No loss of
certificates in transit and saves substantial expenses involved in obtaining duplicate certificates,
when the original share certificates become mutilated or misplaced.
Lower interest charges for loans taken against demat shares as compared to the interest for loan
against physical shares. RBI has increased the limit of loans availed against dematerialized
securities as collateral to Rs 20 lakh per borrower as against Rs 10 lakh per borrower in case of
loans against physical securities. RBI has also reduced the minimum margin to 25% for loans
against dematerialized securities, as against 50% for loans against physical securities. Fill up the
account opening form, which is available with the DP. Sign the DP-client agreement, which
defines the rights and duties of the DP and the person wishing to open the account. Receive your
client account number (client ID).
This client id along with your DP id gives you a unique identification in the depository system.
Fill up a dematerialization request form, which is available with your DP, Submit your share
certificates along with the form; write "surrendered for demat" on the face of the certificate
before submitting it for demat) Receive credit for the dematerialized shares into your account
within 15 days.

33
3.2 COMPANY PROFILE

IIFL is a financial services conglomerate which was started by a group of passionate

entrepreneurs in 1995. The genesis of IIFL lies in the power of dreaming big and believing in
your dreams.

IIFL was the pioneer in the retail broking industry with its launch of 5paisa trading platform
which offered the lowest brokerage in the industry and the freedom from traditional ways of
transacting. Our strength has been to continuously innovate and reinvent ourselves. IIFL’s
evolution from an entrepreneurial start-up in 1995 to a full range diversified financial services
group is a story of steady growth by adapting to the dynamic business environment, without
losing focus on our core domain of financial services.

Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is India’s
leading integrated financial services group with diverse operating businesses, mainly, Non
Banking and Housing Finance, Wealth and Asset Management, Financial Advisory and Broking,
Mutual Funds and Financial Product Distribution, Investment Banking, Institutional Equities,
Realty Broking and Advisory Services.

IIFL serves more than 4 million satisfied customers across various business segments and is
continuously building on its strengths to deliver excellent service to its expanding customer base.

Brand IIFL
In today’s world, a brand is considered as the most valuable asset of an organization. It serves as
the medium that connects our numerous off-erings to customers adding value to their lives. It is
an intangible voice that speaks volumes about the company.

With a product class that fulfils customer expectations and often exceeds them, we have created
a diverse portfolio, a broad spectrum of offerings with a business model that shareholders and
investors have come to trust.

We are a brand that is not afraid to dream big and see those dreams to fruition. Our single
minded focus in providing investment advice while ensuring the highest standards of ethics and

34
compliance, transparency while transacting business and staying ahead of the curve in
technological innovations has helped us build credibility and a reputation we are proud of today.

Lastly, at IIFL, it is our firm belief that a brand is the face of a company’s work culture. It is
something that introduces you to our customers and to the world. Our brand is your identity; it
narrates your success story and serves as a sign of how you represent us with a sense of pride and
ownership.

HISTORY

IIFL was founded on Oct 17, 1995 by Nirmal Jain , a 1986 graduate from University of Mumbai
and an alumnus of Indian Institute of Management, Ahmedabad. Jain is among the few
successful entrepreneurs post the economic liberalisation era in India ushered by PV Narasimha
Rao.Jain was previously employed with Hindustan Lever Limited. The company was founded as
Probity Research and Services Private Limited which provided research on the Indian economy,
businesses and corporates. The name was later changed to India Infoline Limited.

A few years into the business, the organisation found itself with clients which included research
organisations, banks and corporates. They then began launching their research products to
become more noticeable in the market. In the meanwhile, the dotcom revolution was beginning
to take place in India. The website was created in 1999.

Taking the business one step ahead this group of consultants opened a trading portal –
www.5paisa.com –in 2000 thus moved into the business of being a full service broking agency.
During this time they widened their distribution network.

In 2001, the Indian dotcom industry saw a downfall. During this time, sustaining became tough.
The organisation then decided to tie-up with leading Life Insurance company ICICI Prudential,
thus putting to use its distribution network and becoming India's first corporate agent for
insurance.

Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is India’s
leading integrated financial services group with diverse operating businesses, mainly Non

35
Banking and Housing Finance, Wealth and Asset Management, Broking, Financial Product
Distribution, Investment Banking, Institutional Equities, Realty and Property Advisory Services.

IIFL Holdings has a consolidated net-worth of over Rs 45 billion; global presence in Canada,
United States, UK, Singapore, Hong Kong, Switzerland, Mauritius, and UAE; An employee
workforce of over 10,500, a strong network of over 2,250 service locations spread across India,
over Rs 233 billion loan assets under management; over Rs 1,250 bn wealth assets under advice,
management and distribution; over 500 stocks under research and more than 300 of the world’s
top institutional investors relying on IIFL's research.

Vision
To be the most respected financial services company in India.
- Not necessarily the largest or most profitable

Values
Fairness
Fairness in our transactions with all stakeholders including employees, customers, and vendors,
bereft of fear or favour.

Integrity
Integrity and honesty of the utmost nature, in letter, in spirit, and in all our dealings with people,
internal or external.

Transparency
Transparency in all our dealings with stakeholders, media, investors, and the public at large.

We have come this far solely based on our core values serving as a moral compass in all our
dealings. Fairness, Integrity and Transparency - FIT is the driving force behind all that we do
here at IIFL. We only work with people who fit into our professional ethos. Our constant
endeavour is to deliver befittingly on all fronts to all our stakeholders. We are resolute in the
observance of these values and will let go of any growth opportunities that deem unfit.

36
Mission 2020
From an entrepreneurial start-up in 1995, we have steadily grown to emerge as one of India’s
leading financial services group. Ever since our inception, our strategy has been to align our
capabilities and market insights to the country’s rapidly changing business environment. Our
growth trajectory has only served to reinforce our focus on our domain of financial services.

DOUBLING
● FY16 to FY20 - Doubling of revenue and 2.5x profit and target to raise ROE from 17.3%
to 24%
● Adequately capitalized to sustain volume growth
● Margin improvement to be driven by rating
● upgrade to help lower cost of funds circle
● Cost optimization
DURABILITY
● NBFC - Retail Lending, Digital Delivery
● Wealth - Focus on advisory mandate for customer stickiness
● Broking - Online retail. Research driven Institutional

DE-RISKING
● Diversified asset mix, geographically well spread
● Broadening service offerings
● Best-in-class risk management framework

Corporate Structure
IIFL Holdings Ltd (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is a diversified
financial services group offering financing, asset and wealth management, financial advisory and
broking, financial products distribution, investment banking, institutional equities, realty broking
and advisory services through its various subsidiaries.

