ONLINE TRADING SPECIAL REFERENCE WITH INDIA INFOLINE

Project Report Submitted in partial fulfillment of the requirements for Bachelor of Business Administration (BBA)

By Kulbinder Singh Roll No. 104512463227 Batch of 2010-13

GIAN JYOTI INSTITUTE OF MANAGEMENT & TECHNOLOGY Sector-54, MOHALI July 2012

DECLARATION
I Kulbinder Singh s t ud en t of BB A 5 T H Sem es t er , s t ud yi n g at G i an j yo ti Institute of management and Technology, mohali hereby declare that the summer training report on ONLINE TRADING SPECIAL REFERENCE WITH INDIA INFOLINE submitted to Punjab technical University, mohali in partial fulfillment of Degree of Bachelors of Business Administration is the original work conducted by me. The information and data given in the report is authentic to the best of my knowledge. This summer traning project report is not being submitted to any other university for award of any other Degree, Diploma and fellowship.

ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people,who directly or indirectly contributed in the development of this work and who influenced my thinking, behavior, and acts during the course of study. I express my sincere gratitude to Dr. BEDI DIRECTOR OF GJIMT, for providing me an opportunity to undergo summer training at Unicon Investment Solutions. I am thankful to Mr.,Sandeep Bedi ,Branch Manager of India Infoline Ltd. for his support, cooperation, and motivation provided to me during the training for constant inspiration, presence and blessings. I also extend my sincere appreciation to Mrs. Meenal (LECTURER,GJIMT) AND Mr.Gurpartap singh (Head Of DEPARTMENT,GJIMT) who provided their valuable suggestions and precious time in accomplishing my project report. Lastly, I would like to thank the almighty and my parents for their moral support and my friends with whom I shared my day-to-day experience and received lots of suggestion that improved my quality of work

Student Name:- Kulbinder singh Signature Date ..

CERTIFICATE OF ORIGINALITY
I Kulbinder Singh Roll No . 104512463227of batch 2010-2013, I am a full time bonafide student of third year of Bachelor of Business Administration (BBA) Programme of Gian Jyoti Institute of Management & Technology, Mohali. I hereby certify that I have undergone summer training at INDIA INFOLINE from May 25th to July 15th and the project report titled ONLINE TRADING SPECIAL REFERENCE WITH INDIA INFOLINE submitted in partial

fulfillment of the requirements of the BBA programme is an original work of mine under the guidance of the industry mentor Mr. Sandeep Bedi and faculty mentor Mrs. Meenal , and is not based on or reproduced from any existing work of any other person. Further, the project report is not based on or reproduced from any earlier work undertaken at any other time or for any other purpose, and has not been submitted anywhere else at any time.

(Student's Signature) Student Name: Kulbinder singh Date:

(Faculty Signature ) Faculty Name: Mrs Mennal Date:

TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION 1.1 Introduction to Industry 1.1.1. introduction to company. Mission and vision of company 1.1.3 Company Structure 14 15 7 13 1.1.2

1.1.4 Servicies of India infoline 1.2 Introduction to project. 1.2.1. Objective of study 1.2.2 Meaning of online trading. 1.2.3 online trading in India 1.2.4 Introduction to dmat account 1.2.4.1Procedure of dmat account 1.2.4.2 charges of dmat account Chapter 2 RESEARCH METHODOLOGY 2.1 Scope of the study 2.2 Limitations of the Study Chapter 3 Analysis Data And interpretation 3.1 Data Analysis And interpretation 3.2 Limitations Of The Research Study Chapter 4 Suggestions, Conclusion and Recommendations. BIBLIOGRAPHY Questionnaire 44 45 47 47 48 41 23 24 27 33 34 22

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CHAPTER I

INDUSTRY PROFILE

1.1. INDUSTRY PROFILE

Stock Exchange
Stocks (Equity) are traded in stock exchange. India has two big stock exchanges (Bombay Stock Exchange - BSE and National Stock Exchange - NSE) and few small exchanges like Jaipur Stock Exchange etc. Investor can trade stocks in any of the stock exchange in India.

Stock Broker

Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE etc.). Stock Broker are registered member of stock exchange. A stock broker can register to one or more stock exchanges. Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks. Broker charge commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker.

Stock Trading
Traditionally stock trading is done through stock brokers, personally or through telephones. As number of people trading in stock market increase enormously in last few years, some issues like location constrains, busy phone lines, miss communication etc start growing in stock broker offices. Information technology (Stock Market Software) helps stock brokers in solving these problems with Online Stock Trading. Online Stock Market Trading is an internet based stock trading facility. Investor can trade shares through a website without any manual intervention from Stock Broker. In this case these Online Stock Trading companies are stock broker for the investor. They are registered with one or more Stock Exchanges. Mostly Online Trading Websites in India trades in BSE and NSE.

There are two different type of trading environments available for online equity trading. Installable software based Stock Trading Terminals These trading environments require software to be installed on investors computer. These software are provided by the stock broker. These softwares require high speed internet connection. This kind of trading terminals are used by high volume intra day equity traders. Below is the detail comparison of major Online Stock Market Trading websites in India. This comparison is to help investor to take calculated decision while searching for new trading portal. 1. ICICI Direct
8

2. Sharekhan 3. India bulls 4. 5Paisa 5. Motilal Oswal Securities 6. HDFC Securities 7. Reliance Money 8. IDBI PaisaBuilder 9. Religare 10. Geojit 11. Networth Stock Broking 12. Kotak Securities 13. Standard Chartered-STCI Capital Markets Ltd 14. Angel Trade 15. HSBC Invest Direct

INDUSTRY PROFILE

BOMBAY STOCK EXCHANGE (BSE):

This stock exchange, Mumbai, popularly known as BSE was established in 1857 as The Native share and stock brokers association as a voluntary non-profit making associations. It has an evolved over the years into its present status as the premier stock exchange in the country. It may be not that the stock exchanges the oldest one in Asia, even than the Tokyo Stock Exchange, which was founded in 1878.

