CONTENTS

CHAPTER: 1. 1. INTRODUCTION 1.4. General introduction 1.5. Objectives of study 1.6. Industry profile a. Origin and development of the industry b. Growth and present status of the industry c. Future of the industry.

CHAPTER: 2. PROFILE OF THE ORGANIZATION 2.9. Origin of the organization 2.10. Growth and development of the organization 2.11. Present status of the organization 2.12. Future plans of the organization 2.13. Functional departments of the organization 2.14. Organization structure and organization chart.

2.15. Products and services profile of the organization 2.16. Market profile of the organization

CHAPTER: 3. DISCUSSION OF TRAINING. 3.4. Students work profile (role and responsibilities) 3.5. Description of live experience. 3.6. Students contribution to organization. CHAPTER: 4. SUMMARY AND CONCLUSIONS 5.1. Summary of learning experience 5.2. Conclusions and recommendations.

ABOUT RELIGARE Religare, a Ranbaxy promoter group company, is one of Indias 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. The services are broadly clubbed across three key business verticals- Retail, Wealth management and the Institutional spectrum. Religare Enterprises Limited is the holding company for all its businesses, structured and being operated through various subsidiaries. Religares 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 Recently, Religare has also partnered with AEGON, one of the largest insurance and pension companies globally, to offer Life Insurance and Mutual Fund products in India. The venture shall combine the international expertise of AEGON with the distribution strength of Religare. Religare is driven by ethical and dynamic process for wealth creation. Based on this, the company started its Endeavor in the financial market.

Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare Insurance Broking Limited provides integrated financial solutions to its corporate, retail and wealth management clients. Today, we provide various financial services which include Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity Broking, Insurance and Mutual Funds. Plus, theres a lot more to come your way. Religare is proud of being a truly professional financial service provider managed by a highly skilled team, who have proven track record in their respective domains. Religare operations are managed by more than 3000 highly skilled professionals who subscribe to Religare philosophy and are spread across its countrywide branches. Today, we have a growing network of more than 300 branches and more than 580 business partners spread across more than 300 cities/towns in India and a fully operational international office at London. Unlike a traditional broking firm, Religare group works on the philosophy of partnering for wealth creation. We not only execute trades for our clients but also provide them critical and timely investment advice. The growing list of financial institutions with which Religare is empanelled as an approved broker is a reflection of the high level service standard maintained by the company.

Religare Enterprises Limited group comprises of Religare Securities Limited, Religare Commodities Limited, Religare Finvest Limited and Religare Insurance Broking Limited which deal in equity, commodity and financial services business.

Religare Commodities Limited Religare is a member of NCDEX and MCX and provides platform for trading in commodities, which is an online facility also. RCL provides platform to both agro and non-agro commodity traders to derive the actual price of the commodity and also to trade and hedge actively in the growing commodity trading market in India. With these realizations, Religare Commodities is coming up with its branches at mandi locations. It is a flagship effort from our team which would be helpful in facilitating trade and speculating price of commodities in future Religare Finvest Religare Finvest Limited (RFL), a Non Banking Finance Company (NBFC) is aggressively making a name in the financial services arena in India. In a fast paced, constantly changing dynamic business environment, RFL has delivered the most competitive products and services. RFL is primarily engaged in the business of providing finance against securities in the secondary market. It also provides finance for application in Initial Public Offers to non-retail clients in the primary market.

RFL is also planning to initiate personal loan portfolio as fund based activity and mutual fund distribution as fee based activities.

Religare Insurance Broking Ltd. Religare has been taking care of financial services for long but there was a missing link. Financial planning is incomplete without protective measure i.e. structured products to take care of event of things that may go wrong. Religare Insurance Broking Limited. As composite insurance broker, deals in both insurance and reinsurance, providing our clients risk transfer solutions on life and nonlife sides. This service will take benefit of Religares vast business empire spread throughout the country -- providing our valued clients insurance services across India. We aim to have a wide reach with our services literally! Thats why we are catering the insurance requirements of both retail and corporate segments with products of all the insurance companies on life and non-life side. Still, there is more in store. We also cater individuals with a complete suite of insurance solutions, both life and general to mitigate risks to life and assets through our existing network. For corporate clients, we will be offering value based customized solutions to cover all risks which their business is exposed to. Our clients will be supported by an operations team equipped with the best of technology support.

Religare Insurance Broking aims to provide neutral, transparent and professional risk transfer advice to become the first choice of India

Vision To be India's first Multinational providing complete financial services solution across the globe. Mission Providing integrated financial care driven by the relationship of trust and confidence Religare team is led by a very eminent Board of Directors who provide policy guidance and work under the active leadership of its CEO & Managing Director and support of its Central Guidance Team Board of Directors. Following is the list of Directors of Religare Securities Limited

Chairman Mr. Harpal Singh Managing Director Mr. Sunil Godhwani Director Mr. Vinay Kumar Kaul Director Mr. Malvinder Mohan Singh Director Mr. Shivinder Mohan Singh

Market cautious ahead of major events The market began the trading session on a firm note supported by the positive cues from global indices and as buying continued for index pivotals. As market became stronger and stronger volatility gripped the market, resulting in the market trading in the red zone for a while. It bounced back as buying renewed. Though the market opened strong and surged to cross the 14000 level chose to remain cautious ahead of key events that are to unfold tomorrow. The most significant of events is the Reserve Bank of India (RBI)s monetary policy, which will be announced by tomorrow. The central bank is expected to hold interest rates steady at its policy review on Tuesday (24 April), although it is expected that the central bank may decide to take steps to curb capital inflows that have been driving up the rupee. The market, which was highly volatile throughout the day, finally settled with modest gains. The 30-share BSE Sensex gained 30.92 points, to end at 13,928.33. The S^P CNX Nifty was up 1.55 points (0.04), to finish at 4,085.10. The market-breadth, which measures the overall health of the market, ended negative, as selling of small cap and mid-cap shares began. On BSE, 1,384 scrips declined compared to 1,163 that advanced. A total of 83 stocks remained unchanged. Among the spectral Indices shares from the metal sector surged. The BSE Metal Index closed at 9,896.84, up 2, and was the top-gainer among the spectral indices. Tata Steel surged 4.71 to Rs 559.50, on a high volume of 22.96 lakh shares, and was the top-gainer. REL (up 2.10 to Rs 521.75), Hindalco (up 0.80 to Rs 147.85) and Satyam Computers (up 0.85 to Rs 480.50) were the other gainers. Bharti Airtel,

however, was down 0.95 to Rs 837.55, after striking an all-time high of Rs 867.80. ITC was the top-loser, down 2.49 to Rs 156.60 For the first time Religare brings investing community the power to be associated with the elite dealing rooms and freedom to execute trade on their own. That is, you may trade from our branches or trade on your own over the net and with that you get our expertise and assistance. It has been designed to provide world class experience and expertise to investors. RALLY as the name suggests is the perfect partner for savvy investors. Clients opting for this service would be provided services managed by a team of dedicated relationship managers and experienced trade dealers. They would not only assist the client in information dissemination but would also take care of all post trade requirements. This product comes as RACE, RACElite and RACEpro. It gives you the power of trading from your home, office or while traveling and trade in the market of equity and derivatives. You can log on and get started from your computers or your mobile devices. These products have very exciting features like integrated DP, hot key functions and much more...

About RACE

What is R-ACE?

What are the features and the difference between the three R-ACE versions?

R-ACE stands for Religare Advanced Client Engine. It is a premium trading platform for those customers who want to seamless online trading. Race is feature rich software where a customer can do online trading through various modes: browser and application with minimal manual intervention. The client can also create his own watch list and customize it. What is the different version of R-ACE available? There are three different versions of R-ACE: R-ACE (Basic), R-ACE lite, R-ACE pro What are the features and the difference between the three R-ACE versions? R-ACE Basic (Asp version) - This is a browser based online trading platform with all the basic features required to make transaction using Internet Explorer. The account opening charges for Race Basic is 299/R-ACE lite (Applet Version) - This is also a browser based version with some value added features thrown in which will help the client to monitor the market and make quick buy and sell transactions. The account opening charges for R-ACE Lite is 499/-

R-ACE-Pro (Application Based) - This is a fully loaded software which has many features that will change the way one trade in stock market. The account opening charges for Race Pro is 999/Features of RACE How do I login to R-ACE Platform? How do I create a multiple watch list? How do I add /delete scrips? What are the various reports which I can see? How do I add Trigger/Alert? How can I place a stop loss order? How do I see derivative chain? How do I see technical chart? Where can I get the list of hot key functions? How can I do an online payment? How would the futures and options calculator help me? How much is the exposure to race clients in intraday and delivery? What is auto square off? Is buying allowed in Z category scrips?

