A STUDY ON ONLINE TRADING

With reference to INDIABULLS PVT LTD ,

A Project report submitted to Andhra University, Visakhapatnam in partial fulfillment of the requirements for the award of degree of

MASTER OF BUSINESS ADMINISTRATION

SUBIMITTED BY

R.NAGESWARARAO

Reg no:2085400038

Under the guidance of

Mr. K.BALA KRISHNA, M.B.A Faculty in management

DEPARTMENT OF MANAGEMENT STUDIES ADITYA INSTITUTE OF P.G.STUDIES (AFFLIATED TO ANDHRA UNIVERSITY) Adityanagar, ADB Road, Surampalem KAKINADA-533003 2008-2010

ADITYA INSTITUTE OF P.G.STUDIES DEPARTMENT OF BUSINESS MANAGEMENT ( Affiliated To Andhra University) Aditya Nagar, ADB Road, SURAMPALEM-533437,E.G.Dt Phones:(08852)252243,252250,cell:9866576662

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CERTIFICATE

This is to certify that the project entitled “ONLINE TRADING” with reference to INDIAN BULL PVT LTD, VISAKHAPATNAM is the bonefied work done by R.NAGESWARA RAO with Regd.no:20854100038 during the period 2008-10 in partial fulfillment of the requirement for the award of the Degree of MASTER OF BUSINESS ADMINISTRATION in Aditya institute of P.G studies affiliated to Andhra University is a record of benefited work carried out by under my guidance and supervision.

Project Guide Head of the dept. Mr, K.Bala Krishna Mr. J.Nagendra Kumar

External Guide DECLARATION

I do here by declare that project entitled “A STUDY ON ONLINE TRADING with reference to INDIABULL PVT LTD. that is being submitted by me in partial fulfillment for the award of M.B.A in FINANCE SPECALISATION to ANDHRA UNUVERSITY, VISHAKAPATNAM is a record of bonified work carried out by me.

The results embodied in this dissertation have not been submitted to any other university or institution for the award of any degree or diploma.

DATE:

PLACE: (R.NAGESWARARAO) ACKNOWLEDGEMENT

The satisfactory, excellent that accompanying the successful completion of all my task would be incomplete without mentioning the people who made it successful and whose constant guidance and encouragement, crowned all my efforts with success.

I am also thankful to all other members of the staff for their kind cooperation in this behalf. Mainly I am very much thankful to Mr. NAGENDRA KUMAR JATLA SIR, M.B.A and Head of the department of management studies.

I am very thankful to My Project Guide. K.BALAKRISHNA SIR , faculty in management Aditya institute of P.G. Studies for extending his support and guidance through out my project work.

At the outset, I acknowledge the opportunity provided to me by Mr. D.SATISHKUMAR (Relationship Manager), INDIABULLS PVT LTD., for his kind cooperation and valuable advices and continues support through out, for the Successful completion of my project.

Finally, I am very thankful and happy to extend my gratitude to my Parents, friends & librarian for their help and support in providing the necessary, information every time through out my project.

(R.NAGESWARARAO) CONTENTS

CHAPTER 1

• INRODUCTION OF STUDY • NEED OF STUDY • SCOPE OF THE STUDY • OBJECTIVES OF STUDY • METHODOLOGY OF THE STUDY • LIMITATIONS OF THE STUDY CHAPTER 2

• INDUSTRY PROFILE

CHAPTER 3

• COMPANY PROFILE

CHAPTER 4 • THEORITICAL FRAMEWORK

CHAPTER 5

• FINDINGS • SUGGESTIONS • CONCLUSION • BIBLIOGRAPHY CHAPTER -1

• INTRODUCTION

• NEED OF STUDY

• SCOPE OF STUDY

• OBJECTIVES OF STUDY

• METHODOLOGY OF STUDY

• LIMITATIONS OF STUDY INTRODUCTION

The concept of share broking emerged after the establishment of the joint stock companies. The ownership of the companies was divided into small parts and that every part was called share. So, the term “Share” denominates some part in the ownership of the company. The shares are freely transferable subject to the some certain restrictions. When the need was felt to sell the shares by the owner of the shares, it was difficult to find out the buyers of the shares who want to buy the shares at the price the seller want to sell. At that time a need was felt to bring the buyers and sellers on a common platform. To solve this problem, a group of persons came into picture, which used to bring the buyers and sellers together for the trade of the shares. These persons are called the share Brokers who find the persons who wish to buy or sell their securities.

The whole process of finding the buyers and sellers of the securities by the brokers is called the

Share Broking.

The origination of the Indian securities market may be traced back to 1975, when 22 enterprise brokers under a Banyan tree established the (BSE). Over the last 130 years, the Indian securities market has evolved continuously to become one of the most dynamic, modern international standards both in terms of structure and in terms of operating efficiency. ONLINE TRADING

The first organized stock exchange originated in Philadelphia in 1790, and at the time was the only avenue to trade, placing orders directly with a stock broker or trader. Eventually with the inception of the New York Stock Exchange in the 1820s, trading and even owning a seat on the exchange became easier to be a part of it all. OTC, or over-the-counter, personal stock brokers have been, and are still present for those who want to trade through them using their professional advice. Discount brokers are used regularly as well, who charge a lesser fee than a full service broker, but offer no advice. Today trading online has become a common practice, without directly using a broker.

ONLINE TRADING :

The investor has to register with an online trading portal and get into an agreement with the firm to trade in different securities following the terms and conditions listed down on the agreement. The order processing is done in correct timings as the servers of the online trading portal are connected to the stock exchanges and designated banks all round the clock. They can also get updates on the trading and check the current status of their orders either through e-mail or through the interface. Brokerages also provides research content on their websites, such that the clients can take their own decisions on stocks before investing. NEED OF THE STUDY

Industrial development is an essential factor to develop the nation’s economy. Productive purpose require huge amount of capital contribution cannot be possible by one or two persons the process of collecting the funds involves large number of investors. So to develop the industrial sector, there should be a proper channel member to capture the surplus from the potential investors to the required corporate. For that an efficient capital market is necessary which collect the funds and provide the finance to corporate and government sectors.

 It leads to economic development

 Creates more employment

 Attracts more foreign reserves

 Higher returns to investors

 Helpful to government

 It leads to equilibrium of BOP

 Rapid industrialization

 Improve in infrastructure facilities SCOPE OF THE STUDY

Since the year 2000 a big boom has been witnessed in the Indian Stock Market when the market showed the coming up of Online Trading System. Many online stock trading companies came but initially due to lack of online trading some companies vanished and some survived. the companies which survived are getting the handsome returns also attracting the foreign investment Companies. Nowadays this sector is facing cut-throat competition and also provides huge growth prospects. The study then goes to evaluate and analyze the findings so as to present a clear picture of the trends in the online trading sector.

 The study includes about the performance of INDIABULLS SECURITIES LIMITED,

Visakhapatnam.

 The study included the trading and settlement procedure of Stock Exchange. OBJECTIVE

 To study the profile of INDIABULLS Securities Ltd., Visakhapatnam

 To study the role of various players in the market

 To study about Risk Management with the help of equities.

 To understand the various indices of Bombay Stock Exchange.

 To study the issues and challenges that investor’s face while making investment in share market.

 To know the strength, weakness, Opportunity and Threat to Indiabulls. METHODOLOGY

The study was under taken in the trading floor of INDIABULLS SECURITIES LIMITED, Visakhapatnam. The information regarding the online trading is collected from both primary as well as secondary sources of data.

PRIMARY DATA

 Watching online trading live.  Interacting with the operators at the computer terminal’s the clients trading in INDIABULLS SECURITIES LIMITED, Visakhapatnam.  Collecting information from the head of each department and from the staff working in those departments.

SECONDARY DATA

 Collecting the data from the website of BSE  Referring the topics in textbooks and journals relating to Stock Exchange operations.  Collecting information through internet. LIMITATIONS

There are many constraints in studying the complex and complicated Bombay Stock Exchange. Although the personal of INDIABULLS SECURITIES LIMITED, Visakhapatnam, are very cooperative and helpful, they are bound by their own rules and regulations.

Some of the limitations in doing the project work as follows:

 It is very difficult to take complete grip of the stock markets information’s and functioning during the two months of the study.

 It is tedious and complex process to evaluate the overall market.

 Difficult to understand taxation policies

 Difficult to calculate valuation concepts and understand the accounting policies

 Most of people don’t know about the Share Market.

 Mostly people believe in saving a\c, fixed deposits etc. they don’t want bear any risk. They want safety and security of their money.

 Lack of data because of the Company certain constraint of data sharing.

 Lack of co-operation from the employees of the Company because of their busy schedule.

 To understand the concept of Share Market is a very tough job.

 Time constraint play important role. No body is having so much time to spend on people. CHAPTER-2

• INDUSTRY PROFILE HISTORY OF STOCK EXCHANGE

The only stock exchanges operating in the 19th century were those of Bombay set up in 1875 and Ahemadabad set up in 1894. These were organized as voluntary non-profit making organization of brokers to regulate and protect their interests. Before the control on securities trading became a central subject under the constitution in 1950, it was a state subject and the Bombay securities contract (CONTROL) Act of 1952 used to regulate trading in securities. Under this Act, the Bombay stock exchanges in 1927 and Ahemadabad in 1937.

During the war boom, a number of stock exchanges were organized in Bombay, Ahemadabad and other centers, but they were not recognized. Soon after it became a central subject, central legislation was proposed and a committee headed by A.D. Gorwala went into the bill for securities regulation. On the basis of committee’s recommendations and public discussions the securities contracts (regulations) Act became law in 1956.

Definition of Stock Exchange

“Stock exchange means anybody or individuals whether incorporated or not, constituted for the purpose of assisting, regulation or controlling the business of buying, selling or dealing in securities.”

It is an association of member brokers for the purpose of self regulation and protecting the internets of its members. It can operate only if it is recognized by the Govt. under the securities contract (regulation) Act, 1956 the recognition is granted under section 3 of Act by the Central Govt. ministry of finance. Byelaws

Beside the above act, the securities contract (regulation) rules were also made in 1975 to regulate certain matter of trading on Stock Exchange. These are also byelaws of the exchanges, which are concerned with following subjects.

Opening/Closing of the Stock Exchange, timing of trading, regulation of blank transfer, regulation of Badla or carryover business, control of statement, and other activities of stock exchange, fixation of margins, fixation market price or making price, regulation of intraday (jobbing), regulation of broker trading, brokerage charges, trading rules on exchanges, attribution and settlement of disputes, settlement and clearing of the trading etc.

Regulation of stock exchange

The securities contract (regulation) is the basis of the stock exchange in India. No exchange can operate legally without the Govt. permission or recognition. Stock exchanges are given monopoly in certain areas under section 19 of the above Act to ensure that the control and regulation are facilitated. Recognition can be granted to a stock exchange provided certain condition are satisfied and the necessary information is supplied to the government. Recognition can also be withdrawn, if necessary. Where there are no stock exchanges, the government can license some of the brokers to perform the function of stock exchange in its absence.

