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I, Vandana Chandra, student of Masters of Business Administration from Amity Business School, Amity University Uttar Pradesh hereby declare that I have completed Project on MARKETING STRATEGIES OF RELIGARE SECURITIES LTD. as part of the course requirement. I further declare that the information presented in this project is true and original to the best of my knowledge.

Date:-.. Name: - Vandana Chandra Enrolment No.:- A0102208045 Program: - MBA (M&S)



CERTIFICATE I Professor A.K. Rajpal hereby certify that Vandana Chandra student of Masters of Business Administration at Amity Business School, Amity University Uttar Pradesh has completed Project on MARKETING STRATEGIES OF RELIGARE SECURITIES LTD., under my guidance.

Professor A.K.Rajpal Department Of Communication


At the outset, Researcher expresses her sincere sense of regards and cordial thankfulness to a great organization of excellence, Religare Securities Ltd for giving her a chance to carry out study on the foresaid topic. Researcher extends her sincere regards to Mr. Vipul Gupta (Branch Manager, Religare Securities Ltd.) who gave her a chance to experience the real corporate life and undergo her summer training in Religare Securities Ltd, Noida. In particular, researcher owes a deep sense of gratitude to her project guide, Mr. Zahir Abbas Ansari (Relationship Manager) for being a part of her learning process.Researcher thanks him for his timely support, valuable support and the continuous efforts to guide her in right direction. Researcher is also thankful to Mr. Amit Verma for his cooperation and support. Researcher is enormously grateful to Professor Col. A.K. Rajpal, Amity Business School, Noida, for his constant support and precious inputs that added value to this project at every step of it.

This report studies the Indian retail brokerage industry taking into consideration the current market scenarios and the intensity of competition among the stock broking companies in India. Much of attention is given to Religare Securities Ltd., Indias topmost stock broking firm. A detailed comparative analysis, SWOT and Michael Porters five forces analysis have been employed to present a reasonable portrait of Religare Securities Ltds position in the market. Stock market was badly hit last year in January and is still struggling to come up. Many traders and investors have started searching for new investment strategies. In this kind of struggling market scenario, Religare Securities still manages to attract many new investors and traders through its highly competitive and effective marketing strategies and offerings. This report shows marketing strategies adopted by Religare Securities which helped it to grow without any limits. Thanks to its pioneering strategies, Religare Securities has gained a good market share of more than , happy and satisfied, 2 lakhs customers. Thus report also covers various important segments of the industry and analysis market dynamics. The focused part of this report is a comparative assessment of the top 7 retail brokers on various parameters like- product, price, services, technology and their unique selling proposition. This report also presents a SWOT analysis done on Religare Securities to indicate various market facts and competitors offerings. This report has shown a complete marketing mix employed by Religare Securities. This report contains all the Ps of marketing strategies. As my work profile was to sell demat accounts, commodity accounts and currency accounts so I got the chance to analyse all the offerings of Religare and customers perception about those offerings.It really helped me in my research.Religare offers one of the best products and services at reasonable prices and most importantly efficient marketing strategies has helped Religare to gain supremacy in Indian retail brokerage industry.Through its heavy advertising, company has been able to position itself in the minds of people. Company has established its supremacy in products and services.Religare provides best brokerage plans for traders from all income groups.


A marketing strategy serves as the foundation of a marketing plan. A marketing plan consist a list of specific activities vital to successfully implement a definite marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A strategy is different than an approach. While it is possible to write a premeditated marketing plan without a sound, well-considered strategy, it is not recommended. Without an effective marketing strategy, a marketing plan has no base. Marketing strategies serve as the basic groundwork of marketing plans intended to reach marketing objectives. It is important that these objectives have assessable results. A good marketing strategy should combine an organization's marketing goals, policies, and action sequences (tactics) into a interrelated whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows the organization to carry out its mission successfully and proficiently. One used the following techniques to device the Marketing Strategy for the product/service: Segmentation Targeting Positioning

SEGMENTATION Market segmentation is the process in marketing of grouping a market (i.e. customers) into smaller subgroups. A market segment consists of a large identifiable group within a market with similar wants, purchasing power, geographical location, buying attitudes, or buying habits. Segmentation is an approach midway between mass marketing and individual marketing. Each segments buyers are assumed to be quite similar in wants and needs, yet no two buyers are really alike This is not something that is arbitrarily imposed on society: it is derived from the recognition that the total market is often made up of submarkets (called 'segments'). These segments are homogeneous within (i.e. people in the segment are similar to each other in their attitudes about certain variables). Because of this intra-group similarity, they are likely to respond somewhat similarly to a specified marketing strategy. That is, they are likely to have similar feeling and thoughts about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way, and promoted in a certain way. Market segmentation is widely defined as being a complex process consisting in two main phases: - identification of broad, large markets - segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly. TARGETING Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. Target marketing can be the key to a small businesss success. The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities. A target market consists of a set of buyers who share common needs for characteristics that the company decides to serve. Generally, target marketing can be carried out at several different levels. Companies can target very broadly (undifferentiated marketing), very narrowly (micromarketing), or somewhere in between (differentiated or concentrated marketing).

POSITIONING Simply, positioning is how your target market defines company in relation to its competitors. A products position is the way the product is defined by consumer on important attributes-the place the product occupy in consumers minds relative to competing products. Positioning involves implanting the brands unique benefits and differentiation in customers minds. A good position is: 1. What makes you unique 2. This is considered a benefit by your target market Positioning is important because company is competing with all the noise out there competing for its potential fans attention. If it can stand out with a unique benefit, it will have a chance at getting their attention. It is important to understand the product from the customers point of view relative to the competition. POSITIONING STRATEGIES There are seven positioning strategies that can be pursued: Product Attributes: What are the specific products attributes? Benefits: What are the benefits to the customers? Usage Occasions: When / how can the product be used? Users: Identify a class of users. Against a Competitor: Positioned directly against a competitor. Away from a Competitor: Positioned away from competitor.

Product Classes: Compared to different classes of products.

1. The Introduction 1.1 About stock market 1.1 Indian Stock Market 1.2 Religare Enterprise Ltd. 1.3 Religare Securities Ltd. 2. Basic Products and Services 2.1 Products 2.2 Offerings of Religare Securities Ltd. 2.3 Research Services 3. Analysis Segment 3.1 Project Objective 3.2 Research Methodology 3.3 Comparative Analysis 3.4 SWOT Analysis 3.5 Michael Porters five forces analysis 3.6 Marketing Strategies adopted by Religare Securities Ltd 3.7 Marketing Mix Employed 3.8Analysis through Questionnaire 4. 5. Conclusion and Recommendations. Learning and limitations REFERENCES ANNEXURE


STOCK EXCHANGE The Securities Contract (Regulation) Act, 1956 [SCRA] defines Stock Exchange as any body of individuals, whether incorporated or not, constituted for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities. Stock exchange could be a regional stock exchange whose area of operation/jurisdiction is specified at the time of its recognition or national exchanges, which are permitted to have nationwide trading since inception. NSE was incorporated as a national stock exchange. In simple words, a stock exchange which was formerly known as securities exchange is a corporation or mutual organization which provides trading facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. These securities include shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. Security can be traded on stock exchange only when it is listed on it. As now security market is completely electronically connected so trade is not associated with any specific physical location. SECURITIES The definition of securities as per the Securities Contracts Regulation Act (SCRA), 1956, includes instruments such as shares, bonds, scripts, stocks or other marketable securities of similar nature in or of any incorporate company or body corporate, government securities, derivatives of securities, units of collective investment scheme, interest and rights in securities, security receipt or any other instruments so declared by the central government.

STOCK Stock is an instrument that signifies an ownership position called equity in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. Ownership in the company is determined by the number of shares person owns divided by the total number of shares outstanding. Most stock also provides voting rights, which give shareholders a proportional vote in certain corporate decisions. Only a certain type of company called a corporation has stock, other types of companies such as sole proprietorships and limited partnerships do not issue stock, also called equity, equity securities or corporate stock. STOCK MARKET A stock market is a public market for the trading of company stock and derivatives at an agreed price; these securities are listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36.6 trillion US at the beginning of October 2008.The total world derivatives market has been estimated at about $791 trillion face or nominal value, 11 times the size of the entire world economy. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. Trading Participants in the stock market range from small individual stock investors to large hedge fund traders, who can be based anywhere. Their orders usually end up with a professional at a stock exchange, who executes the order. Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This type of auction is used in stock exchanges and commodity exchanges where traders may enter verbal bids and offers simultaneously. The other type of stock exchange is a virtual kind, composed of a network of computers where trades are made electronically via traders. Actual traders are based on an auction market model where a potential buyer bids a specific price for a stock and a potential seller asks a specific price for the stock. (Buying or selling at market means you will accept any ask price or bid price for the stock,

respectively). When the bid and ask prices match, a sale takes place on a first come first served basis if there are multiple bidders or askers at a given price. The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace (virtual or real). The exchanges provide real time trading information on the listed securities, facilitating price discovery. MARKET PARTICIPANTS A few decades ago, worldwide, buyers and sellers were individual investors, such as rich businessmen, with extensive family histories (and emotional ties) to particular corporations. Over time, markets have become more institutionalized; buyers and sellers are mostly institutions (e.g., pension funds, insurance companies, mutual funds, index funds, exchange-traded funds, hedge funds, investor groups, banks and various other financial institutions).The rise of the institutional investor has brought with it some improvements in market operations. Thus, the government was responsible for fixed (and exorbitant) fees being markedly reduced for the small investor, but only after the large institutions had managed to break the brokers solid front on fees. They then went to negotiated fees, but only for large institutions. However, corporate governance (at least in the West) has been very much badly affected by the rise of (largely absentee) institutional owners.

HISTORY OF STOCK MARKET Historian Fernand Braudel suggests that in Cairo in the 11th century, Muslim and Jewish merchants had already set up every form of trade association and had knowledge of many methods of financial dealing, disproving the belief that these were originally invented later by Italians. In 12th century France the courratiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the first brokers. A common misbelieve is that in late 13th century Bruges commodity trades gathered inside the house of a man called Van Der Beurze, and in 1309 they became the Brugse Beurse, institutionalizing what had been, until then, an informal meeting, but actually , the family Van der Beurze had a building in Antwerp where thode gatherings occurred, the Van der Beurze had Antwerp, as most of the merchants of that period, as their primary place for trading. The idea quickly spread around Flanders and neighboring counties and Beurzen soon opened in Ghent and Amsterdam. In the middle of the 13th century, Venetian bankers began to trade in government securtities.In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds.Bankers in Pisa , Verona, Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city states not ruled by a duke but a council of influential citizens. The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits- or losses.In 1602, the Dutch East India Company issued the first share on the Amsterdam Stock Exchange.It was the first company to issue stocks and bonds. The Amsterdam Stock Exchange ( or Amsterdam Beurs) is also said to have been the first stock exchange to introduce continous trade in the early 17th century. The Dutch pioneered short selling, option trading, debt-equity swaps, merchant banking, unit trusts and other speculative instruments, much as we know them (Murray Sayle, Japan Goes Dutch, London Review of Books XXIII.7, April 5, 2001). There are now stock markets in virtually every developing ecnomies , with the worlds biggest markets being in the United States, UK,Japan,China,Canada, Germany and France.