 Is BTST allowed in Race? How much margin is required from a R-ACE client? How much is the brokerage charged from a Race client? Can I do an online funds transfer from any of my bank accounts? How do I get contract notes? What do I do if I forget my R-ACE password or my password gets locked? How do I login to Race Platform? To login to Race platform, you need to go to the homepage of our website and click on Online trading->R-ACE->R-ACE Asp/Lite or Pro. Once you click on this you will see a new window where you need to put your user id, login password and trade password to login. How do I create a multiple watch list? To create a multiple watch list in R-ACE -Pro, go to View->New Market Watch>select the exchange type. To see market watch in R-ACELite, click on new, select the exchange type and put any scrip name .This will show you a list of some scrips by default. You could right click on any scrip and click on Insert Security/Contract .A small box will be presented to you and you could choose the exchange, and then type of trade (equity/futures/options) .All you need to do now is put in the name of the scrip and click on find code to view all the tickers available for that scrip. Select the ticker and then click on ok to add it in the market watch. Now you can save this setting by right clicking on any scrip.

How do I add /delete scrips? To add/delete scrips, just right click on any ticker and click on either add security/delete security or add from user set as per your desire. What are the various reports which I can see? The various reports can be viewed under the drop down menu of reports. The different reports are: Order book, Trade book, Intraday Net position, Margin Report, Assets Report, Obligation Report, and Exercise Report. How do I set Trigger/Alert? To add trigger, just right click on the selected scrip and then click on filters/triggers or scrip alert. How can I place a stop loss order? To place a stop loss order you can select stop loss in the order type. How do I see derivative chain? Race Pro clients can view all the derivative instruments related to a particular underlying security by right clicking on it. How do I see technical chart? There are many advanced types of technical charts available for R-ACE Pro clients. These chart help to monitor the market on a continuous basis .You can view them by right clicking on the scrip and then clicking on EOD Chart or Intraday Chart. Else you can go to the drop down menu of window and click on technical chart. Where can I get the list of hot key functions?

To view the list of all hot key functions, you need to go to drop down menu of help in R-ACE Pro and then click on shortcuts. How can I do an online payment? To make an online payment, you need to go the links fund transfer and fund withdrawal. The purpose of fund transfer is to transfer funds from your bank account to Religare account and the purpose of fund withdrawal is to transfer fund from Religare account to your bank account. How long does it take in online fund transfer and fund withdrawal? Online fund transfer happens on a real time basis i.e. as and when you request for the transfer and fund withdrawal takes a minimum of 1 day to get the request approved. How would the futures and options calculator help me? With futures and options calculator, you can calculate the fair value of futures and option premium and volatility traded on the exchange .This will help you to take buy/sell decisions.

How much is the exposure to race clients in intraday and delivery? Race clients get an intraday exposure of six times the margin and 0.99 times the margin in delivery. What is auto square off? Auto Square off of all intraday orders will take place at 3.10 IST in all the three Race platforms. Is buying allowed in Z category scrips?

Yes, buying is allowed in Z category scrips. Is BTST allowed in R-ACE? Yes, BTST is allowed on selected scrips.These scrips are selected based on their liquidity and are reviewed periodically. How much margin is required from a R-ACE client? The minimum margin requirement for R-ACE Basic is 5000, for R-ACE Lite is 5000, and for R-ACE Pro are 10,000. How much is the brokerage charged from an R-ACE client? The brokerage structure for R-ACE Classic is: Gross Monthly Turnover (>1Cr) Intraday Delivery Derivatives Commodities 0.05% 0.50% 0.05% 0.05% Gross Monthly Turnover (1Cr-5Cr) 0.04% 0.40% 0.04% 0.04% Gross Monthly Turnover (<5Cr) 0.03% 0.30% 0.03% 0.03%

Can I do an online funds transfer from any of my bank accounts?

Fund transfer and withdrawal can be done from any of these four banks namely: ICICI, HDFC, Citibank and UTI. How do I get contract notes? You will be getting E-contract notes only on a daily basis. Request for physical contract notes is chargeable at Rs20/- per request. What do I do if I forget my R-ACE password or my password gets locked? You can send a mail at race.ops@religare.in requesting to unlock the account or reset the password. Account Opening Am I eligible for opening an account with Religare? How can I open an R-ACE account? What are the documents required for account opening? What is POA demat account? How will I come to know that my account is opened and how long does it take? Am I eligible for opening an account with Religare? Any individual, Hindu undivided family (HUF), proprietary firm, or a company can open an account with Religare Securities. A minor is not eligible for opening an account.

How can I open an R-ACE account? To open an R-ACE account, you can call up our helpline 011-30812345 or mail at race@religare.in and place a request. Our representative will visit you from the nearest branch within 48 hours.

What are the documents required for account opening? The following documents are required for account opening: 1. Copy of PAN card 2. Copy of address proof 3. Four photographs 4. One cancelled cheque 5. Margin cheque 6. Account opening cheque 7. Stamp Paper What is POA demat account? POA stands for power of attorney. This implies that the client has given the right to operate his demat and bank account to Religare. How will I come to know that my account is opened and how long does it take?

Your welcome kit will be dispatched within 7 working days. The trading id and password is sent in a separate kit. In case you dont receive the same within this stipulated time you can call us at 011-30812345. Trouble Shooting How do I install R-ACE pro? I tried to login to R-ACE lite but message in the status bar shows loading Java applet Failed. How should I proceed? Rates are not coming on streamer. What should I do? How do I install R-ACE pro? To install R-ACE-Pro, you need to go to the link R-ACE Pro on our website and download it from there. I tried to login to R-ACE lite but message in the status bar shows loading Java applet Failed. How should I proceed? You need to download and install MS JVM.You will find the same on the R-ACE-Lite login page. I000 0..MMM M f this still doesnt solve the problem, then go to Internet explorer->tools->Internet Options->Advanced, then scroll down. Uncheck Java (Sun)>Use JRE Version for applet if any. Also check Microsoft VM> a) Java console enabled) Java logging enabled) JIT compiler for virtual machine enabled. Please restart your computer after this.

Rates are not coming on streamer. What should I do? Market watch gets corrupted if you switch platforms (i.e. switch from R-ACE Pro to RACE-Lite etc.)To resolve such problem delete the old market watch and add a new one

COMMODITIES INTRODUCTION

Commodities as a word originated from the French word commodity meaning benefit, profit. Rightly so! The kind of continuously growing turnover which commodities market has seen is incredible, benefiting both producers and buyers. These amazing results have transformed commodities as a most sought after asset class. And this has caught attention of the whole world. Commodities market is particularly significant to our country as India is essentially a commodity based economy. Therefore, it should not be surprising to see that Indian Commodities Market is also taking giant strides, growing at a scorching pace and is well poised to occupy its rightful place in the world. This has provided the Indian investors with new emerging investment opportunities in the arena of commodities. Commodity Derivatives trading in India is now done through the electronic trading platform of two popular exchanges NCDEX (National Commodity & Derivative Exchange Limited) and MCX (Multi Commodity Exchange). The various commodities being traded on the exchanges include precious metals, crude oil, agro-commodities amongst others. Religare Commodities Limited is a member of both the exchanges (MCX & NCDEX) that allows you to trade in all the commodities traded at both the exchanges. At present, trading in commodities is restricted to futures contracts only.

BENEFIT OF TRADING One thing especially luring about commodities is that it offers equally great incentives to all involved in the trade. To Producer: Producer of a commodity can hedge against the price fluctuations by selling the futures contracts of the commodity, thereby locking in a desired price to sell produce. It would insulate producer from adverse market movements as losses in spot market would be offset by profits in the futures market. Thus, risk gets reduced by paying a small amount as brokerage. To Investors: Investors always look for alternative investment avenues where they can diversify their funds to achieve their financial goals. In financial markets, commodity futures have rapidly emerged as a major investment tool as they help in diversifying investments and to hedge against inflation, greatest threat to any investor. Commodities as an investment option also offer following advantages to an investor: High degree of leverage. Higher reward compared to stocks and other financial instruments. Better chance of intraday day trades than other financial instruments. Presence of the international commodities like gold, silver, crude oil, aluminums, steel etc. which can be tracked based on the international market movements as well. To Commodity Trader: A trader can use commodities futures to ensure protection against any adverse change in the prices. A trader can enter into a futures contract for purchase of a certain quantity of the underlying at a particular price on a particular date, or enter into a futures contract for sale of a particular quantity on a particular date at a

particular price and be assured of the margins because both purchase price as well as the sale price are fixed reducing the uncertainty and hence the risk associated. To Exporter: Futures trading is very useful to the exporters as it provides an advance indication of the prices likely to prevail and thereby help the exporter in quoting a realistic price and thereby secure export contract in a competitive market. Having entered into an export contract, it enables exporters to hedge their risk by operating in futures market.