The exchange, while providing an efficient and transparent market for trading in securities, upholds the interests of the investors and ensures 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 investors education programmers. A governing board comprising of 9 elected directors 2 SEBI nominees, 7 public representative and executive directors, 2 SEBI nominees, 7 public representative and executive director is the apex body, which decides the policies and regulates the affairs of the exchange. The executive director as the chief executive officer is responsible for the day to day administration of the exchange. The average daily turnover of the exchange during the year 2000-01 (April March) was Rs.3,984.16 crores and average number of daily trades 5.69 lakhs. The Ban on all deferral products like BLESS AND ALBM in the Indian capita Markets by SEBI with effect from 2001, abolition period settlements and introduction of compulsory ruling settlements in all scripts traded on the exchanges with effect from December 31, 2001 etc, have adversely impacted the liquidity and consequently there is a considerable decline in the daily turnover at the exchange. The average daily turnover of the exchange present scenario is 110363 (lakhs) and number of average daily trade 1057 (lakhs).

BSE INDICES:
In order to enable the market participants, etc, to track the various ups and downs in the Indian stock market, the exchange have introduced in 1986 and equity stock index called BSE SENSEX that subsequent became the barometer if the moments of the share prices in the Indian stock market. It is a Market capitalization weighted index of 30 companies. The base year of Sensex is 1978-79 .The Sensex is widely reported in both domestic and international market 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 3 component stocks from different
10

industries related to particular base period. The total market value of the company is determined by multiplying the price of its stock by the number of shares outstanding. Statisticians call a index of a set of combined variables (such as price and number of shares) a composite index. It is much easier to graph a chart based on indexed values than one based on actual values worked over majority of the well known indices are constructed using Market capitalization weighted method. In practice, the daily calculation of SENSEX is done by dividing the aggregate market value of the 30 companies in the index by a number called the index Devisor. The devisor is the only link to the original base period value of the sensex. The divisor keeps the index comparable over a period of time and if the reference point for the entire index maintains 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 (NSE):

The NSE was incorporated in November 1992 with an equity capital of Rs. 25 crores. The International Securities Consultancy (ICS) of Hong Kong has helped in setting up NSE. ISE has prepared detailed business plans and installation of hardware and software systems. The promotions for NSE were financial institutions, insurances companies, banks and SEBI Capital Market Ltd. It has been set up to strengthen the move towards professionalizing of the capital market was well as provide nation wide securities facilities to investors.

NSE is not an exchange in the traditional sense where brokers own and manage the exchange. A two tier administrative set up involving a company board and a governing board envisaged. NSE is a national market for shares PSU bonds, debentures and government securities since infrastructure and trading facilities are provided.
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NSE MIDCAP INDEX:

The NSE midcap index or the junior Nifty comprises 50 that represents 21 abroad industry groups and will provide proper representation of the midcap 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 says at the impact cost less 2.5% The base period for the index is November 4th, 1996, which signifies two years for completion of operation of the capital market segment of the operations. The base value of the index has been set at 1000. At present there are 24 stock exchanges recognized under the securities contract (regulations) Act, 1956. They are

Name of the Stock Exchange Bombay Stock Exchange Ahmadabad share & stock brokers association

YEAR

1875 1957

Calcutta Stock Exchange Association Ltd Delhi Stock Exchange Ltd Madras Stock Exchange Association Ltd 1957 Indore Stock brokers Association Ltd Bangalore Stock Exchange Hyderabad Stock Exchange Cochin Stock Exchange 1978 Pune Stock Exchange UP Stock Exchange Ludhiana Stock Exchange Jaipur Stock Exchange Ltd

1957 1957

1958 1963 1943

1982 1982 1983 1983-84

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Gauhati Stock Exchange Ltd Mangalore Stock Exchange Ltd Maghad Stock Exchange Ltd, Patna Bhubaneshwar Stock Exchange Association Ltd Over the counter Exchange India, Bombay Saurastra Kuth Stock Exchange Ltd Vadodard Stock Exchange Ltd Coimbatore Stock Exchange Ltd The Meerut Stock Exchange National Stock Exchange Integrated Stock Exchange

1984 1985 1986 1989 1989 1990 1991 1991 1991 1991
1999

1.1.1 COMPANY

PROFILE

India Infoline was launched on 11 may 1999 with SEBI REGN. NO. : INB 231097537 &CODE NO. : 10975, Regd. &Dealing Office :Building No. 24 1st Floor Nirlon Compound, Western Express Highway, Goreagaon (e) Mumbai -400 063.www.indiainfoline.com is Indias leading and most comprehensive business and financial information and analysis earlier restricted to a few people to the common man absolutely free. The site met with an overwhelming response and has been reviewed as the most comprehensive financial content website in India by BBC World Money watch, Business World, Business line and others. The company also won the Golden Mouse Award in India Internet World 2000 for the Best Finance site. In May 2001, our website was included in top 200 Best of the web list by Forbes Global under the Asias investing category. We were the only website from India to be featured in any category. Since then it has been nominated twice to this list. In its last review, Forbes editors have said. www.indiainfoline.com is a must read for the investors in South Asia... Our research is also disseminated electronically through Bloomberg, Investext, First Call/Thomson Financial and internet securities.
13

On First call/Thomson Financial, We have been one of the largest read research houses from Asia, which is a testimony to the quality and timeliness of our reports. The offerings on the site include a combination of information and transaction services. Transaction services include mutual funds. Personal loans and online broking through www.5paisa .com. India Infoline was the first company to offer many of these services in the country. In online broking, we have emerged as a leading player offering online trading facility with significant market share. As on date, the Group employs 4000 plus employees, most of them are placed at its various branches across India. About INDIA INFOLINE. It is a one-stop financial services shop, most respected for quality of its advice, personalized service and cutting edge technology

1.1.2 VISION
Its vision is to be the most respected company in the financial services space India Infoline Ltd. India Infoline Ltd is listed on both the leading stock exchanges in India, viz, the Stock Exchange, Mumbai (BSE) and the National Stock exchange (NSE). The Infoline group, comprising the holding company, India Infoline Ltd and its subsidiaries, straddles the entire financial services space with offerings ranging from Equity research, Equities and derivatives trading, Commodities trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits GoI bonds and other small savings instruments to loan products and Investment banking India Infoline also owns and manages the websites, www.indiainfoline.com and www.5paisa .com

COMPANY STRUCTURE

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India Infoline Ltd, being a listed entity, is regulated by SEBI (Securities and Exchange Board of India). It undertakes equities research which is acknowledge by none other than Forbes as Best of the Web and a must read for investors in Asia. India Infolines research is available not just over the internet but also on international wire services like Bloomberg (Code: IILL).Thomson First Call and Internet Securities where it is amongst the most read Indian brokers. Its various subsidiaries are in different of business and hence are governed by different regulator. The subsidiaries of India Infoline Ltd are India Infoline Securities Pvt Ltd is a 100% subsidiary of India Infoline Ltd, which is engaged in the businesses of Equities broking and Portfolio Management Services It holds memberships of both the leading stock exchanges of India viz. the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE). It offers broking services in the Cash and Derivatives segments of the NSE as well as the Cash segment of the BSE. A SEBI Authorized Portfolio Management Services to clients.