Role of Stock Exchange:

 To safeguard the interest of investing public  To establish and promote honorable and just practices in securities transactions.  To promote, develop and maintain a well regulated market for dealing in securities.  To promote industrial development in the country through efficient resource mobilization by way of investment in corporate securities.  To enable flow of capital into most efficient industries. The market price and relative yield of a security are the guiding factors.  It encourages people to save invest in corporate securities thereby accelerating capital formation.  Raising long term capital: The existence of a stock exchange enable companies to raise permanent capital.  Dealings on the Stock exchange are subject to the bye-laws and rules of the Stock Exchange.  Stock exchange dealings in India are regulated by the Securities Contracts (Regulation) Act and the Securities and exchange Board of India (SEBI). There are two important types of trading on the stock exchange namely Ready Delivery and Forward Delivery Contract.  Ready Delivery contract, also known as cash trading or cash transactions, are to be settled either on the same date or within a short period that may extend at best upto seven days. (If the payment and delivery of securities is on the same day or on the next day, it may be called Spot Delivery Contract).  Forward Delivery contracts are discharged on fixed settlement days. They are confined to those securities which are placed on the forward lists. PROCEDURE FOR DEALING AT STOCK EXCHANGES:

The buying and selling at stock exchanges is not allowed to outsiders. They have to approach brokers who are the members of the exchange and the dealings can only be through them. The following Procedure for dealings at exchanges.

1. SELECTION OF THE BROKER : The first thing to be done is to select broker through whom the purchase or sale to be made. The intending investor or seller may approach his bank for this purchase. The banks have appointed their own brokers at exchanges and they contact for dealings on behalf of their customers. On a recommendation from there bank the Clients account is opened by the broker. The bank assures the financial condition of the client.

2. PLACEING AN ORDER : After selecting the broker the client places an order for purchase or sale of securities. The broker also guides the client about the Type of securities then the broker tells him about the favorable time for sale. The broker is told to Purchase shares, their number and price to be paid. Some times a definite price is given on which the purchase to be made, some times the tentative price is told, some times the maximum price to be paid is told, etc. The broker will try to make Purchases as far as possible to the nearest price offered by the client. The broker is given some choice for bargaining. The same type of choice given to the broker for selling the securities.

3. MAKING THE CONTRACT : The trading floor of the stock exchange is divided into different parts known as trading posts. Different posts deal in difference securities. The authorized clerk of the broker goes to the concerned post and expresses his intention to buy and sell the securities. A deal is struck when the other party also agrees. The bargain is struck by an outcry mentioning the price and number of securities contracted by both the clerks. The bargain is noted by both the parties in their note books. The slip giving the details of the bargain is put in a box for making announcement in the official price list for publicity.

4. CONTRACT NOTE : The buying and selling brokers prepare notes after their mutual consent next day. The seller is sent a selling note and the the buyer is sent a buying note. The details of securities traded are given mentioning their number, price etc.,

5. SETTLEMENT : The spot dealings are settled their in full. The selling broker hands over the transfer form and share certificates to the buying Broker after receiving the price. The settlement for ready delivery and forward contracts is done with a different procedure.

 Settlement of ready delivery contracts.  Settlement of forward delivery contracts.

1. Liquidation in full. 2. Liquidation by payment of differences. 3. Carry over to the next settlement.

6. ELECTRONIC SETTLEMENT OF TRADE :

1 .Procedure for selling dematerialized securities :

The procedure for selling dematerialized securities in stock exchange is similar to the procedure for selling physical securities. The only major difference is that instead of delivery physical securities to the broker, the investor instructs his (D.P.) to debit his Demat account with the number of securities sold by him and credit the brokers clearing account. The procedure for selling Dematerialized securities are given below.  Investor sells securities many of the stock exchanges linked to depository through a broker.  Investor instructs his D.P. to debit his Demat Account with the number of securities sold and then the brokers clearing account.  Before the pay in day the broker of the Investor transfer to securities to clearing corporation.  The broker receives payment from stock exchange.  The investor receives payment from the broker for the sale of securities in the same manner as received in case of sale of physical securities..

2. Procedure for Purchasing dematerialized securities :

The procedure for purchasing dematerialized securities is also similar to the procedure for buying physical securities.

 Investor instructs D.P to receive credits into his account in the prescribed form. There may be one time standing instruction or separate instruction each time to receive credits.  Investor Purchases securities in any of the stock exchanges linked to depository through a broker.  Broker receives payment from Investor and arranges payment to clearing corporation.  Broker receives credit of securities in clearing account on the pay out day.  Broker gives instructions to D.P to debit to clearing account and credit clients account.  Investor receives shares into his account by the way of book entry. 7. ROLLING SETTLEMTNT :

Rolling settlement is an important Measure to enhance the efficiency and integrity of the security market. The shift from the traditional account period settlement marks an important change in the market design and age old practices. In January. 1998, SEBI had introduced rolling settlement on a voluntary basis on the stock exchange for the securities, which were eligible for dematerialized trading. However, as there was hardly any response to voluntary scheme, SEBI introduced compulsory rolling settlement initially for 10 scripts in January 2000 & then increased the number of scripts in a phased manner to 163 by May 2000 & further to 414 scripts from July 2,2001. Rolling settlement has been introduced in the form of T+5 settlement system where T is the trade date & 2 days are given for delivery of securities & cash payments. At present T+2 settlement system T is the trade date and 2 days are given for delivery of securities & cash payments.

OPERATORS AT STOCK EXCHANGE:

Jobbers: Jobbers are security merchants dealing in shares,& debentures as independent operators. They buy & sell securities on their own behalf & try to can through price changes. Jobbers cannot deal on behalf of public & are barred from taking commission. They directly deal with brokers who in turn make transactions on behalf of public. Jobbers generally quote two prices one at which he is prepared to purchase & the other at which he is prepared to sell a particular security. The difference between the two prices is the Jobber’s profit which is technically known as jobber’s turn. For example a jobber may quote the equity shares of Bindal Agro at Rs.95-Rs.96.This implies that a jobber is prepared to purchase these shares at Rs.95 each & sell at Rs.96 each. The difference between these two prices is jobber’s profit or the jobber’s turn. The London Stock Exchange has two types of members known as jobbers & brokers. Every members has to declare in the beginning every year whether they will be acting as jobbers or brokers. Once he makes a declaration has to stick to it.

Brokers: Brokers are commission agents, who act as intermediaries between buyers & sellers of securities. They do not purchase or sell securities on their behalf. They bring together buyers & sellers & help them in making a deal. Brokers charge commission from both the parties for their services. Brokers the experts in estimating trends of prices & can effectively advise their client in reaching a fruitful gain. Brokers get orders from investing public & execute the orders through jobbers & they are entitled to a prescribed scale of brokerage. The investors who do not know the technicalities of stock exchanges are greatly benefited by the expertise of brokers.

 Tarawaniwalas:

The members of Bombay Stock Exchange have unofficially divided themselves into two categories

1.BROKERS

2.TARAWANIWALAS

The latter act both as jobbers & brokers. A Tarawaniwala makes transactions on his own behalf like a jobber but he may also act as a broker on behalf of the public. They indulge in malpractices to earn profits. They may sell their own securities to their clients when prices are higher & vice-versa.

The distinction between jobbers of London Exchange & Tarawaniwalas of Bombay Stock Exchange is that the former are not brokers whereas the latter may act both as brokers & jobbers. Section 15 of the Securities Contract Act prohibits such practices. It states that no member of a recognized stock exchange shall, in respect of any securities, enter into any contract as a principal with any person other than a member of a recognized stock exchange, unless he has secured the consent or authority of such person & discloses in the memorandum or agreement of sale or purchase that he is acting as principal. ROLE OF STOCK EXCHANGES:

 Raising capital for businesses.

 Mobilizing savings for investment.

 Facilitating company growth.

 Redistribution of wealth.

 Corporate governance.

 Creating investment opportunities for small investors.

 Government capital-raising for development projects.

 Barometer of the economy.

STOCK EXCHANGES IN INDIA:

 Bombay Stock Exchange

 National Stock Exchange

 Regional Stock Exchanges

1. 2. 3. Bhubaneshwar Stock Exchange 4. 5. 6. Coimbatore Stock Exchange 7. 8. Guwahati Stock Exchange 9. 10. 11. 12. Madhya Pradesh Stock Exchange 13. 14. 15. 16. Meerut Stock Exchange 17. OTC Exchange Of India 18. 19. Saurashtra Kutch Stock Exchange 20. Uttar Pradesh Stock Exchange 21. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

SEBI was setup as an autonomous regulatory authority by the in 1988 “to perform the interest of investors in the securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto.” It is empowered by two Acts namely the SEBI act, 1992 and the securities contract (regulation) Act 1956 to perform the function of protecting investor’s right and regulating the capital market.

Bombay Stock Exchange

The stock exchange, , popularly known as “BSE” was established in 1875 as “The Native share and stock broker association”, as a voluntary non-profit making association. It has an evolved over the year into its present status as the premiere stock exchange in the country. It may be noted that the stock exchanges the oldest one in the Asia, even older than the Tokyo Stock Exchange, which was founded in 1878.

The Exchange, while providing an effective and transparent market for trading in securities, uphold the interest of the investors and ensure redressed of their grievances, whether against the companies or its own member brokers. It also strives to educate and enlighten the investors by making available necessary informative inputs and conducting investor education programmes.

A governing board comprising of 9 elected directors, 2 SEBI nominees, 7 public representatives and an executive director is the apex body, which decides the policies and regulates the affairs of the exchanges.

The executive director as the chief executive officer is responsible for the day today administration of the exchange. The average daily turnover of the exchange during the year 2000-01 (April-March) was Rs. 3984.19 crores and average number of daily trades 5.69 lakhs.

However the average daily turn over of the exchange during the year 2001-02 has declined to Rs. 1244.10 crores and number of average daily trades during the period to 5.17 lakhs. The average daily turn over of the exchange during the year 2002-03 had declined and number of average daily trades during the period is also decreased.

The Ban on all deferral products like BLESS AND ALBM in the Indian capital markets by SEBI with effects from July 2, 2001, abolition of account period settlements, in all scripts traded on the exchanges with effect from Dec 31, 2001, etc., have adversely impacted the liquidity and consequently there is a considerable decline in the daily turn over at the exchange. The average daily turn over of the exchange present scenario is 110363 (laces) and number of average daily trades 1057 (laces).

BSE Indices

In order to enable the market participants analysis etc., to track the various ups and downs in the Indian stock market, the Exchange has introduced in 1986 an equity stock index called BSE- SENSEX that subsequently became the barometer of the moments of the share prices in the Indian Stock market. It is a “Market capitalization weighted” index of 30 components stocks representing a sample of large, well-established and leading companies. The base year of Sensex is 1978-79. The Sensex is widely reported in both domestic and international markets through print as well as electronic media.

Sensex is calculated using a market capitalization weighted method. As per this methodology, the level of the index reflects the total market value of all 30-component stocks form different industries related to particular base period. The total market value of a company is determined by multiplying the price of its stock by the number of shares outstanding. Statisticians call an index of a set of combined variables (such as price and number of shares) a composite Index. An Indexed number is used to represent the results of this calculation is order to make the value easier to work with the track over a time. It is much easier to graph a chart based on Indexed values than one based on actual values world over majority of the well-known Indices are constructed using “Market capitalization weighted method”. In practice, the daily calculation of SENSEX is done dividing the aggregate market value of the 30 companies in the Index Divisor. The keeps the Index comparable over a period or time and if the reference point for the entire Index maintenance adjustments. SENSEX is widely used to describe the mood in the Indian Stock Markets. Base year average is changed as per the formula new base year average = old base year average* (new market value/old market value).

National Stock Exchange

The NSE was incorporated in Now 1992 with an equity capital ofRs. 25 crores. The international securities consultancy (ISE) of Hong Kong has helped in setting up NSE. ISE has prepared the detailed business plans and installation of hardware and software systems. The promotions for NSE were financial institutions, insurance companies, banks an SEBI capital market ltd., Infrastructure leasing and financial services ltd. and stock holding corporation ltd.