What's the idea behind PMS? Portfolio Management Services manage our clients wealth more efficiently, reduce risk by diversifying across assets, sectors and funds, and maximizing returns. Expert Portfolio Managers find best of avenues to achieve optimum returns at managed levels of risk. This service could also be called as transparent collective investments. You get an upper hand in many ways.

Benefits of Portfolio Management Services Constant monitoring of portfolios asset mix to ensure effectively position to meet long-term objectives. Our portfolio managers adjust the asset mix to reflect the current economic climate and to benefit from opportunities. Performance linked fees, constant disclosure of the portfolio on daily and monthly basis.

It defines the customized risk and return. Great flexibility of deploying and exposing the initial investment in the market. High water mark level for profit sharing. Diversification across asset classes and investment styles. Investment objectives and goals presented clearly through a personalized profile. Encourages a disciplined approach to investing over a longer time horizon

Account activation charges Rs. 299/ Minimum margin of Rs. 5000/- required No software installation required, easily accessible on browser NSE cash segment, NSE F&O and BSE on single platform Trade online and over phone Access your ledger balances and account information over internet and phone Integrated DP, back-office and trading account Earn interest on cash margin deposited with us Online transfer of funds through multiple banks Lifetime free DP account (No annual maintenance charges)* Account activation charges Rs. 499/-

 Minimum margin of Rs. 5000/- required No software installation required, easily accessible on browser NSE cash segment, NSE F&O and BSE on single platform Real-time streaming quotes Alerts Hot key functions Trade online and over phone Access your ledger balances and account information over internet and phone Integrated DP, back-office and trading account Online transfer of funds through multiple banks Lifetime free DP account (No annual maintenance charges)* Earn interest on cash margin deposited with us

Account activation charges Rs. 999/ Minimum margin of Rs.10 000/- required Traders terminal on your desktop NSE cash segment, NSE F&O and BSE on single platform Real-time streaming quotes Technical charting (intra-day and EOD) Multiple watch list Advanced hot-key functions for faster trading

 Derivative chains Futures & options calculator Access your ledger balances and account information over internet and phone. Integrated DP, back-office and trading account Online transfer of funds through multiple banks Lifetime free DP account (No annual maintenance charges)* Earn interest on cash margin deposited with us Trade online and over phone

ORIGIN OF THE ORGANIZATION

The Company was promoted by Late Dr. Parvinder Singh, father of Mr. Malvinder Mohan Singh and Mr. Shivinder Mohan Singh. At the time of his death on July 3, 1999, Dr. Parvinder Singh was the Chairman and Managing Director of Ranbaxy Laboratories Limited & and together with members of his family and entities under control of his family held the controlling Equity stakes in the Company. The Promoters together with entities owned, controlled or managed by them/ their families hold the controlling Equity stakes in the Company. The Company was incorporated on March 23, 1994 with the objects of offering various corporate/ wholesale financial products in the growing market for financial services. It obtained the Certificate of Commencement of Business from the Registrar of Companies, NCT of Delhi Haryana on April 19, 1994.

CORPORATE PROFILE
Religare, a Ranbaxy promoter group company, is one of Indias 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. The services are broadly clubbed across three key business verticalsRetail, Wealth management and the Institutional spectrum. Religare Enterprises Limited is the holding company for all its businesses, structured and being operated through various subsidiaries. Religares 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. Recently, Religare has also partnered with AEGON, one of the largest insurance and pension companies globally, to offer Life Insurance and Mutual Fund products in India. The venture

shall combine the international expertise of AEGON with the distribution strength of Religare. Religare is driven by ethical and dynamic process for wealth creation. Based on this, the company started its endeavor in the financial market. Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare Insurance Broking Limited provides integrated financial solutions to its corporate, retail and wealth management clients. Today, we provide various financial services which include Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity Broking, Insurance and Mutual Funds. Plus, theres a lot more to come your way. Religare is proud of being a truly professional financial service provider managed by a highly skilled team, who have proven track record in their respective domains. Religare operations are managed by more than 3000 highly skilled professionals who subscribe to Religare philosophy and are spread across its country wide branches. Today, we have a growing network of more than 300 branches and more than 580 business partners spread across more than 300 cities/towns in India and a fully operational international office at London.

Unlike a traditional broking firm, Religare group works on the philosophy of partnering for wealth creation. We not only execute trades for our clients but also provide them critical and timely investment advice. The growing list of Financial institutions with which Religare is empanelled as an approved broker is a reflection of the high level service standard maintained by the company. Religare Securities Limited (RSL) is a leading equity and securities firm in India. The company currently handles almost 4-5% of the total volumes traded on NSE and in the realm of online trading and investments it currently holds a share of close to 8% of the market, as per some recent published reports. The major activities and offerings of the

company today are Equity broking, Depository participant services, Portfolio Management Services, Institutional Brokerage & Research, Investment Banking and Corporate Finance. To broaden the gamut of services offered to its investors, the company has also recently unveiled a new avatar of its online investment portal armed with a host of revolutionary features RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and SEBI approved Portfolio Manager Religare has been constantly innovating in terms of product and services and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all the portfolio investment decisions depending upon a clients risk / return parameter. Religare has a very credible research and analysis division, which not only caters to the need of our institutional clientele but also gives their valuable inputs to investment dealers.

Religare is also giving in house depository services to its clientele and is one of the leading depository service providers in the country. In a span of less than five years of its retail operations, RSL has recorded a healthy growth rate both in business volumes and profitability which is clearly significant from the growth of its foot prints across India.

PRESENT STATUS The Nifty hit the psychological mark of 3,900 points but could not sustain above it. The Bears hopes were kept at bay as the Cement stocks rallied. The A/D ratio continues to remain negative but volumes were higher. Both the Indices made dojis implying indecision amongst the bulls at these levels. However, only a big bearish candle today will indicate a correction. Till then, the Bulls will survive every Bear scare as sectors are pulled up in rotation. Trend line resistance in pink is pegged at 3908 points. Unless and until the 3840-3850 points area is broken decisively in closing, the trend continues to remain up. The Bulls failed yesterday to register a high of 3903 points in the Nifty. For today the Nifty has to cross 3914 points to maintain the upward momentum. All The above factors clearly indicate that this stock specific rally is a well orchestrated one. We seem to be losing upside momentum for the past couple of sessions and a sudden decline would catch most napping. Therefore, a prudent decision would be to book profits in rallies or else keep strict stop losses.

The daily candlestick chart of Indo Asian Fuse shows that it is on the verge of breaking above a downward sloping channel. The volumes are also pretty high. One can therefore buy at current levels as well as in dips to the Rs.138 level with a stop loss below Rs.130 in close for a minimum target of Rs.165-169 and a maximum target price of Rs.182 in the next 3-4 weeks. The daily candlestick chart of Nifty 3850 PE shows that it is losing downside momentum because of the stagnation in the Nifty. The volumes have also increased in the past 2-3 sessions indicating that Put buying it taking place as a protection against Portfolios. Looking at the above one can buy the 3850 PE at current levels as well as in dips to Rs.43-45 area with a stop loss below Rs.35 in close. The minimum target is Rs.61 and if this is crossed then Rs.74 in the next 6-7 sessions. Religare Securities Limited [Technical Research, (Religare) has prepared this document. This is not an offer to buy or sell or the solicitation of an offer to buy or sell any security or to participate in any particular trading strategy or as an official confirmation of any transaction. The views expressed are those of analyst. The information contained herein is from publicly available data or other sources believed to be reliable or developed through analysis. No representation or warranty, express or implied, is made as to the accuracy,

completeness or fairness of the information and opinions contained in this document. Religare accepts no obligation to correct or update the information or opinions in it. Religare may discontinue research coverage of a subject company or change the opinion(s) without notice. The investment discussed or views expressed may not be suitable for all investors and certain investors may not be eligible to purchase or participate in some or all of them. Religare recommends that investors independently evaluate particular investments and strategies. The user assumes the entire risk of any use made of this information. Neither Religare nor any of its affiliates, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Religare and its affiliates, officers, directors, and employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or act as advisor or lender / borrower to such company (ies) or have other potential conflict or interest with respect to any recommendation and related information and opinions. The recipient should take this into account before interpreting the document. This report is not directed or intended for distribution, publication, availability or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication availability or use would be contrary to law regulation or which would subject Religare and affiliates to any registration or licensing requirements within such jurisdiction, persons in whose possession this document comes, should inform themselves about and observes, any such restrictions. Copy right in this document vests exclusively with Religare. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from Religare. We do not guarantee the integrity of any e-mail or attached files and are not responsible for any changes made to them. ICRA has assigned A1 rating to an enhanced amount of Rs. 2750 million short term non convertible debenture programmed of Religare Finvest Limited (Formerly Fortis Finvest limited). Earlier, RFL had an outstanding rating of A1 for Rs 2500 million short term debt