15

These services are offered to clients as different schemes, which are based on differing investment strategies made to reflect the varied risk-return preferences of client.

India Infoline Commodities Pvt Ltd

INDIA Infoline Commodities Pvt Ltd is a 100%subsidiary of India Infoline Ltd, Which is engaged in the business of commodities broking. Our experience in securities broking us with the requisite skills and technologies to allow us offer commodities broking as a contra-cyclical alternative to equities broking. We enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges, and recently acquired memberships of DGCX. We have a multi-channel delivery model, making it among the select few to online as well as offline trading facilities.

India Infoline Distribution Co Ltd (IILD)

India Infoline.com Distribution Co Ltd is a 100% subsidiary of India Infoline Ltd and is engaged in the business of distribution of Mutual funds, IPOs, Fixed Deposits and other small savings products. It is one of the largest vendor-independent distribution houses and has a wide pan-India footprint of over 232 branches coupled with a huge number of feet-on-street, which helps source and service customers across the length and breadth of India .Its unique value proposition of free doorstep expert advice coupled with free pick-up and delivery of cheque has been met with an enthusiastic response from customers and fund houses alike. Our business has expanded to include the online distribution of mutual funds, wherein users can view and compare different product offerings and download application forms which they can later submit to the product provider Mortgage & Loans IILD has also entered the business on distribution of mortgages and loan products during the year 2005-2006. The business is still in the investing phase and we plan to

16

roll the business out across its pan-Indian network to provide it with a truly national scale in operations.

India Infoline Insurance Services Ltd

India Infoline Insurance Ltd is also a 100% subsidiary of India Infoline Ltd and is a registered Corporate Agent with the Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate Agent for ICICI Prudential Life Insurance Co Ltd, which is Indias largest private Life Insurance Company

India Infoline Investment Sevices Ltd

India Infoline Investment Service Ltd is also a 100% subsidiary of India Infoline Ltd. It has an NBFC license from the Reserve Bank of India (RBI) and offers marginfunding facility to the broking customers.

India Infoline Insurance Brokers Ltd

India Infoline Insurance brokers Ltd is a 100% subsidiary of India Infoline Ltd and is a newly formed subsidiary which will carry out the business of Insurance broking. We have applied to IRDA for the insurance broking license and the clearance for the same is awaited.

1.1.3

SERVICES OFFERED BY INDIA INFOLINE:

Heres look at the rocketing list of whats on offer from The India Infoline Group:

EQUITY TRADING AND STOCK BROKING:Cash and Derivatives segment. Member BSE and NSE, DP with NSDL.

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PORTFOLIO MANAGEMENT:SEBI-Registered, backed by a pool of analysis with over 200 man-years in managing portfolios

RESEARCH &ANALYSIS:Exhaustive information and data mining, covering the spectrum of Indian business, industry and financial markets.

MUTUAL FUNDS:Primary agent for the entire phalanx of leading funds. Something to suit every risk profile.

LIFE INSURANCE:Leading corporate agent of ICICI Prudential life insurance Company miles ahead of the runner-up!

COMMODITIES BROKING:Member of the Multi-commodities Exchange (MCX) Again, rock-bottom brokerage and quality research support. Fixed Income Instruments: From Fixed deposits, Post Office Saving schemes to RBI Tax saving and Infrastructure Bonds.

India Infoline Ltd Press Release Financial Results: Q3 FY09

Mumbai, India

India Infoline quarterly income and net profit at INR2304Mn and INR297.8Mn

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Results (consolidated) for the quarter ended December 31, 2009 Income for the quarter at INR 2.3bn, down 26% yoy Net profit* for the quarter at INR 297.8mn, down 54% yoy EBIDTA margins in Q3FY09 at 26.4% as compared to 39.6% in Q3FY08 The Board approves an Interim dividend of Rs2.80 per share

Summary consolidated financials: (INR Mn)

Quarter ended Dec.31,2009

Quarter ended Dec.31,2008

Growth% Nine months Nine months Growth% Year-on- Ended Ended Year-onYear Dec.31,2009 Dec.31,2008 Year Growth% Year-onyear

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Income

2304.0

3106.7

(26%)

7761.2

6393.8

21%

EBIDTA 608.9

1230.5

(51%)

2486.2

2345.2

6%

PBT

453.6

1020.1

(56%)

1904.0

1900.2

0%

PAT*

297.8

651.4

(54%)

1195.3

939.9

27%

SHAREHOLDING PATTERN

Type of Share Holders

Shares

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Foreign Institutions Govt Holding Non Promoter Corporate Holding Promoters Public & others Total

78,232,566 57,843,332 0 11,528,968 95,655,532 40,139,602 283,400,000

27.6% 20.4% 0.0% 4.1% 33.8% 14.2% 100.0%

1.2 ONLINE TRADING

The 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 in efficient. This imposed limits on trading volumes and efficiency. In order to provide efficiency in order to provide efficiency, liquidity and transparency, NSE introduced a nation-wide on-line full automated Screen Based Trading System (SBTS) where a member can punch into the computer quantities of securities ant 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. SBTS is electronically matches on a strict /time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational efficiency. It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the

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informational efficiency of markets. It enables market participants, irrespective of their geographical locations, to trade with one another simultaneously, improving the depth and liquidity of the market. It provides full anonymity by accepting orders, big or small, from members without revealing their identity, thus providing equal access to everybody. It also provides a perfect audit trail, which helps to resolve disputes by logging in the trade execution process in entirety. This sucked liquidity from other exchanges and in the very first year of its operation, NSE became the leading stock exchange in the country, impacting the fortunes of other exchange in the country, impacting the fortunes of other exchanges and forcing them to adopt SBTS also. Today India can boast that almost 1005 trading take place through electronic order matching.