The working of stock exchanges in India started in 1875.BSE(Bombay Stock Exchange) is the oldest stock market in India. The history of Indian stock trading starts with 318 persons taking membership in Native Share and Stock Brokers Association, which we know by the name Bombay Stock Exchange or BSE in short. In 1965, BSE got permanent recognition from the Government of India. National Stock Exchange comes second to BSE in terms of popularity. NSE represents themselves as synonyms of Indian stock market. The history of Indian stock market is almost the same as the history of BSE. The 30 stock sensitive index or sensex was first compiled in 1986. The sensex is compiled based on the performance of the stocks of 30 financially sound benchmark companies. In 1990 the BSE reason for such huge surge in the stock market was the liberal financial policies announced by the then financial minister Dr. Manmohan Singh. The up-beat mood of the market was suddenly lost with Harshad Mehta scam. it came to public knowledge that Mr. Mehta also known as the big-bull of Indian stock market diverted huge funds from banks through fraudulent means. He played with 270 million shares of about 90 companies. Millions of small-scale investors became victims to the fraud as the Sensex fell flat shedding 570 points. To prevent such frauds, the Government formed The Securities and Exchange Board of India, through an Act in 1992. SEBI is the statutory body that controls and regulates the functioning of stock exchanges, brokers, sub-brokers, portfolio managers investment advisors etc.SEBI oblige several rigid measures to protect the interest of investors. Now with the inception of online trading and daily settlements the chances for a fraud is nil. Sensex crossed the 5000 mark in 1999 and the 6000 mark in 2000. The 7000 mark was crossed in June and the 8000 mark on September 8 in 2005. Many foreign institutional investors (FII) are investing in Indian Stock markets on a very large scale. The liberal economic policies pursued by successive Governments attracted foreign institutional investors to a large scale.Experts now believe the sensex can soar part 14000 mark before 2010.

The unpredictable behavior of the market gave it a tag a volatile market. The factors that affected the market in the past were good monsoon, Bharatiya Janatha Partys rise to power etc.The result of a cricket match between India and Pakistan also affected the movements in Indian stock market. The National Demographic Alliance led by BJP, during 2004 public elections unsuccessfully tried to ride on the market sentiments to power and the sensex recorded the biggest fall in a day amidst fears that the CongressCommunist coalition would stall economic reforms. Later Prime Minister Manmohan Singhs assurance of reforms with a human face cast off the fears and market reacted sharply to touch the highest ever mark of 8500. After United States, India hosts the largest number of listed companies. Global investors now ardently seek India as their preferred location for investment. Once viewed with uncertainty, stock market now appeals to middle class Indians also. Many Indians working in foreign countries now divert their savings to stocks. This recent phenomenon is the result of opening up of online trading and diminished interest rates from banks. The stockbrokers based in India are opening offices in different countries mainly to cater the needs of Non Resident Indians. The time factor also works for the NRIs. They can buy or sell stock online after returning from their work places. The bullish run of the stock market can be associated with a steady growth of around 6% in GDP, the growth of Indian companies to MNCs, large potential of growth in the fields of telecommunication, mass media, education, tourism and IT sectors backed by economic reforms ensure that Indian stock market continues its bull run.


Religare is a diversified financial services group of India offering a multitude of investment options. The diverse bouquet of financial services which religare offers can be broadly clubbed across three key verticals Retail, Institutional and Wealth spectrums. The services extend from asset management, Life Insurance, wealth management to equity broking, commodity broking, investment banking, lending services, private equity and venture capital.Religare has also ventured into the alternative investments sphere through its holistic arts initiative and Film fund. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates in the life insurance space under 'AEGON Religare Life Insurance Company Limited' and wealth management under the brand name 'Religare Macquarie Private Wealth'. Religare has a pan India presence, 1837* locations across 498* cities and towns. It also currently operates from nine international locations following its acquisition of London's brokerage and investment firm, Hichens, Harrison & Co. plc.(Now Religare Hichens, Harrison Plc).Religare is a latin word which means to bind together . The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the 'Investment Gateway of India'. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence, innovation, ambition and passion. VISION AND MISSION VISION: - To build Religare as a globally trusted brand in the financial services domain and present it as the 'Investment Gateway of India'. MISSION: - Providing complete financial care driven by the core values of diligence and transparency. BRAND ESSENCE: - Core brand essence is Diligence and Religare is driven by ethical and dynamic processes for wealth creation.

GROUP STRUCTURE OF RELIGARE ENTERPRISES LIMITED Religare Securities Limited Equity Broking Online Investment Portal Portfolio Management Services Depository Services Commodity Broking Investment Banking Proposed Institutional Broking In house Real Estate Management Company Corporate Broking Institutional Broking Derivatives Sales Corporate Finance Lending and Distribution business Proposed Custodial business Life Insurance General Insurance Reinsurance

Religare Commodities Limited Religare Capital Markets Limited

Religare Realty Limited Religare Hichens Harrison

Religare Finvest Limited

Religare Insurance Broking Limited

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

Religare Venture Capital Limited Private Equity and Investment Management

Religare Asset Management

BRAND IDENTITY OF RELIGARE ENTERPRISES LIMITED NAME Religare is a Latin word that translates as 'to bind together'.This name has been chosen to reflect the integrated nature of the financial services the company offers. SYMBOL The Religare name is paired with the symbol of a four-leaf clover. Traditionally, it is considered good fortune to find a four-leaf clover as there is only four-leaf clover for every 10,000 three-leaf clovers found. For Religare, each leaf of the clover has a special meaning. It is a symbol of Hope, Trust, Care and Good Fortune. For the world, it is the symbol of Religare. The first leaf of the clover represents Hope. The aspirations to succeed. The dream of becoming. Of new possibilities. It is the beginning of every step and the foundation on which a person reaches for the stars. The second leaf of the clover represents Trust. The ability to place one's own faith in another. To have a relationship as partners in a team. To accomplish a given goal with the balance that brings satisfaction to all, not in the binding, but in the bond that is built. The third leaf of the clover represents Care. The secret ingredient that is the cement in every relationship. The truth of feeling that underlines sincerity and the triumph of diligence in every aspect. From it springs true warmth of service and the ability to adapt to evolving environments with consideration to all. The fourth and final leaf of the clover represents Good Fortune. Signifying that rare ability to meld opportunity and planning with circumstance to generate those often looked for remunerative moments of success. Hope. Trust. Care. Good Fortune. All elements perfectly combine in the emblematic and rare, four leaf clover to visually symbolize the values that bind together and form the core of the Religare Vision.


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


TRADING PLATFORMS PROVIDED BY RELIGARE Religare provides both online share trading and offline share trading to its customers i.e. R-ALLY and R-ACE. R-ALLY: - R-ALLY provides offline share trading facility in which customers can trade with the help of Religare.Customer can trade through phone or by coming personally in the stock brokers office. Customers who want to learn share trading properly without losing their money can easily visit Religare centre and trade. R-ALLY provides only two types of accounts. A. R-ALLY Lite: - In R-ALLY lite customer can access trading platform by logging into religares trading website. Customer can trade from his/her home as well B. R-ALLY with Odin: - In this account customer have to pay Rs. 1800 extra to get Odin software. Through this software customer can easily trade from his/her own pc. Though every customer gets either trading facility but still many customers come personally in the stock broking office and trade. ACCOUNT OPENING CHARGES: - Rs. 500(including AMC for one year) BROKERAGE:Intraday: - 0.02 %( Minimum Brokerage) Delivery Charges: - 0.20 %( Minimum) Religare provides only two types of accounts in offline trading.

R-ACE: - R-ACE is an online trading service in which Religare provides three types of accounts. A. R-ACE (Basic):- Its the basic online trading account provided by Religare. Investor can trade and access their account information online and over the phone as well.This account comes with a browser based online trading platform and no additional software installation needed. This account also provided Lifetime free DP account with no annual maintenance charges. B. R-ACE Lite (Advanced):- Its the advanced account option for the investor with Religare.This trading account provides the entire feature of R-ACE (Basic) account. In addition it also provides real-time streaming stock quotes and alerts. This trading platform is also browser based and no software installation is needed. C. R-ACE Pro (Professional):- As the name indicates this account is for high volume traders. Along with the features from above 2 accounts, this account also comes with a Trading Terminal, software which needs to install on your computer. This terminal directly connects the investor to stock market and having all industry standards. Trading terminal features including technical charting (intra-day and EOD), multiple watch lists. Advanced hot-key functions for faster trading, derivative chains, futures & options calculator. SPECIAL FEATURE: - As in basic and advance account, trading is available online through internet and offline through phone. BROKERAGE AND ACCOUNT OPENING FEES:Religare offers three kinds of account as above. Below are detail about fees and activation charges for each account: 1. R-ACE: - Account Activation charges Rs. 299/-. Minimum margin of Rs. 5000/required. 2. R-ACE Pro: - Account activation charges Rs. 999/-.Minimum margin of Rs. 10000/- required.

SPECIAL FEATURES: - All the account comes with free annual maintenance charge and also these accounts get free DP account. BROKERAGE OF R-ACE ACCOUNTS:On the basis of volume and frequency of trading, Religare provide different options for brokerages. On the broader way they divided into three categories: CLASSIC ACCOUNT Intraday brokerage varies from 0.3% to 0.5%. Delivery brokerage varies from 0.30% to 0.50% Derivatives brokerage varies from 0.3% to 0.5%. FREEDOM ACCOUNT In this payment scheme, investor has to pay a fix amount in advance for Monthly (Rs 500/-), Quarterly (Rs. 1400), Half-yearly (Rs. 2500) or Annual Subscription (Rs. 4000). This one time payment enable account holder to trade for Rs. 3 lakhs intraday & derivative trading and Rs. 40,000 of delivery based trading for zero brokerage. TRUMP ACCOUNT:- Trump account has two payment options, Trump Plus and Trump Super plan:a. Trump Plus has annual subscription fees of Rs 2,500, Brokerage on Delivery Trades of 0.25% and Brokerage on Intraday Trades & F&O Trades of 0.015%.