programmed. The A1 rating for the enhanced amount takes into account RFLs rapidly growing financing business volumes, its adequate risk management systems and its profitable operations. The rating also draws support from the parentage of the promoters of Ranbaxy Laboratories Limited and the continuous managerial and financial support demonstrated by them, including the letter of comfort provided by Ranbaxy Holding Company Limited (RHCL) whereby RHCL has committed to subordinate the unsecured loans amounting to Rs 1 billion given to RFL till the above rated debt is outstanding in RFLs books. RFL has also received a fresh equity infusion of Rs 200 million and preference share capital of Rs 250 million (Redeemable in 5 years) from its holding company Religare Enterprises Limited in March 06. The rating also factors in the close synergies between RFL and Religare Securities Limited (formerly Fortis Securities Limited) which is the stock broking arm of Religare group. The rating is however constrained by RFLs vulnerability to stock market performance, its relatively short track record and the small scale of its operations.

GROUP COMPANY

VISION & MISSION VisionTo build Religare as a globally trusted brand in the financial services domain and present it as the Investment Gateway of India.

MissionProviding financial care driven by the core values of diligence and transparency.

CLIENT INTERFACE Retail SpectrumTo cater to a large number of retail clients by offering all products under one roof through the Branch Network and Online mode

o o

Equity and Commodity Trading Personal Finance Services

Mutual Funds Insurance Saving Products

Personal Credit

Personal Loans Loans against Shares

Online Investment Portal

Institutional SpectrumTo Forge & build strong relationships with Corporate and Institutions
o o

Institutional Equity Broking Investment Banking

Merchant Banking Transaction Advisory

Corporate Finance Insurance Advisory

Wealth SpectrumTo provide customized wealth advisory services to High Net worth Individuals

Wealth Advisory Services Portfolio Management Services International Advisory Fund Management Services Priority Equity Client Services Arts Initiative

New Initiatives

Religare is on the fast and ambitious growth trajectory with some interesting plans in the pipeline. Religare Aegon Life Insurance - Life Insurance Company, a Joint Venture with Aegon. Religare Aegon AMC - Asset Management Company, a Joint Venture with Aegon .Religare Finance - Personal Loans / Credit Cards / Loan against Property / Mortgage & Reverse Mortgage.

Wealth AdvisoryWealthGrow It, Protect It, Spend It, Share It.. Copyright- Book by the same name by Stuart Lucas "At Religare, we are always at It, partnering with you relentlessly.. We would want you to sleep in peace, but never would we want your wealth to sleep or go into a slumberEthical, dynamic and diligent processes are what we are truly about

Wealth Management @ Religare

To provide investment advisory and execution services To work hand in hand with clients to identify and analyze their long-term goals, risk tolerance and existing asset base To Utilize our full-suite platform with an open architecture along with a fully focused client centric approach to offer customized solutions for clients Supported by dedicated team of highly skilled and qualified wealth managers and research professionals.

Our Value Proposition

Strong lineage and pedigree. Young, professional, innovative and fully client centric human capital. Full suite platter of services from the Religare umbrella. National and International Foot print. An open architecture and client centric philosophy Not just lip service.

Product Recommendations
Equities (Including International)

Debts Commodities Structured Products Emerging Investment Classes.

Critical Steps in our Client Centric Operating Process

Risk Profiling Research & Asset Allocation Product Recommendations Review & Rebalancing

International Advisory Fund Management Services (AFMS) - A new horizon for international investments
We provide our wealth clients an opportunity to invest in international financial instruments (currently limited to the US). Equities, Mutual Funds and Debts are some the key instruments available and the clients have the option to choose from various asset allocation modules.

Why Invest Overseas?

Avenues for enhancing returns, minimizing risk and portfolio diversification Global outreach of opportunities Pre approved route for resident individuals to invest (Healthy Govt. Patronage and favorable regulatory developments)

Religare's Edge
Exclusive Tie-ups with full suite broking firms in the US and top of the line institutional research service providers

Portfolio Management Service

Portfolio Management Service is a magnum opus banquet laid by Religare to address the varying investment preferences. As a focused service, PMS pays attention to details, and portfolios are customized to suit the unique requirements of investors. Religare PMS currently operates four portfolio management schemes, viz Panther, Tortoise, Elephant, and Caterpillar. Each scheme is designed keeping in mind the varying tastes, objectives and risk tolerance of our investors Investment Philosophy. We believe that our investors are better served by a disciplined investment approach, which combines an understanding of the goals and objectives of the investor with a fine tuned strategy backed by research.

Stock specific selection procedure based on fundamental research for making sound investment decisions. Focus on minimizing investment risk by following rigorous valuation disciplines. Capital Preservation. Selling discipline and use of derivatives to control volatility. Overall to enhance absolute return for investors.

Our Schemes
Panther
The Panther portfolio aims to achieve higher returns by taking aggressive positions across sectors and market capitalizations. It is suitable for the High risk high return investor with a strategy to invest across sectors and take advantage of various market conditions.

Tortoise
The Tortoise portfolio aims to achieve growth in the portfolio value over a period of time by way of careful and judicious investment in fundamentally sound companies having good prospects. The scheme is suitable for the Medium Risk Medium Return investor with a strategy to invest in companies which have consistency in earnings, growth and financial performance.

Elephant
The Elephant portfolio aims to generate steady returns over a longer period by investing in securities selected only from BSE 100 and NSE 100 index. This plan is suitable for the Low Risk Low Return investor with a strategy to invest in blue chip companies, as these companies have steady performance and reduce liquidity risk in the market.

Caterpillar
The Caterpillar portfolio aims to achieve capital appreciation over a long period of time by investing in a diversified portfolio. This scheme is suitable for investors with a high risk appetite. The investment strategy would be to invest in scrips which are poised to get a rerating either because of change in business, potential fancy for a particular sector in the coming years/months, business diversification leading to a better operating performance, stocks in their early stages of an upturn or for those which are in sectors currently ignored by the market.

The Religare Edge

We serve you with a diligent, transparent & process driven approach and ensure that your money gets the care it deserves.

No experts, only expertise

Religare PMS comes to you from Religare, a Ranbaxy promoter group company with a solid reputation for an ethical and scientific approach to financial management. While we offer you the services of a Dedicated Relationship Manager who is at your service 24x7, we do not depend on individual expertise alone. For you, this means lower risk, higher dependability and unhindered continuity. Moreover, you are not limited by a particular individuals investment style.

No hidden profits
We ensure that a part of the broking at Religare portfolio management services is through external broking houses. This means that your portfolio is not churned needlessly. Using

more broking firms gives us access to a larger number of reports and analysis, enabling us to make better, more informed decisions. Furthermore, your portfolio is customized to suit your investment objectives.

Daily disclosures
Religare Portfolio Management Services gives you daily updates on your investment. You can pinpoint where your money is being invested, 24x7, instead of waiting till the end of the month to keep track.

No charge till you profit

So sure are we of our approach to portfolio management that we do not charge you for our services, until your investments start showing profit.

Customized investment options Religare Portfolio Management Services invite you to invest across four broad portfolios to suit your investment needs.
.

Products and services profile of the organization

Trading in Equities with Religare truly empowers you for your investment needs. A highly process driven, diligent approach backed by powerful Research & Analytics and one of the best in class dealing rooms ensures that you have a superlative experience. Further, Religare also has one of the largest retail networks, with its presence in more than 900 locations across more than 320 towns & cities. This means, you can walk into any of these branches and connect to our highly skilled and dedicated relationship managers to get the best services. You could also choose to enjoy the freedom to execute your own trades through our online mechanism.