The trading network in NSE has main computer, which is connected through very small terminal (VSAT) installed at its office. The main computer runs on a runs on a fault tolerant STRATUS main frame computer at the exchange. Brokers have terminal s installed at their premises, which are connected through VSATs/leased lines/modems.

An investor informs a broker to place an order on his behalf. The broker enters the order through his pc which runs under Windows NT and sends signal to the satellite via VSAT/leased line/modem.

1.2.1 OBEJECTIVES
To know the on-line screen based trading systems and its communication facilities for

the appropriate configuration to set network.

The purpose of the study is to understand the complete Gambit of Online Trading. It is to study the functions of INDIA INFOLINE through various departments.

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To know about the latest and future development in the stock exchange trading system.

ONLINE TRADING..
The act or practice of buying and selling securities over the Internet. Generally speaking, online trading occurs when an investor makes an order to a broker online; the broker then executes the order through the ordinary means. Online trading became more common in the 1990s as more brokerages offered their services online, often for a small fee rather than a commission on the trade. Online trading should be distinguished from electronic trading, which occurs on an exchange.

Definition..

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Online Trading is a service offered to the internet for purchase and sale of shares. In the real world you place orders on your stockbroker either verbally (personally or the stockbrokers website through your internet enabled PC and place orders through the brokers internet based trading engine. These orders are routed to the stock exchange without manual intervention and executed there on in a matter of a few seconds The net is used as a mode of trading in internet trading; Orders are communicated to the stock exchange through website.

Before getting in to online trading we should know some things about the internet, e-commerce and etc.

INTERNET:
Internet is a world wide, self-governed network connecting several other smaller networks and millions of computers and persons, to mega sources of information. This technology shrinks vast distances, accelerating the pace of business reforms and revolutionizing the way companies are managed. It allows direct, ubiquitous links to anyone where and anytime to build up interactive relationships. A combination of time and space called the internet promises to bring unprecedented changes in our lives and business. Internet or net is an inter-connection of computer communication networks spanning the entire globe, crossing all geographical boundaries. It has re-defined the methods of communication ,work study, education, business, leisure health, trade , banking commerce and what not it is virtually changing every thing and we are living in dot.com age Net being an interactive two way medium, through various websites , enables participation by individuals in business to business and business to consumer commerce ,visits to shopping arcades games ,etc in cyber space even the information can be copied ,downloaded and retransmitted.

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The use of Internet has grown 2000 percent in last decade and is currently growing at 10%per month. In India, growth of Internet is of recent times. It is expected to bring changes in every functional area of business activity including management and financial services. It offers stock trading at a lower cost. Internet can change the nature and capacity of stock broking business in India.

E-COMMERCE
Electronic commerce is associated with buying and selling over computer communication networks .It helps conduct traditional commerce through new way of transferring and processing of information. Information is electronically transferred from computer to computer an automated way. E-commerce refers to the paperless exchange of business information using electronic data inter change, electronic technologies. It not only help reduces manual processes and paper transactions but also helps organization move to a fully electronic environment and change the way they operated.

PCs and networking attempts to introduce banks of the tools and technologies required for commerce. The computers are either work stations of individual office works or serves where large data base and information reside. Network connects both categories of computers: the various operating systems are the most basis program within a computer. It manages the resources of the computer system in a fair and efficient manner. Now we can enter in to the concept known as online trading. In the past, investors had no option but to contact their broker to get real time access to market data. The net brings data to the investor on-line and net broking enables him to

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trade on a click of mouse .now information has become easily accessible to both retail as well as big investor.

EVOLUTION OF BROKING IN INDIA:

The evolution of a broking in India can be categorized in three phases Stockbrokers will offer on their sites features such as live portfolio manager, live quotes,

market research and news, etc. to attract more investors. Brokers will offer online booking and relationship management by providing and

offering analysis and information to investors during broking and non-broking hours based on their profile and needs ,i.e., customized services Brokers (now e-brokers) will offer value management or services like initial public

offering online ,on-line asset allocation , portfolio management, financial planning , tax planning , insurance services, etc. and enables the investors to take better and well considered decisions

The actual definition of online trading is as explained below: Online Trading is a service offered to the internet for purchase and sale of shares. In the real world you place orders on your stockbroker either verbally (personally or the stockbrokers website through your internet enabled PC and place orders through the brokers internet based trading engine. These orders are routed to the stock exchange without manual intervention and executed there on in a matter of a few seconds The net is used as a mode of trading in internet trading; Orders are communicated to the stock exchange through website.

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IN INDIA:
Internet trading started in India on 1st April 2000 with 79 members seeking permission for Online trading .The SEBI committees on internet based securities trading services has allowed the net to be used as an Order Routing System (ORS) through registered stock brokers on behalf of their clients for execution of transaction under the ORS, the clients enters his requirement (security quantity, price BU/sell) on brokers site

Objectives:
Increase transparency in the markets Enhance market quality through improved liquidity Reduced Settlement risks due to open trade by elimination of mismatched Providers management information system.

Introduce flexibility in system, so as to handle growing volumes easily and to support nationwide expansion of market activity. Besides , through internet trading three fundamental objectives of securities regulation can be easily achieved, these are: Investor protection telephonically or in a written form (fax), In online trading, you will access a Creation of a fair and efficient market, and Reduction of the systematic risks.

REQUIREMENTS FOR NET TRADING:

FOR INVESTORS:

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1. 2. 3. 4. 5. 6. 7.

Installation of a computer with required specification. Installation of a modem Telephone connection Registration for on-line trading with broker A bank account Depository account Compliance with SEBI guidelines for net trading

The following should be produced to get a demat account and online trading account:
As identity proof: PAN card (mandatory) For address proof any one of the following: Voter ID card Driving license Ration card Bank pass book Telephone bill

Other requirements, which are necessary

First page of the bank pass book and last 6 month statement.

