PROJECT REPORT ON LUDHIANA STOCK EXCHANGE

SUBMITTED TO :COMMERCE DEPARTMENT

SUBMITTED BY:ROHIT SHARMA 4620

WHAT IS STOCK EXCHANGE

A stock exchange is an entity which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets are driven by various factors which, as in all free markets, affect the price of stocks (see stock valuation) .

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-thecounter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

THE FIRST STOCK EXCHANGES

In 11th century France the courtiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. As these men also traded in debts, they could be called the first brokers. Some stories suggest that the origins of the term "bourse" come from the Latin bursa meaning a bag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hung on the front of the house where merchants met.

House Ter Beurze in Bruges, Belgium.

However, it is more likely that in the late 13th century commodity traders in Bruges gathered inside the house of a man called Van der Burse, and in 1309 they institutionalized this until now informal meeting and became the "Bruges Bourse". The idea spread quickly around Flanders and neighbouring counties and "Bourses" soon opened in Ghent and Amsterdam.

In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351, the Venetian Government outlawed spreading rumors intended to lower the price of government funds. There were people in Pisa, Verona, Genoa and Florence who also began trading in government securities during the 14th century. This was only possible because these were independent city states ruled by a council of influential citizens, not by a duke.

The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profitsor losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In 1688, the trading of stocks began on a stock exchange in London.

On May 17, 1792, twenty-four supply brokers signed the Buttonwood Agreement outside 68 Wall Street in New York

underneath a buttonwood tree. On March 8, 1817, properties got renamed to New York Stock & Exchange Board. In the 19th century, exchanges (generally famous as futures exchanges) got substantiated to trade futures contracts and then choices contracts. There are now a large number of stock exchanges in the world.

THE ROLE OF STOCK EXCHANGES

Stock exchanges have multiple roles in the economy. This may include the following.

RAISING CAPITAL FOR BUSINESSES

The Stock Exchange provide companies with the facility to raise capital for expansion through selling shares to the investing public.

MOBILIZING SAVINGS FOR INVESTMENT

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher productivity levels of firms.

FACILITATING COMPANY GROWTH

Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion.

PROFIT SHARING
Both casual and professional stock investors, through dividends and stock price increases that may result in capital gains, will share in the wealth of profitable businesses.

CORPORATE GOVERNANCE
By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately-held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). Despite this claim, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies. The dot-com bubble in the early 2000s, and the subprime mortgage crisis in 2007-08, are classical examples of corporate mismanagement.

Companies like Pets.com (2000), Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), Parmalat (2003), American International Group (2008), Bear Stearns (2008), Lehman Brothers (2008), General Motors (2009) and Satyam Computer Services (2009) were among the most widely scrutinized by the media. However, when poor financial, ethical or managerial records are known by the stock investors, the stock and the company tend to lose value. In the stock exchanges, shareholders of underperforming firms are often penalized by significant share price decline, and they tend as well to dismiss incompetent management teams.

CREATING INVESTMENT OPPORTUNITIES FOR SMALL INVESTORS

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors.

GOVERNMENT CAPITAL-RAISING FOR DEVELOPMENT PROJECTS

Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate the need to directly tax the citizens in order to finance development, although by securing such bonds with the full faith and credit of the government instead of with collateral, the result is that the government must tax the citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature.

BAROMETER OF THE ECONOMY

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the

stock indexes can be an indicator of the general trend in the economy

.

MAJOR STOCK EXCHANGES

Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Total Turnover at the end of August 2009:-

Region

Stock Exchange

Total Market Share Value Turnover (millions (millions USD) USD)

210,180.8

Africa Americas Americas Americas Americas

Johannesburg Securities Exchange 690,797.5 NASDAQ So Paulo Stock Exchange Toronto Stock Exchange New York Stock Exchange

2,847,535.2 19,343,868.3 1,032,518.4 361,959.0 1,432,877.0 798,193.1 10,842,001.9 12,158,620.6

Asia-Pacific Australian Securities Exchange 1,066,513.2 560,912.8 Asia-Pacific Bombay Stock Exchange Asia-Pacific Hong Kong Stock Exchange Asia-Pacific Korea Exchange Asia-Pacific National Stock Exchange of India 1,082,572.0 171,176.2 1,945,517.7 970,227.6 727,125.3 1,050,473.8

1,019,109.0 506,652.3 2,142,756.8 3,315,768.5 596,320.2 1,701,256.8

Asia-Pacific Shanghai Stock Exchange Asia-Pacific Shenzhen Stock Exchange Asia-Pacific Tokyo Stock Exchange Europe Europe Europe Europe Euronext Frankfurt Stock Exchange (Deutsche Brse) London Stock Exchange

3,478,602.5 2,675,983.3 2,605,097.6 1,195,962.2 1,204,292.0 1,589,736.7 2,560,491.1 2,321,518.5

Madrid Stock Exchange 1,178,525.6 1,040,751.1 (Bolsas y Mercados Espaoles) Milan Stock Exchange (Borsa 636,674.8 Italiana) 565,759.3

Europe

Europe Europe

Nordic Stock Exchange Group 781,146.3 OMX1 Swiss Exchange 992,356.4

503,049.9 520,867.5

LISTING REQUIREMENTS

Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on that exchange. Such conditions sometimes include minimum number of shares outstanding, minimum market capitalization, and minimum annual income.