37
BOARD OF DIRECTORS

Mr. Nirmal Jain

Chairman, IIFL Holdings Limited

Mr. Nirmal Jain is the founder and Chairman of IIFL Holdings Limited. He is a PGDM (Post
Graduate Diploma in Management) from IIM (Indian Institute of Management) Ahmedabad, a
Chartered Accountant and a rank-holder Cost Accountant. His professional track record is
equally outstanding. He started his career in 1989 with Hindustan Lever Limited, the Indian arm
of Unilever. During his stint with Hindustan Lever, he handled a variety of responsibilities,
including export and trading in agro-commodities. He contributed immensely towards the rapid
and profitable growth of Hindustan Lever's commodity export business, which was then the
nation's as well as the Company's top priority. He founded Probity Research and Services Pvt.
Ltd. (later re-christened India Infoline) in 1995; perhaps the first independent equity research
Company in India. His work set new standards for equity research in India. Mr. Jain was one of
the first entrepreneurs in India to seize the internet opportunity, with the launch of

38
www.indiainfoline.com in 1999. Under his leadership, IIFL Holdings not only steered through
the dotcom bust and one of the worst stock market downtrends but also grew from strength to
strength.

Mr. R Venkataraman
Managing Director

Mr. R. Venkataraman is a Co-Promoter and the Managing Director of IIFL Holdings Limited.
Before joining the Board of IIFL Holdings Limited in July 1999, he has held senior managerial
positions in ICICI Limited, including ICICI Securities Limited, their investment banking joint
venture with J P Morgan of US, BZW and Taib Capital Corporation Limited. He has also served
as the Assistant Vice President of G E Capital Services India Limited in their private equity
division and possesses diverse experience of more than 22 years in the financial services sector.
Mr. Venkataraman holds a Bachelor in Technology (B.Tech) in Electronics and Electrical
Communications Engineering from the renowned Indian Institute of Technology (IIT),
Kharagpur and a Post Graduate Diploma in Management from the Indian Institute of
Management (IIM), Bangalore.

39
A K Purwar
Independent Director
Former Chairman, State Bank of India Mr. Purwar was the Chairman of State Bank of India, the
largest bank in the country from November 2002 to May 2006 and held several important and
critical positions like Managing Director of State Bank of Patiala, Chief Executive Officer of the
Tokyo branch, covering almost the entire range of commercial banking operations in his
illustrious career at the bank from 1968 to 2006. He is currently the Chairman of IndiaVenture
Advisors Private Limited, the equity fund sponsored by the Piramal Group and independent
director in many listed companies in India including Engineers India Limited, Reliance
Communications Limited, among others.

C Ratnaswami

Non-Executive Director

MD of Hamblin Watsa, subsidiary of Fairfax Mr. Chandran Ratnaswami is a Managing Director

of Hamblin Watsa Investment Counsel Limited, a wholly-owned investment management
company of Fairfax Financial Holdings Limited, Canada. Mr. Ratnaswami serves on the Boards

40
of ICICI Lombard General Insurance Company Limited and Fairbridge Capital in India, Ridley
Inc. in the United States and Zoomermedia Limited in Toronto, Canada. He is also the Chairman
of the Board of Trustees of Lansing United Church in Toronto, Canada.

Geeta Mathur
Independent Director
CFO of Helpage India Geeta Mathur specializes in the area of project, corporate and structured
finance, treasury, investor relations and strategic planning. She started her career with ICICI,
where she worked for over 10 years in the field of project, corporate and structured finance as
well as represented ICICI on the Board of reputed companies such as Eicher Motors, Siel
Limited etc. She then worked in various capacities in large organizations such as IBM and Emaar
MGF across areas of Corporate Finance, Treasury, Risk Management and Investor relations. She
is currently CFO of Helpage India, one of the largest and oldest NPO’s in India working for the
cause of the elderly. Ms. Mathur is a certified Chartered Accountant.

Kranti Sinha
Independent Director
Former CEO of LIC Housing Finance Mr. Kranti Sinha served as the Director and Chief
Executive of LIC Housing Finance Limited from August 1998 to December 2002 and

41
concurrently as the Managing Director of LICHFL Care Homes. He retired as the Executive
Director of LIC. He has also served as the Deputy President of the Governing Council of
Insurance Institute of India and as a member of the Governing Council of National Insurance
Academy, Pune apart from various other such bodies. He is also an independent director on the
Board of Cinemax India Limited and Hindustan Motors Limited.

Nilesh Vikamsey
Independent Director
Senior Partner at Khimji Kunverji & Co Mr. Nilesh Vikamsey is a Senior Partner at M/s Khimji
Kunverji & Co., Chartered Accountants, a member firm of HLB International, a worldwide
organisation of professional accounting firms and business advisers, ranked amongst the top 12
accounting groups globally. Mr. Vikamsey is an elected member of the Central Council of
Institute of Chartered Accountant of India (ICAI). He is also on the Board of a number of
companies like Federal Bank Limited, and SBI Life Insurance Company Limited, among others.

42
S Narayan
Independent Director
Former Finance Secretary, Former Economic Advisor to Prime Minister Dr. Narayan, IAS
(Retd.), served the Government of India as Finance and Economic Affairs Secretary. He was also
Secretary in the Departments of Revenue, Petroleum and Industrial Development. Retired as
Economic Advisor to the Prime Minister of India, he has rich experience in implementation of
economic policies and monitoring of the special economic agenda of the Cabinet on behalf of the
Prime Minister`s Office.

MILESTONES
1996
Inception
A small group of passionate individuals formed Probity Research and Services Pvt. Ltd, an
Information Services Company in October 1995 with a vision to produce high quality, unbiased,
independent research on the Indian economy, business, industries and corporates.

Originally incorporated as Probity Research and Services Pvt. Ltd., the name of the company
was later changed to India Infoline Ltd.

1997
Focus on high quality research
The quality of the research soon resulted in a client list that read like a who's who of Indian
business and finance, from Hindustan Lever to Tatas, from Crisil to McKinsey, from SBI to
Citibank.

43
1998
Leading FIIs, brokers, banks and companies were immediate subscribers
We launched our research products - Probity 200 Company Reports, followed by Economy
Probe, Sector Reports covering Pharmaceuticals, Information Technology, Oil & Gas and FMCG
among others.

1999
The launch of www.indiainfoline.com
The genesis of India Infoline stemmed from the thought that if all this research were to be
available free on the internet, the number of users would leapfrog straight from hundreds to
millions. We took the plunge and www.indiainfoline.com was born. CDC was the first private
equity firm to invest in India Infoline funding us to the tune of US$1mn.

2000
Launched online trading through www.5paisa.com
We received growth capital from Intel and others in this year of 'dot-com euphoria' becoming
one of the pioneers of online trading, with the launch of 5paisa.com, a paradigm shift, with full
service brokerage at 0.05% when the industry was at 1-1.5%.