Bank managers signature along with banks seal, manager registration code on photograph.

For stock brokers:

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1. 2. 3. 4. 5. 6. 7. 8. 9.

Permission from stock exchange for net trading Net worth of Rs. 50 lack Adequate back up system System and reliable software system Adequate , experienced and trained staff Communication of order (trade confirmation to investor by e-mail) Use of authentication technologies Issue of contract notes within 24 hours of the trade execution Setting up a web site. The net is used as a medium of trading in internet trading .Orders are communicated to the stock exchange through website. Internet trading started in India on 1st April 2000 with 79 members seeking permission for online trading. The SEBI committees on internet based securities trading services has allowed the net to be used as an Order Routing System (ORS) through registered stock brokers on behalf of their clients for execution of transaction. Under the Order Routing System the client enters his requirements (security, quantity, price, and buy/sell) in brokers site. They are checked electronically against the clients account and routed electronically to the appropriate exchange for execution of the order. The customers portfolio and ledger accounts get updated to reflect the transaction. The user should have the user id and password to enter into the electronic ring. He should also have demat account and bank account. The system permits only a registered client to log in using user id and password. Order can be placed using place order window of the website.

Procedure for net trading

Step 1: Those investors, who are interested in doing the trading over internet system i.e. NEAT-IXS, should approach the brokers and get them self registered with the Stock Broker.

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Step 2: A personal identification number (PIN) Step 3: Actual placement of an order. An order can then be placed by using the place order window as under: (a) First by entering the symbol and series of stock and other parameters like

quantity and price of the scrip on the place order window. (b) Second, fill in the symbol, series and the default quantity.

Step 4: It is the process of review. Thus, the investor has to review the order placed by clicking the review option. He may also re-set to clear the values. Step 5: After the review has been satisfactory, the order has to sent by clicking on the send option. Step 6: The investor will receive an order Confirmation message along with the order number and the value of the order. Step 7: In case the order is rejected by the Broker or the Stock Exchange for certain reasons such as invalid price limit, an appropriate message will appear at the bottom of the screen. At present, a time lag of about 10 seconds is there in executing the trade. Step 8: It is regarding charging payment, for which there are different mode. Some brokers will take some advance payment from the investor and will fix their trading limits. When the trade is executed, the broker will ask the investor for transfer of funds to his account. Internet trading provides total transparency between a broker and an investor in a secondary market. In the open outcry system, only the broker knew the actually transacted price. Screen based trading provides more transparency. With online trading investors can see themselves the price at which the deal takes place.

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The time gap has narrowed in every stage of operation. Confirmation and execution of trade reaches the investor within the least possible time, mostly after registration, the broker will provide to them a log and personal identification number (PIN). The time gap has narrowed in every stage of operation. Confirmation and execution of trade reaches the investor within the least possible time, mostly in name, Password within 30 seconds. Instant feedback is available about the execution. Some of the websites also offer; News and research report BSE and NSE movements Stock analysis IPO and mutual fund centers.

Step by step procedure in online trading:

Following steps explain the step by step approach to on-line trading: Log on to the stock brokers website Register as client/investor Fill the application form and client broker agreement form on the requisite value

stamp paper Obtain user ID and pass word Log on to the brokers site using secure user ID and password Market watch page will show real time on-line market data Trade shares directly by entering the symbol or number of the security

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Brokers server will check your limit in the on-line account and demat account

for the number of shares and execute the trade means. Order is executed instantly (10-30 seconds) and confirmation can be obtained. Confirmation is e-mailed to investor by broker Contract note is printed and mailed in 24 hours Settlement will take place automatically on the settlement day Demat account and the bank account will get debited and credited by electronic

ONLINE TRADING HAS LED TO ADDITIONAL FEATURES SUCH AS:

LIMIT / STOP ORDERS: Orders that can be go unfilled, but there is an extra

charge for this leeway facility since one need to hold a price.

Market orders: Orders can be filled at unexpected prices, but this type is much

more risky, since you have to buy stock at the given price.

Cash account: Where funds have to be available prior to placing the order. Margin account: Where orders can be placed against stocks, to increase

purchasing power.

ONLINE TRADING ADVANTAGES: Trading online has revolutionized the stock markets. The main benefit of trading online is speed. There is no need dial up your broker, wait to speak somebody, and have him or

her enter the order on their computer.

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As you can online imagine, the convenience of online trading attracts many

Investors $40 US You can enter trade orders day or night, from any where in Cyberspace. The internet is full of advice, free technical analysis tools and commentary. You can formulate your own strategy and run investments yourself. Most online brokerages will take online orders for a commission of about $5 to

ONLINE TRADING DISADVANTAGES: If you are going to trade online you are obviously the one making all trading

choices.
To make your trading decisions, you need to research your stocks and constantly pay

attention to market news. This will require sometime as you pursue your sources of market information and use online tools.

1.2.4 Demat:
A demat account allows you to buy, sell and transact shares without the endless paperwork and delays. It is also safe, secure and convenient.

What is Demat account?

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Demat refers to a dematerialized account. Just as you have to open an account with a bank if you want to save your money, make cheque payments etc, you need to open a demat account if you want to buy or sell stocks. So it is just like a bank account where actual money is replaced by shares. Why demat? 1. 2. The demat account reduces brokerage charges. It enables quick ownership of securities on settlement resulting in increased

liquidity. 3. It avoids confusion in the ownership title of securities, and provides easy receipt

of public issue allotments. 4. It also helps you avoid bad deliveries caused by signature mismatch, postal

delays and loss of certificate in transit. 5. It eliminates risks associated with forgery, counterfeiting and loss due to fire,

theft or mutilation. 6. Demat account holders can also avoid stamp duty (as against 0.5 percent payable

on physical shares), avoid filling up of transfer deeds.

Steps involved in opening a demat account:

Opening an individual demats account is a two-step process: 1. Approaching a DP and fill up the demat account-opening booklet. The web sites

of the NSDL and the CDSL list the approved DPs. 2. We receive an account number and a DP ID number for the account.

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The cost opening and holding a demat account.