EQUITY & DERIVATIVES: - Religare provides trading in Equities and Derivatives through offline/online delivery models. Traders can use single window for all investment needs through your unique CRN. DEPOSITORY: - RSL provides depository services to investors as a Depository Participant with NSDL and CDSL. The Depository system in India links issuers, Depository Participants, Depositories National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and clearing houses/clearing Corporation of Stock Exchanges. These facilitate holding of securities in dematerialized form and securities transactions are processed by means of account transfers. PORTFOLIO MANAGEMENT SERVICES (PMS):- Religare offers PMS to address varying investment preferences. As a focused service, PMS pays attention to details, and portfolios are customized to suit the unique requirements of investors. Religare PMS currently extends six portfolio management schemes. MONARQUE: - Monarque is a portfolio structured to provide higher returns by taking aggressive positions across sectors and market capitalizations.Monarque is ideally suitable for investors with High Risk High Return appetite. PANTHER The Panther portfolio aims to achieve higher returns by taking aggressive positions across sectors and market capitalizations. It is suitable for the High Risk High Return investor with a strategy to invest across sectors and take advantage of various market conditions.

TORTOISE The Tortoise portfolio aims to achieve growth in the portfolio value over a period of time by way of careful and judicious investment in fundamentally sound companies having good prospects. The scheme is suitable for the Medium Risk Medium Return investor with a strategy to invest in companies which have consistency in earnings, growth and financial performance. ELEPHANT The Elephant portfolio aims to generate steady returns over a longer period by investing in Securities selected only from BSE 100 and NSE 100 index. This plan is suitable for the Low Risk Low Return investor with a strategy to invest in blue chip companies, as these companies have steady performance and reduce liquidity risk in the market. CATERPILLAR The Caterpillar portfolio aims to achieve capital appreciation overe a long period of time by investing in a diversified portfolio. This scheme is suitable for investors with a high risk appetite. The investment strategy would be to invest in scripts which are poised to get a re-rating either because of change in business, potential fancy for a particular sector in the coming years/months, business diversification leading to a better operating performance, stocks in their early stages of an upturn or for those which are in sectors currently ignored by the market. LEO Leo is aimed at retail customers and structured to provide medium to long-term capital appreciation by investing in stocks across the market capitalization range.This scheme is a mix of moderate and aggressive investment strategied.Its aim is to have a balanced portfolio comprising selected investments from both Tortoise and Panther. Exposure to Derivatives is taken within permissible regulatory limits.

CURRENCY FUTURES:-Religare provides currency accounts to trade in currency in the future market. Traders can put money on dollars for future. There is a high liquidity in currency trading in comparison with stocks trading. Traders get opportunity to reap benefits owing to a highly dynamic market. The lot size is of only US $1000 with low exchange specified margins. COMMODITIES: - Religare offers commodities trading as well. Traders can trade in MCX and NCDEX in around 147 commodities. They can put bids for future and earn huge profits. Religare provide facility for delivery of commodities as well.

Religare believes in providing independent research for clients to make investment decisions, with strict emphasis on self-regulation, avoiding possible conflict of interest in objectivity. Backed by a strong pool of highly skilled research analysts, Religare offers varied research products and services. Our Research Products Fundamental Research Technical Research Daily Reports Intraday trading tech calls Intraday Derivative call Directional F&O calls Structured Products Index Arbitrage

-Arbitraging between index (NIFTY) futures and its constituents (Underlying Stock Futures) Volatility Trading (Arbitrage between volatilities i.e. between implied volatility of options and forecasted volatility of underlying stock futures.

COMPARATIVE ADVANTAGES OF PRODUCTS Fixed brokerage and exposure Call centre support is provided for trading, back office and IT support. Fully automated processes Feature-rich software Interest on cash margin deposited with Religare Target group- Mass Market

UNIQUE SELLING PROPOSITION Interest on cash margin deposited with Religare Better quality product at competitive brokerage.


Researcher was assigned with the task of conducting a market research of different stock broking companies and finding out the various marketing strategies adopted by Religare as a part of the summer training curriculum. In addition to this, researcher worked to increase the customer base of Religare Securities Ltd.Her entire project proceedings can be divided into following four parts. Gathering data about the leading stock broking houses and compare the main points and find the strengths of Religare Securities Ltd compared to them. Conducting a market research in various parts of the city in order to get statistical data for finding out the effectiveness of various marketing strategies adopted by Religare Securities Ltd. Sales of Trading/demat accounts, commodities accounts and currency accounts in order to get a deep insight as to how the organization actually perform these functions and what factors are kept in mind by the customers while buying financial products. To find out how Religare identifies, maintains and fabricate a network with individual customers and employees & constantly strengthen the network for the manual benefits for both sides and what are the challenges in front of Religare.


RESEARCH DESIGN: - Research design is the detailed blueprint used to guide the research study towards its objective. The presentation of such a design facilitates research to be as efficient as possible yielding maximum information. TYPE OF RESEARCH Researcher did a descriptive type of research. She had a rough idea about various marketing strategies employed by Religare Securities. This helped her to directly go for descriptive research. In this type of research problem identification includes surveys and fact-finding, inquiries of different kinds. The major purpose of such research is description of the state of affairs, as it exists at present. DATA SOURCES There are two types of data. They are a. Primary Data b. Secondary Data Primary data is the data which is collected afresh and for the first time and thus happen to be original and genuine. Primary data will not only be relevant for research project but it is also reliable, accurate and dependable. Secondary data is the data which has already been collected by someone else and which has already been collected by someone else and which has already been passed through the statistical process. Research data has been processed from both primary and secondary sources. Dealers, customers and organization constituted the primary sources. Newspaper, magazines and websites constituted the secondary data.

RESEARCH APPROACH:There are two basic types of approaches to research. They are, a. Quantitative Approach b. Qualitative Approach Quantitative Approach involves the generation of data, which cannot be subjected to rigorous quantitative analysis in a formal and rigid fashion. This approach can be further sub classified into inferential, experimental and simulation approaches to research. The purpose of inferential approach to research. The purpose of inferential approach to research is to form a database to infer characteristics or relationship of population. Qualitative Approach to research is concerned with subjective assessment of attitudes, opinions and behavior. In this research a quantitative as well as Qualitative approach was used. RESEARCH INSTRUMENTS:Various research instruments used by researcher are as follows: Observations: - Under this the information is sought by way of investigators, own direct observation without asking the respondents. Interviews: - It involves presentation, oral-verbal stimuli and reply in terms of oral-verbal responses. This method can be used through personal interviews and if possible, through telephone interviews Questionnaire: - It consists of number of questions printed or typed in a definite form or a set of forms. The respondents have to answer the questions themselves. The questionnaire used by me is attached at the last of this report. SAMPLE SIZE: - Researcher completed his survey with a sample size of 100 traders and investors.

Comparative Analysis of the company as done so as to find out where the company actually stands in the market. There are various companies having their own ways to attract or lure the customers. Comparison helps to differentiate and finds out various areas where a company is leading or lagging from its competitors. Here we can see how the companies stand in the market, based on their market share. Product, price and service are what mainly distinguish one company from other. So a comparative analysis, on the basis of product, price and services, of Religare Securities Ltd with its six competitors is done. Major competitors of Religare Securities Ltd. are 1. ICICI Direct 2. India Infoline 3. Kotak Securities 4. Sharekhan 5. India Bulls 6. Reliance Capital

ICICI Direct is stock trading company of ICICI Bank. Along with stock trading and trading in derivatives in BSE and NSE, it also provides facility to invest in IPO, Mutual Funds and Bonds. Trading is available in BSE and NSE.ICICI Direct offer three different trading platforms to its customers. SHARE TRADING ACCOUNT:- Share Trading Account by ICICI Direct is primarily for buying and selling of stocks in BSE and NSE. This account allows Cash Trading, Margin Trading, Margin plus Trading, Spot Trading, Buy Today Sell Tomorrow and Call and Trade on phone. website is the primary trading platform for this trading account.They also provides installable application terminal based application for high volume trader. WISE INVESTMENT ACCOUNT: - Along with stock trading and IPO investing in BSE and NSE, wise investment account also provide options to invest in Mutual Funds and Bonds online. Online Mutual Funds investment allows investors to invest online in around 19 mutual fund companies. ICICI Direct offers various options while investing in Mutual Funds like Purchase Mutual Fund, Redemption and switch between different schemes, Systematic Investment Plans, Systematic Withdrawal Plan and transferring existing Mutual Funds into electronic mode. This account also provides facility to invest in Government of India Bonds and ICICI Bank Tax Saving Bonds. website is the primary tool to invest in Mutual Funds, IPOs, Bonds and Stock Trading. ACTIVE TRADER ACCOUNT: - Active trader account gives more personalized investment options to the investors. It allows investor to use online and offline stock trading. It also provides with independent market expertise and support through a dedicated Relationship Manager from ICICI.Active trader also provides commodity trading.

BROKERAGE AND FEES:Account opening fees: - Rs. 750/- (One time non-refundable) Brokerage: - brokerages vary on volume of trade and inclusive of demat transaction charges, service taxes and courier charges for contact notes. It ranges from 0.1% to 0.15% for margin trades, 0.2 % to 0.425% for squared off trades and 0.4% to 0.85% on delivery based trades. ADVANTAGES OF ICICI DIRECT 3-in-1 account integrates your banking, broking and demat account. All accounts are from ICICI and very well integrated. This feature makes ICICI the most interesting player in Online trading facility. There is absolutely no manual interface require. This is truly online trading environment. Unlike most of the online trading companies in India which require transferring money to the brokers pool or toward deposits, at ICICIDirect you can manage your own demat and bank accounts through Money from selling stock is available in ICICI Bank Account as soon as the ICICIDirect receive it. Investment online in IPOs, Mutual Funds, GOI Bonds and Postal Saving Schemes all from one website. General Insurance is also available from ICICI Lombard. DISADVANTAGES OF ICICI DIRECT Getting access to website during market session can be frustrating. ICICIDirect brokerage is high and not negotiable. Not all stocks are available under Margin Plus.


COMPARISON OF ICICI DIRECT WITH RELIGARE SECURITIES LTD. ICICIDirect has a big brand name associated with it.This helps to attract beginners. It is not considered to be good option for regular trading as brokerage is very high i.e. 0.75%. There is less flexibility as compared to Religare Securities Ltd. Sometimes in intraday trades they square off traders positions before 03.00 pm and sometimes accidently it is kept open and settled on next day. Whenever there is huge unpredictability in the market , the site stops working most of the time. Considered safe for long term investments. The choice of bank is restricted to ICICI Bank only For intra-day trading, exposure is restricted to four times only.