It has been set up to strengthen the move towards professionalisation of the capital market as well as provide nation wide securities trading facilities to investors. NSE is not an exchange in the traditional sense where brokers own and mange the exchange. A two tier administrative set up involving a company board and a governing abroad of the exchange is envisaged. NSE is a national market for share PSU bonds, debentures and government securities since infrastructure and trading facilities are provided.

NSE-NIFTY

The NSE on April 22, 1996 launched a new equity Index. The NSE-50. The new index, which replaces the existing NSE-100 index, is expected to serve as an appropriate Index for the new segment of futures and options.“Nifty” means National Index for Fifty Stocks.The NSE-50 comprises 50 companies that represent 20 board Industry groups with an aggregate market capitalization of around Rs. 1,70,000 crores. All companies included in the Index have a market capitalization in excess of Rs. 500 crores each and should have traded for 85% of trading days at an impact cost of less than 1.5%. The base period for the close of prices on Nov 3, 1995, which makes one year of completion of operation of NSE’s capital market segment. The base value of the Index has been set at 1000.

NSE-MIDCAP INDEX

The NSE madcap Index or the Junior Nifty comprises 50 stocks that represents 21 abroad Industry groups and will provide proper representation of the madcap segment of the Indian capital Market. All stocks in the index should have market capitalization of greater than Rs. 200 crores and should have traded 85% of the trading days at an impact cost of less 2.5 %.

The base period for the index is Nov 4, 1996, which signifies two years for completion of operations of the capital market segment of the operations. The base value of the Index has been set at 1000.

Average daily turn over of the present scenario 258212 (Laces) and number of averages daily trades 2160 (Laces).

At present, there are 24 stock exchanges recognized under the securities contact (regulation) Act, 1956. BROKING HOUSES

ICICIDirect (or ICICIDirect.com) is stock trading company of ICICI Bank. Along with stock trading and trading in derivatives in BSE and NSE, it also provides facility to invest in IPOs, Mutual Funds and Bonds.

Type of Account

ICICIDirect offers 3 different online trading platforms to its customers:

Share Trading Account

Share Trading Account by ICICIDirect is mainly for buying and selling of stocks in BSE and NSE. This account allows Cash Trading, Margin Trading, Margin Trading, Spot Trading, Buy Today Sell Tomorrow and Call and Trade on phone. They also provide installable application terminal based application for high volume trader.

Wise Investment Account

Along with MF and IPO investing in BSE and NSE, Wise Investment account also provide options to invest in Mutual Funds, around 19 Mutual Fund companies and bonds. ICICI Direct offers various options while investing in Mutual Funds like Purchase Mutual Fund, Redemption and switch between different schemes, Systematic Investment plans, Systematic withdrawal plan and transferring existing Mutual Funds in to electronic mode. This account also provides facility to invest in Government of India Bonds and ICICI Bank Tax Saving Bonds. ICICIDirect.com 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 975/- (non-refundable)

Brokerage: ICICIDirect.com brokerage varies on volume of trade and inclusive of demats transaction charges, service taxes and courier charges for contract notes. It ranges from 0.1% to 0.15% for margin trades, 0.2% to 0.425% for squared off trades and 0.4% to 0.75% on delivery based trades.

Advantages of ICICIDirect

 3-in-1 account integrates your banking, broking and demat accounts. All accounts are from ICICI and very well integrated. This feature makes ICICI the most interesting player in online trading facility.  Unlike most of the online trading companies in India which require transferring money to the broker’s pool or towards deposits, at ICICI Direct you can manage your own demat and bank accounts through ICICIdirect.com..  Investment online in IPOs, Mutual Funds, GOI Bonds, and Postal Savings Schemes all from one website. General Insurance is also available from ICICI Lombard.  Trading is available in both BSE and NSE.

Disadvantages of ICICIDirect

Getting access to ICICIDirect.com website during market session can be frustrating.

 ICICI Direct brokerage is high and not negotiable.  Not all stocks are available under Margin Plus

 Facility for linking account of ICICI Bank Only

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Reliance Money Brokerage and fees:

Reliance Money offers lowest brokerage rates in today's online stock trading industry in India. The brokerages are as low as 0.075% for delivery based trading and 0.02 for now delivery. For more detail about Reliance Money’s brokerage and fees visit the below section of this webpage.

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.

Disadvantages of Reliance Money

 Customer Service is not that good.

Sharekhan is online stock trading company of SSKI Group, provider of India-based investment banking and corporate finance service. is one of the largest stock broking houses in the country. S.S. Kantilal Ishwarlal Securities Limited (SSKI) has been among India’s leading broking houses for more than a century.

Sharekhan's 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 Sharekhan.com website, Sharekhan has around 510 offices (share shops) in 170 cities around the country.

Share khan has one of the best state of art web portal providing 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.

 Online trading account for investing in Equities and Derivatives  Free trading through Phone (Dial-n-Trade)

• Two dedicated numbers for placing your orders with your cellphone or landline. • Automatic funds transfer with phone banking (for Citibank and HDFC bank customers) • Simple and Secure Interactive Voice Response based system for authentication • get the trusted, professional advice of our telebrokers • After hours order placement facility between 8.00 am and 9.30 am

 Integration of: Online trading + Bank + Demat account  Instant cash transfer facility against purchase & sale of shares  Investments and trade confirmations by e-mail  Single screen interface for cash and derivatives

Sharekhan Speed Trade account

This accounts for active traders who trade frequently during the day's trading session. Following are few popular features of SpeedTrade account.  Single screen interface for cash and derivatives  Real-time streaming quotes with Instant order Execution & Confirmation  Hot keys similar to a traditional broker terminal  Alerts and reminders  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 or you could say Sharekhan charges 50 paise per Rs 100.

Advantages of Sharekhan:

 Online trading is very user friendly and one doesn't need any software to access.  They provides 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 Sec, 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 20 rs. (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.  Classic account holders cannot trade commodities.  Cannot purchase mutual funds online. Kotak Securities Limited, a subsidiary of , was set up in 1994. Kotak Securities is a corporate member of both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). 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.

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 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 then 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 trader use this account type because freeway account enables it’s 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 1lakhs and .18% on more then 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 up to 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:  For Intra-day trading, Kotak brokerage is around 0.05%.  For delivery trading, Kotak brokerage is around 0.45%.

Advantages of Kotak Securities Limited

 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.  They provides daily SMS alerts, market pointers, periodical research reports, stock recommendations etc.  Kotak provides 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 Indiabulls is India's 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 National Stock Exchange, Bombay Stock Exchange, Luxembourg Stock Exchange and London Stock Exchange.

TYPE OF ACCOUNT

Indiabulls Equity Trading Account

Indiabulls Equity Trading Account is 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 reach in features including Live Streaming Quotes, Fast Order Entry and execution, Tic by Tic Live Charts, Technical Analysis, Live News and Alerts, Extensive Reports for Real-time Accounting.

Brokerage and fees: Account opening fees: Rs 1200/- (One time, non-refundable) as below:

250/- Equity Trading Account opening charge 200/- Demat Account opening charge 750/- Software changes

Advantages of Indiabulls

 Brokerage is less compare to other online trading companies.  Provide trading terminal 'powerbulls', a java based software. It's very fast in terms of speed and execution.

Disadvantages of Indiabulls

 Faces lots of complaints regarding portal breakdown. Motilal Oswal Financial Services (MOSL), a leading brokerage firm, has exhibited robust and consistent growth in both institutional and retail broking. An established brand name and extensive geographic network covering 1,339 locations in over 426 cities and towns would provide it ample opportunities to cross-sell products and services. It has also forayed into related businesses like investment banking, private equity and asset management. We believe the stock offers quality exposure to the domestic equity broking and financial services market, which has impressive growth potential.

Strong competitive positioning

MOSL is one of the leading stock broking firms in India with a rapidly growing client base and wide distribution network. A respected research presence and extensive reach has resulted in robust growth in its retail business. The company also has a strong institutional equity business. It has consistently improved its market share in terms of traded volumes on the stock exchanges

Diversifying into related businesses

MOSL has forayed into related business like investment banking, private equity and asset management. Though all these business are linked to capital market, we believe the move would bring in various diversification benefits for the company going forward

Customized investment management services

MOSL offers customized investment management services to its retail clients. These services include planning, advisory, execution and monitoring a range of investment products. It also provides wealth management services.The company has classified its clients into three segments – Mass Retail, Mid-Tier Millionaire and (PCG) Private Client Group. According to the needs of each segment, products and services are offered through the company’s business locations and online channels. MOSL has a discretionary portfolio management business. The company is seeking to build this business rapidly. The target customer segment for wealth management business would largely be the HNW (high net-worth) segment. The growing client bases of its broking and distribution businesses would be a captive source for cross-selling these products. MOSL has recently launched a separate branded product (Purple) for catering to the needs of this segment.

Strategy adopted by Motilal Oswal

Religare Securities Ltd is a Ranbaxy promoter group company, is one of India’s largest and fastest growing integrated financial services institutions. The company offers a large and diverse bouquet of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. ’s retail network spreads across the length and breadth of the country with its presence through more than 900 locations across more than 300 cities and towns. Having spread itself fairly well across the country and with the promise of not resting on its laurels, it has also aggressively started eyeing global geographies. Unique features and benefits of trading through Indiabulls:

 Trade Reward

Trade Rewards is a unique offering from Indiabulls that gives you dual benefits of hassle free investment experience online and an opportunity to earn while you invest with us.

 Zero Brokerage:

“Break the shackles”. Get freedom from brokerage and avail zero brokerage on your trades through us.

 Exposure up to 20 times on your margin:

Allowing you the freedom to trade without hassles throughout the day without having to worry about your cash margin. You can get exposure (on cash Segment) as high as 20 times for intraday trades. Of course conditions apply on above two.

 Interest on cash margin:

Even while you are waiting to make your next trade or online investment, your unutilized cash does not lie idle with us. You earn interest on your unutilized cash margin.

The IndiaInfoline group, comprising the holding company, Limited and its wholly-owned subsidiaries, straddle the entire financial space with offerings ranging from Equity research, Equities and derivatives trading, Commodities trading, portfolio management services, Mutual Funds, Life Insurance, Fixed Deposits, Gold Bonds and other small savings instruments to loan products and investment banking. Website of India Infoline for trading is www.5paisa.com. The company has a network of 976 business locations (branches and Sub-brokers) spread across 365 cities and towns. Today it has more than 800000 clients

Trading Platform

5Paisa offers 2 different online trading terminals to its customers:

Investor Terminal (IT) Investor Terminal is 5Paisa's equity trading terminal for low volume trader. This is web based terminal and could access from anywhere. This product provides limited features in comparison of Trader Terminal, which is another product provided by 5Paisa.

Trader Terminal (TT)

Trader Terminal is for high volume equity traders. Trader Terminal provides high volume trading with powerful interface and fast order execution.

Brokerage and Account opening fees:

Account opening fees Rs 500/- onetime non refundable Brokerage Brokerage: 5 paisa offers charge only 5 paisa for Rs100 of intraday trade done, which is 0.05% brokerage. In case of in delivery trade, they charge an additional 0.20% for back office and securities handling.

CHAPTER-3

• Company profile INTRODUCTION

Indiabulls is India's leading retail financial services company with 135 locations spread across 95 cities. While its size and strong balance sheet allow them to provide you with varied products and services at very attractive prices, over 750 Client Relationship Managers are dedicated to serving your unique needs.