There are four major charges usually levied on a demat account: 1. 2. 3. 4. Account opening fee Annual maintenance fee Custodian fee Transaction fee.

Account-opening fee
Depending on the DP, there may or may not be an opening account fee. Private Banks, such as ICICI Bank, HDFC Bank and UTI Bank, do not have one. Players such as Karvy Consultants and the State Bank if India do so. This fee is refundable

Annual maintenance fee

This is also known as folio maintenance charges, and is generally levied in advance.

Custodian fee
This fee is charged monthly and depends on the number of securities (international securities identification numbers ISIN) held in the account It generally ranges between Rs 0.5 to Rs 1 per ISIN on which the companies have paid one-time custody charges to the depository.

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Transaction fee
The transaction fee is charged for crediting/debiting securities to and from the account on a monthly basis. While some DPs, such as SBI, charge a flat fee per transaction, HDFC Bank and ICICI Bank peg the fee to the transaction value, subject to a minimum amount. The fee also differs based on the kind of transaction (buying or selling). Both Service tax is also charged.

Demat Benefits:
The benefits are enumerated below: A safe and convenient way to hold securities; Immediate transfer of securities; No stamp duty on transfer of securities; Elimination of risks associated with physical certificates such as bad delivery,

fake securities, delays, thefts etc.; Reduction in paperwork involved in transfer of securities; Reduction in transaction cost. No odd lot problem, even one share can be sold; Nomination facility;

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Change in address recorded with DP gets registered with all companies in which

investor holds securities electronically eliminating the need to correspond with each of them separately; Transmission of securities is done by DP eliminating correspondence with

companies; Automatic credit into demat account of shares, arising out of

bonus/split/consolidation/merger etc. Holding investment in equity and debt instruments in a single account

BROKERS ADVANTAGES:1. stocks. 2. A broker can do everything from making all your stock trading decision for, to Despite the popularity of online trading, not everybody uses the internet to trade

give you little advice on what to buy or sell.

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3.

If you want some investing help, or if you want somebody else to deal with

everything, using a broker might be right for you, 4. Brokers are stock professionals; they watch the market and deal with customers

like you everyday. 5. Brokers keep in touch with a network of other professional, so news and

knowledge constantly come their way. 6. Finally, your broker may offer services other than just trading stocks. If you

want you can find a broker that will manage your taxes estate and business.
7. The personal attention available from broker who knows your full financial situation

is very calculable.

BROKERS DISADVANTAGES
1. Taking a percentage of your assets under management, making stock traders

taking a flat fee. 2. However I must stress that the brokerage industry is highly regulated and most

brokers act with integrity, nonetheless, it is best to be aware of the risks. 3. Get a feel for how much time broker spends marketing and how much attention

your asset will receive. 4. If your broker gets a paid commission for trading, keep in mind that there may

be a conflict of interest. 5. 6. Make sure your broker can consistently justify and all stock trades. Find out about your brokers background and interests to see if he or she is a

good match. 7. Finally, live brokers are more expensive than online brokers. Their presence and

personal attention command a price.

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The given flowchart clearly explains the process of online trading:

NEED AND IMPORTANCE OF THE STUDY

Capital Markets play a vital role in the development of the economy and stock exchanges are the integral part of the capital market. With the advance in Information Technology, age-old methods of stock trading are gradually fading out. They are replaced by the easier and hasslefree method of trading On-line through Internet.

This study is carried out to explore the changes occurring in stock exchange with the advancements in the information technology. The major need for this study is to know the effectiveness of online system in comparison with the outcry system. More emphasis is given to

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bring out the process of online trading behind the screen and its advantages. The study also includes the emergence of the depository system in the country to rule out the drawbacks of the system of physical transfer of the shares.

CHAPTER-II
RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY

2.1 Research Methodology

Research methodology refers to the search for Knowledge. It is a way to systematically solve the research problem. In it we study the various steps that are generally adopted by the researcher in studying his research problem along with logic behind them.

Research Methodology concerning a research problem or study provide answers to various questions like; why a research study has been undertaken, how the research problem has been defined, what data have been collected and what particular method has been adopted to collect the data, what technique has been used for analyzing the data and a host of similar other questions.

41

The fair selection can be arrived at through the objective assessment and of course comparison of various alternatives. The finally selected line of action must ensure that this is indeed best one as against those rejected by the researcher. in addition, the circumstance. So the final choice must be based on assessment of its advantage and disadvantages when weighted against affecting factors.

1 Research design, 2 Sample design, 3 Data collection procedure and 4 Methods of analyzing 5 Reporting the findings.

2.1.1 Research Design The research problem having been formulated in clear cut terms, the researcher will be required to prepare a research design i.e., he will have to state the conceptual structure with in which research would be conducted. The preparation of such a design facilitates research to be as efficient as possible yielding maximal information. But how all there can be achieved depends mainly on the research purpose. Research purpose may be grouped into four categories.

(1) Exploration (2) Description (3) Diagnoses and (4) Experimentation.

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In the present research study the aim was to know the feedback about online trading process for which a scheduled questionnaire of 10 questions was prepared, the data was collected and the responses were recorded.

Exploratory research studies are those whose main purpose is that of formulating a problem for more precise investigation or of developing the working hypotheses from on operational point of view.

Descriptive research studies are those studies which are concerned with describing the characteristics of a particular individual, or of a group

Diagnostic research studies determine the frequency with which something occurs.

Experimental research studies are those where the researcher tests the hypothesis of casual relationship between the variables. Research design of this particular research study of dematerialization of shares is primarily based on descriptive and diagnostic research design. As descriptive and diagnostic research design describes the characteristics and determines the frequency with which something occurs respectively, similarly this research determines the characteristics of the individuals who deal in share and also determine the frequency of dealing on the basis of their characteristics.

3 Sample Design
All the items under consideration in any field of inquiry constitute a Universe or Population. A complete enumeration of all the items in the population is known as a census inquiry. This type of inquiry involves a great ideal of time, money and energy. Hence quite often a few items so selected constitute what is technically called a sample.. A sample design is a definite plan determined before any data are actually collected for obtaining a sample from a given population. Samples can be either probability or non-probability samples. With probability samples each element has a known probability of being included in the sample but nonprobability samples are those based on simples do not allow the researcher to determine this probability.