Reliance offers most dynamic web based trading environment to its customers .The new trading platform has many new features which basically fill up the gap between old online trading companies in India and their customers. The Reliance Money Stock trading websites uses special security features Security Token which makes your online trading experience more secure without complexity. Stock trading is available in BSE and NSE.Offline trading is also available through Reliance Money partners in your city and through phone by dialing 022-39886000. Reliance money is offering 3 types of accounts to its customers a. Account for beginners b. For middlers c. For experts Reliance money offers lowest brokerage rates in todays online stock trading industry in India. The brokerages are as low as 0.075% for delivery based trading and 0.02 for now delivery. ADVANTAGES OF RELIANCE MONEY Extra security features with Security Token, which is the most secure and tested technology in computer world. Simple, easy and fast online stock trading. Almost all investment options are available under one account including Equity Trading, Derivatives, Forex, Commodity, IPO, Mutual Funds and Insurance. Branches are available in all major cities and the number is growing. As an introductory offer, Reliance money charges flat fee of Rs. 500/-.This fee is valid for two months or a specified transaction value.

Validity (whichever is earlier) Access Fee(Rs) 500 1350 Time Validity 2 months 6 months Turnover Validity Rs. 1 Cr Rs. 3 Cr

Turnover Limit

Non+Delivery Delivery Turnover Rs. 90 Lac Rs. 2.7 Cr Turnover Rs. 10 Lac Rs. 30 Lac


12 months

Rs. 6 Cr

Rs. 5.4 Cr

Rs. 60 Lac

UNIQUE SELLING PROPOSITION: - Brand name and low brokerage. COMPARISON OF RELIANCE MONEY WITH RELIGARE SECURITIES LTD. Brokerage Rates: Flat 500 Rs. For two months. This gives the edge to reliance money. Concept of RSA: secure ID provides good security to customers. Its also frustrating for some regular traders. Reliance money is not so good in providing customer care service

Indiabulls is Indias leading financial services and Real Estate Company having presence over 414 locations in more than 124 cities. Indiabulls financial services Ltd. is listed on the NSE, BSE, Luxembourg Stock Exchange and London Stock Exchange. INDIABULLS EQUITY TRADING ACCOUNT: - Indiabulls Equity Trading Account is a standard online trading account from India Bulls and along with online trading it also provides priority telephone access that gives you direct access to your Relationship Manager and full access to Indiabulls Equity Analysis. POWER INDIABULLS: - Power Indiabulls Trading terminal is the most advanced new generation trading platform with great speed. This trading terminal is built in java. Power Indiabulls is extremely rich in features including Live Streaming Quotes, Fast Order Trading and execution, Tie by Tie Live Charts, Technical Analysis, Live News and Alerts, Extensive Reports for Real time accounting. BROKERAGE AND FEES: Rs. 1200/- (one time non-refundable ) which includes Rs. 250/- Equity Trading Account opening charges, Rs. 200/- Demat Account Opening charge and Rs. 750/- Software charges. ADANTAGES OF INDIABULLS Brokerage is less compare to other online trading companies. Provide trading terminal power bulls, a java based software. Its very fast in terms of speed and execution

UNIQUE SELLING PROPOSITION: - Relationship manager facility to every client.

COMPARISON OF INDIABULLS WITH RELIGARE SECURITIES LTD Indiabulls charges extra for research reports. Provides high exposure on intraday trading. Provides relationship manager facility to every client. Provides a good exposure on securities also.

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, was set up in 1994.Kotak Securities is a corporate member of both Bombay Stock Exchange and National Stock Exchange. Currently, Kotak Securities is one of the largest broking houses in India with wide geographical reach. Kotak Securities online trading is the online trading portal of the Kotak Securities Ltd, the leading stock broking house of India. The online division of Kotak Securities Limited provides services like internet broking services, online IPO and mutual fund investments. Trade In:- BSE and NSE ACCOUNT TYPES: Kotak offers different account types according to users requirement. KOTAK GATEWAY:- Kotak securities gateway account opens the gateway to a world of investing opportunities for beginners.Kotak gateway user can trade anywhere , anytime using internet.Kotak also offers call and trade facility. They provide sms alert, research report, free news and market updates. Best feature of Kotak gateway is call and trade facility. Anybody can activate kotak securities gateway account with any amount between Rs. 20,000 to 5, 00,000.This can be in form of cash deposit or the value of the shares you buy. Brokerage will be charged based on the account type. For intraday trading brokerage will be charged based on the account type. For intraday trading brokerage is .06% both sides for less then 25 lakhs and .023% for more then 25 crores. KOTAK PRIVILEGE CIRCLE: - This is the premium account for its users. Along with kotak gateway account benefits they provides independent market expertise and support through a dedicated relationship manager and a dedicated customer service desk which provides assistance in opening accounts, handling day-to-day problems, and more. They provides KEAT premium which is an exclusive online tool that lets you monitor what is happening in the market and view your gains and losses in real-time.

One can activate kotak securities privilege circle account with any amount more than Rs. 10, 00,000/- as margin, by way of cash or stock. For intraday trading brokerage is .06& both sides for less than 25 lakhs and .03% for more then 25 crores. KOTAK HIGH TRADER: - This is the best offer for daily trader or intraday traders. This is an Auto Square Off product where you can enjoy the benefits of intra-day trading. Trader can get the 6 times exposure on the margin. They provide all the benefits which kotak gateway and privilege account provides. Trader can apply paper free order for IPO. One can activate Kotak securities high trader with any amount less than Rs. 5, 00,000/- as margin, by way of cash or stock. The minimum brokerage that is applicable in the kotak high trader account is 4 paisa on delivery and 4 paisa in the cash segment. KOTAK FREEWAY: - Frequent traders use this account type because freeway account enables its users to trade as many times as they like-at a fixed brokerage. One can activate Kotak securities freeway with any amount less than Rs. 1, 25, 000/- as margin, by way of cash or stock. They charge fixed brokerage of Rs. 999/- a month and on delivery transaction brokerage is .59% on less then 1 lakhs and .18% on more than 2 crores. KOTAK FLAT: - This product is best suited for the needs of the Indian retail investor who actively invests through the internet.Kotak flat introduces the international trend of charging brokerages on per trade basis. Brokerage rate works upto 0.18% on delivery trades and 0.018% for intraday trades. KOTAK ASSIST: - This account most suits to long term investors. This account provides Complete assistance on all your financial investment. BROKERAGE AND ACCOUNT OPENING FEES:A trading account in Kotak requires you to have a minimum of Rs. 1000 to start with, the bank account to have a minimum of Rs. 2500. BROKERAGE:1. For intra-day trading, kotak brokerage is around 0.05%. 2. For delivery trading, Kotak brokerage is around 0.45%

ADVANTAGES OF KOTAK SECURITIES LIMITED 1. Kotak provides a Call & Trade facility to its customers wherein they can place and track their orders through phone when they are away from home. 2. They provide daily SMS alerts, market pointers, periodical research reports, stock recommendations etc. 3. Kotak providers exclusive online tool to monitor what is happening in the market and also investor can view gains/losses in real-time. DISADVANTAGES OF KOTAK SECURITIES LIMITED In online trading sometimes delay comes. So it can be frustrating.

UNIQUE SELLING PROPOSITION: - Brand Name COMPARISON OF KOTAK SECURITIES WITH RELIGARE SECURITIES LTD. The brokerage provided is one of the best in the country. They have come with the new scheme of high trader in which the brokerage is flat. They provide the Software based trading also with their KEAT. Customers can customize KEAT as per your requirement which is basically what is provided by all the Software based trading platform. They start the auto square off time of around 3:15 and the limit they give is around 15 times of your value.

Sharekhans equity related services include trade execution on BSE, NSE, Derivatives, Commodities, Depository Services, Online trading and Investment advice. Trading is available in BSE and NSE.Along with website, Sharekhan has around 510 offices (share shops) in 170 cities around the country. Sharekhan has one of the best states of art web portal provide fundamental and statistical information across equity, mutual funds and IPOs. You can surf across 5,500 companies for in-depth information, details about more than 1,500 mutual fund schemes and IPO data. You can also access other market related details such as board meetings, result announcements, FII transactions, buying/selling by mutual funds and much more. TYPE OF ACCOUNT SHAREKHAN CLASSIC ACCOUNT Allow investor to buy and sell stocks online along with the following features like multiple watch lists, Integrated Banking, demat and digital contracts, Real-time portfolio tracking with price alerts and Instant credit & transfer. a. Online trading account for investing in Equities and Derivatives b. Free trading through phone (Dial-n-Trade) c. Integration of Online trading + Bank + Demat Account d. Instant cash transfer facility against purchase & sale of shares. e. IPO investments f. Instant order and trade confirmations by e-mail g. Single screen interface for cash and derivatives. SHAREKHAN SPEEDTRADE ACCOUNT: - This account is for active traders who trade frequently during the days trading session. Following are few popular features of Speed Trade Account a. Single screen interface for cash and derivatives B.Real-time streaming quotes with instant order Execution & Confirmation

c. Hot keys similar to a traditional broker terminal. d. Alerts and reminders e. Back-up facility to place trades on Direct Phone lines BROKERAGE Some stock trading companies charge direct percentage while others charge a fixed amount per Rs. 100.Sharekhan charges 0.5% for inter day shares and 0.1 % for intra day. ADVANTAGES OF SHAREKHAN Online trading is very user affable and one doesnt need any software to access. They provide good quality of services like daily SMS alerts, mail alerts, stock recommendations etc. Sharekhan has ability to transfer funds from most banks. Unlike ICICI Direct, HDFC Securities etc., so investor not really needs to open an account with a particular bank as it can establish link with most modern banks. DISADVANTAGES OF SHAREKHAN They charge minimum brokerage of 10 paisa per stock would not let you trade stocks below 2oRs.(If you trade, you will loose majority of your money in brokerage). Lots of hidden rules and charges. They do not provide facility to book limit order trades during after-hours. Classis account holders cannot trade commodities. Cannot purchase mutual funds online.

UNIQUE SELLING PROPOSITION: - Information Driven Content COMPARISON OF SHAREKHAN WITH RELIGARE SECURITIES LTD. Sharekhan is a well known brand for equity trading. Trading through Sharekhan involves hidden charges.

Sharekhan doesnt provide much transparency to its customers.

