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Stock Exchange A RCH PROJECT On PROBLEMS OF ONLINE TRADING (A Case Study of Hisar City) Submitted in partial fulfillment of the completion for the degree of MASTER OF BUSINESS ADMINISTRATION For the session (2006-2008) Supervised by:- Submitted by:- Mr.SANJEEV KUMAR GULSHANSACHDEVA Lecturer M.B.A(4 SEM) Haryana School of Business Roll NO. 07061104028 G.J.U.S&T HISAR HARYANA SCHOOL OF BUSINESS GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY HISAR-125001 CERTIFICATE This is to certify that the research project entitled “PROBLEM OF ONLINE TRADING (A CASE STUDY OF HISAR CITY)” has been completed by SOURABH AGGARWAL, student of MBA (GENERAL) final year, Haryana School of Business, Guru Jambheshwar University of Science and Technology, Hisar, under my supervision. This project is completed in the partial fulfillment of the requirement for award of MBA Degree. The matter used in the project is original and authentic to the best of my knowledge. I recommend that the project is fit for evaluation. I wish all success in his future endeavors. (Dr. DEEPA MANGALA) Acknowledgement It is my prime duty to express deep sense of gratitude to my research supervisor Dr. Deepa Mangala who is known for her superb vision, versatility and benevolent gesture. This study would not have been completed without her guidance and sympathetic attitude. It was a great privilege for me to work under her benign guidance. I would also like to thank Dr. S.C. Kundu who helped me constantly for completion of this work. I express my grateful thanks to staff of GJU S&T and HAU library for their cooperation. There are also special thanks to all the respondents who gave their precious time & Valuable suggestion during my practical survey. I am immensely grateful to my friends who have inspired and encouraged me for the completion of this work. Last but not the least; I owe a deep sense of gratitude to my family who helped me in the completion of the study (SOURABH AGGARWAL) PREFACE MBA is stepping stone to management career .In order to achieve practical, positive and concrete results the classroom learning need to be effectively needed to the realities of the situation existing outsides the classroom. This is particularly true of Management. To develop healthy managerial and administration skill in potential managers, it is necessary that theoretical knowledge must be supplemented with exposure to the real environment. Actually, it is life for a management itself is realized. It removes hesitation. The objective of the research is to make the student to go into the deep of a particular situation and to realize hoe difficult the scenario is. It gives the practical understanding to the researcher about such situation. Research is always very important in every field. (SOURABH AGGARWAL) DECLARATION I hereby declare that my project on “Problems of Online Trading (a case study of hisar city” submitted in partial fulfillment for the award of degree in Master of Business Administration is an authentic work. This project is my original work and any part of this project has not been submitted elsewhere in any form for award of any degree/diploma. (SOURABH AGGARWAL) CONTENTS Page No. Certificate Acknowledgement Preface Declaration Chapter 1: Introduction 1- 34 Chapter 2: Review of Literature 35- 37 Chapter 3: Research Methodology 38- 41 Chapter 4: Analysis of data 42- 47 Chapter 5: Findings and Suggestions 48-51 Annexure: Bibliography Questionnaire Chapter 1 INTRODUCTION A stock market typically refers to a financial market that handles the buying and selling of company stocks, derivatives and other securities. The stock markets trade the company securities that are listed in the stock exchange. Both the investors and security issuers make the participants of stock market. Starting from small investors to the governments, corporations, large hedge fund traders and banks, all participate in the stock market activities. The corporations, governments and companies issue securities in the stock market to collect fund. The stock market plays as a platform for the companies to raise money for their business and investors to invest in securities. The stock market existence can be both real and virtual. The stock exchanges with physical locations carry out the stock trading on trading floor. The method of carrying out such trading is called open outcry where the traders enter for verbal bids. In case of the virtual stock exchanges, the entire trading is done on line through computers where the traders are connected with each other in a network of computers. Apart from acting as a market place for stock trading, the stock markets also act as the clearinghouse for the stock transactions. This means that the stock exchanges collect and deliver the securities and also guarantee for the payment to the security seller. This ensures both the buyers and sellers of securities that the counterparts will not default on the transaction . The stock markets in various countries over the world have well performed due to the financial sector reforms and integration. Flow of funds internationally has raised the expertise of stock exchanges in the respective countries. Stock Exchange Stock exchange is a corporation or mutual organization which provides facilities for stock brokers and traders, to trade company stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts and other pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors which, as in all free markets, affect the price of stocks. Stock Market Players As an investor, you need to be familiar with the different players in the investment arena and how they buy and sell securities. Broker-dealers, registered representatives and the others have specific roles in clearing the way for commerce in securities. Investor Investors are those individuals who have surplus money and want to invest in the stock market in order to get some return on their investment. Investor is the king of the market because with our investor functioning of the stock market is not possible. Broker-Dealers A broker is a person or firm that facilitates trades between customers. A broker acts as a go-between and, in doing so, does not assume any risk for the trade. The broker does, however, charge a commission. A dealer is a person or firm that buys and sells for his or her own inventory of securities and for others. A dealer therefore assumes risk for the transactions. Dealers may mark securities up or down to make a profit on their transactions. To be involved in the buying, selling or trading of securities, a person or firm must be registered with the National Association of Securities Dealers (NASD). Registered Representatives A registered representative is an individual who has passed the NASD's registration process and is therefore licensed to work in the securities industry. The process includes an examination that tests the candidate's knowledge of securities and markets. Further, the registration agreement requires that the candidate agree to follow the rules of the NASD. Registered representatives sell to the public; they do not work on exchange floors. Market Makers Market makers are firms that maintain a firm bid and offer price in a given security by standing ready to buy or sell at publicly-quoted prices. The Nasdaq is a decentralized network of competitive market makers. Market makers process orders for their own customers, and for other NASD broker/dealers; all NASD securities are traded through market maker firms. Market makers also will buy securities from issuers for resale to customers or other broker/dealers. About 10 percent of NASD firms are Market Makers; a broker/dealer may become a Market Maker if the firm meets capitalization standards set down by the NASD. Specialists Specialists keep markets for securities orderly and continuous. This means they must buy when there are others selling without buyers, and they must sell when others are buying without sellers. They must maintain their own inventories of securities that are large enough for sizable trades. Specialists both buy and sell out of these inventories and mediate between other customers. Specialists work on the exchanges where they hold seats. Among their duties is buying and selling odd-lots (trades of less than 100 shares) for exchange members. To trade a security, a specialist must be able to keep a position on it with at least 5,000 shares. Specialists, like others, who buy and sell for the public, are subject to rules and regulations. Specialists often choose to keep inventories in multiple securities, often in more than one market sector. Importance of stock market Raising capital for businesses Capital is the main component to run any business and stock market provides companies with the facility to raise capital for expansion through selling shares to the investing public. Mobilizing savings for investment When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in a stronger economic growth and higher productivity levels and firms.
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