43

Probability samples are those based on simple random sampling, systematic sampling , etc where as non probability samples are those based on convenient sampling, judgment sampling etc. The required data is collected both from primary as well as secondary sources.

3.1 Primary Sources: The primary data was collected through structured unbiased questionnaire and personal interviews of investors. For this purpose questionnaire included were both open ended & close ended & mulple-choice questions.

3.2 Secondary Sources: Secondary data is the data, which is collected and complied for different purposes, which are used in research for this study. The secondary data includes material collected from:Megazines. Bulletines. Brochure of India Infoline. Internet.

4 SIZE OF SAMPLE

The overall sample involved in the study consisted of 100 individuals. Keeping in view the limited resources of time, a limited sample of individuals. It was fixed before hand and every effort was made to cover the given number of individuals with available time for the collection of data for this project. The data was collected with the help of the questionnaire herself by the researcher.

5. Method used for analysis of study.

The methodology used for this purpose is Survey and Questionnaire Method. It is a time consuming and expensive method and requires more administrative planning and supervision. It is also subjective to interviewer bias or distorti

SCOPE OF THE STUDY

The online trading system can increase efficiency, free up time and, most importantly, increase profits.
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1.

Online trading is a concept which has emerged in today phenomenon is only beneficial

to the urban investors. This concept has not reached yet the semi urban and rural population. 2. Online trading facility can be avail easily by just opening an account with the broker and

depository participant. 3. The broker delivers the shares from his clearing member account to clients account

when the clients take the delivery of the shares.

LIMITATIONS OF THE STUDY

1. Ltd. 2. The data is collected from the primary & secondary sources so the study will have slight The analysis is made on the online trading activities carried out in India Infoline Pvt

variation than what the study includes in reality. 3.

4.

The study is limited to current time period. The study is purely for academic purpose.

CHAPTER III DATA ANALYSIS AND INTREPRETATION

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3. ANALYSIS OF DATA AND INTERPRETATION

After the data have been collected, the researcher turns to the task of analyzing them. The analysis of data requires a number of closely related operations such as establishment of categories, the application of these categories to raw data through coding, tabulation and then drawing statistical inferences. The unwisely data should necessary be condensed into a few manageable groups and tables for further analysis. Thus researcher should classify the raw data into some purposeful and usable categories. In the process of analysis, relationships or differences supporting or conflicting with original or new hypotheses should be subjected to tests of significance to determine with what validity data can be said to indicate any conclusion The interpretation is done on the basis of the analyzed data and also some recommendations are given to fill the loopholes of the actual scenario.

3.1 DATA ANALYSIS AND INTERPRETATION

Research is conducted for finding the solution of the problem. So to find the solution of the problem data analysis and interpretation is must. There are some questions related to this research to interpret the result. The sample size in this study consisted of 100 individuals and data analyzed from the response of these 100 individuals.

3.2 Limitations Of The Research Study

Due to the lack of time, it was not possible for the researcher to approach all the people.

The respondents were asked to indicate their true responses to the questions being asked, but rather than giving the response, they might have been in a form of expert comments which might have based the result of the study. The results of the study may not be universally applicable due to regional constraints. Money was also considered as a major constraint during the research work. Personal biasness may be included in the research work. Due to the lack of time, it was not possible for the researcher to approach all the people.

46

 The respondents were asked to indicate their true responses to the questions being asked, but rather than giving the response, they might have been in a form of expert comments which might have based the result of the study.

Q1.DO YOU TRADE ONLINE OR NOT?

OPINION No

Response 20

Yes

80

Total

100

DO YOU TRADE ONLINE OR NOT?

100 80 60 40 20 0 yes no Series1

INTERPRETATION

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The total number of people who trade online out of 100 is 80 people. The total number of people who does not trade online 20.

Q2.DO YOU FEEL ONLINE TRADING IS SECURE?

OPINIONs No

RESPONSE 15

Yes

85

Total

100

DO YOU FEEL ONLINE TRADING IS SECURE?

100 80 60 40 20 0 yes no

Series1

INTERPRETATION

48

The 85 %people believe that online trading is secure. This shows that the online trading has taken a good place in the minds of Indian stock traders and the Indian consumer or investor is moving towards online trading faithfully.

Q3.IS SECURITY AN IMPORTANT FACTOR FOR ONLINE TRADING?

OPINION Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree RESPONSE 40

22 5

23 10

DO YOU FEEL ONLINE TRADING IS SECURE?

strongly agree 10 23 5 22 40 Agree Neither agree nor disagree disagree strongly disagree

INTERPRETATION

49

Majority of the people agree that they consider security as an important factor when they go for online trading, while 33 respondents disagree with this fact. Five people have neutral opinion.

Q4. IN WHICH OF THE FOLLOWING DO YOU TRADE ONLINE?

Equity Portfolio Management Commodities Future and options (Derivatives)

55 15 18 12

In which of the following do you trade online?

12% 18% 55% 15%

Equity Portfolio management Commodities Future and options

INTERPRETATION
Maximum number of people prefers to trade in equity online.

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The second preference is to trade in Portfolio management which is about 15%. 18 deal in Commodities and 12 deal in future and options.

Q5. WHICH OF THE FOLLOWING COMPANIES ARE YOU AWARE OF?

INDIA INFOLINE ICICI DIRECT SHAREKHAN INDIABULLS KOTAK SECURITIES

32 39 15 8 6

Which of the following companies are you aware of?

8% 15% SHAREKHAN INDIA BULLS 39% KOTAK SEURITIES 6% 32% INDIA INFOLINE ICICI DIRECT

INTERPRETATION
Maximum number of people is aware of ICICI DIECT. 32% are aware of INDIA INFOLINE. 15% are aware of SHAREKHAN, 8% are aware of INDIA BULLS and 6% of KOTAK SECURITIES.

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Q6. DO YOU THINK ONLINE TRADING HAS HELPED THE GROWTH AND DEVELOPMENT OF INDIAN STOCK MARKET?