2001
Dot com bust - and preparations for better times
The 'internet bubble' which grew at an alarming pace, reached a saturation point, finally bursting
and funding just vanished. We persevered, nevertheless, with laying the foundations of our
distribution business, becoming India's first Corporate Agent for Insurance, tying up with ICICI
Prudential Life Insurance.

2002
Survival of the fittest
There was global gloom. The internet bubble burst, the economy witnessed a slowdown and the
stock market was paralysed by the Ketan Parekh scam. We conserved resources, focused on
survival and avoided any distractions, which were away from our core competencies i.e.
financial services.

44
2003
Trader Terminal - Our proprietary software to revolutionize online trading
Convinced that technology was a game changer, we launched our 'Trader Terminal', a pioneering
technology built over 3 years, our retail investor's very own Bloomberg. The product became an
instant hit and remains sought after till date.

2004
Our commodities license
While offering commodities broking to retail investors, we discovered the connection between
transactional and advisory expertise. Over the years, our business model has been de-risked and
is no longer dependent on cyclical capital markets.

2005
Listing on NSE and BSE, our maiden IPO
Listing on the NSE and BSE gave impetus and momentum to expansion, scaling up and funding
and we went full steam ahead with our IPO at Rs 15.2 (adjusted for split) and shareholders
received Rs 15.7 by way of dividend.

2006
Commencement of our lending business
This was another major move for our group - from fee-based to fund-based business. From a
modest beginning with all processes and controls, the NBFC was later to become the most
dominant business line.

2007
From retail to wholesale - Institutional Equities begin with a bang
A high profile institutional team from the then leading foreign brokerage house joined us in what
was a first deal of its kind in the Indian broking industry, making IIFL the port of first call for
FIIs and DIIs.

45
2008
Launch of IIFL Private Wealth Management
IIFL Wealth's business model, in contrast to the traditional industry's practice of driving
revenues through distribution and commission, focuses on advisory fees as core income,
ensuring alignment of interests with those of our clients.

2009
Enterprising India
Our first global investor conference, Enterprising India, held in 2009-10, received an
overwhelming response. It was attended by 450 fund managers, 67 corporates and thought
leaders like Jim Walker, David Bloom and Brahma Chellany among others.

2010
Commenced Gold Loan business
IIFL began with the gold loan business in 2010 diversifying the product portfolio. Previously in
2009, we registered with NHB for housing finance business.

2011
The Launch of IIFL Mutual Fund
We incorporated the IIFL Asset Management Company, and in doing so, ensured our coverage
of the entire gamut of financial services.

2012
Announcing the Real Estate Fund
A debt and equity linked investment instrument, this fund's focus is on affordable residential
segments in the top seven cities in India. The maiden fund raised Rs 5bn, as testimony to our
customer's trust.

2013
The biggest AIF, an all time high income and profits
We launched AIF raising Rs 6.28 bn, the largest AIF fund in India, till date.

46
2014
Set up advisory services for succession and estate planning in IIFL Wealth Management
We created a niche by providing bespoke solutions in areas of succession planning, asset
protection and administration services integrated with its family office proposition.

2015
Launched mobile trading platform
We launched IIFL Markets, stock trading mobile application in February 2015. It is the highest
rated (4.4) and most downloaded stock trading app on Android and IOS amongst peers.

2016
IIFL finds backing by marquee institutional investors
Fairfax Group belonging to the reputed global investor Mr. Prem Watsa of Canada invested Rs.
13,414 million (US$ 202 million) by a secondary purchase of IIFL Holdings shares through an
open offer.

CDC Group plc, the United Kingdom’s development finance institution, invested Rs. 10,050
million (US$ 150 million) in the NBFC subsidiary, India Infoline Finance Ltd.

General Atlantic, leading global growth equity firm, invested Rs. 9,038 million (US$ 134
million) in IIFL Wealth Management Ltd through fresh issue of equity shares and additionally
Rs. 1,591 million (US$ 23 million) for the acquisition of shares from employees of IIFL Wealth.

2017
Acquisition of Micro-Finance Institution
IIFL acquired Samasta Microfinance Ltd, a Bengaluru-based micro finance institution to enter
the microfinance segment and expand its offerings.

Demerger and subsequent listing of 5paisa Capital Ltd

5paisa Capital Limited was listed on NSE and BSE on 16th November, 2017 - becoming India's
first listed Fintech company.

5paisa provides financial services digitally through a low cost DIY model.

47
2018
IIFL Wealth raised Rs 746 cr by way of fresh issue of equity
IIFL wealth raised Rs 746cr by issue of equity to eminent financial investors. IIFL Wealth issued
shares towards Ward Ferry Management Ltd, Rimco (Mauritius) Limited, Amansa Holdings,
General Atlantic Singapore Fund, Steadview and HDFC Standard Life Insurance.
2019
IIFL finds backing by marquee institutional investors
Fairfax Group belonging to the reputed global investor Mr. Prem Watsa of Canada invested Rs.
13,414 million (US$ 202 million) by a secondary purchase of IIFL Holdings shares through an
open offer.

CDC Group plc, the United Kingdom’s development finance institution, invested Rs. 10,050
million (US$ 150 million) in the NBFC subsidiary, India Infoline Finance Ltd.

General Atlantic, leading global growth equity firm, invested Rs. 9,038 million (US$ 134
million) in IIFL Wealth Management Ltd through fresh issue of equity shares and additionally
Rs. 1,591 million (US$ 23 million) for the acquisition of shares from employees of IIFL Wealth

AWARDS & RECOGNITIONS

2019
● India Infoline Ltd has been awarded Finnoviti 2017 for “Proactive Fraud detection
analytical Model- ‘Suraksha Model’ - model used by our team for proactive ly calling
customers to detect frauds.
● Euromoney awards IIFL for Best Private Banking Services Overall - India, 2017.
● Best Private Bank India - Global Finance Best Private Bank Award 2017.
● Best Private Wealth Manager - India & Best India Start-Up Fund: Seed Venture, 2017.
● Won Finance Asia - Deal of the Year for India - for ICICI Prudential Life Insurance’s
$912 million IPO