5paisa is online Stock Trading Company of Indi Infoline Securities Private Ltd, Owner of popular business portal high quality investment advice from an experienced research team, the site offers real time stock quotes, market news and multiple tools for technical analysis. TRADING TERMINALS:5paisa offers 2 different online trading terminals to its customers: INVESTOR TERMINAL (IT):- Investor Terminal is 5Paisas equity trading terminal for low volume trader. This is web based terminal and could access from anywhere.This product provide limited features in comparison of Trader Terminal, which is another product provided by 5Paisa. TRADER TERMINAL (TT):- Trader terminal is design for high volume equity traders or day traders. Trader Terminal provides high volume trading with powerful interface and fast order execution. BROKERAGE AND ACCOUNT OPENING FEES:1. Account opening fees: Rs 500/- one time non refundable. 2. 5 Paisa offer competitive rates. They charge only 5 paisa for Rs. 100 of trade done, which is 0.05%. Brokerage. In case of trade that result in delivery, they charge an additional 0.20% for back office and securities handling ADVANTAGES OF 5Paisa 1. Very fast execution speed. 2. Rates are very competitive then other providers. 3. Easy online fund transfer facility from leading Banks including ICICI, HDFC, CITI and UTI banks.

4. Free facility of subscribing to mutual funds, equity IPOs and other investment products.

DISADVANTAGES OF 5PAISA 1. No intra-day tick by tick charts in Investor Terminal (IT). 2. Investing in IPO and Mutual Funds is not so easy like in ICICIDirect. 3. Learning 5paisa Trading Terminal is little hard. UNIQUE SELLING PROPOSITION: - Trading terminal with specific features COMPARISON OF INDIA INFOLINE WITH RELIGARE SECURITIES LTD Though account opening charges are same but brokerage is high in It provides trading terminal with all new features which are not available in any other stock brokers terminal.


Now on the basis of following research researcher will present a SWOT (Strength, Weakness, Opportunities and Threats) Analysis of Religare Securities Ltd. STRENGTHS 1. It is the Ranbaxy group promoter company. 2. No annual maintenance charges for their online broking services. 3. Diverse portfolio and a lot of products under one roof. 4. It has one of the best brokerage plans. 5. Its brand name creates attention easily. 6. Relationship managers attached to customers. 7. Efficient equity research team WEAKNESSES 1. It has changed its name from Fortis to Religare where many customers dont know about this. 2. Many customers reported that website doesnt function properly. 3. Customer care service is non-satisfactory and unprofessional.

OPPORTUNITIES 1. Financial services sector is growing by leaps and bounds. 2. As share market is again getting stronger so many people are starting to invest in equities again.

THREATS 1. Cutthroat competition from many big stock broking companies like Indiabulls and Reliance. 2. Brand awareness is less in comparison with other stock broking companies.


One important component of industry and competitive analysis involves delving into the industrys competitive process to discover what the main sources of competitive pressure are and how strong each competitive force is. This analytical step is essential because managers cannot devise a successful strategy without in-depth understanding of the industrys competitive character. Even though competitive pressures in various industries are never precisely the same, the competitive process works similarly enough to use a common analytical framework in gauging the nature and intensity of competitive forces. The state of competition in an industry is a composite of five competitive forces. 1. The rivalry among competing sellers in the industry. 2. The potential entry of new competitors. 3. The market attempts of companies in other industries to win customers over to their own substitute products. 4. The competitive pressures stemming from supplier-seller collaboration and bargaining. 5. The competitive pressures stemming from seller-supplier collaboration and bargaining.

Figure shows porters five-force model of competition

Firms in other industry offering substitute products

Suppliers of Raw materials input

Rivalry among competing sellers


Firms in other industries offering substitute products The five force model developed by porter in 1980, guides the analysis of an organizations, Environment and attractiveness of the stock broking industry. The nature and degree of competition in an industry hinge on five forces , which include the threat of substitute , bargaining power of buyers , the bargaining power of suppliers , the threat of new entrants and degree of rivalry between existing competitors.

THREAT NEW ENTRANTS:a. The Indian market is highly brand oriented; it is difficult to introduce a new brand. Acceptability of new brand is also very low. But still new stock broking firms can enter and do business properly because they give more flexibility to traders in terms of margin. b. Tax exemption on long term capital gain makes the industry attractive c. High profit in equities and derivatives trading in stock broking firms act as a magnet to firms outside the industry motivating potential entrants to overcome the barriers involved in this industry. d. SEBI has ensured that the rights of traders protected from stock brokers. Due to this new entrants might face development problems. BARGAINING POWER OF BUYER:a. Now a days competition is increasing in the each and every sector, and as a competition in the market increase the bargaining power of the buyer will get increase. So buyers bargaining power is high. b. Market is highly segmented. c. Buyers in this industry are very return oriented and it switches easily. BARGAINING POWER OF SELLERS:a. Suppliers bargaining power increase if they provide best brokerage plans, flexible exposure and useful research service. b. Strong players gain more because they have achieved a level trust among their customers. THREAT FROM SUBSTITUTES:Equity trading is known for its higher risk and higher gain factor. Though there are many investment substitutes but still traders can earn more in shares trading in

comparison with any other investment option. So there is a minimum threat from substitutes.


Religare Securities Ltd is a well known stock broking company which offers various products and services as per the requirement of different customers.Religare focuses on following points for its marketing strategies implementation: Needs to cover mass market including people from all occupations and income level. Creating brand awareness as well as products and services awareness among people. Positioning it as a complete investment solution and wealth care management Services Company which provides investment plans for every individual as per unique needs and income level. MARKET SEGMENTATION Religare Securities Ltd. divides potential customers into four categories: Potential New Customers Existing traders Present customers who are not trading presently. Regular traders who switch brands for less brokerage and charges. Corporate Clients Corporate Clients People involved in their own business People from high middle class Religare positioned itself as a complete investment solution and wealth care management Services Company which provides investment plans for every individual as per unique needs and income level.



A stock broker who provides equity, commodity and currency trading altogether in minimum charges. A stock broker who provides a strong bond between its customers and relationship manager.


INCREASE GEOGRAPHICAL PRESENCE Religare intend to further expand the scale of its operations, look at new distribution channels and increase its reach and client base domestically and internationally.Religare is focused on increasing the number of its client relationships through its network of offices across India. Its emphasis is on expanding the scale of operations as well as growing the network in the smaller Indian cities, which Religare believes present attractive opportunities to grow our client base and revenues. Religare also intend to establish offices in key overseas markets, including the Middle East and Western Europe. As the global profile of the Indian financial markets improves, it expects to experience significant interest from overseas institutional and non-resident Indian investors in Indian financial services. The initial emphasis will be on using our proposed international offices as supplementary distribution channels of our offerings in the Indian markets and on channeling Indian investments in the international financial markets. Religares long term international strategy includes our participation in overseas financial markets by setting up regulated financial services companies in such jurisdictions EXPAND INTERNET BASED DELIVERY Religare plan to significantly enhance our on-line trading capabilities and have established the online trading system to complement its other products and services offerings. Religare also established a dedicated advisory desk for on-line services and a force of direct marketers that expect in the next several months to increase to 2,500 covering 100 cities. Religare believes that it has the technological platform and systems in place to accommodate and service significant increases in on-line trading

accounts and clients .It also believe that an Internet-based, easily scalable product delivery model will enable to respond effectively to the competitive challenges of discount equity brokerages and eventually move into delivering a wider range of products and services on-line. GROW EXISTING PRODUCT LINES AND EXPAND PRODUCTS AND SERVCIES PORTFOLIO Religare seek continually to introduce new products that provide clients access to a range of financial products and services to suit their varied needs. In addition to growing its traditional equity brokerage business, Religare intend to develop its recent initiatives such as commodities and insurance brokerage and personal credit services. They are establishing separate subsidiaries to handle different product lines which they expect will form significant parts of their business going forward. In particular, they intend that wealth management services will be located in Religare Wealth Management Services Limited; investment banking and transaction advisory services will be located in Religare Capital Markets Limited; and PLS and other consumer lending will be located in Religare Finance Limited. They believe this recognition will enable them to better develop these businesses, possibly in conjunction with Indian and international partners. CONTINUE TO DEVELOP CLIENT RELATIONSHIPS Religare plans to grow its business primarily by growing the number of client relationships, as they believe that increased client relationships will add stability to their business. They seek to build on existing relationships and also focus on bringing into portfolio major, multi-national corporations, large profitable public sector corporations and middle market companies. They also believe that the rapid growth in the middle market company sector offers us a significant opportunity to provide a wide variety of financial services and products to this segment. They also seek to offer their clients diversified products and services to increase their revenues per client by selling different products to the same client.

PURSUE STRATEGIC ACQUISITIONS AND ALLIANCES Religare seek to pursue strategic acquisition opportunities to enhance its capabilities, address specific industry opportunities to enhance further industry and technical expertise, grow its operations geographically and benefit from an expanded client base. The Indian brokerage industry is experiencing significant consolidation involving the growth of corporate brokerage houses and increasing marginalization of small and regional brokers. Stricter regulatory and higher capital requirements have hastened this process, which provides opportunities for well-capitalized, professionally-managed corporate brokers, such as us, to acquire smaller participants and brokers associated with regional exchanges.Religare intend to target selectively such brokers for acquisition to expand its retail business.


Religare Securities is one of the topmost stock broking companies, which provides various products and services for equity, derivative, commodities and currency trading. The marketing mix is the combination of marketing activities that an organization engages in so as to meet the needs of its targeted market. The stock broking business deals in selling services and therefore due weightage in the formation of marketing mix for the stock broking business is needed. The marketing mix includes sub-mixes of the 7 ps of marketing i.e. the product, its price, place, promotion, people, process and physical attraction. The above mentioned 7 ps can be described for Religare Securities in the following manner:Product: - Religare Securities Ltd. sell trading accounts through which people can trade into equities, currency, derivatives and commodities. With this Religare also provide research services to its customers for decision making regarding trading. When a customer opens a trading account with Religare, he gets research and consulting service in the form of relationship manager as well. Relationship manager personally guides the person for trading and make sure that customer should not loose his money because of high volatility. Pricing: - In stock broking company pricing is concerned with: a. Account opening charges (one time) b. Annual maintenance charges c. Brokerage for trading d. Delivery charges Religare offers a competitive brokerage plan in comparison with other stock broking companies. Brokerage depends on the turnover and it is negotiable.