Religare Commodities Limited (RCL) was initiated to spearhead Exchange based Commodity Trading. As a member of NCDEX, MCX and NMCE, RCL is a trade facilitator providing the platform to trade in commodities. Grounded in the Religare philosophy, highly skilled and dedicated professionals strive to offer the client tailor-made investment solutions across the country. The Operating Fabric-Commodities Business In terms of the business structure, RCL caters to retail clients; the HNI base through the PCG desk; the farmers and commodity traders in the rural areas through its Mandi locations across the country and the Corporate / Institutional business through one of the best in class Corporate Desks. Our business philosophy is to treat each client situation as unique, requiring customized solutions. Our list of corporate clients reads like a Whos Who of the Indian Industry and we have been successful in providing them with practical customized solutions for their requirements. We are propelled by our group vision and desire to strive tirelessly and aim to be the best within this category. Religare has recently entered the domain of Personal Finance Advisory Services (PFS) keeping in mind the market dynamics and the burgeoning middle net worth individuals (MNIs) in India. The PFS team caters to the personal finance requirements and needs of individual retail clients by providing them with the best services, guidance and information under one roof which enables and empowers them to take the right decisions keeping in mind all possible avenues for investments. The team offers a wide portfolio of instruments and services such as Mutual Funds, IPOs, Insurance, and Portfolio Management Services etc. The facilitating backbone for this business is our strong branch network across the country.

Investing online will never be the same again with our new 360 degree portal
www.religareonline.com

Now you can not just invest online in Equities, IPOs, Mutual Funds, Commodities and much more but, also get TRADE REWARDS each time you invest. Besides this, we also offer you a host of other revolutionary features such as Zero Percent Brokerage; Interest on cash margin, exposure Upto 20 times your cash margin etc... on our select product schemes available through our highly sophisticated and customized platform R-ACE (Religare Advanced Client Engine). So get empowered, enrich your experience of investing online and open yourself to a whole new world of possibilities.

RACE
o o o o o o

Account activation charges Rs.299/- . Minimum margin of Rs.5000/- required. No software installation required, easily accessible on browser. NSE cash segment, NSE F&O and BSE on single platform. Trade online and over phone. Access your ledger balances and account information over internet, sms and over phone. Integrated DP, back-office and trading a/c. Online transfer of funds through multiple banks. Lifetime free DP account (No annual maintenance charges). Earn interest on cash margin deposited with us. 24*7 Customer Support Center.

o o o o o

Race lite
o o o o

Account activation charges Rs.499/- . Minimum margin of Rs.5000/- required. No software installation required, easily accessible on browser. NSE cash segment, NSE F&O and BSE on single platform.

o o o o o

Real-time streaming quotes Alerts Hot key functions Trade online and over phone Access your ledger balances and account information over internet, sms and over phone. Integrated DP, back-office and trading a/c Online transfer of funds through multiple banks Lifetime free DP account (No annual maintenance charges) Earn interest on cash margin deposited with us 24*7 Customer support center

o o o o o

Race pro
o o o o o o o o o o

Account activation charges Rs.999/- . Minimum margin of Rs.10, 000/- required. Traders terminal on your desktop NSE cash segment, NSE F&O and BSE on single platform Real-time streaming quotes Advanced alerts Technical charting (intra-day and EOD) Advanced hot-key functions Futures & options calculator Access your ledger balances and account information over internet, sms and over phone. Integrated DP, back-office and trading a/c Online transfer of funds through multiple banks

o o

o o o

Lifetime free DP account (No annual maintenance charges) Earn interest on cash margin deposited with us 24*7 Customer support centre

Brokerages
Monthly Turnover (Less than 1 cr.) Intraday 0.05% Monthly Turnover (1 cr. to 5 cr.) 0.04% Monthly Turnover (More than 5 cr.) 0.03%

Delivery Derivatives

0.50% 0.05%

0.40% 0.04%

0.30% 0.03%

Free Volumes Allowed Daily Free Intraday & Derivatives volumes Daily Free Delivery Volumes Brokerage (on Daily Volume) Rs.3, 00,000 Rs. 40,000

Intraday/Derivative Volume (in Rs.) Upto 1 Lakh 1 lakh-10 lakh 10 Lakh-1 Cr 1cr 3 Cr Above 3 Cr Brokerage Rate Nil 0.03% 0.02% 0.015% 0.01%

Delivery Volume (in Rs.) Upto 10,000 10,000-1 lakh 1 lakh-10 lakh 10 lakh -30 lakh Above 30 lakh Brokerage Nil 0.30% 0.20% 0.15% 0.10%

RM Facilities
o o o o

Online Tips Religare Research centre Exposs 20 times in intraday Facility of e- trading

Requirements
o o o o o

Pan Card Address proof Photo I.D. 3-Photograph Saving A/c cheque Charges Rs. 500 Rs. 1,400 Rs.2, 500 Rs.4, 000

Schemes Monthly Subscription Quarterly Subscription Half-yearly Subscription Annual Subscription

Growth 5. I believe that most of these tie-ups never delivered in terms of value. The number
of deals happening from India is on the rise and foreign players would also like to make the most of it. However, Indian players understand this market better than anyone else. As such both have their competencies and over time there will be clarity on how these players fare.

Foreign broking houses have now taken on more than 80% of the institutional sales and have left Indians to concentrate on the retail side of the business. Does this make you uncomfortable? Unfortunately, that seems to be the case. The foreign broking houses are dominating the institutional side of the business as many of these institutions are FIIs. This works well for the foreign investors. However, this should get wiped out over a time as players who give the best services will net the biggest pie of the business. It has to happen over time. The retail market itself is big and growing, and given the growth potential, more and more players are concentrating on this market. There is a lot of wealth to be tapped in the second-tier towns, which presents a good opportunity for Indian broking firms. I don't think the foreigners would be interested in this market. What businesses is Religare concentrating on? Our main areas of focus are HNIs, corporate clients and retail. I find retail interesting because people have started to take investments in the equity markets very seriously. I see many youngsters entering the equity markets at a very early age. We are long-term investors and we believe that investors should put their money in the equity markets at a young age and this is happening. This way we can also add more value. But most equity investors today seem to be focusing on short-term gains rather than holding on for the longer term? Isn't this greed? What is wrong with greed! All of us are greedy in some way or the other. I may sound a lot like Gordon Gekko from the movie Wall Street, but greed when focused, is good. I see a lot of passion in today's youngster to achieve more. I think these are good signs. This hunger for excellence is good for the country.

What are the sectors that you are bullish on?

I like financial services, healthcare and infrastructure. I am going purely by the demand-supply mismatch. This has nothing to do with financial valuations or the views of my portfolio managers. All these three sectors have a long way to go. But the direction is right and reforms are in place as such one can be sure that these sectors will deliver value.

What is your advice to investors?

In this environment everybody is a genius. Nobody needs your advice as everyone is making money. But over a period of time, the market momentum will slowdown and investors will find it difficult to tread in those waters. Investors should look for long-term investments. The markets can become choppy anytime and then investors should seek professional advice.

Risk FactorAn investment in Equity Shares involves a high degree of risk. All the information contained in this Letter of Offer should be carefully considered, including the risks before making any investment in our Equity Shares. If any of the following risks actually occur, our business, results of operations and financial condition could suffer and the price of our Equity Shares could decline. The financial and other implications of material impact of risks concerned, wherever quantifiable, have been disclosed in the Risk Factors mentioned below. However, there are Risk Factors where the impact is not quantifiable and hence the same has not been disclosed in this Letter of Offer. (This Letter of Offer also includes statistical data regarding the Non-Banking Financial industry. This data has been obtained from industry publications, reports and other sources that the Company and the Lead Manager believe to be reliable. Neither the Company nor the Lead Manager has independently verified such data.)

INTERNAL RISK FACTORS

Risks related to the Company:Profitability of the Company has been negative in the past. The Profits of the Company in the past have been negative due to slowdown in the Indian Economy during mid-nineties, which had an adverse impact on the industrial climate giving rise to increased delinquencies in the financial sector coupled with stiff competition posed by multinationals and financial institutions having access to low cost funds. This had a significant impact on the performance of the Company in the past. Subsequently, the Company focused its thrust on the recovery/ settlement of overdue debts. The remedial actions undertaken by the Company for the purpose included restructuring, rescheduling and repossession of assets and filing of legal cases against the defaulting clients. This strategy of the Company, along with its significant efforts in lowering the operating, personnel and administrative costs and generation of fee based income by focusing on non-fund based activities yielded positive results. Further, the Company unlocked significant values of its investments in its two Wholly-owned Subsidiaries during the Financial Year 2005-06, thereby significantly are reducing its Accumulated Losses. A summary of the Accumulated Losses in the last five years is furnished herein below: (Rs. Lacs) 31.03.2006 31.03.2005 31.03.2004 31.03.2003 31.03.2002 (2224.63) (3691.77) (2911.76) (7289.35) (8615.46)

Litigations/disputes pending against the Company There are 15 litigations/disputes pending against the Company as summarized below:

Particulars of cases Number of cases Amount involved wherever quantifiable

1. Civil Proceedings 1 Rs. 11.00 Lacs 2. Income Tax 6 Rs. 1824.14 Lacs 3. Sales Tax 8 Rs. 11.35 Lacs

The financing industry is becoming increasingly competitive and our growth will depend on our ability to compete effectively. Over the last several years, competition in financing industry has increased tremendously. Our competitors may have greater resources than we do and access to cheaper funds. Our growth will depend on our ability to access funds at competitive rates. We are dependent on raising funds from debt market and other commercial borrowings for our growth. Accordingly our growth will depend on our ability to raise funds at competitive costs. Material changes in the Regulations that govern us could cause our business to suffer and the price of our Equity Shares to decline. NBFCs in India are subject to supervision and regulation by the RBI. In addition, we are subject generally to changes in Indian Laws as well as changes in Government Regulations and Policies and Accounting Principles. Any changes in the regulatory framework affecting NBFCs including the provisioning for NPA, capital adequacy requirements, applicable tax rates could adversely affect the profitability of our business, our future financial performance and the price of our Equity Shares. Our Promoters will hold majority of our Equity Shares after the Issue and can therefore determine the outcome of Shareholders voting after the completion of this Issue, our Promoters will hold majority of our Equity Shares. Consequently, our Promoters will be able to exercise a significant degree of influence over us and

will be able to control the outcome of any proposal that can be approved with majority of Shareholders vote. Any future issuance of Equity Shares by the Company may affect the market price of our Equity Shares. Any future issuance of Equity Shares by the Company may dilute the holdings of investors in our Equity Shares, which may, in turn, affect the market price of our Equity Shares. There are certain contingent liabilities that the Company has not provided for. As on March 31, 2006, the Company has some contingent liabilities detailed below, determination of which against the Company may adversely affect the financial position: (Rs. Lacs) Particulars As on March 31, 2006 Sales Tax Demand 11.35

Some of the Group Companies has incurred losses

Some of the Group Companies has incurred losses in the recent years. The details of the Group Companies which have incurred losses in any financial year during the last 3 financial years are as follows:

EXTERNAL RISK FACTOR-

A slowdown in economic growth in India could cause our business to suffer Our performance and the quality and growth of our assets are necessarily dependent on the health of the overall Indian Economy. A slowdown in the Indian Economy could adversely affect our business, including our ability to grow our asset portfolio, the quality of our assets and our ability to implement our strategy. Indian Economy can be adversely affected by a general rise in interest rates, weather conditions adversely affecting agriculture, deterioration of infrastructure or various other factors affecting the growth of industrial, manufacturing and services sector. In addition, the Indian Economy is in a state of transition. The Share of the services sector of the Economy is increasing while that of the industrial, manufacturing and agricultural sectors is declining. It is difficult to gauge the impact of these fundamental economic changes on our business. The Indian Economy has shown sustained growth over the last few years with real GDP growing at 6.9% in the Fiscal 2005, 8.5% in the Fiscal 2004 and 4.0%in Fiscal 2003. During the first quarter of Fiscal 2006, real GDP grew at 8.1% compared to 7.55 during the first quarter of Fiscal 2005. Political instability or changes in the Government could delay further liberalization of the Indian Economy and adversely affect economic conditions in India generally, which could impact our financial results and prospects Since 1991, successive Indian Governments have pursued Policies of Economic Liberalization. The role of the Central and State Governments in the Indian Economy as producers, consumers and regulators has remained significant. The leadership of India has changed a number of times since 1996. The current Central Government, in coalition with several political parties, came to power in May 2004. Although the current Government has announced Policies and taken initiatives that support the Economic Liberalization Policies that have been pursued by previous Governments, the rate of Economic Liberalization have been affected by the coalition nature of the Government. If there was to be any slowdown in the Economic Liberalization or a reversal of steps already taken, it could have an adverse effect on our business.

Financial difficulties and other problems in certain Financial Institutions in India could cause our business to suffer and the price of our Equity Shares to go down. We are exposed to the risks of the Indian financial system, which in turn, may be affected by financial difficulties and other problems faced by certain Indian Financial Institutions. Certain Indian Financial Institutions have experienced difficulties during recent years. Some Co-operative Banks (which tend to operate in rural sector) have also faced various financial and liquidity crisis. There has been a trend towards consolidation of weaker banks and NBFCs being merged with stronger entities. The problems faced by individual Indian Financial Institutions and any instability in or difficulties faced by the Indian financial system generally could create adverse market perception about Indian Financial Institutions, banks and NBFCs. This, in turn, could adversely affect our business, our future financial performance, our Shareholders funds and the market price of our Equity Shares. Terrorist attacks, civil unrest and other acts of violence or war involving India and other countries could adversely affect the financial markets and our business Terrorist attacks and other acts of violence or war may negatively affect the Indian markets on which our Equity Shares will be traded and may also adversely affect the worldwide financial markets. These acts may also result in a loss of business confidence. In addition, any deterioration in relations between India and Pakistan might result in investor concern about stability in the region, which could adversely affect the market price of our Equity Shares. India has also witnessed civil disturbances in recent years and it is possible that future civil unrest as well as other adverse social, economic and political events in India could have a negative impact on us. Such incidents could also create a greater perception that investment in Indian Companies involves a higher degree of risk and could have an adverse impact on our business and the market price of our Equity Shares.

Any downgrading of Indias debt rating by an International Rating Agency could have a negative impact on our business. Any adverse revisions to Indias credit ratings for domestic and international debt by International Rating Agencies may adversely impact our ability to raise additional financing, the interest rates and other commercial terms at which such additional financing is available. This could have a material adverse effect on our business, our financial performance, our ability to raise financing for onward lending and the price of our Equity Shares. Notes to Risk Factors 1. Adjusted Pre-Issue Net worth (as on 31/03/2006) (Rs. Lacs) 361.52 2. Adjusted Pre-Issue Net Asset Value (as on 31/03/2006) (Rs. Lacs) 1.40 3. Issue Size 1, 34, 65,888 Equity Shares of Rs. 10 each 4. Cost per Share to the Promoters Rs. 9.08

Market Outlook
Nifty Futures (1 month series) :( 4088.6) Nifty futures and spot were in a slight mismatch at the end of the last trading session. Nifty futures tested fresh low but S&P CNX Nifty did not breach the low posted on 12 June i.e. 4100.8. The discount of nifty futures to nifty spot increased towards the close signaling liquidation of intraday long positions and adding of new short positions. The open interest has touched record levels as

prices are falling signaling short position build up in the system. Technically, nifty futures has been range bound for the past few days, with a bearish bias as it has posted lower lows but has been unable to move and sustain above the strong

resistance levels. The immediate resistance for today is at 4115, and above that, at 4153. The strong supply region is between 4187 4198 which needs to be decisively crossed to signal strength. On the lower side, 4083 4074 is now a critical support zone since a breach of this will signal continuation of the downswing. Below 4074, it is likely to move down to 4020 with some support at 4053. The cements sector has given a pull back after a sustained downswing and now it seems that the auto sector is ripe for a corrective upswing. The global market cues are positive and a pull back rally seems to be very much on the cards. This document has been prepared by Religare Securities Limited (Technical Research Department). This is not an offer to buy or sell or the solicitation of an offer to buy or sell any security or to participate in any particular trading strategy or as an official confirmation of any transaction. The views expressed are those of analyst. The information contained herein is from publicly available data or other sources believed to be reliable or developed through analysis. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. Religare accepts no obligation to correct or update the information or opinions in it. Religare may discontinue research coverage of a subject company or change the opinion(s) without notice. The investment discussed or views expressed may not be suitable for all investors and certain investors may not be eligible to purchase or participate in some or all of them. Religare recommends that investors independently evaluate particular investments and strategies. The user assumes the entire risk of any use made of this information. Neither Religare nor any of its affiliates, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Religare and its affiliates, officers, directors, and employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or act as advisor or lender / borrower to such company (ies) or have other potential conflict

or interest with respect to any recommendation and related information and opinions. The recipient should take this into account before interpreting the document. This report is not directed or intended for distribution, publication, availability or use by, any person or entity that is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication availability or use would be contrary to law regulation or which would subject Religare and affiliates to any registration or licensing requirements within such jurisdiction, persons in whose possession this document comes, should inform themselves about and observes, any such restrictions. Copy right in this document vests exclusively with Religare. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from Religare. We do not guarantee the integrity of any emails or attached files and are not responsible for any changes made to them by any other person.