Indiabulls is lead by a highly regarded management team that has invested cores of rupees into a world class Infrastructure that provides there clients with real-time service & 24/7 access to all information and products. Their flagship Indiabulls Professional Network TM offers real-time prices, detailed data and news, intelligent analytics, and electronic trading capabilities, right at your finger-tips. This powerful technology is complemented by there knowledgeable and customer focused Relationship Managers.

We are Creating a World of Smart Investor

Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence, achieve your financial goals.

Indiabulls' Client Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Indiabulls provides full access to all our products and services through multi-channels

THE INDIABULLS PHILOSOPHY – YOU COME FIRST

We have created a unique organization that is designed for you – the Smart Investor –. We passionately believe in the Smart Investor who wants to make his own educated investment choices and demands world class access to a full range of services and products ranging from Equities to Insurance, combined with the highest level of integrity, service and professionalism.

Indiabulls is a full service investment firm offering clients access to a tremendous range of financial services from 135 locations across 95 cities. We have a strong team of over 750 Client Relationship Managers focussed on serving your unique needs. Our world class infrastructure, built with tens of crores of investment, provides our clients with real-time service, multi-channel & 24/7 access to all information and products. As we've expanded and developed to serve the needs of all kinds of investors, we've been guided by one underlying philosophy: You come first.

We are proud to introduce to you Indiabulls Professional NetworkTM that offers real-time prices, equity analysis, detailed data and news, intelligent analytics, and electronic trading capabilities, right at your finger-tips. This powerful technology is complemented by our knowledgeable and customer focussed Relationship Managers who are available to help with your financial planning and investment needs.

We invite you to learn more about Indiabulls by calling 1 600 11 1130 (toll free) or visit our 135 Indiabulls Offices Nationwide or explore the services we offer through the Indiabulls Market Trader.TM HISTORY AND OTHER CORPORATE MATTERS OVERVIEW

Indiabulls Financial Services Limited was incorporated on January 10, 2000 as M/s Orbits InfoTech Private Limited at New Delhi under the Companies Act, 1956 with Registration No. 55 – 103183. The name of the Company was changed to M/s. Indiabulls Financial Services Private Limited on March 16, 2001 due to change in the main objects of the Company from Infotech business to Investment & Financial Services business. It became a Public Limited Company on February 27, 2004 and the name of Company was changed to M/s. Indiabulls Financial Services Limited. Company was promoted by three engineers from IIT Delhi, and has attracted more than Rs.700 million as investments from venture capital, private equity and institutional investors such as LNM India Internet Ventures Ltd., Transatlantic Corporation Ltd., Farallon Capital Partners, L.P., R R Capital Partners L.P., and Infinity Technology Trustee Pvt. Ltd. and has developed significant relationships with large commercial banks such as Citibank, HDFC Bank, Union Bank, ICICI Bank, ABN Ambro Bank, Bank, and IL&FS. Company and there subsidiaries have facilities from the above mentioned banks and financial institutions aggregating to Rs. 1760 million. Companies headquarters are co-located in Mumbai and Delhi, allowing it to access the two most important regions for Indian financial markets, the Western region including Mumbai, rest of and Gujarat; and the Northern region, including the National Capital Territory of Delhi, nearby cities, parts of Haryana, Uttar Pradesh and Punjab; and access the highly skilled and educated workforce in these cities. The Marketing and Sales efforts are headquartered out of Mumbai; with a regional headquarter in Delhi; and its back office, risk management, internal finances etc. are headquartered out of Delhi, allowing our Company to scale these processes efficiently for the nationwide network. Main Objects Of The Company

The main objects to be pursued by the Company on its incorporation are: 1. To hold investments in various step-down subsidiaries for investing, acquiring, holding, purchasing or procuring equity shares, debentures, bonds, mortgages, obligations, securities of any kind issued or guaranteed by our Company.

2. To provide financial consultancy services; to provide investment advisory services on the internet or otherwise; provide financial consultancy in the area of personal and corporate finance; publish books and CD ROMs and any other information related to the above.

3. To conduct the business of sale, purchases, distribution and transfer of shares, debts, instruments and hybrid financial instruments and to perform all related, incidental, ancillary and allied services.

4. To conduct depository participant services; to conduct de-materialization and re- materialization of shares; set up depository participant centers at various regions in India and to perform all related, incidental, ancillary and allied services.

5. To receive funds, deposits and investments from the public, Government agencies, financial institutions and Corporate bodies; grant advances and loans; conduct advisory services related to banking activities, project financing, funding of mergers and acquisition activities; fund management and activities related to money market operations.

6. To carry on the business of portfolio management services, investment advisory services; custodial services; asset management services; leasing and hire purchase; mutual fund services and to act as brokers of real estate and financial instruments.

7. To carry on the business of financing; provide lease and hire purchase services; to provide consultancy in the area of lease and hire purchase financing. 8. To operate mutual funds; receive funds from investors; equity or debt instrument research activity instrument in debt and/or equity instruments.

Credit Rating

Indiabulls Securities Limited has been granted ‘PR1+’ rating for its unsecured short term borrowing program of Rs. 200 million. Vide letter dated May 5, 2004 the rating agency has increased the unsecured short term borrowing limit to Rs. 320 million maintaining the ‘PR1+’ rating. ISL also enjoys ‘A+’ rating for medium to long term unsecured borrowing program of Rs. 200 million. The Rating to the company has been assigned by Credit Analysis Research Limited. As for the present issue of equity shares of our Company, credit rating is not required.

Shareholders Agreement

Shareholders Agreement was entered into by and among our Company (formerly Orbis Infotech Private Limited), Infinity Technology Trustee Private Limited as the trustee of Infinity Venture India Fund, LNM India Internet Ventures Limited, Transatlantic Corporation Limited (together the “VC Investors”) and the Promoters dated November 2, 2000. The VC Investors invested an aggregate amount of Rs. 206,000,000 in our Company for which they were issued 55,425 equity shares at an average price of Rs. 3,716.73 per equity share. Pursuant to a letter agreement (the “Letter Agreement”) dated May 27, 2004 between the parties to the Shareholders Agreement, each of the VC Investors have agreed not to enforce rights that have accrued to them before the said Letter Agreements and have agreed that the Shareholders Agreement, together with all the rights and obligation on the parties will stand terminated immediately upon the listing of the shares of our Company and consequent to the listing, the rights of the Shareholders Agreement, including the rights that have arisen prior to such termination shall be terminated. A copy of the Shareholders Agreement, and a copy of the Letter Agreement terminating the Shareholders Agreement are available for inspection as material documents at the corporate offices of our Company. Key Competitive Strengths

Diverse Branch Network

Since Company inception in FY 2000 Company and its subsidiaries have grown from a single location to a nationwide network spread over 135 offices in 95 cities. They have a pan India distribution networks for the purpose of distribution of financial products and services. Such a diverse and integrated network provides a centralized platform to there clients.

Bouquet of financial products and services

Company and its subsidiaries offer various financial services and products ranging from equity, F & O and wholesale debt, mutual fund, insurance and IPO distribution, equity research analysis, depository services to cater to the specific needs of the retail and institutional investors thus providing all these services in a single platform.

Advanced Technology team that delivers market leading product innovation

There ongoing investment in technology is a key element in expanding there product and service offerings, enhancing there delivery systems, providing fast and consistent client service, reducing processing costs, and facilitating there ability to handle significant increases in client activity without a corresponding rise in risk and staff. Company and its subsidiaries have an in-house technology team of 27 people comprising of several engineers. The in-house technology team has been responsible for developing the technology products for operating at a large scale with efficient back office systems. The application of technology allows Company and its subsidiaries to build scaleable product and service offerings. The in-house technology team developed one of the first Internet trading platforms in India, one of the first in-house real-time CTCL link with NSE. Company and its subsidiaries introduced integrated accounts with automated gateways with client bank accounts so that they can transfer funds to and from their bank account to their brokerage account with the Company. This has enhanced customer ability to access their funds for market related activities. The in-house technology team has good expertise to create mission critical applications and in the maintenance and upkeep of high transaction processing of there web-site.

Strong Sales and Marketing Teams with continuous reinvestment and training

Company’s relationship manager channel (through a team of 1050 Relationship Managers as on April 30, 2004) offers a single point contact to retail customers whereby their high net worth clients have separate relationship managers catering to them. These managers offer personalized services to the customers helping build strong and continuing relationships with them. Also, our marketing associate channel helps Company and its subsidiaries in client acquisitions at minimal costs with client loyalty. The marketing associate’s channel also helps Company and its subsidiaries in increasing their penetration in smaller town and cities.

Strong cross Selling Opportunities

With 135 branches spread over 95 cities all over India and variety of financial products and offerings coupled with online, relationship manager & marketing associate channels, Company and its subsidiaries have strong cross product selling opportunities thus providing a multi- channel delivery systems to there diverse client base of 71,000 clients as on July 10, 2005.

Strong Team of Experienced Promoters

Indiabulls has a strong team of promoters who are engineers from Indian Institute of Technology and have several years’ experience in financial services industry. They believe that their strong technical experience will help them in achieving our key business strategies.

Leading Product innovation and marketing strategies

Management is innovative and nimble and has historically introduced many new and innovative products to the market place that have played a significant role in their growth. Company’s relationship manager model has introduced private banking experience to the clients. The relationship managers are trained and incentives to work with their client base and enhance ability to cross sell and leverage the large client base. Indiabulls have launched marketing associate model, which replaces the traditional sub-broker model with an authorized person that client can appoint independently and provide them with the benefit of their trading, clearing and servicing strengths. Its equity analysis product provides clients with unbiased research. Company plans to continuously innovate and introduce market leading products and services to add to its competitive advantage.

Well capitalized player, with strong banking relationships and credit ratings

Indiabulls consolidated net worth is Rs. 1023.19 million making us a well capitalized companies. The Company and ISL have received sanctioned facilities of Rs. 1760 million from 9 leading commercial banks and financial institutions. The details of the banking relationships as of July 24, 2004 are as follows:

Ability to combine People & Technology in unique ways

They provide multiple distribution channels by combining people and technology. Clients can visit one of the 70 offices in 55 cities or access via telephone, call centre or online channel. Web enabled tools such as technical analysis, information, news, interactive web based programs and tools and back office solutions for clients and marketing associates; Power Indiabulls an order entry, routing and management technology through technology platform, for actively- trading investors.

Strong market presence and increased market share leads to virtuous cycle of growth and profitability

They’re growing client base and market share have increased their market presence, brand recognition enhanced their profitability and increased the available credit facilities from the banks further strengthening its strong balance sheet. Company’s brand and profitability allows them to recruit good and efficient employees, compensate them attractively and provides the flexibility toes for investments in the business and technology systems. These attributes in turn have a positive effect on the growth of its client base thereby increasing its market share, leading to higher profits and credit facilities and thus forming a virtuous circle.

Key Business Strategies

Their focus on the client has allowed Company and its subsidiaries to offer a range of services that have changed the investing landscape and created a new model of financial services that melds people and technology to provide an integrated human assisted technology interface service for investors who range from self-directed full-time active investor to those who prefer to deal with through a marketing associate in smaller towns and cities. Their key strategies include:

 Defend and maintain their differentiation as the firm that delivers ethical and useful services

 Build and expand “investing insight” through product offerings such as Equity Analysis which is objective,

 Uncomplicated and not driven by commission

 Give clients new levels of choice tailored to their desire for help, tools for investing their assets, their willingness to pay for additional services and the level of business they can do with the company.