48
2018
● IIFL wins three awards at Drivers of Digital Awards, 2018
● IIFL Home Finance Ltd. wins ‘Best Affordable Housing Finance Company of the Year’
award at ABP News BFSI Awards 2018
● India Infoline receives Mobby’s Award at World Marketing Congress for ‘Best Financial
Website’
● IIFL Digital Media Team recognised as the ‘Best Digital Media Team’ of the year at
World Marketing Congress
● IIFL Group recognised as ‘Disruptors’ for innovation through technological intervention
in NBFC space by ET Now and Broadcast One.
● IIFL Securities accredited with Qadat Al Tagheer Award under the 'Best Financial
Advisory services for NRIs' category at UAE-India Economic Forum
● IIFL Finance receives the award for ‘Best in On-boarding Solution’ at People Matters
Learning & Development Conference
● IIFL Home Finance awarded as 'Best Performing Primary Lending Institution under
CLSS for EWS/LIG - Second'
● IIFL Home Finance Ltd. wins 'Most Promising Brand for Housing Finance' by Times
Network, National Awards for Marketing Excellence of Housing Finance Companies
● Mr. Monu Ratra recognised as '100 Top Most Influential BFSI Leaders' by World BFSI
Congress
● IIFL Home Finance's 'Jhatpat Loans' wins 'Technology Initiative of the Year' award at ET
NOW BFSI Awards
● IIFL Human Resources awarded for Smart Technology, Employee Culture, Creative
Engaged Employee Plan and Employee Experience Design at the Employee Engagement
Summit, 2018

2017
● India Infoline Ltd has been awarded Finnoviti 2017 for “Proactive Fraud detection
analytical Model- ‘Suraksha Model’ - model used by our team for proactive ly calling
customers to detect frauds.

49
 ● Euromoney awards IIFL for Best Private Banking Services Overall - India, 2017.
● Best Private Bank India - Global Finance Best Private Bank Award 2017.
● Best Private Wealth Manager - India & Best India Start-Up Fund: Seed Venture, 2017.
● Won Finance Asia - Deal of the Year for India - for ICICI Prudential Life Insurance’s
$912 million IPO
● Golden Peacock Award for Corporate Social Responsibility
● IIFL receives the prestigious 'Great Place to Work' certification
● CMO Asia recognized India Infoline Housing Finance best in 3 categories, i.e. Quick
Disbursal, Excellence in Home Loan & Fastest Growing HFC
● India Infoline Housing Finance is recognised as one of the best performing Primary
Lending Institution under CLSS by National Housing Bank
● IIFL receives “Data Center Innovation award” for adopting futuristic technology in Data
Center virtualization and automation.
● IIFL wins NSE Market Achievers Awards 2017 as the best IPO Bidding Member - Retail
| Group MD Mr R Venkataraman receives the prestigious award from Mr Vikram
Limaye, MD & CEO of NSE.

2016
● IIFL Foundation receives Skoch Blue Economy Order of Merit Award with IIFL
Foundation's projects being adjudged as Top 100 projects in India.
● India Infoline Ltd receives award of the NSDL Star Performer "Leader in Go Green
Initiative - 1st Position" in recognition of executing maximum no of digital transactions
with NSDL and supporting the go green movement.
● Golden Peacock Award for Corporate Social Responsibility - 2016
● Won Finance Asia - Deal of the Year for India - for ICICI Prudential Life Insurance’s
$912 million IPO.
● IIFL Markets mobile app wins Silicon Valley Business Awards 2016 for Best Finance &
Management App & Best Overall App
● Best Customer Service in Financial Sector by World Quality Congress, 2016.

50
 ● IIFL Markets wins Best Technological Innovation in Capital Markets Space at Zee
Business Market Excellence Awards in 2016 for IIFL Markets Application.
● Prayesh Jain of IIFL Wealth Management won 'Best Auto Analyst' Award at Zee
Business Market Excellence Awards 2016. and Bhavesh Gandhi of IIFL Wealth
Management won 'Best Pharma Analyst' Award at Zee Business Market Excellence
Awards 2016.
● Dr. Sarika Kulkarni, CEO, IIFL Foundation received the first 'Bureaucracy Today - CSR
Excellence Award' on behalf of IIFL in 2016.
● Shortlisted for Emerging Company of the Year at ET Awards for Corporate Excellence
2016.
● ET Best BFSI Brands Recognition, 2016.
● No. 1 in Financial Services category as per Brand Trust Report, 2016.
● Drivers of Digital Award 2016 - Special Jury Mention.
● Digital Innovation Champion Award – CIO Crown 2016.
● ET NOW - Dealing Room Heroes H1,FY 2016-17.

2015
● IIFL BUZZ wins the gold award at 54th ABCI Annual Awards Nite
● Global Talent Acquisition & Rasbic Awards 2015- IIFL Wealth: Best HR Strategy in
Line With Business; India Infoline Limited: Best Use of Technology for Recruiting
● Best Private Bank for Research and Asset Allocation by Euromoney Private Banking
Survey, 2015.
● IIFL is No. 1 in Financial Services category as per Brand Trust Report 2015 amongst All
India Brand Trust Ranking.
● Best Private Bank for high net worth clients by Euromoney Private Banking Survey,
2015.
● IIFL Retail - ‘Best Use of Technology for Recruiting
● India Infoline wins award for Best & Most Popular Website in the Banking & Investment
category for the year 2015 from Website of the Year - India.

51
2014
● ‘Best Broker of the Year’ – by Zee Business for contribution to broking: Nirmal Jain,
Chairman, IIFL, received the award for The Best Broker of the Year (for contribution to
broking in India) at India's Best Market Analyst Awards 2014 organised by the Zee
Business in Mumbai.
● IIFL has been listed as the top securities trading firm in India in Fortune 500 India list,
2014.
● Mr. Nirmal Jain, Chairman, IIFL and Mr. R. Venkataraman, Managing Director, IIFL,
receive India’s Most Promising Brand 2013-14 award (under the category of Integrated
financial services) from the hands of Lord Swraj Paul, leading NRI industrialist in the
presence of British Conservative Party's Priti Patel at WCRC Global Indian Excellence
Summit, held at London in 2014.
● Triple A Private Banking, Wealth Management and Investment Awards 2014