Religare-IndusInd Bank Join hands integrated partnership to augment customer delight

holistic Religare, Indias leading integrated financial services provider, and IndusInd Bank Ltd, one of the fastest-growing new-generation private-sector banks in the country, today announced their strategic tie-up. The tie-up, though a and integrated partnership, will initially focus on seamlessly offering Religares internet trading services platform to the Banks customers, to be eventually followed by a roll-out of the entire spectrum of Religares services to the Banks customers. The internet trading facility will be part of a value-added 3-in-1 offering for the banks savings account customers, offering them a savings and a DP account from the Bank along with an internet trading account, powered by Religare. Both parties have pledged to work closely and leverage each others strengths to eventually ensure Customer Delight. Religare with its state-of-the-art, value-added, 360-

degree portal and IndusInd with its network, ethos and customer-centric approach plan to capitalize on the fast-growing phenomenon of internet trading and seamlessly cater to the convenience-and value-seeking, cash-rich and time-poor new-age consumers. Speaking on the occasion, Mr. Sunil Godhwani, CEO & Managing Director, Religare Enterprises Ltd. said, Our tie-up with IndusInd Bank is in line with our strategy of reaching out to more number of customers through the banking channel. The synergy and strengths of both the institutions give us the opportunity to offer state-of-the-art services to customers. This alliance will allow customers to seamlessly execute their transactions to suit their needs and demands. We are confident that this extended reach will also help us in driving volumes and propel our growth trajectory significantly in the long term. Religares alliance with IndusInd Bank will be more than a mere structural tie-up. Religare will have highly-trained dedicated teams assigned for this activity working closely with IndusInd Bank to provide the support required for servicing the customers effectively. Apart from providing support and orientation to the IndusInd team, Religare representatives will also be available at various IndusInd branches and participate in customer calls if required. This integrated tie-up is to demonstrate Religares close involvement in this initiative and establish a sound business model for the industry.

About IndusInd Bank

IndusInd Bank Ltd. is one of the leading new-generation private-sector banks in India which commenced its operations in 1994. The Bank recently had a successful GDR issue and its net worth touched Rs. 1056 crores as on March 31, 2007. The Bank posted a total business turnover of Rs.28, 700 crores and is poised for greater growth in the years ahead. Its network expansion received a fillip with the Bank securing 40 authorizations from Reserve Bank of India for new branches and 100 offsite ATMs in the last calendar year. The Bank currently has a network of 170 branches, spread over 141geographical locations in 27 states and union territories

across the country. In addition, IndusIand Bank also has a representative office each in Dubai and London. The Bank has proactively adopted the requirements of ISO 9001:2000 quality certification for its entire network of branches.

THE HAGUE
The Netherlands, AEGON and Ranbaxy Promoter Group today announced that a memorandum of understanding has been signed to jointly enter the insurance and asset management markets in India. The partnership will be implemented by AEGON and Ranbaxy Promoter Group Company Religare, which provides financial services across India through its more than 150 offices and 300 partner locations. By combining AEGON's international insurance and asset management expertise with Religare's broad spectrum of financial services and strong distribution capability, AEGON and Religare intend to create a platform to successfully market insurance and asset management products across India. Entering the Indian market continues AEGON's strategy of expanding into countries that offer longterm growth opportunities for insurance and investment products. India has long been identified as one of AEGON's target markets given its sizeable population and rapidly developing economy, the relatively low penetration level of insurance in the country, and the continued strong growth rates projected for the insurance sector in coming years. AEGON and Ranbaxy Promoter Group expect to announce a transaction later this year.

About AEGON
AEGON is one of the world's largest life insurance and pension companies, and a strong provider of investment products. AEGON's business model is to empower local business units to identify and provide products and services that meet the evolving needs of customers, using distribution channels best suited to local markets. AEGON takes pride in balancing a local approach with the power of an expanding global operation. With headquarters in The Hague, the Netherlands; AEGON companies employ approximately 27,000 people. AEGON's three major markets are the United States, the Netherlands and the United Kingdom. In addition, the Group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan. Respect, quality, transparency and trust constitute AEGON's core values as management and employees continually strive to exceed the expectations of customers, shareholders, employees and business partners. AEGON is driven to deliver new thinking and its ambition is to be the best in the industry. (Euronext Amsterdam) AEGON and Ranbaxy Promoter Group Sign Final Agreements for Life Insurance and Asset Management Businesses (28/12/06 08:07 CET) AEGON and Ranbaxy Promoter Group Sign Final Agreements for Life Insurance and Asset Management Businesses. THE HAGUE and NEW DELHI, December 28/PRNewswire/ -Promoter Group today signed definitive agreements to jointly enter the life insurance and asset management business in India. The ventures will be implemented by AEGON and Religare, the financial services division of Ranbaxy Promoter Group. AEGON and Ranbaxy

Ranbaxy Promoter Group will hold a 44 percent stake in the life venture, AEGON a 26 percent stake and Bennett Coleman, an investor, will hold the

balance. The asset management venture has been structured on an equal ownership basis between Ranbaxy Promoter Group and AEGON.

"We are very happy to join hands with AEGON to establish business in the high growth areas of life insurance and asset management", said Malvinder Mohan Singh of the Ranbaxy Promoter Group. "With this partnership we demonstrate our long term commitment to the financial services sector", he added.

"India is an important market for AEGON given the significant growth potential for the products and services we provide", said Alexander Wynaendts, member of the Executive Board of AEGON N.V. "We are confident that with Religare as our partner, we can build on our respective capabilities to maximize the opportunities emerging across the country."

Religare is expanding its financial business both in India and overseas. Also commenting on the partnership, Shivinder Mohan Singh of the Ranbaxy Promoter Group said: "These ventures are part of the strategic initiatives of the Group to consolidate its position and become a meaningful player in the financial sector covering a wide spectrum of activities."

AEGON is one of the world's largest life insurance and pension companies, and a strong provider of investment products. We empower our local business units to identify and provide products and services that meet the evolving needs of our customers, using distribution channels best suited to their

local markets. We take pride in balancing a local approach with the power of an expanding global operation.

With headquarters in The Hague, the Netherlands, AEGON companies employee approximately 27,000 people. AEGON's three major markets are the United States, the Netherlands and the United Kingdom. In addition, the Group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan.

RELIGARE TO LAUNCH PRIVATE EQUITY FUND

Targets launching US$150m Fund for investment into India growth opportunities. Focus rising from SE Asia, Europe, and Sponsors commit US$20m to ER Capital India Fund (ERCIF) ERCIF to target core sectors-Healthcare, Retail, and Financial Services, Basic Infrastructure, Manufacturing. Mumbai, May 25, 2006: Religare, a diversified financial services provider and a Ranbaxy promoter group company along with Evercore Partners, a US-based leading advisory and investment firm, have formed a joint venture to launch a new private equity fund. The two sponsors aim to raise US$150m and are targeting India-based high-growth and mid-sized private equity investment opportunities. The new fund, called the ER Capital India Fund, will start with capital commitment of $20m from Evercore. ER Capital India Fund will leverage Evercores investment expertise and global relationship network and Religares strong local relationships, investment banking expertise, coupled with largest retail branch network with broad geographic reach in the Indian marketplace. The fund would target investors from Southeast Asia, Europe and Gulf region. The ER Capital India Fund will have a tenor of seven years, with a provision for one-year extension. The commitment period for the investors would be four years The investment focus of the ER Capital India Fund will primarily be to target the capital requirements of mid sized enterprises with a two pronged approach of sector and geographical focus.

Amongst the sectors ERCIF will focus on Healthcare, Retail, Financial Services, Manufacturing and Infrastructure. By Geographic area it would aim to provide capital across Tier II and Tier III cities providing efficient growth opportunity. By deal size, the size of investments will be between US$10m and US$20m.Mr. Sunil Godhwani, CEO & Managing Director, Religare said, The private equity market in India is under served. At penetration level of 0.1% of GDP for Asia as compared to 0.8 % in European Union and 1.1% in US, we see tremendous growth opportunity

for private equity investment. We would be delighted to partner Indian private enterprises and entrepreneurs to transform their businesses into a success story. Our aim is to fulfill the growing need of capital from the mid-sized Indian enterprises and also bring in value-added, credible and stable investors and to be a part of institutionalizing high standards of corporate governance.

Mr. Malvinder Mohan Singh, Chairman, Religare and CEO & Managing Director, Ranbaxy Laboratories said, The launch of the ER Capital India Fund Is one of the continuing steps for Religare to make it one of the leading players in the financial services market in India and abroad? With successful and demonstrable investing track record and unrivalled branch network, the new ER Capital India Fund, fuelled by sustained growth in the economy, will capitalize on growing opportunities in the private equity industry in India.