 Provide clients with tools, relationship managers and choices that support their desired investment outcomes. Indiabulls has developed a client specific approach as a core element of its business strategy and are constantly focusing on acquiring new clients and expanding their customer base. They believe that the strong secular growth of the Indian financial Markets, due to increased household penetration of financial assets; increasing liquidity and market capitalization of Indian Markets, led by the listing of many public sector entities; and the increasing affluence of Indian households and savers provides an impetus to the growth perspective. They believe that this diversification and growth strategy will continue to produce results and allow Company and its subsidiaries to grow business at a rapid pace irrespective of market conditions. In addition, management believes that the growth of the Indian financial markets, due to increased household penetration of financial assets; increasing liquidity and market capitalization of Indian markets, led by the listing of many public sector entities; and the increasing affluence of Indian households and savers, favors our long term growth outlook.

The table below encapsulates the financial metrics on an annual basis, and compares that with the Market trading volume.

(NSE Yearly Trading Volume is taken as representative of Market activity).

The core pillars of our business strategy are discussed below:

Increase the number of Client Relationships

They are focused on increasing the number of client relationships through a wide network of offices throughout India and having more number of relationship managers to service these relationships. They plan to grow their business by growing the number of client relationships. During a downturn of the markets they believe that increased number of client relationships will add stability to their earnings.

Offer Diversified Financial Products & Services – Capture Greater Share of Wallet

Company and its subsidiaries offer to their clients a wide range of financial services and products allowing the clients to leverage their relationship with Indiabulls and get products suiting their varied needs. This strategy allows them to gain “share of wallet” of the clients’ consumption of financial services. They offer to the client a comprehensive product offering and are able to increase their revenues per client by selling different products to the same client. Indiabulls offer equity, debt & derivatives brokerage, IPO distribution, mutual funds and insurance products. Their strategy is to increase the number of client relationships and then leverage those client relationships into offering in a whole suite of financial products. Multiple Channels – Enhance Customer Experience and Opportunities to interact with us

Company’s clients can access their products and services through 135 offices spread across 95 cities; through operator assisted call Centers; or through their website www.indiabulls.com; or through their respective relationship managers or through marketing Associates. These multiple channels provide flexibility to the clients and allow them to utilize their existing business Relationship with them through any channel from any part of India. Company’s strategy is to provide the most convenient, efficient and value added channel to the client at the lowest possible cost, and allow the clients with choice and varied access points. Indiabulls believe that their multiple channel strategy has been particularly effective in the affluent segment where many sophisticated clients like to have a close-by office they can access and yet have the flexibility of Internet account management, transactions and electronic funds transfer and settlement.

Relationship Manager driven sales model, provide high quality service and exploit cross- sell opportunities

Company’s clients benefit from the personal attention and advice of the trained and motivated relationship managers. All its relationship managers are qualified and educated professionals, who have been extensively trained in-house to provide the products and services to the clients. These relationship managers are encouraged to develop long-term relationships with the clients and can access a variety of resources within the Company, such as insurance specialists, research services and others to add value to their clients. Most of the clients have dedicated relationship managers irrespective of the channel they use.

Low cost and highly scalable business

Indiabulls has utilized the technologies available and have constantly invested in products and innovations to provide an enhanced experience to its customers. The benefits of such infrastructure include integrated customer trading account with depositary services; electronic gateway for instant funds transfer to and from the bank to the brokerage account; and comprehensive client systems that track all activity in various segments. They believe that technology and systems are one of the key competitive edges in terms of lowering their operating costs; managing the business; reducing risk and providing an enhanced experience to the clients with superior service standards. Brokerage Offering

Company’s retail equity business primarily covers secondary market equity broking. It caters to the needs of individual Indian and Non-resident Indian (NRI) investors. They offer broker assisted trade execution and automated online investing and trading facilities to their customers. Automated online investing and trading includes automated order placement and execution of market and limit equity orders; and advanced trading platforms for active traders. All investors have full access to real - time quotes, personalized portfolio tracking, charting and quote applications, real-time market commentary, real-time quotes and news.

Online Automated Channel

Automated Online Business contributes more than 34.6% of its overall revenues. They control more than 20% market share in the online business. Clients are able to obtain financial information and execute trades on an automated basis through their online channel using product offerings like Power Indiabulls and Indiabulls Market Trader. This channel is designed to provide added convenience for clients and minimize its costs of responding to and processing routine client transactions. Online channels include the Indiabulls Group Professional Network that provides access via their web-site www. indiabulls .com to information and trading service on the Internet. Additionally, Power Indiabulls online trading system is designed for the high volume trader and provides enhanced trade information and order execution integrated software- based trading platforms. While most client transactions are completed through the online channel, they continue to stress the importance of blending the power of the Internet with personal service to create a full-service client interface. They offer an online portal where the clients can execute securities purchase and sales transactions through the Internet.

This covers the Equity, Debt & Derivatives segment in the Indian securities market. With an objective of assisting our customers in taking investment decisions, the portal also provides financial information on various companies listed. For executing a transaction clients can directly log on to our website without requiring any assistance from offline intermediaries Third Party Financial Products Offering

They distribute third party products and services through our comprehensive retail distribution network. The products offered include third party insurance, mutual funds and initial and secondary public offerings. They have a pan India retail distribution network, comprising 1050 relationship managers and 135 branches spread over 95 cities. INTRODUCTION AND CONCEPT OF SHARE TRADING

Trading in shares is old phenomena its regulation had been started when securities contract act had been formed in 1956. Transfer of resources from those with idle resources to others who have a productive need for them is most efficiently achieved through the securities market. It provides a channel for reallocation of savings to investments.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) is a regulatory governing body of security market. The SEBI Act 1992 was enacted to empower SEBI with statutory powers for:

(a) Protecting the interests of investors in securities.

(b) Promoting the development of the securities market

(c) Regulating the securities market

Its regulatory jurisdiction extends over corporate in the issuance of capital and transfer of securities. It has powers to register and regulate all the market all market intermediaries and also to penalize them in case of violations of the provisions of the ACT, rules and regulations made there under. SEBI has a full autonomy and authority to regulate and develop an orderly securities market.

The share market can be segmented in two parts one is Primary Market another is Secondary Market.

Primary Market

It provides opportunity to issuers of securities government as well as corporate to raise resources to meet their requirements of investments. In this market companies issue fresh security sin exchange of funds through public issues or private placements. The market design for primary market is provided in the provision of Companies Act, 1956 which deals with issues, listing and allotment of securities. The investors have to apply the shares by filling the application form issue by the company along with the application money. According to Disclosure and Investor Protection guidelines of SEBI, 1992 company has to disclose all the necessary information regarding pricing of issues, listing requirements, disclosure norms lock-in-period for promoters contribution, contents of offer documents pre and post issue obligations etc.

Company can issue shares at face value, at premium or at discount. Another method of pricing which is now days common is issuing the securities through online system of the stock exchange has to comply with the section 55 to 68a of the companies Act, 1956 and SEBI guidelines 2000. The company is required to enter in to an agreement with the stock exchanges which have the requisite system for online offer of securities. The advantages for this new system are:-

(a) The investors part with money only after allotment.

(b) It eliminates refunds except in case of direct applications.

(c) It reduces the time taken for issue process

Secondary Market

Secondary market is the place for sale and purchase of existing securities. It enables an investor to adjust his holdings of securities in response to changes in his assessment about risk and return. It enables him to sell securities for cash to meet his liquidity needs. It essentially comprises of the stock exchanges which provide platform for trading of securities and a host of intermediaries who assist in trading of securities and clearing and settlement of trades. The securities are traded, cleared and settled as per prescribed regulatory framework under the supervision of the exchanges and oversight of SEBI.

Trading Mechanism

Earlier trading on stock exchanges in India used to take place through open outcry without use of information technology for immediate matching or recording of trades. This was time consuming and inefficient. This imposed limits on trading volumes and efficiency. In order to provide efficiency, liquidity and transparency National Stock Exchange introduced a nation wide on line fully automated screen based trading system where a member can punch in to the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon as it finds a matching sale or buy order from a counter party. Screen based trading electronically matches orders on a price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational efficiency. It enables market participants, irrespective of their geographical locations to trade with one another and it provides equal access to everybody.

NSE has main computer which is connected through Very Small Aperture Terminal (VSAT) installed at its office. The main computer runs on a default tolerant STRATUS mainframe computer at the exchange. Brokers have terminals installed at their premises which are connected through VSATs. An investor informs a broker to place an order on his behalf.

SPECULATION ON THE STOCK EXCHANGE

 Stock exchange transactions are made either for the purpose of investment or speculation. • Investment transactions are made with the idea of earning a return on the securities by holding them more or less permanently whereas speculative transactions are made with the intention of making gains by disposing of the securities at favorable prices.

 Investment transactions require actual delivery of securities on the part of sellers and the payment of their full price by its buyers.

 Speculative transactions does not involve full payment for and taking delivery of the securities that the speculators have contracted to transfer. The transaction can be made by the deposit of a fractional part of the price. The volume of speculative transaction far exceed that of investment transaction on a stock exchange. It is therefore argued that speculation is necessary to ensure sufficient volume and continuity of business in the stock exchange.  There are 23 stock exchanges functioning in India including the OTCEI (Over the Counter Exchange of India) and the National Stock Exchange (NSE). The Bombay Stock exchange established in 1878 is the oldest in Asia. There are over 10,000 companies listed and the number of investors is also one of the largest in the world. Only members and their authorized clerks can enter the trading floor and conduct buying and selling of securities MARKET DESIGN IN INDIAN SECURITIES MARKET

 SEBI is the specialized regulator and is vested with powers to protect investors interest and to develop and regulate securities market.  Pricing of securities is market determined, either by the issuer through fixed price or by the investors through book building.  Corporates are allowed to issue ADRs/GDRs and raise ECBs. FIIs are allowed to trade in Indian market.  With regards to corporate compliance, there is considerable emphasis on disclosures, accounting standards and corporate governance.  The trading mechanism is screen based trading system, orders are matched on price time priority, transparent, trading platform is accessible from all over the country.  The settlement is done through the clearing house of the exchange or the clearing corporation.  The settlement cycle is rolling settlement on T+2 basis. However, there are provisions where it can be settled by the third day.  Basis of settlement is mostly electronic.  Securities are freely transferable and transfers are recorded electronically. ORGANISATIONL CHART

CHAIRMAN & CEO

Sameer Gehlant Rajeev Rattan Surabh Mital CEO President & CEO CEO

Gagan Banga Oivyesh Shah Head online sales Head online sales

T.S. Muglani Pheeta Nagpal Ashok Sharma Suresh Jain Chief Tech Head- HR Finance V.P officer Controller ACCOUNTS AND FEATURES

Through various types of brokerage accounts, they offer purchase and sale of securities, which includes Equity, Derivatives and Commodities listed on NSE, BSE and NCDEX. Additionally, they provide their clients access to a variety of insurance products like life, term and annuity products through third-party insurance companies like Birla Sunlife Insurance Company. Indiabulls Group Signature Client is designed to serve self-directed individual investors who want to manage their own portfolios. For these clients, they offer this account, which is a stock trading account that allows clients to combine investments and cash in one-account and trade securities. Clients are also eligible to subscribe to Indiabulls Equity Analysis, a fee based research offering. Other features of Indiabulls Group Signature Account include priority handling of their service calls at the Centralized Customer Service Centre and through dedicated relationship managers. Indiabulls Group Signature account features include online integrated net transfers via integrated payment gateways with banks such as HDFC Bank. Power Indiabulls - For active traders, They offer Power Indiabulls accounts that include access to special features and services such as advanced trading tool dedicated team of relationship managers.

Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence achieve your financial goals.

Indiabulls Professional NetworkTM offers real-time prices, detailed data and news, intelligent analytics, and electronic trading capabilities, right at your finger-tips. This powerful technology is complemented by our knowledgeable and customer focused Relationship Managers.

Indiabulls' Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Indiabulls provides full access to all products and services through multi-channels. Equities and Derivatives

Our Retail Equity Business caters to the needs of individual Indian and Non-Resident Indian (NRI) investors. Indiabulls offers broker assisted trade execution, automated online investing and access to all IPO's.

Through various types of brokerage accounts, Indiabulls offers the purchase and sale of securities which includes Equity, Derivatives and Commodities Instruments listed on National Stock Exchange of India Ltd (NSEIL), The Stock Exchange, Mumbai (BSE) and NCDEX. THE FACILITIES PROVIDED BY INDIABULLS

Indiabulls Signature Account

A multitude of ways to access your account either through priority access to Relationship Manager over phone or online access to your Account & Research Tools.

Indiabulls Signature Account Features

Priority Service — Enjoy priority telephone access that gives you direct access to your Relationship Manager.

Premium Research — Benefit from full access to Indiabulls Equity Analysis TM , our objective, fact-based approach to rating stocks.

Online Accounting — Stay on the top of your investments with a snapshot of your Account Statements. Get access to Portfolio statement and access to digital contract notes.

Benefits

Control — Stay on top of your investments with convenient access to your account online or by phone.

Confidence — Support your investing decisions with premium in-depth research - Indiabulls Equity Analysis. TM

Value — Enjoy competitive commissions and get the service and support you need at a fair price.

Power Indiabulls

Indiabulls is dedicated to empower Active Traders through personal service and advanced trading technology. Active Trader - Get More At Indiabulls

Regardless of how the market is performing or which way the economic winds are blowing, you, as a trader, are researching, charting, crafting a strategy, buying and selling. You are getting in, getting out and moving on to the next trade.

Choose from a comprehensive offering of accounts, platforms and products. Customize our technology and services to support the way you work.

Features of Power IndiabullsTM

Live Streaming Quotes

Fast Order Entry

Tic by Tic Live Charts

Technical Analysis

Live News and Alerts

Extensive Reports for Real-time Accounting

Benefits

Comprehensive Financial Services — As an Active trader, you'll have the tools, resources and support you need to execute your trading strategy, plus your choice of a wide range of investment products and services.

Dedicated Support and Services — Enjoy priority access to Relationship Managers who are dedicated to supporting your trading and investing needs.

Non-Resident Indian (NRI) Investor Services

With an extensive range of investment products, you will discover an unwavering commitment to helping you invest in India. Facilities

Indiabulls NRI Trading Account - Provides access to comprehensive trading tools for independent NRI investors

Indiabulls Depository Services - Integrated services for seamless delivery

HDFC Bank Account - NRE/NRO Accounts with built in tax management solutions and facility to source all regulatory approvals.

Indiabulls Equity AnalysisTM - Premium Research on 200 companies updated daily.

Benefits

Indian Investments Brings You More Choices

Investing in India, one of the world's fastest emerging financial markets, means a wider choice of investment opportunities and industries. At Indiabulls, you can take full advantage of the emerging Indian market.

See what Indiabulls offer

Indiabulls provide you with a Seamlessly integrated trading, depository and bank account enabling you to trade from anywhere in the world.

Investing in India, one of the world's fastest emerging financial markets, means a wider choice of investment opportunities and industries. At Indiabulls, you can take full advantage of the emerging Indian market.

Indiabulls provide you with a Seamlessly integrated trading, depository and bank account enabling you to trade from anywhere in the world.

Depository Services

Indiabulls is a depository participant with the National Securities Depository Limited and Central Depository Services (India) Limited for trading and settlement of dematerialized shares. Indiabulls performs clearing services for all securities transactions through its accounts. They offer depository services to create a seamless transaction platform –execute trades through Indiabulls Securities and settle these transactions through the Indiabulls Depository Services. Indiabulls Depository Services is part of value added services for their clients that create multiple interfaces with the client and provide for a solution that takes care of all your needs.

ISL is a depository participant with the NSDL and CDSL for trading and settlement of dematerialized shares. It performs clearing services for all securities transactions through its accounts. Clients of the brokerage business are able to use the depositary services to execute their trade through ISL and settle these transactions through our depositary services. Indiabulls depositary service is part of the value-added offerings to create multiple interfaces with the client. INDIABULLS EQUITY ANALYSIS

They seek to provide their clients with customized research reports called Indiabulls Equity Analysis. It provides clients with an objective stock rating system on more than 200 stocks, assigning each equity a single grade: A, B, C, D, or E. On average, A-rated stocks are expected to strongly outperform the overall market over the next 12 months, while E-rated stocks are expected to strongly underperforms the market. Indiabulls Equity Analysis leverages their strong technology strengths to a systematic ratings methodology.

Objective guidance to help you buy or sell

Building and maintaining your ideal portfolio demands objective, dependable information. Indiabulls Equity AnalysisTM helps satisfy that need by rating stocks based on carefully selected, fact-based measures. And because we're not focused on investment banking, we don't have the same conflicts of interest as traditional brokerage firms. This objectivity is only one important difference in our ratings.

A scale of A, B, C, D and E

A to E ratings are applied to over 401 Indian headquartered stocks using a wide variety of investment criteria from four broad categories.

Rating is Understandable and Actionable

Over the next 12 months, A-rated stocks have a return outlook of strongly outperforming the market while E-rated stocks have a return outlook of strongly underperforming the market. Find out more about using Indiabulls Equity AnalysisTM

The Indiabulls Equity AnalysisTM model attempts to gauge investor expectations, since stock prices tend to move in the same direction as changes in investor expectations. • Stocks with low and potentially improving investor expectations tend to receive A or B ratings.

• Stocks with high and potentially falling investor expectations tend to receive D or E ratings.

Special Considerations

Indiabulls Equity AnalysisTM also do not reflect the possible impact of late-breaking news since the ratings are updated daily. Thus, it is important to conduct additional research prior to making a trading decision Indiabulls' systematic approach is dependent on the accuracy of financial data provided by third parties. Indiabulls Equity AnalysisTM may not capture more subjective, qualitative influences on return and risk, such as management changes and pending lawsuits.

Parameters used by Indiabulls to give grades to the individual stock

Indiabulls Equity AnalysisTM' four underlying components (Fundamentals, Valuation, Momentum and Risk) are provided to give you further insight into why a stock has a particular Indiabulls Equity Rating. The component grades should not be used alone in making investment decisions. Always consider your investment goals, portfolio diversification and tax situation and check recent news before making an investment decision on an individual stock.

Fundamentals The Fundamentals grade underlying the Indiabulls Equity AnalysisTM is based upon several earnings-quality measures derived from recent financial statement data. Stocks with strong fundamental attributes such as a track record of high net profit margin and return on equity tend to have better Fundamentals grades.

Valuation The Valuation grade underlying the Indiabulls Equity AnalysisTM is based upon several value- oriented investment criteria. Companies that are commanding a higher valuation in the market currently as compared to others having similar earnings and other parameters shall get a lower rating than others. The aim of this component is to judge the attractiveness of a particular stock. Typically stocks with lower PE ratio and other valuation related parameters would get higher valuation grades.

Momentum The Momentum grade underlying the Indiabulls Equity AnalysisTM measures the potential of the stock to keep performing at a stronger than market level in the near future. IndiaBulls uses the opinions collected from a panel of analysts to get to a momentum rating for a company.

Risk The Risk grade underlying the Indiabulls Equity AnalysisTM is based upon several diverse measures of investment risk. Larger stocks with good risk related attributes (such as low stock price volatility, low debt-equity ratio, high stock liquidity etc.) tend to have better risk grades.

MUTUAL FUNDS

They provide various mutual funds (equity, debt and balanced mutual funds) through our retail distribution network. They offer clients a wide variety of mutual funds from Asset Management Companies like Prudential ICICI Mutual Fund, HDFC Mutual Fund etc.

Indiabulls Easy Money

No questions. Only Loans.

No matter where you work, or how much you earn, we offer you the shortest route to a loan with minimum paperwork and procedures. With EasymoneyTM, you can avail of easy loans for a minimum of Rs.10, 000 to a maximum amount of Rs.1, 00,000.

With absolutely No Prepayment Penalty.

Easymoney Team features

Flexible loan tenor of up to 4 years (i.e. 1 month to 48 months).

Loans available from a minimum of Rs.10,000 up to a maximum of Rs.100,000.

Easy monthly repayment through equated monthly installments (EMI).

Mediclaim Insurance bundled with every loan you avail. Easy documentation and quick disbursal.

INDIABULLS-IN NEWS 2005

Farallon pays Rs 88cr for 33% stake in Indiabulls arm [The Times Of India ( Jan 3, 2005 )

Merrill Lynch acquires 2% in Indiabulls [Economic Times - India ( June 29, 2005 ) ]

Amaranth to pick up 42.5% stake in Indiabulls [Economic Times - India ( June 08, 2005 ) ]

US Fund Amaranth LLC Acquires 42.5 Percent Stake In Indiabulls IPO ... [Business Wire -San Francisco, CA, USA ( June 07, 2005 ) ]

Toddler takes giant steps [Business India ( Feb 28-Mar 13, 2005 ) ]

Indiabulls raises $60m via GDR issue [ Sify ( Feb 25, 2005 ) ]

Indiabulls GDR priced at Rs 107 per share [Moneycontrol.com (Feb 25, 2005)]

Indiabulls prices $45mn GDR issue [Business Standard (Feb 25, 2005 ) ]

Indiabulls raises $60 mln via GDR issue - BSE [Reuters India (Feb 25, 2005)]

Indiabulls Financial prices GDR issue at US $45 million [Myiris.com (Feb 25, 2005)]

Indiabulls GDR priced at Rs 107/share [Economic Times (Feb 25, 2005)]

Indiabulls' net grows 173% in Q3 [Economic Times (Jan 13, 2005)]

Indiabulls for FII stake in Credit Services [Moneycontrol.com (Jan 13, 2005)]

Indiabulls third-quarter net jumps, income rises too [Hindustan Times (Jan 13, 2005)]

Indiabulls Q3 net soars 175% to Rs 18.4cr - New Delhi,India [Moneycontrol.com (Jan 13, 2005)]

Indiabulls Q3 profits soar 173% to Rs. 18.4 crores [Sify (Jan 13, 2005)]

Indiabulls plans to hike FII limit to 100%, EGM postponed: [New Kerala (Jan 13, 2005)]

Farallon buys 33% in Indiabulls arm [The Economic Times (Jan 3, 2005)] Farallon buys 33% in Indiabulls Credit [Business Standard (Jan 3, 2005)]

CHAPTER-4

• THEORETICAL FRAMEWORK SWOT ANALYSIS OF INDIABULLS

WHAT IS SWOT ANALYSIS?

S for strengths, W for weakness, O for opportunities and T for threats.

Strengths of Indiabulls – What makes Indiabulls better than it’s competitors?

 Online trading platform.  Diverse Branch Network provides ample opportunities to penetrate deep into the existing & untapped market.  Indiabulls offers its clients a pool of financial services and products:  No annual maintenance charges.  No custodial charge.  It does not keep any condition as to collect minimum amount of brokerage from its clients  Most competitive BROKERAGE and DP charges (on delivery 0.5% and on intraday 0.1%)  Equity analysis report to support the investment decision of its clients  Trading via branch network, telephones and internet account i.e. both online and offline  Induction of new employees through an extensive computer based training module.  Real time online transfer fund and exposure updating facility with HDFC, CITIBANK, ICICI.