52
 4.1 DATA ANALYSIS INTERPRETATION

COMPANY : DR.REDDY'S LABORATORIES LTD. 500124

PERIOD: 01-JAN-2021 TO 18-MAR-2021

No.
Total
Open High Low Close No.of of
Date WAP Turnover
Price Price Price Price Shares Trad
(Rs.)
es
18-Mar-21 2892 2892 2625 2667.75 2691.62 14442 1757 38872355
17-Mar-21 2800 2902 2759.55 2791.15 2849.86 15024 1352 42816276
16-Mar-21 2889 2976.6 2745 2826.4 2870.02 16654 1945 47797269
13-Mar-21 2750 3002.9 2589.85 2889.9 2833.32 33995 4798 96318771
12-Mar-21 2994 2994 2803.55 2854.8 2891.68 16391 2195 47397508
11-Mar-21 3063 3083 2984.9 2999.6 3047.01 55763 1217 169910271
9-Mar-21 3155.55 3187.8 3028.35 3063.3 3072.09 58882 2220 180890598
6-Mar-21 3050 3203.15 3050 3169.75 3166.86 38343 2649 121426818
5-Mar-21 3172 3230 3165.65 3180.75 3204.41 21695 1817 69519579
4-Mar-21 3045.05 3184.5 3036.05 3172.95 3121.31 43910 3236 137056586
3-Mar-21 2963.4 3075.45 2937 3045.05 2947.55 266979 2723 786933553
2-Mar-21 3018.9 3018.9 2878.4 2895.75 2936.69 14368 1438 42194348
28-Feb-21 3060 3087.5 2906 2925.8 2995.42 43448 2941 130144884
27-Feb-21 3075 3087.15 3030 3068.65 3063.99 10972 1136 33618137
26-Feb-21 3092 3113.95 3061.1 3075.65 3085.62 23937 1374 73860394
25-Feb-21 3171 3179.1 3058 3091.35 3099.49 59701 2058 185042842
24-Feb-21 3260 3260 3165.95 3173.3 3204.21 14319 1770 45881018
20-Feb-21 3285 3363 3245 3256.5 3312.72 16014 1729 53049893
19-Feb-21 3250 3297.15 3250 3276.85 3280.35 5237 626 17179192
18-Feb-21 3262.05 3281.9 3235 3250.2 3251.46 18081 1247 58789641
17-Feb-21 3312 3341.45 3290 3293.6 3316.58 14508 1955 48116910
14-Feb-21 3318 3332.25 3277.05 3307.5 3303.67 25689 2290 84867910

53
13-Feb-21 3220 3336 3200 3325.65 3277.78 52531 4283 172184897
12-Feb-21 3181.6 3212.75 3169.2 3197.55 3186.26 37536 4071 119599583
11-Feb-21 3150 3203.7 3134.95 3190.8 3181.43 18959 1647 60316733
10-Feb-21 3161.4 3172.9 3115 3150.5 3145.18 16247 1437 51099727
7-Feb-21 3160.8 3184 3140 3165.9 3169.74 40036 2434 126903753
6-Feb-21 3138 3176.45 3138 3160.8 3158.6 26609 2214 84047249
5-Feb-21 3230 3246.55 3123 3134.5 3165.49 18667 2268 59090149
4-Feb-21 3165 3276 3152.8 3242.7 3227.3 22489 2473 72578692
3-Feb-21 3116 3172 3115 3142.5 3151.34 10825 1376 34113290
1-Feb-21 3115 3138 3100 3116 3120.1 8653 1043 26998263
31-Jan-21 3160 3190 3100.1 3113.75 3152.47 17816 1933 56164418
30-Jan-21 3150 3170 3121.6 3154.5 3148.7 17857 2249 56226293
29-Jan-21 3180 3207.75 3101 3148.6 3159.02 44440 4758 140387027
28-Jan-21 3191 3249.5 3153.85 3188.8 3211.51 87417 6395 280740809
27-Jan-21 3037.45 3207.4 3001.6 3188.95 3134.27 127644 1114 400071012
24-Jan-21 3042 3046.7 3025.45 3028.05 3035.15 3562 524 10811221
23-Jan-21 3050 3078.2 3025.85 3038.45 3046.45 5665 743 17258124
22-Jan-21 3060 3105 3051.35 3060.05 3084.83 15738 1419 48549015
21-Jan-21 3059.95 3079.3 3038.5 3057.4 3060.99 7898 869 24175687
20-Jan-21 3050 3080.7 3033 3058 3058.72 26341 3215 80569631
17-Jan-21 2943 3049.05 2942 3033.65 2989.05 624613 6153 1867002213
16-Jan-21 2935.2 2950 2922.5 2937.55 2938.94 4535 518 13328093
15-Jan-21 2946.25 2946.25 2901 2919.65 2914.73 7599 592 22149043
14-Jan-21 2953.5 2967.55 2933 2946.25 2944.17 3781 499 11131925
13-Jan-21 2935 2965.25 2918.1 2953.1 2949.64 9067 1012 26744431
10-Jan-21 2926 3006 2926 2931.9 2963.4 29065 1986 86131178
9-Jan-21 2901.9 2937.25 2901.9 2918.7 2921.46 4755 929 13891548
8-Jan-21 2879.25 2903.35 2867.45 2897.5 2893.82 5970 654 17276110
7-Jan-21 2900 2910.75 2878.85 2884.05 2896.69 4300 398 12455761
6-Jan-21 2885 2898.15 2851.9 2878.95 2873.02 16175 1093 46471147

54
3-Jan-21 2857.9 2895.7 2857.9 2884.5 2879.75 6621 693 19066812
2-Jan-21 2891.7 2891.7 2861.6 2864.1 2870.98 7361 693 21133285
1-Jan-21 2888.35 2888.35 2863 2879.05 2875.81 4323 356 12432107

INTERPRETATION
From the above table and graph Dr. Reddy's Laboratories Stock 1 st Jan 2021 open value is
2888.35 and 18 Mar 2021 open value is 2892 the stock price is increased. No of traders also
increased to 12432107 to 38872355.

55
 ompany: SUN PHARMACEUTICAL INDUSTRIES LTD. 524715
Period: 01-Jan-2021 to 18-Mar-2021

Total
Open High Low Close No.of No. of
Date WAP Turnover
Price Price Price Price Shares Trades
(Rs.)
18-Mar-21 383 386.15 355.15 362.5 369.474 512268 8770 189269681
17-Mar-21 373.45 395.15 364.5 370.55 384.585 772045 10818 296916571
16-Mar-21 380 396.35 363 368.8 376.614 502235 8094 189148661
13-Mar-21 348 402.85 336.55 384.45 377.875 533956 12251 201768750
12-Mar-21 371 372.7 346.65 354.85 356.642 594569 8904 212048447
11-Mar-21 396.85 396.85 380.05 386.3 384.817 1543859 8871 594102764
9-Mar-21 399.8 404.25 385.65 394.95 395.507 773445 6779 305902715
6-Mar-21 395.95 403 390.5 400.9 400.142 1574184 3404 629896895
5-Mar-21 410 414.85 401.95 404.85 408.156 442531 5566 180621698
4-Mar-21 398.8 412.95 387.5 405.7 404.066 985840 14531 398344021
3-Mar-21 373 396.2 373 393.35 381.209 888185 6368 338583964
2-Mar-21 376.1 383.6 363.5 368.85 377.97 467613 7006 176743526
28-Feb-21 381.9 385.5 371.25 372.95 380.078 260159 4151 98880670
27-Feb-21 375 390.45 369.65 388.4 381.101 361441 6246 137745445
26-Feb-21 388 388 372.6 374.6 377.472 700548 6686 264437158
25-Feb-21 402 402.9 385.15 388.6 390.836 324296 4710 126746496
24-Feb-21 402.55 414.5 395.75 398.05 404.534 400347 7463 161954120
20-Feb-21 406 411.3 404 404.9 406.918 180380 3080 73399828
19-Feb-21 411 414.15 400.8 403.25 405.742 222618 3779 90325468
18-Feb-21 408.4 410.75 399.1 408.7 404.684 143119 3518 57917942
17-Feb-21 418 418.25 407.4 408.65 412.749 132298 2035 54605881
14-Feb-21 419.05 424.55 416.75 418.55 420.587 104443 2699 43927386
13-Feb-21 415 420 412.35 419.05 417.297 119108 2490 49703438
12-Feb-21 419 421.25 413.9 414.4 416.683 144154 3245 60066528
11-Feb-21 423.6 424.6 416.7 418.4 420.222 176943 3990 74355293