Place: - Religare Securities ltd has its branches in more than 1550 locations across more than 460 towns and cities. Customers can walk into any centre and avail all services through qualified and experienced relationship managers. For online trading customers can open online accounts on religares website as well. Promotion: - Religare pays attention to its effective promotions to compete with its strong competitors like Indiabulls, ICICIDirect, and Sharekhan etc.Religare give advertisements in the newspapers and magazines to create more awareness for its brand. People: - Understanding the customer better allows designing appropriate products. In stock broking companies there is a maximum interaction with customers. So it is very important to satisfy these customers with an efficient customer care service. Training, development and strong relationships with intermediaries are the key areas to be kept under consideration. Training the employees, use of IT for efficiency, both at the staff and agent level, is one of the important areas to look into. Process: - The process should be customer friendly in stock broking company. The speed and accuracy of transfer of funds is of great importance. There should not be delay in fund transfers otherwise customer might suffer a great loss. There should be transparency in the system so that customer will not make any kind of mistake from his end. Physical Distribution:- Share traders can easily approach any Religare branch to solve their problems or to open any type of trading account. Religare provides service in which Religare executive can visit customers place to solve his query or to collect any document.


Question 1. According to you which is the most beneficial way of investment? a. Fixed Deposit b. Share Trading c. Mutual Funds d. Saving Bank Account e. Government Bonds f. Others

25% 20% 15% 10% 5% 0%



22% 18% Fixed Deposit Share Trading 10% Mutual Funds 8% Saving Bank Account Government Bonds Others

ut ua lF un g ds Ba nk Ac G ov co er un nm t en tB on ds Sa vin

ad in g

Sh ar e

xe d


RESPONSES Fixed Deposit: - 22 out of 100 Share Trading: - 20 out of 100


O th er s

ep os it

Mutual Funds: - 22 out of 100 Saving Bank Account: - 10 out of 100 Government Bonds: - 18 out of 100 Others: - 8 out of 100 Interpretation: - As per this analysis 20% out of 100 respondents prefer share trading. But still more people prefer Fixed Deposits and Mutual Funds because there is less chances of loosing money in mutual funds and there are no chances of loosing money in fixed deposits. People are still unsure about putting money into the market since last years market crash.

Question 2. Shares trading give maximum return though it involves high risk. Do you agree? a. Yes b. No c. Cant Say


90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 82%



RESPONSES YES: - 82 out of 100 NO: - 4 out of 100 CANT SAY: - 14 out of 100 Interpretation: - As per this analysis 82% people agree that though share trading involves high risk but it mostly gives high returns.

Question 3. Which is your most preferred share trading broker as per your requirement? a. ICICI Direct b. India Bulls c. Sharekhan Ltd d. Religare Securities Ltd e. Kotak securities f. India Infoline g. Reliance Capital h. None of these


PERCENTAGE OF RESPONSES 25% 20% 15% 10% 5% 0% 18% 6% 8% 22% 22%




RESPONSES ICICI DIRECT: - 6 out of 100 respondents INDIA BULLS: - 18 out of 100 respondents SHAREKHAN: - 8 out of 100 respondents RELIGARE: - 22 out of 100 respondents KOTAK: - 22 out of 100 respondents



INDIA INFOLINE: - 8 out of 100 respondents RELIANCE CAPITAL: - 8 out of 100 respondents Interpretation: - As per this analysis 22% people prefer Religare and kotak securities.Indiabulls comes as their third preference. This analysis shows that customers are satisfied with Religares brokerage plans and transparent system.

Question 4. Since how many years, you have been involved in share trading? a. 0-5 Years b. 5-10 Years c. 10-15 Years d. 15-20 years e. 20 and above

Involvement in Trading
Percentage of customers 80% 70% 60% 50% 40% 30% 20% 10% 0% 0-5 Years 68% 0-5 Years 5-10 years 10-15 years 20% 4% 5-10 years 10-15 years Years 4% 15-20 Years 2% 20 and above 15-20 Years 20 and above

RESPONSES 0-5 years: - 68 out of 100 respondents 5-10 years: - 20 out of 100 respondents 10-15 years: - 4 out of 100 respondents 15-20 years: - 4 out of 100 respondents 20 and above: - 2 out of 100 respondents Interpretation: - As per this analysis 68% respondents are doing shares trading from last 0-5 years. So we can say here that people are now investing in shares more because of more awareness about shares trading and dematerialization of shares.

Question 5:- Are you aware about various new account opening schemes offered by Religare Securities Ltd? a. Yes b. No c. Cant Say

Awareness about new account opening schemes

60% 50% RESPONDENTS % 40% 30% 20% 10% 0% YES NO CAN'T SAY 10% 48% 42% YES NO CAN'T SAY

RESPONSES YES: - 48 out of 100 respondents NO: - 42 out of 100 respondents CANT SAY: - 10 out of 100 respondents Interpretation: - As per this analysis we can see that Religare has created good awareness about its new account opening schemes as 48 out of 100 respondents are aware about it.

Question 6. What are the account opening charges in your broking firm where you trade? d. Rs. 100 Rs. 300 e. Rs. 300 Rs. 500 f. Rs. 500 Rs 700 g. Rs. 700 and above


35% PERCENTAGE OF RESPONSES 30% 25% 20% 15% 10% 5% 0% Rs. 100- Rs. 300 Rs. 300 - Rs. 500 Rs. 500 - Rs. 700 Rs. 700 and above 14% 32% 28% 26% Rs. 100- Rs. 300 Rs. 300 - Rs. 500 Rs. 500 - Rs. 700 Rs. 700 and above


RESPONSES Rs. 100 Rs. 300:- 32 out of 100 respondents Rs. 300 Rs. 500:- 28 out of 100 respondents Rs. 500 Rs. 700:- 14 out of 100 respondents Rs. 700 and above: - 26 out of 100 respondents Interpretation: - This analysis shows that stock broking companies are offering trading accounts in less charge. This is also a means of attraction for traders.

Question 7. Giving rating to brokers on the scale of 1 to 4 on following parameters. (1 Poor, 2-Average, 3- Good, 4- Excellent) Products & Services Customer Care Services Transparency 1 1 1 2 2 2 3 3 3 4 4 4

Analysis of Offerings
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 38% 34% 26% 20% 18% 18% 12% 4% 28% 40% 36% 26% PRODUCTS & SERVICES CUSTOMER CARE SERVICES TRANSPARENCY




RESPONSES PRODUCTS & SERVICES:(i) (ii) (iii) (iv) (i) (ii) 4 out of 100 respondents marked them as poor 18 out of 100 respondents marked them as average 38 out of 100 respondents marked them as good. 40 out of 100 respondents marked them as excellent 26 out of 100 respondents marked it as poor. 20 out of 100 respondents marked it as average.






(iii) (iv) TRANSPARENCY:(i) (ii) (iii) (iv)

28 out of 100 respondents marked it as good. 26 out of 100 respondents marked it as excellent 12 out of 100 respondents marked it as poor 18 out of 100 respondents marked it as average 34 out of 100 respondents marked it as good. 36 out of 100 respondents marked it as execellent.

Interpretation: - This analysis shows most of the customers are 40% out of 100 respondents who are satisfied with the products and services provided by their stock broking companies. It also shows that only 26% respondents marked customer service as poor which is a serious issue. So stock broking companies need to pay attention to their customer service.

Question 8. Rank the following factors according to the influence they have on you for share trading. Please rate from 1 to 5. (Here 1 is from least influence and 5 is for maximum influence i.e. 1=20%, 2=40%,3=60%,4=80%,5=100%) Brokerage Exposure Brand Value Research Reports Account opening and maintenance charges 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 5 5 5 5 5

Analysis of Following Factors

60% 50% 40% Influence in % 30% 20% 12% 10% 0%
Brokerage Exposure Brand Value Research AMC

50% 42% 34% 20% 24% 38%


44% 42%

22% 20% 12% 8%

26% 14% 8% 6% 6% 4% 2%

20% 40% 60% 80% 100%

10% 4%

4% 2%



BROKERAGE: - (i) 4 out of 100 respondents give 20% importance to brokerage (ii) 2 out of 100 respondents give 40% importance to brokerage (iii) 12 out of 100 respondents give 60% importance to brokerage (iv) 34 out of 100 respondents give 80% importance to brokerage (v) 50 out of 100 respondents give 100% importance to brokerage EXPOSURE: - (i) 4 out of 100 respondents give 20% importance to Exposure (ii) 10 out of 100 respondents give 40% importance to Exposure (iii) 24 out of 100 respondents give 60% importance to Exposure (iv) 42 out of 100 respondents give 80% importance to Exposure

(v) 20 out of 100 respondents give 100% importance to Exposure BRAND VALUE: - (i) 8 out of 100 respondents give 20% importance to Brand Value (ii) 22 out of 100 respondents give 40% importance to Brand Value (iii) 38 out of 100 respondents give 60% importance to Brand Value (iv) 20 out of 100 respondents give 80% importance to Brand Value (v) 12 out of 100 respondents give 100% importance to Brand Value RESEARCH REPORTS:(i) 6 out of 100 respondents give 20% importance to Research Reports (ii) 8 out of 100 respondents give 40% importance to Research Reports (iii) 26 out of 100 respondents give 60% importance to Research Reports (iv) 46 out of 100 respondents give 80% importance to Research Reports (v) 14 out of 100 respondents give 100% importance to Research Reports AMC: (i) 4 out of 100 respondents give 20% importance to Research Reports (ii) 2 out of 100 respondents give 40% importance to Research Reports (iii) 6 out of 100 respondents give 60% importance to Research Reports (iv) 44 out of 100 respondents give 80% importance to Research Reports (v) 42 out of 100 respondents give 100% importance to Research Reports Interpretation: This analysis shows many important facts:b. 50 out of 100 respondents give 100% importance to brokerage plans before starting share trading. c. 44 out of 100 respondents give 80% importance to annual maintenance charges. d. 42 out of 100 respondents give 80% importance to exposure and 46 out of 100 respondents give 80% importance to research reports. e. Only 12 out of 100 respondents give 100% importance to the brand name.

Question:- 9 Have you ever seen any advertisement of Religare Securities Ltd.? If yes then where? f. On Internet

g. Television h. Banners i. Newspaper j. Radio k. Never seen any ad

40% RESPONDENTS % 35% 30% 25% 20% 15% 10% 5% 0%
Te le vi sio n Ba nn er s Ne ws pa pe r In te rn et

34% 30% On Internet Television 16% 10% 10% 0%

Ra di o ad

Banners Newspaper Radio Never Seen any ad

O n


RESPONSES On Internet: - 10 out of 100 respondents On Television: - 10 out of 100 respondents Banners: - 16 out of 100 respondents Newspaper: - 34 out 100 respondents Radio: - 0% Never Seen any ad: - 30 out of 100 respondents Interpretation:-This analysis shows a very important fact:a. Only 34 out of 100 respondents have seen religares advertisement in newspaper.