OPINION YES NO Total

RESPONSE 86 14 100

Do you think online trading has helped the growth and development of Indian stock market?
100 80 60 40 20 0 YES NO Series1

INTERPRETATION
About 86 people responded that online trading has helped the growth and development of Indian stock market and 14 people disagree with this fact.

Q7.WHICH OF THE FOLLOWING METHODS DO YOU PREFER?

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OPINION Online Offline Both

RESPONSE 62 25 13

Which of the following methods do you prefer?

70 60 50 40 30 20 10 0 Online Offline Both

Series1

INTERPRETATION
More than half number of people prefer online trading, 23 people prefer offline trading while 13 people prefer both online and offline.

Q8.

DO YOU THINK ONLINE TRADING IS EASY AND FAST WAY OF

TRADING?

53

OPINION YES NO

RESPONSE 92 8

Do you think online trading is easy and fast way of trading? 100 80 60 40 20 0 YES NO

Series1

INTERPRETATION
Maximum people say that online trading is easy and fast way of trading while 8 people say it is not easy and fast way of trading.

Q9. DO YOU THINK INTRODUCTION OF ONLINE TRADING HAS HELPED IN ATTRACTING THE NEW INVESTORS THUS INCREASING THE TRADING VOLUMES AT STOCK MARKET?

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OPINION YES NO

RESPONSE 78 22

100 80 60 40 20 0 YES NO Series1

Do you think introduction of online trading has helped in attracting the new investors thus increasing the trading volumes at stock

INTERPRETATION
About 78 people feel that online trading has helped in attracting the new investors while 22 people believe that it does not attract new investor.

Q10. DO YOU AGREE WITH THE EXTENDED TIMINGS OF TRADING HOURS?

OPINION YES

RESPONSE 37

55

NO

63

DO YOU AGREE WITH THE EXTENDED TIMINGS OF TRADING HOURS?

80 60 40 20 0 YES NO Series1

INTERPRETATION
Only 37 people are satisfied with extended trading hours and majority of people i.e., 63 are not happy with the extended hours of trading.

CHAPTER IV CONCLUSIONS, FINDINGS AND SUGGESTIONS

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CONCLUSION

57

In the present scenario to compete with the Brokers would require sound

infrastructure and trading as per international standards.

The introduction of on-line trading would influence the investors resulting in an

increase in the business of the exchange. It has helped the brokers handling a vast amount of transactions and this can be an efficient trading, delivering, settlement system with adequate protection to investors.

Due to invention of online trading there has been greater benefit to the investors

as they could sell/buy shares as and when required and that to with online trading.

The brokers has a greater scope than compared to the earlier times because of

invention of online trading.

The concept of business has changed today, this is a service oriented industry

hence the survival would require them to provide the best possible service to the clients.

Online trading facility is good boon to the investors. Investor cans easily updated

information about their securities (shares etc) day to day.

Online trading facility can be avail easily by just opening an account with the

broker and depository participant.

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FINDINGS
Majority of people find it easy to trade online and about 85 % people believe that online trading is safe and secure.

Majority of the people consider security as an important factor for online trading, while 33 respondents disagree with this fact. Five people have neutral opinion.

Maximum amount of people prefer to trade in EQUITY online. The second preference is to trade in PORTFOLIO MANAGEMENT. About 18 deals in COMMODITITES and 12 deal in FUTURE AND OPTIONS.

Maximum number of people aware of ICICI DIECT and INDIA INFOLINE. 15% are aware of SHAREKHAN, 8% are aware of INDIA BULLS and 6% of KOTAK SECURITIES.

About 86 people responded that online trading has helped the growth and development of Indian stock market and also helps in attracting new investors.

Out of 100 respondents, 62 people prefer online trading, 23 prefer offline trading while 13 people prefer both online and offline.

Majority of people say online trading is easy and fast way of trading while a meager number of people say it is not easy and fast way of trading.

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Only 37 people are satisfied with extended trading hours and majority of people i.e., 63 are

not happy with the extended hours of trading.

SUGGESTIONS
The companies should come up with more and more innovative features in their web portals.

The customer should be educated regularly regarding the new technologies and of online trading and also other relevant information

The companies should make efforts to promote online trading and create awareness about its benefits. The companies should look after to develop more safe and secure ways of transacting business online.

The companies should make maximum efforts to detect fraud cases and minimize them.

BIBLIOGRAPHY

India Infoline forms for opening depository and trading account. Training manual of India infoline. www.indiainfoline.com

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 Study material of capital market and derivatives market of NCFM. www.nseindia.com www.bseindia.com www.moneycontrol.com www.sebi.org

QUESTIONAIRE
1.I Kulbinder Singh student of B.B.A. from Gian jyoti Institute of management & Technology,
mohali, phase 2. 2..You are required to fill this questionnaire to enable me to undertake the study on the said project.

Q1.DO YOU TRADE ONLINE OR NOT?

61

YES

NO

Q2.DO YOU FEEL ONLINE TRADING IS SECURE?

YES

NO

Q3.IS SECURITY AN IMPORTANT FACTOR FOR ONLINE TRADING?

OPINION Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree

RESPONSE

Q4. IN WHICH OF THE FOLLOWING DO YOU TRADE ONLINE?

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Equity Portfolio Management Commodities Future and options (Derivatives)

Q5. WHICH OF THE FOLLOWING COMPANIES ARE YOU AWARE OF?

INDIA INFOLINE ICICI DIRECT SHAREKHAN INDIABULLS KOTAK SECURITIES

Q6. DO YOU THINK ONLINE TRADING HAS HELPED THE GROWTH AND DEVELOPMENT OF INDIAN STOCK MARKET?

63

YES

NO

Q7.WHICH OF THE FOLLOWING METHODS DO YOU PREFER? ONLINE BOTH OFFLINE

Q8.

DO YOU THINK ONLINE TRADING IS EASY AND FAST WAY OF

TRADING? YES NO

Q9. DO YOU THINK INTRODUCTION OF ONLINE TRADING HAS HELPED IN ATTRACTING THE NEW INVESTORS THUS INCREASING THE TRADING VOLUMES AT STOCK MARKET? YES NO

Q10. DO YOU AGREE WITH THE EXTENDED TIMINGS OF TRADING HOURS?

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YES

NO

65