56
10-Feb-21 430.45 432 418.35 420.15 423.238 174336 2900 73785579
7-Feb-21 432 441.6 423.5 430.45 433.748 429618 5667 186345835
6-Feb-21 428 438.2 424.35 430.95 430.179 351441 5783 151182385
5-Feb-21 431.5 431.5 422.5 426.15 426.602 186416 3573 79525425
4-Feb-21 417.5 426.9 412.75 425.6 421.467 368418 4038 155276072
3-Feb-21 428.9 428.9 414.1 417.5 419.995 152057 3678 63863180
1-Feb-21 434 437.35 419.55 422.6 430.379 182246 3533 78434916
31-Jan-21 442.5 445.05 433 434 437.617 86372 2176 37797840
30-Jan-21 449.55 451.2 440.55 442 443.793 105183 3155 46679448
29-Jan-21 454.9 456.75 449.45 450.05 452.982 96090 2119 43527005
28-Jan-21 450.7 462.5 448.45 452.65 456.891 287770 6461 131479622
27-Jan-21 449.4 451.8 442.5 448.35 447.245 109017 3118 48757355
24-Jan-21 450.7 452.9 446.65 447.7 450.594 134846 2929 60760845
23-Jan-21 445.25 452 445.1 449.9 449.863 64278 2362 28916273
22-Jan-21 448.2 454 445.4 446.25 448.361 337533 4366 151336689
21-Jan-21 449 451.6 446.2 447.35 448.889 124386 2909 55835471
20-Jan-21 452.2 456.2 446.35 449.6 450.274 306284 4227 137911758
17-Jan-21 448.9 456 446 454.45 450.065 170596 3490 76779275
16-Jan-21 452 456.5 447.4 448.9 450.573 267031 4884 120316981
15-Jan-21 447.05 450.8 443.9 448.75 447.523 87493 3889 39155171
14-Jan-21 445.9 449.6 444.55 445.8 446.866 87479 2573 39091406
13-Jan-21 445.65 453.55 442.75 444.8 446.676 255003 4438 113903804
10-Jan-21 440 448.7 440 443.35 445.483 242723 3678 108129073
9-Jan-21 443.85 444.65 439 439.8 441.564 89600 2609 39564159
8-Jan-21 446 446.6 438.9 440.1 441.338 457782 5034 202036529
7-Jan-21 442 448 437.9 446.35 444.061 456127 5686 202548390
6-Jan-21 444 444.7 435.2 439.9 441.185 329710 4646 145463234
3-Jan-21 436 450.4 433.5 444.4 444.229 338227 6558 150250372
2-Jan-21 433 442.35 432.25 435.35 436.279 195055 3065 85098476
1-Jan-21 433 436.3 431.5 434.2 434.818 351984 1671 153048817

57
INTERPRETATION

From the above table and graph Sun Pharma Limited Stock 1 st Jan 2021 open value is 433 and 18
Mar 2021 open value is 383 the stock price is decreased. But No of traders also increased to
153048817 to 189269681.

58
Company :ICICI BANK LTD. 532174
Period: 01-Jan-2021 to 18-Mar-2021

No. of Total
Open High Low Close No.of
Date WAP Trade Turnover
Price Price Price Price Shares
s (Rs.)
18-Mar-21 368.8 375.3 342.1 356 358.655 2274224 33455 815661086
17-Mar-21 405 410.05 364.05 366.85 385.449 2152611 31574 829722806
16-Mar-21 429.8 429.8 397.75 402.9 409.865 1441816 23368 590949991
13-Mar-21 397 464.55 395.35 447.45 430.542 2121171 26823 913253701
12-Mar-21 440 445.75 416.1 425 433.328 1812610 24024 785454004
11-Mar-21 456 471.65 450.1 465.4 464.069 1069546 10288 496343161
9-Mar-21 476 476 443 457.15 458.101 911631 17603 417618846
6-Mar-21 487.9 496.75 477.05 486.25 486.787 704759 11314 343067197
5-Mar-21 512 512 500.05 504.75 506.888 744912 8118 377586898
4-Mar-21 516.2 517.4 497.05 508.5 504.487 982943 6988 495881639
3-Mar-21 514.9 519.6 508.6 516.45 514.796 960706 8612 494567262
2-Mar-21 505.2 520 498.6 505.6 514.119 766464 10829 394053486
28-Feb-21 505 505.2 493.4 496.05 499.614 611033 11491 305280710
27-Feb-21 524.9 524.9 512.85 514.95 515.789 341328 6532 176053269
26-Feb-21 528.8 529.2 522.1 523.65 525.509 357721 4771 187985693
531.5
25-Feb-21 538.75 525.5 531.2 532.613 551127 9352 293537680
5
24-Feb-21 541 541 527.7 529.55 534.007 346126 10264 184833847
20-Feb-21 547 549.1 542.2 546.65 546.454 231306 4249 126398091
19-Feb-21 543.9 546.6 540.8 544.75 543.72 187883 2875 102155725
18-Feb-21 541 543.15 536.15 541.3 539.714 351321 8729 189612725
17-Feb-21 541.5 545.3 538.05 541.75 542.955 340569 5771 184913689
14-Feb-21 542 548.7 536.7 545.85 544.484 730266 5674 397617914
13-Feb-21 550 550 537.65 541 542.018 281840 5467 152762367
541.5
12-Feb-21 550.45 541.55 549.3 546.885 574534 5869 314204137
5
11-Feb-21 534.6 544.8 534.6 539.85 541.04 1859473 3544 1006049453
10-Feb-21 537.1 542.05 530.45 533.9 536.911 8651899 8034 4645303299
7-Feb-21 546 546 535.05 536.4 537.373 6846532 4302 3679140763
6-Feb-21 539.9 546.9 536.2 541.65 539.245 1822740 14317 982903843
5-Feb-21 530.6 540 526 538.9 533.914 4732141 10600 2526556364
4-Feb-21 520.5 534.5 516.8 530.6 523.57 6884253 15285 3604390857