Ne ve rS

ee n

an y

b. And 30 out of 100 respondents have never seen any ad of Religare. c. So Religare need to work on the brand awareness activities by putting more advertisements on television, newspaper, internet etc.

Question 10. This logo reminds you of which brand

d. Sharekhan e. Reliance Money f. India bulls g. Kotak Securities h. Religare Securities Ltd. i. ICICI Direct j. Indiainfoline k. Cant say

Analysis of awareness of Religare's logo


RESPONSES RELIGARE: - 60 out of 100 respondents OTHERS: - 8 out of 100 respondents CANT SAY: - 32 out of 100 respondents Interpretation: - In this analysis only 60 out of 100 respondents have recognized the religares logo whereas 32 out of 100 respondents cannot recognize its logo. Question. 11 Values that bind this tagline is of which brand

a. Sharekhan b. Reliance Money c. India bulls d. Kotak Securities e. Religare Securities Ltd. f. ICICI Direct g. Indiainfoline h. Cant Say

Analysis of awareness of Religare's Tagline

70% 60% RESPONSE 50% 40% 30% 20% 10% 0% RELIGARE'S OTHERS CAN'T SAY 4% 38% RELIGARE'S OTHERS CAN'T SAY 58%

RESPONSES RELIGARE: - 58 out of 100 respondents OTHERS: - 4 out of 100 respondents CANT SAY: - 38 out of 100 respondents Interpretation: - In this analysis only 58 out of 100 respondents can recognize the tagline of Religare. So Religare needs to work more on creating awareness for its brand and products.

Question. 12 Are you aware about trading in commodities and currency through Religare Securities Ltd.?

a. Yes b. No


60% RESPONDENTS IN % 50% 40% 30% 20% 10% 0% YES NO YES NO 56% 44%

RESPONSES YES: - 56 out of 100 respondents NO: - 44 out of 100 respondents Interpretation:-In this analysis 56 out of 100 respondents are aware about commodity and currency trading. Its a good result but still Religare needs to work on it.

Question 13. From the following for which investment option do you prefer Religare a. Shares

b. Commodities c. Currency d. Insurance e. Mutual Funds f. None


45% 40% RESPONDENTS 35% 30% 25% 20% 15% 10% 5% 0% 8% 0




RESPONSES SHARES: - 42 out of 100 respondents COMMODITIES: - 8 out of 100 respondents CURRENCY: - 0 INSURANCE: - 10 out of 100 respondents MUTUAL FUNDS: - 24 out of 100 respondents NONE: - 12 out of 100 respondents Interpretation: - In this analysis 42 out of 100 respondents are interested in shares trading through Religare and 24 out of 100 respondents are interested in mutual funds.


This tells us that Religare has a strong image of stock broker in customers minds but many are not aware about other investment options provided by Religare.

Question 14. What is your annual household income? a. 50,000 to 2,00,000

b. 2,00,000 to 4,00,000 c. 4,00,000 to 6,00,000 d. 6,00,000 and above

Analysis of Income level of share traders

60% 50% RESPONDENTS 40% 30% 20% 10% 0% 50k - 2 Lakhs 2 Lakhs - 4 4 Lakhs- 6 Lakhs Lakhs Income Level 6 Lakhs & Above 18% 12% 12% 50k - 2 Lakhs 2 Lakhs - 4 Lakhs 4 Lakhs- 6 Lakhs 6 Lakhs & Above


RESPONSES 50,000- 2 Lakhs: - 12 out of 100 respondents 2 Lakhs 4 Lakhs: - 12 out of 100 respondents 4 Lakhs 6 Lakhs: - 52 out of 100 respondents 6 Lakhs & above: - 18 out of above Interpretation: - In this analysis we can see that 52 out of 100 respondents are from 4 laks-6 lakhs income group. It shows that people with high earning are putting their money into shares to increase their wealth.


Through this research researcher has reached to this conclusion:-

1. Religare Securities Ltd is one of the topmost stock broking companies in India. 2. Religare Securities Ltd. has acquired 5% market share of shares trading customers. 3. Religare Securities Ltd. provides a competitive brokerage plan which is negotiable as per the trading turnover of customer. 4. Religare Securities Ltd provides competitive products and services as per the requirement of current economic condition, but still it lacks in customer care service. To attract maximum customers its very important to give them satisfying customer service. 5. In stock broking companies word of mouth spreads quickly which affects the customers decision regarding shares trading mostly. 6. Religare Securities Ltd. is working on increasing client base through networking. It pays special attention to its corporate clients through which they increase their client and earn revenue. 7. Religare Securities Ltd. focuses on technically strong online trading service to compete with topmost stock broking companies like India Bulls, ICICIDirect and Sharekhan. 8. Religare Securities Ltd. focuses on more strategic acquisition opportunities to enhance its capabilities, address specific industry opportunities to enhance further industry and technical expertise, grow its operations geographically and benefit from an expanded client base. 9. Through the analysis we can understand that Religare needs to create more brand awareness as many people are only aware that its a just stock broking company. But they are not aware about its specific products and services and beneficial brokerage plans.


1. Religare needs to pay more attention to its customer care service to keep existing customers and to attract new customers as well. 2. Religare should provide more effective and professional training to its employees so that they can handle customers proficiently. 3. Religare needs to create more brand awareness by putting advertisements on internet, newspapers, television and through banners. 4. Religare should highlight the difference between its products and competitors products. So that customers will not just think of it as a just stock broking company.


Researcher has learnt a lot during two months summer intership.Learning achieved through two means:1. Through selling and marketing of products and services provided by Religare Securities Ltd. 2. Through conducting research on marketing strategies of Religare Securities Ltd. So the learning from this project is as follows:a. Researcher learnt about stock market, stock exchange, stocks, securities, derivatives, commodities, currency etc. b. Researcher has also learnt the complete procedure of opening demat, commodity and currency account. c. During selling researcher interacted with new customers and existing customers which gave her detailed information regarding customer preference for stock broking company. d. During survey researcher found out that people are aware about Religares brand but still they are clear about the difference between Religares products & services and other stock broking companys products & services. e. Many customers accuse stock broking companies for cheating them or not giving a clear picture of trading. Sometimes due to less transparency or technical difficulties during trading hours stock brokers loose customers money into shares. f. Stock broking companies give more importance to their big clients which give them high turnover on daily basis. Due to this they mostly ignore small traders. This could be the main reason of losing existing customers easily. So they should pay more attention in retaining existing customers no matter whether they are big traders or small traders.


Researcher was assigned with the work of selling demat, commodities and currency accounts to existing and new customers through phone. And then if the client is interested can visit client personally or send someone else to get the paperwork done. So in this work profile didnt get much opportunity to take part in marketing activities like in marketing campaigns and canopy.

Due to time limitation it was not possible to cover all stock broking companies present in ncr.Thats why researcher only took topmost seven stock broking companies for comparative study.


Kotler & Keller, Marketing Management,12th edition, Prentice Hall,2006 Philip Kotker, Marketing Management, 10th edition, Prentice Hall, 2001

ABOUT SECURITUES MARKET The securities markets in India have witnessed several policy initiatives, which have refined the market micro-structure, modernized operations and broadened investment choices for the investors. The irregularities in the securities transactions in the last quarter of 2000-01, hastened the introduction and execution of numerous reforms. While a Joint Parliamentary Committee was constituted to go into the irregularities and manipulations in all their ramifications in all transactions relating to securities, decisions were taken to complete the process of demutualization and corporatization of stock exchanges to separate ownership, management and trading rights on stock exchanges and to effect legislative changes for investor protection, and to enhance the effectiveness of SEBI as the capital market regulator. Rolling settlement on T+5 basis was introduced in respect of most active 251 securities from July 2, 2001 and in respect of balance securities from 31st December 2001. Rolling settlement on T+3 basis commenced for all listed securities from April 1, 2002 and subsequently on T+2 basis from April 1, 2003. All deferral products such as carry forward were banned from July 2, 2002.At the end of March 2008, there were 1,381 companies listed at NSE and 1,236 companies were available for trading. The Capital Market segment of NSE reported a trading volume of Rs.35,51,038 crore during 2007-08 and at the end of March 2008, the NSE Market Capitalization was Rs.48,58,122 crore.The derivatives trading on the NSE commenced with the S&P CNX Nifty Index Futures on June 12, 2000. The trading in index options commenced on June 4, 2001 and trading in options on individual securities commenced on July 2,2001. Single stock futures were launched on November 9, 2001. Thereafter, a wide range of products have been introduced in the derivatives segment on the NSE. The Index futures and options are available on Indices - S&P CNX Nifty, CNX Nifty Junior, CNX 100, CNX IT, Bank Nifty and Nifty Midcap 50.Single stock futures are available on more than 250 stocks. The mini derivative contracts (futures and options) on S&P CNX Nifty were introduced for trading on January 1, 2008 while the Long term Options Contracts on S&P CNX Nifty were launched on March 3, 2008.Due to rapid changes in volatility in the

securities market from time to time, there was a need felt for a measure of market volatility in the form of an index that would help the market participants. NSE launched the India VIX, a volatility index based on the S&P CNX Nifty Index Option prices. Volatility Index is a measure of markets expectation of volatility over the near term.Other than the introduction of new products in the Indian stock markets, the Indian Stock Market Regulator, Securities & Exchange Board of India (SEBI) allowed the direct market access (DMA) facility to investors in India on April 3, 2008. To begin with, DMA was extended to the institutional investors. In addition to the DMA facility, SEBI also decided to permit all classes of investors to short sell and the facility for securities lending and borrowing scheme was operationalised on April 21, 2008.The Debt markets in India have also witnessed a series of reforms, beginning in the year 2001-02 which was quite eventful for debt markets in India, with implementation of several important decisions like setting up of a clearing corporation for government securities, a negotiated dealing system to facilitate transparent electronic bidding in auctions and secondary market transactions on a real time basis and dematerialization of debt instruments. Further, there was adoption of modified Delivery-versus-Payment mode of settlement (DvP III in March 2004). The settlement system for transaction in government securities was standardized to T+1 cycle on May 11, 2005. To provide banks and other institutions with a more advanced and more efficient trading platform, an anonymous order matching trading platform (NDS-OM) was introduced in August 2005. Short sale was permitted in G-secs in 2006 to provide an opportunity to market participants to manage their interest rate risk more effectively and to improve liquidity in the market. When issued (WI) trading in Central Government Securities was introduced in 2006.As a result of the gradual reform process undertaken over the years, the Indian G-Sec market has become increasingly broad-based and characterized by an efficient auction process, an active secondary market, electronic trading and settlement technology that ensures safe settlement with Straight through Processing (STP).This chapter, however, takes a review of the stock market developments since 1990. These developments in the securities market, which support corporate initiatives, finance the exploitation of new ideas and facilitate management of financial risks, hold out necessary impetus for growth, development and strength of the emerging market economy of India.

