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Table of Contents TABLE OF CONTENTS SR. PAGE CONTENTS NO. NO. 1. Need for Study 3 2. Objectives of Study 4 3. Scope of Study 5 4. Limitations of Study 6 5. Executive Summary 7 THE STOCK MARKET OF INDIA: AN 6. INTRODUCTION 8 7. HISTORY OF INDIAN STOCK MARKET 9 HISTORY OF STOCK EXCHANGE 8. 14 (BSE&NSE) 9. HISTORY OF STOCK BROKING 21 10. HISTORY OF STOCK BROKERAGE FIRMS 23 EVOLUTION OF INDIAN BROKERAGE 11. 26 MARKET STOCK BROKING: AN INTRODUCTION & 12. 28 SEBI GUIDELINES 13. TOP 10 BROKERAGE FIRMS IN INDIA 37 SECURITIES AND EXCHANGE BOARD OF 41 14. INDIA (STOCK BROKERS AND SUB- BROKERS), REGULTIONS 1992 15. TECHNOLOGY USED FOR TRADING 42 WORKING OF BROKING FIRMS IN INDIA Page 1 THINGS TO DO BEFORE OPENING 16. 44 ONLINE TRADING A/C ONLINE STOCK TRADING COMPANIES IN 47 19. INDIA PROTECTION OF INVESTORS RIGHTS & 20. 58 INTEREST 21. Conclusion 63 22. Bibliography 64 1. NEED FOR STUDY To provide the reader a better understanding of the concept of working of broking firms in india. WORKING OF BROKING FIRMS IN INDIA Page 2 To not just learn about working of broking firms but understand how to apply it to trading. To make investors aware of the need for proper guidance of brokers before investing in the markets. To provide for a reliable way of understanding how to invest and were to invest. To explore the pros and cons of the concept of working of broking firms in india. To understand the new concept of online trading. 2. OBJECTIVE OF STUDY WORKING OF BROKING FIRMS IN INDIA Page 3 To explore a different alternative for the analysis of working of broking firms in india. To provide for the understanding of the concept of working of broking firms in a simple and easy manner. To make the understanding of the concept of working of broking firms easier for investors. To analyze the concept of working of broking firms with its benefits and limitations. To familiarize the reader with all the concepts associated with working of broking firms. To provide for the understanding of various tools and instruments related to working of broking firms. To gain knowledge about the various types of techniques used in working of broking firms. 3. SCOPE OF STUDY WORKING OF BROKING FIRMS IN INDIA Page 4 It deals with the various tools and instruments used for working of broking firms in india. It informs the reader as to why and where this concept should be used. It explores the various types of techniques used in working of broking firms. It informs the reader about the benefits and limitations of the concept. It explores the various schemes of broking firms. It provides regualation of sebi on broking firms. WORKING OF BROKING FIRMS IN INDIA Page 5 4. LIMITATIONS OF STUDY This study on working may not be applicable for investors with a long-term perspective. Due to certain limits, this project only covers a few important concepts of working of broking firms in india. Working of broking firms cannot be applied on a stand-alone basis. It is not interested in the value of the company, but only in more and more of investors approach them. Working of broking firms only tells you when to invest and not where to invest. WORKING OF BROKING FIRMS IN INDIA Page 6 5. EXECUTIVE SUMMARY Working of broking firms refers to the study of stock market, stock exchanges due to know the evolution of broking firms in india. It involves the use of various brokers, sub brokers and the broking firms. It is the tool of financial analysis, which not only studies but also reflecting the investor & brokers relationship. The focus of broking firms is mainly on the they work for investors. It appeals mainly to all kind of investors. It is the oldest approach dating back to the late 19th century. Instead of approaching door-to-door to the customers it uses online and telephone programs to trade in the stock market. Theis project is based more theoretical manner instead of practical . It is different forms of trading in the stock market. It explains us that how the brokers as well as the broking firms earns more and more profits by having number of investors under them. It also gives various services to the customers/investors. It is very useful and can provide for extraordinarily high returns if investments are done through the brokers. Now-a-days people are very much close to the best broking firms in india. WORKING OF BROKING FIRMS IN INDIA Page 7 6. Stock Market of India Introduction Stock markets refer to a market place where investors can buy and sell stocks. The price at which each buying and selling transaction takes place is determined by the market forces (i.e. demand and supply for a particular stock). Let us take an example for a better understanding of how market forces determine stock prices. ABC Co. Ltd. enjoys high investor confidence and there is an anticipation of an upward movement in its stock price. More and more people would want to buy this stock (i.e. high demand) and very few people will want to sell this stock at current market price (i.e. less supply). Therefore, buyers will have to bid a higher price for this stock to match the ask price from the seller which will increase the stock price of ABC Co. Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply and low demand) for the stock of ABC Co. Ltd. in the market, its price will fall down. In earlier times, buyers and sellers used to assemble at stock exchanges to make a transaction but now with the dawn of IT, most of the operations are done electronically and the stock markets have become almost PAPERLESS. Now investors don’t have to gather at the Exchanges, and can trade freely from their home or office over the phone or through Internet. WORKING OF BROKING FIRMS IN INDIA Page 8 7. History of the Indian Stock Market - The Origin One of the oldest stock markets in Asia, the Indian Stock Markets have a 200 years old history. 18th East India Company was the dominant institution and by end of the century, business in its loan securities gained full momentum. Century 1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay. Trading list by the end of 1839 got broader. 1840's Recognition from banks and merchants to about half a dozen brokers. 1850's Rapid development of commercial enterprise saw brokerage business attracting more people into the business. 1860's The number of brokers increased to 60. 1860-61 The American Civil War broke out which caused a stoppage of cotton supply from United States of America; marking the beginning of the "Share Mania" in India. 1862-63 The number of brokers increased to about 200 to 250. 1865 A disastrous slump began at the end of the American Civil War (as an example, Bank of Bombay Share which had touched Rs. 2850 could only be sold at Rs. 87). Pre-Independence Scenario – Establishment of Different Stock Exchanges 1874 With the rapidly developing share trading business, brokers used to gather at a street (now well known as "Dalal Street") for the purpose of transacting business. 1875 "The Native Share and Stock Brokers' Association" (also known as "The Bombay Stock Exchange") was established in Bombay. WORKING OF BROKING FIRMS IN INDIA Page 9 1880's Development of cotton mills industry and set up of many others. 1894 Establishment of "The Ahmedabad Share and Stock Brokers' Association". 1880 - Sharp increase in share prices of jute industries in 1870's was 90's followed by a boom in tea stocks and coal. 1908 "The Calcutta Stock Exchange Association" was formed. 1920 Madras witnessed boom and business at "The Madras Stock Exchange" was transacted with 100 brokers. 1923 When recession followed, number of brokers came down to 3 and the Exchange was closed down. 1934 Establishment of the Lahore Stock Exchange. 1936 Merger of the Lahore Stock Exchange with the Punjab Stock Exchange. 1937 Re-organisation and set up of the Madras Stock Exchange Limited (Pvt.) Limited led by improvement in stock market activities in South India with establishment of new textile mills and plantation companies. 1940 Uttar Pradesh Stock Exchange Limited and Nagpur Stock Exchange Limited was established. 1944 Establishment of "The Hyderabad Stock Exchange Limited". 1947 "Delhi Stock and Share Brokers' Association Limited" and "The Delhi Stocks and Shares Exchange Limited" were established. Post Independence Scenario The depression witnessed after the Independence led to the closure of lot of exchanges in the country. Lahore E-stock Exchange was closed down after the partition of India, and later on merged with the Delhi Stock Exchange. Bangalore Stock Exchange Limited was registered in 1957 and got recognition only by 1963. Most of the other Exchanges were in a miserable state till 1957 when they applied for recognition under Securities Contracts (Regulations) Act, 1956. The Exchanges that were recognized under the Act were: WORKING OF BROKING FIRMS IN INDIA Page 10 1. Bombay 2. Calcutta 3. Madras 4. Ahmedabad 5. Delhi 6. Hyderabad 7. Bangalore 8. Indore Many more stock exchanges were established during 1980's, namely: 1. Cochin Stock Exchange (1980) 2. Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982) 3. Pune Stock Exchange Limited (1982) 4. Ludhiana Stock Exchange Association Limited (1983) 5. Guwahati Stock Exchange Limited (1984) 6. Kanara Stock Exchange Limited (at Mangalore, 1985) 7.
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