59
 5
3-Feb-21 504.7 518.8 502 515.6 514.096 482256 9970 247925824
1-Feb-21 527 527.85 502.1 504.5 519.405 647469 10665 336298833
31-Jan-21 531.9 532.75 522.5 525.55 527.019 500844 6372 263954501
30-Jan-21 529.8 533.8 524.2 532.3 527.813 635059 9924 335192534
29-Jan-21 531 534.8 525.3 526.45 529.283 1429833 6436 756785962
28-Jan-21 538.8 540.5 524.4 528.15 534.418 652541 8748 348729372
27-Jan-21 540 545.1 531.8 536.35 539.283 2098312 24817 1131584211
528.0
24-Jan-21 537.1 527.2 533.95 532.127 693868 9750 369225893
5
23-Jan-21 522.5 530.15 517.4 527.7 524.964 638299 10819 335083885
22-Jan-21 534.7 534.9 521.05 523 526.192 508770 8437 267710945
534.8
21-Jan-21 540.4 530.3 531 535.673 446563 6574 239211682
5
20-Jan-21 535 543.95 531.5 534.85 537.462 339426 7982 182428713
17-Jan-21 537 537.9 530.3 530.9 532.171 3212582 10844 1709644103
16-Jan-21 534.9 540.2 532 537 535.598 509472 7228 272872304
15-Jan-21 535 537.05 530.65 535.4 532.444 664076 5713 353583125
14-Jan-21 537.6 538.8 534.45 537.45 536.098 796694 9682 427106035
13-Jan-21 541.4 545.9 538 538.55 542.613 467883 6186 253879535
10-Jan-21 545.4 546.45 538.5 540.25 540.705 7467791 7212 4037875137
9-Jan-21 532 547.45 530.7 546.3 540.873 1699565 18068 919248727
8-Jan-21 515.5 527 515 525.85 522.53 570604 8817 298157658
7-Jan-21 530.1 535.5 520.05 520.7 521.574 2010164 6880 1048450085
537.8
6-Jan-21 537.85 523.95 525.65 528.064 486437 5967 256869815
5
3-Jan-21 538.7 540.9 536.4 538.75 538.43 1227512 7243 660928698
2-Jan-21 536.8 542 535.95 540.7 539.079 574736 6495 309827993
1-Jan-21 539.2 542.6 535.7 536.8 538.032 180042 3260 96868356

60
INTERPRETATION
From the above table and graph icici bank Limited Stock 1 st Jan 2021 open value is 539.9 and 18
Mar 2021 open value is 368.8 the stock price is decreased. But No of traders also decreased to
96868356 to 815661086.

61
 Company : HDFC Bank Ltd 500180
Period: 01-Jan-2021 to 18-Mar-2021

No. of Total
Open High Low Close No.of
Date WAP Trade Turnover
Price Price Price Price Shares
s (Rs.)
18-Mar-
990 992.75 865.1 878.5 921.4725 918511 39399 846382643
21
17-Mar-
1002 1012.85 955 975.25 983.5203 998545 28062 982089314
21
16-Mar-
1034.9 1036.85 995.1 999.05 1012.519 616555 25938 624273825
21
13-Mar-
977 1081.35 919.55 1071.15 1011.219 3128531 53098 3163628432
21
12-Mar-
1075 1078.9 1003.55 1021.7 1042.297 1060386 42472 1105237641
21
11-Mar-
1110 1120 1093.05 1112.75 1109.047 4093148 27324 4539494854
21
9-Mar-21 1115 1117.7 1065.75 1100.5 1092.954 2397687 36495 2620561667
6-Mar-21 1130 1141.3 1101.5 1134.85 1124.247 517037 20498 581277417
5-Mar-21 1154 1164.45 1145 1151.65 1155.394 1468666 14379 1696888107
4-Mar-21 1179 1179.95 1133.3 1148.95 1152.87 421145 20176 485525483
3-Mar-21 1180 1185.7 1168.15 1181.3 1177.64 600004 22664 706588950
2-Mar-21 1195 1200.05 1167 1182.15 1184.959 478321 20852 566790851
28-Feb-21 1179.8 1184.85 1170.1 1177.6 1177.008 298612 13917 351468617
27-Feb-21 1200 1202.5 1181 1199.35 1190.552 933802 16055 1111739776
26-Feb-21 1200 1204.2 1186 1199.65 1192.591 467136 10063 557101994
25-Feb-21 1210 1210 1198 1200.25 1201.057 119546 5479 143581533
24-Feb-21 1214 1214 1200.3 1210 1204.833 473035 8657 569928247
20-Feb-21 1228 1228.95 1214.35 1217.3 1221.24 115183 6081 140666033

62
19-Feb-21 1216 1229.7 1214.1 1226.1 1221.507 92646 4729 113167758
18-Feb-21 1215 1218 1204 1213.55 1209.437 102598 4978 124085817
17-Feb-21 1225.8 1232.8 1214.05 1216.8 1222.956 108348 5288 132504805
14-Feb-21 1243.2 1249 1215 1219.25 1223.643 229943 12129 281368134
13-Feb-21 1263.8 1263.8 1233.4 1241.2 1237.123 1851986 5762 2291135192
12-Feb-21 1244 1252.8 1244 1249.05 1249.462 77888 4068 97318105
11-Feb-21 1240.1 1255.3 1238.6 1240.05 1247.253 102899 4473 128341125
10-Feb-21 1246.7 1246.7 1226 1240.2 1236.328 873512 6127 1079946962
7-Feb-21 1242.15 1246.7 1232 1241.9 1238.013 106272 3781 131566079
6-Feb-21 1248 1248.3 1237.45 1239.85 1241.789 191275 8486 237523125
5-Feb-21 1235 1248 1227.4 1244.2 1235.053 237226 5768 292986729
4-Feb-21 1210 1233.7 1199 1229.25 1219.602 211614 11487 258084843
3-Feb-21 1199.1 1199.1 1178 1193 1190.136 206699 13172 245999942
1-Feb-21 1218.25 1227.95 1192 1199 1209.195 190380 9587 230206635
31-Jan-21 1234.9 1237.8 1220.55 1225.7 1229.21 102936 4680 126529992
30-Jan-21 1236 1239.35 1217.45 1227.1 1224.895 261904 10512 320804922
29-Jan-21 1227 1242 1222.85 1235.95 1232.083 446105 11527 549638462
28-Jan-21 1225.9 1227.45 1213.25 1222.85 1221.96 162574 9362 198658895
27-Jan-21 1237 1237.95 1211.5 1212.9 1220.008 437154 22779 533331348
24-Jan-21 1247.7 1254 1239.5 1244.15 1250.279 346362 11082 433049296
23-Jan-21 1242 1246.65 1231.85 1245 1241.413 130687 8423 162236515
22-Jan-21 1249 1255.45 1235 1240.35 1248.428 489687 10369 611338848
21-Jan-21 1255 1255 1239 1244.15 1244.084 177060 7139 220277463
20-Jan-21 1302.75 1303.8 1252.8 1254.9 1264.92 259242 10741 327920480
17-Jan-21 1285 1285 1271.95 1277.85 1277.047 185105 5222 236387830
16-Jan-21 1283 1291.2 1279.4 1287.6 1286.247 339085 6441 436147067
15-Jan-21 1289.45 1289.45 1274.05 1284.05 1280.353 178511 5926 228557118
14-Jan-21 1293.5 1293.5 1278 1289.45 1287.405 4766929 7044 6136969081
13-Jan-21 1285 1296.6 1277.3 1287.25 1287.211 4046429 6172 5208607723
10-Jan-21 1283 1286.9 1275.4 1283.2 1282.2 147090 6352 188598812