RESEARCH PROBLEMS OF FINANCIAL INSTITUTION

Research innovations, tools and expertise when solving their business problems .

Advanced Call Center AutomationDesigns and helps deploy natural language voice recognition and voice mining solutions.

Advanced Networking SolutionsCutting-edge models, algorithms, software and expertise help quickly and accurately design, monitor and optimize enterprise networks and networked applications.

Business Optimization and AnalyticsDesigned to optimize, plan, model, analyze and transform companies into on demand businesses.

CollaborationAssesses, designs and implements innovative tools to support communication among employees, suppliers, partners and clients.

E-business Systems and ArchitectureDesigns and helps deploy cutting-edge applications, middleware and Web content.

Grid and Autonomic Solutions-

Cutting-edge models, software, designs and expertise help quickly and efficiently evaluate, design, pilot and optimize grid and autonomic capability in distributed computing systems.

Information Mining and ManagementHelps clients gain business insight from structured and unstructured data, text, voice, video, etc.

Innovation ManagementIntroduces new ways of thinking, working, managing and structuring businesses and new tools and capabilities for doing so.

Mobile EnablementApplies new wireless and pervasive technology to improve security, reliability and integration. Product Lifecycle ManagementImproves product development processes through better tools, methodologies and collaboration.

Security and PrivacyAccesses, designs and implements enhanced security processes and tools.

Supply Chain SolutionsHelps optimize, plan, model and analyze complex supply chain and transportation processes.

Technology-Based LearningProvides a set of tools designed to improve teachers productivity, a prototype that assembles just-in-time learning for users and a methodology that helps measure the value or effectiveness of a learning program.

COMPANY/INDUSTRY RELATED TERMS

Articles or AOA: Articles of Association of the Company Board. The Board of Directors of the Company or the Committee authorized to act on its behalf Company/Issuer/FFSL : Fortis Financial Services Limited Memorandum or MOA : Memorandum of Association Average Total Assets: Average of opening and closing balance of Total Assets for the fiscal. Gross NPAs : Total of overdue and future receivables (excluding securitized assets) As reduced by unmatured finance charges on NPAs Gross Spread : Difference between the Total Income earned by us and interest Expenditure incurred by us for the fiscal / period measured as a Percentage of our Average Total Assets Group Companies : Companies falling under the category of Companies under the Same Management within the meaning of Section 370(1B) of the Companies Act, 1956, the Promoter Group Companies and the Business ventures promoted by Promoters. Net NPAs : Gross NPAs net of total provisions Promoters: Mr. Malvinder Mohan Singh and Mr. Shivinder Mohan Singh.

Promoter Group Companies : Companies listed in the Shareholding Pattern of the Company as Detailed under Chapter V of this Letter of Offer titled Capital Structure and the Companies falling under the definition of Promoter Group within the meaning of SEBI Guidelines .

ABBREVIATION

Act : The Companies Act, 1956 and amendments thereto ACA : Associate of Chartered Accountants ACERC : Asian CERC Information Technology Limited AY : Assessment Year AGM : Annual General Meeting AS: Accounting Standards as issued by the Institute of Chartered Accountants of India. BSE/Designated Stock Exchange : The Bombay Stock Exchange Limited CAF : Composite Application Form CAGR : Compounded Annual Growth Rate CDSL : Central Depository Services (India) Limited CII : Confederation of Indian Industry DEMAT : Dematerialized (Electronic/Depository, as the context may be) DP : Depository Participant EBIDTA : Earnings Before Interest, Depreciation and Tax and Amortization EGM : Extra-Ordinary General Meeting EPS : Earnings Per Share FEMA : Foreign Exchange Management Act, 1999 and the subsequent amendments FERA : Foreign Exchange Regulation Act, 1973 FICCI : Federation of Indian Chambers of Commerce & Industry FII : Foreign Institutional Investor as defined under SEBI (Foreign Institutional Investors) Regulations, 1995 registered With SEBI and as Defined under FEMA (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 and under other applicable Laws In India FY : Financial Year

GOI / Government : Government Of India HUF : Hindu Undivided Family IT : Income Tax Act, 1961 KYC : Know Your Customer Lead Manager to the Issue: Systematix Corporate Services Limited. LOO : Letter of Offer MIS : Management Information System NBFC: Non-Banking Financial Companies. NPPA : National Pharmaceuticals Pricing Authority NR : Non-Resident NRE ACCOUNT : Non-Resident External Account NRI : Non-Resident Indian NRO ACCOUNT : Non-Resident Ordinary Account NSDL : National Securities Depository Limited OCB : Overseas Corporate Bodies PAN/GIR No. : Income Tax Permanent Account Number/General Index Reference Number PBIDT : Profit Before Interest, Depreciation and Tax RBI : Reserve Bank of India SEBI : Securities and Exchange Board of India SEBI (SAST) Regulations, 1997 : SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto Stock Exchange : BSE

FORWARD LOOKING STATEMENT

Statements included in this Letter of Offer which contain words or phrases such as will, aim, will likely result, believe, expect, will continue, anticipate, estimate, intend, plan, contemplate, seek to, future, objective, goal, project, should, will pursue and similar expressions or variations of such expressions are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with the Companys expectations with respect to, but not limited to. The Companys ability to successfully implement its strategies, its growth and expansions, technological changes, its exposure to market risks, etc. the general, economic and political conditions in India which have an impact on its business activities or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in Domestic and Foreign Laws, Regulations and Taxes and changes in competition in the industry. For further discussion of factors that could because the Companys actual results to differ see the section titled Risk Factors beginning on Page No. of this Letter of Offer. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. In accordance with SEBI requirements, the Company will ensure that investors are informed of material developments until such time as the grant of listing and trading permission by the Stock Exchanges for the Equity Shares being issued.

USE OF MARKET DATA

Unless stated otherwise, macroeconomic and industry data used throughout this Letter of Offer has been obtained from publications prepared by Government sources, industry sources and data generally available in the public domain. Such publications generally state that the information contained therein has been obtained from sources believed to be reliable but that their accuracy and completeness are not guaranteed and their reliability cannot be assured. Although we believe that industry data used in this Letter of Offer is reliable, it has not been Independently verified.

Training
Students work Profile

In Religare I have taken training in sales team as a RE (Relationalship Executive) My job profile is basically to open D-MAT a/c. From the data we used to call the clients and make them over the phone, if anyone interested than fixed meeting with them and clarify their all problems.

After made them interested, fulfill all requirements, we open their a/c in our organization. I punched the filled forms online. After open the a/c of the client, I give them demo of the process through which he/she can trade easily.

Description of Live Example

One presentation given by us in Escort co, HR head was happy but he did not want to such thing because he said, the money earned by me it only and only my hard work. Cold calling in Lucknow face all kind of persons and mixed behavior. Give the demo to the old client, and they impressed.

Contribution to Organization

Open first a/c by trainee in Lucknow. Open a/c from Lucknow Made presentation of Religare.

ANNEXURE:
Under the annexure we includeo

Questionnaire Survey form An illustration of the company policy ( All the documents which are received by the client at the time of policy)

BIBLOGRAPHY:

11.1 B00KS11.2 MAGAZINEBUSINESS

C.R.KOTHARI, PHILIP KOTLER. MONEY & MARKET WATCH, INDIA

TODAY, BUSINESS WORLD.

11.3 NEWS PAPER-

THE TIMES OF NEW INDIA, HINDUSTAN TIMES, ECONOMICS TIMES, BUSINESS - STANDARD. www.religare. in , www.google.com

11.4 WEB-SITE-

QUESTIONNAIRE

Q.1 Are you interested in investing in share market? (a) Yes (b) No Q.2 In which product do you want to invest? (a) IPO (c) Mutual fund (e) Commodity Q.3 For how much period do you want to invest? (a) Short term (b) Long term Q.4 you purchase shares on . basis? (a) Intraday (b) Delivery Q.5 In which product of a commodity do you want to invest? (a) Crude oil (c) Grain (b) Metals (d) others (b) Equity (d) Derivatives

Q.6 In which type of commodity and derivatives do you want to invest? (a) High cost (c) No limitation of cost (b) Low cost

Q.7 In which trend do you like to invest? (a) Bullish trend (b) Bearish trend Q.8 In how much volume you often trade? (a) Less than 50,000 (c) 1-5 Lakh (b) 50,000-1 Lakh (d) More than 5 Lakh

Q.9 You are interested in doing trading . (a) Online (c) Both (online and offline) Q.10 In market how much risk you can take? (a) Less than 25% (c) 50%-75% (b) 25%-50% (d) More than 75% (b) Offline

NAME ADDRESS CONTACT NO.

. .