Weakness of Indiabulls:

 It should have its own mutual funds as Indiabulls is providing advises in mutual fund.  It should provide tips via SMS.  There should be a separate set of staff working in fields and trading on behalf of their clients:  Position to answer the questions of their clients relating to the current market position as they are on fields.  Commodities are not traded online.  It does not provide with the indices of major world markets, ADR prices of Indian scripts.  Unlike some of its competitors like ICICI and Kotak, Indiabulls does not provide a complete catalogue of financial services (e.g. Banking facility).  Due to the continuous need to meet the targets, some of the Relationship managers crack under pressure and thus leave the organization.

OPPURTUNITIES TO INDIABULLS:

 Financial services like banking  Market expansion i.e. opening branches at untapped areas  Indiabulls is registered with Luxembourg stock exchange and so can target other stock exchanges.  ATM facility should be provided for easy withdrawals.  The Capital market in the last few years has turned out to be one of the favorable avenues for the retail investors  Scope of online trading on BSE.  Indiabulls has tied up with other third party companies to sell their products. Due to the high client base of Indiabulls, there exists an opportunity to cross sell these products in the market.

THREATS TO INDIABULLS:

 Companies like Share khan, ICICI Direct, Kotak, and Private Brokers are major threats to Indiabulls.  Banks with demat facility jockeying for position.  Local brokers capable of charging lower brokerage.  Industry competitors vying for the same target segment.  Changes in SEBI guidelines & other tax implications.  Government Regulations. TRADING PROCEDURE

FUTURE PLAN’S OF INDIABULLS

Indiabulls is now looking at standardizing on Linux and is also considering migrating to Red Hat Enterprise Linux v.3 to further increase performance. With growing popularity of Linux on the desktop, Indiabulls is considering to port its client application to Linux. In doing so, it hopes to meet the needs of investors who prefer to use Linux desktops from their home or office in connecting to their services network. HISTORY OF ONLINE TRADING

The first organized stock exchange originated in Philadelphia in 1790, and at the time was the only avenue to trade, placing orders directly with a stock broker or trader. Eventually with the inception of the New York Stock Exchange in the 1820s, trading and even owning a seat on the exchange became easier to be a part of it all. OTC, or over-the-counter, personal stock brokers have been, and are still present for those who want to trade through them using their professional advice. Discount brokers are used regularly as well, who charge a lesser fee than a full service broker, but offer no advice. Today trading online has become a common practice, without directly using a broker.

FUNCTION

Being a member of an online trading site allows log in and trading using any computer that is connected to the Internet. The sites are operated and managed by a brokerage firm, who is responsible to be certain that all trading regulations are followed. The site provides streaming real time information along with listings of stocks, bonds, options, commodities and other investment instruments. The site also offers a ledger or personal record of the status of the investors account and holdings. Research tools are also made available.

Potential

With online trading being made so readily available it offers the opportunity to even become a day trader. A day trader buys and sells numerous times per day. Buying 1000 shares of stocks for instance at $20.00 per share with the anticipation that the stock will increase in value quickly, and then the trader will sell them as soon as they go up in value, even if slightly to $20.35 for instance, making a quick profit. At the end of the day, the day trader hopes that their accumulated trades created a nice profit. Also, with online trading, many people who may otherwise never enter the market are able to do so and invest in businesses, which helps to enhance the economy in general. Online Trading in NSE and BSE, Buying/Selling Shares and Brokers

Investing in share market can bring very good returns compared to other kind of investments like bank fixed deposits, bonds, PPF, NSC etc. Selecting the right stock in the right sector at the right time is important for success in equities. Price of the stocks increases according to the growth of the company plus companies will give bonus and dividend at periodic intervals.

Indian Stock Markets – NSE and BSE

The Bombay Stock Exchange(BSE) and National Stock Exchange (NSE) are the main stock exchanges in India. Apart from these two there are many regional stock exchanges. Both NSE and BSE are almost equal in daily traded volume. The primary index of BSE called BSE SENSEX comprising 30 stocks. This includes big Indian companies like , Tata Motors, ONGC, NTPC, TCS, Infosys, Bajaj Auto, Bharti Airtel, ACC, SBI, Wipro, BHEL, ICICI, HDFC etc as per Apr 2007. Similarly NSE has S&P NSE 50 Index (Nifty) comprising major 50 stocks.

ONLINE TRADING

Both NSE and BSE have switched over to computerized Online Trading system from open outcry trading system. BSE has BOLT (BSE Online Trading) and NSE has NEAT (National Exchange Automated Trading). With these highly efficient online trading systems efficiency and transparency of BSE and NSE are increased dramatically.

Online Trading Account and Demat Account

After the introduction of the online trading systems it is very easy to do online trading with just a PC and an internet connection. All you need to do is just open a Demat account and a trading account with a depository participant or DP. DP is connecting Depository to investors. Depository is the people who stores shares in electronics form. In India there are two depositories, NSDL and CDSL. Most of the banks and brokerage houses provides trading account and demat account. To open a demat account you need many things like PAN card, address proof, bank account etc. To know more about Demat account visit our demat account page Opening a Demat Account

BUYING/SELLING A SHARE

Once the account is active you can buy shares from BSE or NSE. For every buy or sell transaction you will have to pay a brokerage to the broker normally ranges between 0.4% to 0.8%. Suppose you buy 100 shares with price 100. So total amount is Rs 10000. For a .5% brokerage firm you will have to pay 0.5% of 10,000 ie Rs50. Same amount you have to pay when you sell it. So totally Rs 100 will be reduced from your total profit.

Apart from this brokerage you will have to pay many other charges like Service tax on the brokerage ie 12.25% for about transaction it is 12.25% of Rs 50 ie 6.125 for buy and another 6.125 for sell. Then there are other charges like Securities Turnover Tax (.125%), Stamp duty, Education cess, minimum buy/sell commission etc. These amount varies from broker to broker.

ONLINE BROKERS

There are many online brokerage firms in India like Sharekhan, Geojith Securities, ICICI Direct, HDFC Securities, India Bulls, Investsmart Online, Kotak Street, Motilal Oswal, 5 Paisa etc.

FACILITIES OF THE ONLINE TRADING INDIA:

The investor has to register with an online trading portal and get into an agreement with the firm to trade in different securities following the terms and conditions listed down on the agreement. The order processing is done in correct timings as the servers of the online trading portal are connected to the stock exchanges and designated banks all round the clock. They can also get updates on the trading and check the current status of their orders either through e-mail or through the interface. Brokerages also provides research content on their websites, such that the clients can take their own decisions on stocks before investing. PRODUCTS AND SERVICES OF THE ONLINE TRADING INDIA:

The major financial products and services of the online trading India are like

 EQUITIES,

 MUTUAL FUNDS,

 LIFE INSURANCE,

 GENERAL INSURANCE,

 LOANS,

 SHARE TRADING,

 COMMODITIES TRADING,

 PORTFOLIO MANAGEMENT AND FINANCIAL PLANNING.

NATIONAL STOCK EXCHANGE OF INDIA (NSE)

National Stock Exchange of India (NSE) is India's largest Stock Exchange & World's third largest Stock Exchange in terms of transactions. Located in Mumbai, NSE was promoted by leading Financial Institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, NSE was recognized as a Stock exchange under the Securities Contracts (Regulation) Act-1956. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000. NSE has played a catalytic role in reforming Indian securities market in terms of microstructure, market practices and trading volumes. NSE has set up its trading system as a nation-wide, fully automated screen based trading system. It has written for itself the mandate to create World-class Stock Exchange and use it as an instrument of change for the industry as a whole through competitive pressure. NSE is set up on a demutualised model wherein the ownership, management and trading rights are in the hands of three different sets of people. This has completely eliminated any conflict of interest. NSE WAS SET UP WITH THE OBJECTIVES OF:

 Establishing nationwide trading facility for all types of securities  Ensuring equal access to investors all over the country through an appropriate telecommunication network  Providing fair, efficient & transparent securities market using electronic trading system  Enabling shorter settlement cycles and book entry settlements  Meeting International benchmarks and standards

BENEFITS OF ON-LINE TRADING

 Less costly  Peace of mind  Keeping records  Access to information and investment tools  Unparalleled Liquidity  Unparalleled Safety  Reduces the settlement risk  Offer greater transparency  Ease of Trade  Problems Of On-Line Trading  Server not found  Connectivity of the broker with NSE and BSE  Cyber Attack  Non-Availability of a seamless interface  Non- availability of personalized  Margin  Little use of advisory services  Increased charges

PROBLEMS OF ON-LINE TRADING

 Server not found  Connectivity of the broker with NSE and BSE  Cyber Attack  Non-Availability of a seamless interface  Non- availability of personalized  Margin  Little use of advisory services  Increased charges

MARKET TIMINGS :

 Normal Market / exercise market open time 09:55 hours  Normal Market close 15:30 hours  Set up cut of time for position limit/collateral value Till 15:30 hours  Trade Modification end time/ Exercise market 16:15 hours THE TOP 30 COMPANIES LISTED IN BSE AND THEIR RISK AND RETURNS

Avg. Weightage Free-float Co-efficient of Returns Scrip Beta Daily (%) in Adj.Factor Company Determination (1 year) code Values Volatility SENSEX as as on (R2) (%) (%) on 30/11/09 30/11/09 500410 ACC LTD. 0.78 0.39 2.83 96.09 0.65 0.55 BHARAT HEAVY ELECTRICALS 500103 0.95 0.63 2.73 64.88 3.03 0.35 LTD. 532454 BHARTI AIRTEL LTD. 0.74 0.33 2.94 -10.68 3.14 0.35 532868 DLF Ltd. 1.61 0.50 5.23 77.35 1.17 0.25 500300 GRASIM INDUSTRIES LTD 0.64 0.27 2.82 167.75 1.29 0.75 500180 HDFC BANK LTD 0.82 0.63 2.38 92.58 5.07 0.85 500182 HERO HONDA MOTORS LTD 0.47 0.23 2.22 114.90 1.35 0.50 500440 HINDALCO INDUSTRIES LTD 1.20 0.50 3.91 160.23 1.20 0.65 500696 HINDUSTAN UNILEVER LTD. 0.33 0.15 1.96 20.77 2.45 0.50 HOUSING DEVELOPMENT FIN. 500010 1.12 0.59 3.33 88.54 5.58 0.90 CORPN. LTD 532174 ICICI BANK LTD. 1.54 0.73 4.13 145.96 7.58 1.00 500209 INFOSYS TECHNOLOGIES LTD. 0.66 0.39 2.41 92.16 9.15 0.85 500875 ITC LTD. 0.55 0.31 2.26 48.59 5.38 0.70 532532 JAIPRAKASH ASSOCIATES LIMITED 1.80 0.60 5.30 302.59 1.37 0.55 500510 LARSEN & TOUBRO LTD. 1.22 0.71 3.32 122.04 6.85 0.90 500520 MAHINDRA & MAHINDRA LTD 0.98 0.38 3.63 265.08 1.69 0.75 532500 MARUTI SUZUKI INDIA LIMITED 0.63 0.28 2.75 191.44 1.78 0.50 532555 NTPC LTD. 0.55 0.36 2.10 31.42 2.04 0.15 500312 ONGC CORPN 0.79 0.45 2.70 72.44 4.04 0.20 532712 RELIANCE COMMUNICATIONS LTD. 1.45 0.56 4.46 -12.05 0.98 0.35 500325 RELIANCE INDUSTRIES LTD. 1.20 0.74 3.19 87.84 13.75 0.50 500390 RELIANCE INFRASTRUCTURE LTD 1.58 0.64 4.54 108.60 1.21 0.65 500112 STATE 1.14 0.67 3.19 105.93 5.04 0.45 500900 STERLITE INDUSTRIES. 1.33 0.53 4.17 261.95 2.55 0.45 524715 SUN PHARMACEUTICAL INDS LTD. 0.32 0.10 2.34 34.88 0.95 0.40 TATA CONSULTANCY SERVICES 532540 0.82 0.42 2.92 146.29 3.18 0.30 LIMITED 500570 TATA MOTORS LTD. 1.18 0.38 4.38 384.71 1.50 0.60 500400 TATA POWER CO. LTD. 0.84 0.50 2.72 101.59 1.76 0.70 500470 TATA STEEL LIMITED. 1.42 0.54 4.46 281.19 2.81 0.70 507685 WIPRO LTD. 0.83 0.42 2.94 158.49 1.45 0.20