63
9-Jan-21 1263 1275.8 1263 1270.8 1271.379 143800 5603 182824235
8-Jan-21 1250 1261.3 1240 1257.05 1244.935 2299367 6147 2862561934
7-Jan-21 1258.3 1271.75 1252.2 1260.85 1265.811 594878 6962 753003123
6-Jan-21 1265.8 1265.8 1236 1241.15 1251.677 574250 8176 718775766
3-Jan-21 1289 1289 1263 1268.1 1271.055 1100857 5701 1399249274
2-Jan-21 1278 1287.9 1277.5 1286.65 1284.667 41084 2219 52779249
1-Jan-21 1275 1280.4 1271 1279.05 1277.217 44876 2304 57316403

INTERPRETATION
From the above table and graph HDFC Bank Stock 1 st Jan 2020 open value is 1275 and 18 Mar
990 open value is 383 the stock price is decreased. But No of traders also increased to 57316403
to 846382643.

64
5.1 FINDINGS

● Dr. Reddy’s Laboratories Stock 1st Jan 2020 open value is 2888.35 and 18 Mar 2020
open value is 2892 the stock price is increased. No of traders also increased to 12432107
to 38872355.
● Sun Pharma Limited Stock 1st Jan 2020 open value is 433 and 18 Mar 2020 open value is
383 the stock price is decreased. But No of traders also increased to 153048817 to
189269681.
● ICICI Bank Limited Stock 1st Jan 2020 open value is 539.9 and 18 Mar 2020 open value
is 368.8 the stock price is decreased. But No of traders also decreased to 96868356 to
815661086.
● HDFC Bank Stock 1st Jan 2020 open value is 1275 and 18 Mar 990 open value is 383 the
stock price is decreased. But No of traders also increased to 57316403 to 846382643.

65
5.2 SUGGESTIONS
● There must be prohibition on disposal of promoters share holding, and also restrictions and
the expansion without prior approval of the financial institutions for declaration of higher
amount/ rate.
● The availability of derivative products in eluding index futures, index options, individual
stock futures and individual stock options re-enforces the overall attractiveness of this
market to foreign and domestic investors.
● Volume of paper work is small but it is very complicated to maintain data in system so
tries to reduce that by regular audit and updating data.
● Most of the DPs do not have the necessary infrastructure to handle the high work load of
transactions leading to may error by DPs, so by giving full infrastructure information to
every DO can avoid this problem.
● The pool account doesn’t know the true owner of the share and hence dividends are paid to
the broker instead of owners by this the broker can do any manipulation or any fraud with
the owner, for this the owner can loose his dividend.
● Hence for this try to pay the dividend directly to the owner.
● If the shares are fake/forged which delivery by the broker the shareholder can loose that
shares an have to receive another lot of issued shares from the broker in 21 days, this
system stands abused.
● So minimize the waiting days are deliver the issued shares to the shareholder as soon as
Possible.

66
5.3 CONCLUSION
The comprehensive study of capital market instrument at Inter Connected stock exchange has
been an enlightening experience stressing on the positive aspects on Dematerialization. And
settlement of shares, derivative market and capital instruments has done in whole lot of good to
the issuer, investor companies and country. The depository systems has reduced the lag in
delivery and settlement of securities but also supported the cause of providing more liquidity to
the security holder, the need for setting up of a depository paper less trading.Through online
trading system and settlement became inevitable and unavoidable for the smooth and the
efficient functioning of the capital market. This system has proved its worthiness by increasing
in the speed of transactions within T+3 days which are earlier T+5 days.Now there is a proposal
that the settlement will be done within T+1days in near future which is in it an indication of a
boon in the system of demat and capital market instruments. It has been fairly long since
derivative trading started off on the Indian Indexes. Actively has failed to really take off with
low figures being transacted in terms of value and volumes. The introduction of derivative
trading was hailed by the punters in the capital markets but has not really brought about a wave
so as to speak. There are several factors, which impede the growth of the derivative markets in
India. Of these factors the absence of clear guidelines on tax-related issues and the high cost of
transactions are the most prominent.

67
5.4 LIMITATIONS OF THE STUDY:
The study confines to the past and present system of the trading procedure in theand the
India Infoline study is confined to the coverage of all the related issues in brief. The data is
collected from the primary and secondary sources and thus is subject to slight variation than what
the study includes in reality .

The study is confined to online trading procedure only. Problems of listing are not
covered due to limited time and to keep the study in manageable limits.

● Time constraint was a major limiting factor. Forty five days were insufficient to even
grasp the theoretical concepts.
● Several other strategies that could have been studied were not done.
● Lack of knowledge with the brokers.
● Difference of theory from practice.

68
BIBLIOGRAPHY
BOOKS:

1. Barber, B.M. and T. Odean (2002) “Online Investors: Do the Slow Die First,” The Review
of Financial Studies, Vol. 15(2), p. 455-487.
2. Lin, Q. and J. Lee (2004) “Consumer Information Search When Making Investment
Decisions,” Financial Services Review, vol. 13(4), p. 319-332
3. Aarati Krishnan “online trading clicks big with investors”, Business India. April 9, 2006
4. Goswami, C. (2003). “How Does Internet Stock Trading in India Work?” Vikalpa: The
Journal for Decision Makers, Volume 28, Number 1, 91-98.
5. Opiela, N. (2000). “Client Online Trading: Opportunity or Obstacle?” Journal of Financial
Planning, Volume 13, Number 7, 54-60.

WEBSITES:

● www.iifl.com
● www.bseindia.com
● www.sebi.com
● www.moneycontrol.com
● www.economictimes.com
● www.nseindia.com

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