SECURITIES MARKET AND FINANCIAL SYSTEM The securities market has two interdependent and inseparable segments, the new issues (primary market) and the stock (secondary) market. PRIMARY MARKET The primary market provides the channel for sale of new securities. Primary market provides opportunity to issuers of securities; government as well as corporate, to raise resources to meet their requirements of investment and/or discharge some obligation. They may issue the securities at face value, or at a discount/premium and these securities may take a variety of forms such as equity, debt etc. They may issue the securities in domestic market and/or international market. The primary market issuance is done either through public issues or private placement. A public issue does not limit any entity in investing while in private placement, the issuance is done to select people. In terms of the Companies Act, 1956, an issue becomes public if it results in allotment to more than 50 persons. This means an issue resulting in allotment to less than 50 persons is private placement. There are two major types of issuers who issue securities. The corporate entities issue mainly debt and equity instruments (shares, debentures, etc.), while the governments (central and state governments) issue debt securities (dated securities, treasury bills).The price signals, which subsume all information about the issuer and his business including associated risk, generated in the secondary market, help the primary market in allocation of funds. SECONDARY MARKET Secondary market refers to a market where securities are traded after being initially offered to the public in the primary market and/or listed on the Stock Exchange. Majority of the trading is done in the secondary market. Secondary market comprises of equity markets and the debt markets. The secondary market enables participants who hold

securities to adjust their holdings in response to changes in their assessment of risk and return. They also sell securities for cash to meet their liquidity needs. The secondary market has further two components, namely the over-the-counter (OTC) market and the exchange-traded market. OTC is different from the market place provided by the Over The Counter Exchange of India Limited. OTC markets are essentially informal markets where trades are negotiated. Most of the trades in government securities are in the OTC market. All the spot trades where securities are traded for immediate delivery and payment take place in the OTC market. The exchanges do not provide facility for spot trades in a strict sense. Closest to spot market is the cash market where settlement takes place after some time. Trades taking place over a trading cycle, i.e. a day under rolling settlement, are settled together after a certain time (currently 2 working days). Trades executed on the leading exchange (National Stock Exchange of India Limited (NSE) are cleared and settled by a clearing corporation which provides notation and settlement guarantee. Nearly 100% of the trades settled by delivery are settled in demat form. NSE also provides a formal trading platform for trading of a wide range of debt securities including government securities. A variant of secondary market is the forward market, where securities are traded for future delivery and payment. Pure forward is out side the formal market. The versions of forward in formal market are futures and options. In futures market, standardized securities are traded for future delivery and settlement. These futures can be on a basket of securities like an index or an individual security. In case of options, securities are traded for conditional future delivery. There are two types of optionsa put option permits the owner to sell a security to the writer of options at a predetermined price while a call option permits the owner to purchase a security from the writer of the option at a predetermined price. These options can also be on individual stocks or basket of stocks like index. Two exchanges, namely NSE and the Bombay Stock Exchange, (BSE) provide trading of derivatives of securities. The past few years in many ways have been remarkable for securities market in India. It has grown exponentially as measured in terms of amount raised from the market, number of stock exchanges and other intermediaries, the number of listed stocks, market capitalization, trading volumes and turnover on stock exchanges, and investor population. Along with this growth, the profiles of the investors, issuers and intermediaries have changed

significantly. The market has witnessed fundamental institutional changes resulting in drastic reduction in transaction costs and significant improvements in efficiency, transparency and safety. SECURITIES MARKET & ECONOMIC DEVELOPMENT Three main sets of entities depend on securities market. While the corporates and governments raise resources from the securities market to meet their obligations, the households invest their savings in the securities. Corporate Sector: The 1990s witnessed emergence of the securities market as a major source of finance for trade and industry. A growing number of companies are accessing the securities market rather than depending on loans from FIs/banks. The corporate sector is increasingly depending on external sources for meeting its funding requirements. There appears to be growing preference for direct financing (equity and debt) to indirect financing (bank loan) within the external sources. The listing agreements have been amended recently requiring the companies to disclose shareholding pattern on a quarterly basis. As per the shareholding pattern of companies listed on NSE at end of March 2008, it is observed that on an average the promoters hold about 56.12% of total shares. Though the non-promoter holding is about 41.91%, Individuals held only 13.07% and the Institutional holding (FIIs, MFs, VCFs-Indian and Foreign) accounted for 19.37%. Governments: Along with increase in fiscal deficits of the governments, the dependence on market borrowings to finance fiscal deficits has increased over the years. During the year 1990-91, the state governments and the central government financed nearly 14% and 18% respectively of their fiscal deficit by market borrowing. In percentage terms, dependence of the state governments on market borrowing did not increase much during the decade 1991-2001. However, their dependence on market borrowing has been increasing since then to reach 38% during 2003-04. In case of central government, it increased to 73% by 2007-08, The central government and the state governments now-adays finance about three fourth and one fourth of their fiscal deficits respectively through borrowings fro m the securities market.

Households: According to RBI data, household sector accounted for 84.8% of gross domestic savings in Fixed Income Investment instruments during 2006-07. They invested 55.7% of financial savings in deposits, 24.2 % in insurance/provident funds, and 6.5% in securities market including government securities, units of mutual funds and other securities (out of which investment in Gilts has been 0.2%). Thus, the fixed income bearing instruments are the most preferred assets of the household sector. Though there was a major shift in the saving pattern of the household sector from physical assets to financial assets and within financial assets, from bank deposits to securities, the trend got reversed in the recent past due to high real interest rates, prolonged subdued conditions in the secondary market, lack of confidence by the issuers in the success of issue process as well as of investors in the credibility of the issuers and the systems and poor performance of mutual funds. The portfolio of household sector remains heavily weighted in favor of physical assets and fixed income bearing instruments. DERIVATIVES MARKET Trading in derivatives of securities commenced in June 2000 with the enactment of enabling legislation in early 2000. Derivatives are formally defined to include: (a) a security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security, and (b) a contract which derives its value from the prices, or index of prices, or underlying securities. Derivatives trading in India are legal and valid only if such contracts are traded on a recognized stock exchange, thus precluding OTC derivatives. Derivatives trading commenced in India in June 2000 after SEBI granted the approval to this effect in May 2000. SEBI permitted the derivative segment of two stock exchanges, i.e. NSE and BSE, and their clearing house/corporation to commence trading and settlement in approved derivative contracts. To begin with, SEBI approved trading in index futures contracts based on S&P CNX Nifty Index and BSE-30 (Sensex) Index. This was followed by approval for trading in options based on these two indices and options on individual Securities. The derivatives trading on the NSE commenced with S&P CNX Nifty Index futures on June 12, 2000. The trading in S&P CNX Nifty Index options

commenced on June 4, 2001 and trading in options on individual securities commenced on July 2, 2001. Single stock futures were launched on November 9, 2001. In June 2003, SEBI-RBI approved the trading on interest rate derivative instruments. At NSE, Index futures and options are available on Indices-S&P CNX Nifty, CNX IT Index, Bank Nifty Index, CNX Nifty Junior, CNX 100, Nifty Midcap 50.Single stock futures and options are available on more than 200 stocks. India is one of the largest markets in the world for single stock futures. The Mini derivative Futures & Options contract on S&P CNX Nifty was introduced for trading on January 1, 2008 while the long term option contracts on S&P CNX Nifty were introduced for trading on March 3, 2008.

QUESTIONNAIRE This survey is for research purpose regarding marketing strategies of Religare Securities Ltd. and the data provided by you will be not disclosed. Please read questions carefully and select one option for every question. Name: ___ ______________ Age: ___ ______________ Gender: __________________ Occupation: - __________________ Email-Id:__________________ Phone no.:- __________________ Address:__________________ 1. According to you which is the most beneficial way of investment? a. Fixed Deposit d.. Saving Bank Account 2. b. Share Trading e. Government Bonds c. Mutual Funds f. None of these

Shares trading give maximum return though it is risky. Do you agree? a. Yes b. No c. Cant say


Which is your most preferred share trading broker as per your requirement? a. ICICI Direct d. Religare Securities Ltd. g. Reliance Capital b. India Bulls e. Kotak Securities h. None of these c. Sharekhan Ltd. f. India Infoline


Since how many years, you have been doing Share trading? a. 0-5 years d. 15-20 years b. 5-10 years e. 20 and more c. 10-15 years

5. Are you aware about various new account opening schemes offered by Religare Securities Ltd? a. Yes b.No c. Cant say

6. What are the account opening charges in your broking firm where you trade? a. Rs. 100 Rs. 300 c. Rs. 500- Rs.700 b.Rs. 300- Rs. 500 d. Rs. 700 and above

7. Giving rating to brokers on the scale of 1 to 4 on following parameters. ( 1 Poor, 2-Average, 3- Good, 4- Excellent) Products & Services Offered Customer Care Services Transparency 1 1 1 2 2 2 3 3 3 4 4 4

8. Rank the following factors according to the influence they have on you for share trading. Please rate from 1 to 5. (Here 1 is from least influence and 5 is for maximum influence i.e. 1=20%, 2=40%, 3=60%, 4=80%, 5=100%) Brokerage Exposure Brand Value Research Reports Account opening and maintenance charges 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 5 5 5 5 5

9. Have you ever seen any advertisement of Religare Securities Ltd? If yes then where? a. On Internet d. Newspaper b. Television e. Radio c. Banners f. Never seen any ad

10. This logo reminds you of which brand

a. Sharekhan d. Kotak Securities g. IndiaInfoline

b. Reliance Money e. Religare Securities Ltd h. None of these

c. India bulls f. ICICI Direct

11. Values that bind this tagline is of which brand a. Sharekhan d. Kotak Securities g. India Infoline b. Reliance Money e. Religare Securities Ltd h. None of these c. India bulls f. ICICI Direct

12. Are aware about trading in commodities and currency through Religare Securities Ltd? a. Yes b. No

13. From the following for which investment option do you prefer Religare? a. Shares d. Insurance b. Commodities e. Mutual Funds c. Currency f. None

14. What is your annual household income? a. 50,000 to 2, 00,000 b. 200,000 to 4, 00,000 c. 4, 00,000 to 6, 00,000 d. 6, 00,000 and above