SENSEX 1.00 2.28 86.15 Beta = Co-variance(SENSEX, Stock)/ Variance(SENSEX)

R2 = (Correlation)2

Average Daily Volatility = One standard deviation of daily returns of individual stock price for last one year

Returns = % variation in the stock price over last one year

CATEGORIZATION OF SCRIP’S OF BSE INTO VARIOUS SECTORS

The above given information consists of all the top 30 companies listed in BSE, which are categorized into various sectors, are as follows:

HOUSING RELATED:  ACC (associated Cement Company).  DLF limited.  Reliance infrastructure limited TRANSPORT EQUIPMENT:  Hero Honda.  Maruthi Suzuki India Limited.  Tata Motors Limited. CAPITAL GOODS:  Bharath Heavy Electrical Limited (BHEL).  Larsen And Turbo Limited (L&T). TELE COMMUNICATIONS:  Reliance communications limited.  Bharathi Airtel Limited. HEALTH CARE:  Sun Pharmaceuticals Inds Limited. DIVERSIFIED SECTOR:  Grasim Industries Limited.  Jai Prakash Associates Limited.  Mahindra & Mahindra Limited. FINANCE SECTOR:  Housing Development Finance Co-Op Limited.  HDFC Bank Limited.  ICICI Bank Limited.  .

METAL AND METAL PRODUCTS:  Hindalco Industries Limited.  Tata Steel Limited.  Sterelite Industries. FAST MOVING CONSUMER GOODS:  Hindustan Unilever Limited.  ITC Limited. INFORMATION TECHNOLOGY SECTOR:  Infosys Technologies Limited.  Wipro Technologies.  Tata Consultancy Services Limited. POWER SECTOR:  National Thermal Power Corporation India Limited (NTPC).  Tata Power Corporation Limited.  Oil and natural gas corporation (ONGC).  Reliance Industries Limited (RIL). CHAPTER-5

Data analysis & interpretation CALCULATION OF RISK AND RETURN ANALYSIS OF VARIOUS SCRIP’S ARE AS FOLLOWS: HOUSING RELATED:

 ACC (Associated Cement Company).  DLF limited.  Reliance infrastructure limited

Company Risk () Probability Return Expected

return ACC Ltd 0.78 0.03 96.09 2.88 DLF Ltd 1.61 0.03 77.35 2.32 REL INFRA 1.58 0.03 108.60 3.25

INTERPRETATION:

The investors can invest their investment in Reliance infrastructure limited as the return is higher for a lesser risk, when compared with DLF LTD and ACC ltd. The next preference can be given to DLF ltd as the risk faced is 1.61 for a return of 77.33. the analysis has been done according to Markowitz model of calculating anticipated return. TRANSPORT EQUIPMENT: Company Risk () Probability Return Expected return

Hero Honda 0.47 0.03 114.90 3.44

Maruthi 0.63 0.03 191.44 5.74

Suzuki ltd Tata motors 1.18 0.03 384.71 11.54

INTERPRETATION:

From the above scrip’s the investor can invest in Tata Motors, the next preferences can be given to Maruthi Suzuki, and later on to Hero Honda even though the level of risk is higher comparatively but rate of return can be attained to accepted return.

CAPITAL GOODS:

Company Risk Probability Return Expected return () BHEL 0.95 0.02 64.88 1.29 L&T 1.22 0.02 122.0 2.44

4

INTERPRETATION:

From the above scrip’s the investor can invest in L&T, as the level of return is higher than BHEL because the level of return is more for the risk accepted by the investors. Hence in capital goods the investors can give their investment preference initially to L&T and then to BHEL TELE COMMUNICATIONS:

Company Risk Probability Return Expected return

() Bharthi Airtel 0.74 0.02 -10.68 -0.21 Reliance comm. Ltd 1.45 0.02 -12.05 -0.24

INTERPRETATION: From the above scrip’s the investor can invest in Bharthi Airtel and then in Reliance communications even though the returns are negative, it is better to invest in Airtel as the risk attained by them. DIVERSIFIED SECTOR:

Company Risk () Probability Return Expected return Grasim 0.64 0.03 167.75 5.03 Jai Prakash 1.80 0.03 302.59 9.07 M&M 0.98 0.03 265.08 7.95

INTERPRETATION:

The investors can invest their currency in Jai Prakash Associates, as return attained by them is higher and the next preference is given to Mahindra & Mahindra and the next preference is given to Grasim even though the risk is higher the return for that risk is genuine. FINANCE SECTOR:

Company Risk () Probability Return Expected return HDFC 1.12 0.04 88.54 3.54 HDFC bank 0.82 0.04 92.58 3.70 ICICI 1.54 0.04 145.96 5.83 SBI 1.14 0.04 105.93 4.23

INTERPRETATION:

In financial sector the investment can be done by the investors in ICICI BANK, and the next preference can be given to SBI BANK, and later on to HDFC BANK, and later to HDFC LTD. The level of risks varies very slightly but even then the rate of return is varies enormously. METAL AND METAL PRODUCTS

Company Risk () Probability Return Expected return Hindalco 1.20 0.03 160.23 4.80 Tata steel 1.42 0.03 281.19 8.43 Sterelite ind 1.33 0.03 261.95 7.85

INTERPRETATION:

The investors can invest their currency in TATA Steel and the next preference is given to Sterelite Industries and the next preference is given to Hindalco Ltd. The level of risk varies according to the acceptance of risk by the investors. FAST MOVING CONSUMER GOODS:

Company Risk Probability Return Expected return

() Hindustan Unilever Ltd 0.33 0.02 20.77 0.41 ITC Ltd 0.55 0.02 48.59 0.97

1 0.9 0.8 0.7 0.6 0.5 Risk 0.4 0.3 Anticipated return 0.2 0.1 0 Hindustan ITC Ltd unilever

INTERPRETATION:

The investors can make their investment in ITC Ltd and the next preference is given to Hindustan Unilever Ltd, even though the level of risk is more the return attained by the investors is genuine. The investment is more favorable for risk seekers and risk neutrals, hence they can move forward for their investment.

INFORMATION TECHNOLOGY SECTOR:

Company Risk () Probability Return Expected return Infosys 0.66 0.03 92.16 2.76 Wipro 0.83 0.03 158.49 4.75 TCS 0.82 0.03 281.19 8.43

INTERPRETATION:

The investors can make their investment in TCS and the next preference is given to Wipro technologies and later on to the Infosys Technologies, even though the risk faced by the investors varies but all the kinds of investors will be satisfied according to their investment capabilities. POWER SECTOR:

Company Risk () Probability Return Expected return NTPC 0.55 0.04 31.42 1.25 Tata power 0.84 0.04 101.59 4.06 ONGC 0.79 0.04 72.44 2.89 RIL 1.20 0.04 87.84 3.57

INTERPRETATION:

The investors can make there investment in TATA Power and the next preference is given to Reliance industries limited and later in comes to ONGC and finally the NTPC. Even the investment in this sector can satisfy all the kinds of investors according to the varied levels of acceptance of risk capabilities. PORTFOLIO OF VARIOUS SECURITIES:

Sectors Company Risk Anticipated return Housing related Reliance infra 1.58 3.25 Transport equipment Tata motors 1.18 11.54 Capital goods L&T 1.22 2.44 Tele communications Bharthi Airtel 0.74 -0.21 Health care 0.32 0.34 Diversified sector J.P.Associates 1.80 9.07 Finance sector ICICI Bank Ltd 1.54 5.83 Metal & metal products Tata steel 1.42 8.43 FMCG ITC Ltd 0.55 0.97 I.T sector TCS 0.82 8.43 Power sector TATA Power 0.84 4.06 PIE CHART REPRESENTATION OF ALL THE SECTORS OCCUPYING

THEIR POSISTIONS IN THE ENTIRE MARKET SHARE:

INTERPRETATION:

The level of return is highest for the transport equipment which occupies the major portion of the total market share and the next preference is given to diversified sector of J.P.Associates, and later on to TCS and next preference is given to metal products as the level of return is equal to both TCS and TATA STEEL but the level of risk varies for both of them. Hence the investors can prefer the top as these three, and the next preferences can be given to the sectors which have higher expected rates of returns. Generally, the investors are of three types i.e., risk seekers, risk neutrals, risk averters who can invest their investments in all the sectors according to their risk accepting capabilities. CHAPTER-6

• Findings • suggestions • conclusion FINDINGS

 The main findings of the study about online trading BSE a study of Visakhapatnam, INDIABULLS PVT LTD., is the leading stock broking house throughout India.

 Company’s basic principle is total commitment in service to all clients with transiently and indulges its trading operations

 Online trading gives control to individuals and they can exercise it over their accounts

 Investors feel to trade on online as they have to access tools to invest and can create their own portfolio.

 INDIABULLS Provides a complete information report on result and performance of individual companies

 The trading system of BSE provides enormous flexibility to trading members when entering an order, a trading member can place various conditions as the order in terms of price and time.  SUGGESTIONS

 Investors should review their portfolio with close observation on market changes.

 Investors should not stick on to particular scrip for long time even though those are not

performing well.

 Investors should have continuous analysis over the different trends in the market and

fundamentals of the companies

 Investors should analyze the market opportunities in realistic manner as well as

fundamentals

 Investors should invest in those companies giving regular dividends and other earnings.

 Investors should not believe in rumors about the stock market trends.

 Investors should not stick on to particular scrip for long time even though those are not

performing well.

CONCLUSION

The comprehensive study on “online trading system and dematerialization of securities” at INDIABULLS limited has been an enlightening experience stressing on the positive sects on security trading. Dematerialization of shares and online trading had done in whole lot of good to the issuer, investor, companies and country.

The depository system has reduced the time lag in delivery and settlement of securities but also supported the cause of providing more liquidity to the security holder, the need of reset ting up of a depository, paper less trading through online trading system and settlement became inevitable and unavoidable for the smooth and efficient functioning of the capital market. This system has provided its worthiness by increasing the speed of transaction with in T+2 days which was earlier Y+5 days, now there is a proposal that the settlement will be done in T+1 days in near future is in itself an indication of how great a boon in this system of Demat and online trading.

appendix bibilography BIBLIOGRAPHY

BOOKS

INVESTMENT MANAGEMENT A.V.AVADHANI

BUSINESS AS USUAL R.C.BETALA

WEBSITES

 WWW.BSEINDIA.COM  WWW.NSEINDIA.COM  WWW.HSE.ORG