REQUIREMENTS BY STOCK EXCHANGE

Companies have to meet the requirements of the exchange in order to have their stocks and shares listed and traded there, but requirements vary by stock exchange:

Bombay Stock Exchange: Bombay Stock Exchange (BSE) has requirements for a minimum market

capitalization of Rs.250 Million and minimum public float equivalent to Rs.100 Million.[3] London Stock Exchange: The main market of the London Stock Exchange has requirements for a minimum market capitalization (700,000), three years of audited financial statements, minimum public float (25 per cent) and sufficient working capital for at least 12 months from the date of listing. NASDAQ Stock Exchange: To be listed on the NASDAQ a company must have issued at least 1.25 million shares of stock worth at least $70 million and must have earned more than $11 million over the last three years.[4] New York Stock Exchange: To be listed on the New York Stock Exchange (NYSE) a company must have issued at least a million shares of stock worth $100 million and must have earned more than $10 million over the last three years.

OWNERSHIP
Stock exchanges originated as mutual organizations, owned by its member stock brokers. There has been a recent trend for stock exchanges to demutualize, where the members sell their shares in an initial public offering. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euronext (merged with New York Stock

Exchange), NASDAQ (2002), the New York Stock Exchange (2005), Bolsas y Mercados Espaoles, and the So Paulo Stock Exchange (2007). The Shenzhen and Shanghai stock exchanges can been characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission .

OTHER TYPES OF EXCHANGES

In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contracts. These commodity exchanges later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges

HOW STOCK EXCHANGE WORKS

In order to understand what stocks are and how stock markets work, we need to dive into history-specifically, the history of what has come to be known as the corporation, or sometimes the limited liability company (LLC). Corporations in one form or another have been around ever since one guy convinced a few others to pool their resources for mutual benefit. The first corporate charters were created in Britain as early as the sixteenth century, but these were generally what we might think of today as a public corporation owned by the government, like the postal service.

Privately owned corporations came into being gradually during the early 19th century in the United States , United Kingdom and western Europe as the governments of those countries started allowing anyone to create corporations.

In order for a corporation to do business, it needs to get money from somewhere. Typically, one or more people contribute an initial investment to get the

company off the ground. These entrepreneurs may commit some of their own money, but if they don't have enough, they will need to persuade other people, such as venture capital investors or banks, to invest in their business.

They can do this in two ways: by issuing bonds, which are basically a way of selling debt (or taking out a loan, depending on your perspective), or by issuing stock, that is, shares in the ownership of the company.

Long ago stock owners realized that it would be convenient if there were a central place they could go to trade stock with one another, and the public stock exchange was born. Eventually, today's stock markets grew out of these public places.

STOCKS
A corporation is generally entitled to create as many shares as it pleases. Each share is a small piece of ownership. The more shares you own, the more of the

company you own, and the more control you have over the company's operations. Companies sometimes issue different classes of shares, which have different privileges associated with them.

So a corporation creates some shares, and sells them to an investor for an agreed upon price, the corporation now has money. In return, the investor has a degree of ownership in the corporation, and can exercise some control over it. The corporation can continue to issue new shares, as long as it can persuade people to buy them. If the company makes a profit, it may decide to plow the money back into the business or use some of it to pay dividends on the shares.

PUBLIC MARKETS
How each stock market works is dependent on its internal organization and government regulation. The NYSE (New York Stock Exchange) is a non-profit corporation, while the NASDAQ (National Association of Securities Dealers Automated Quotation) and the TSE (Toronto Stock Exchange) are for-profit

businesses, earning money by providing trading services. Most companies that go public have been around for at least a little while. Going public gives the company an opportunity for a potentially huge capital infusion, since millions of investors can now easily purchase shares. It also exposes the corporation to stricter regulatory control by government regulators. When a corporation decides to go public, after filing the necessary paperwork with the government and with the exchange it has chosen, it makes an initial public offering (IPO). The company will decide how many shares to issue on the public market and the price it wants to sell them for. When all the shares in the IPO are sold, the company can use the proceeds to invest in the business.

LUDHIANA STOCK EXCHANGE

The Ludhiana Stock Exchange Limited was established in 1981, by Sh. S.P. Oswal of Vardhman Group and Sh. B.M. Munjal of Hero Group, leading industrial luminaries, to fulfill a vital need of having a Stock Exchange in the region of Punjab, Himachal Pradesh, Jammu & Kashmir and Union Territory of Chandigarh. Since its inception, the Stock Exchange has grown phenomenally. The Stock Exchange has played an important role in channelising savings into capital for the various industrial and commercial units of the State of Punjab and other parts of the country. The Exchange has facilitated the mobilization of funds by entrepreneurs from the public and thereby contributed in the overall, economic, industrial and social development of the States under its jurisdiction.

Ludhiana Stock Exchange is one of the leading Regional Stock Exchange and has been in the forefront of other Stock Exchange in every spheres, whether it is formation of subsidiary for providing the platform of trading to investors, for brokers etc. in the era of Screen based trading introduced by National Stock Exchange

and Bombay Stock Exchange, entering into the field of Commodities trading or imparting education to the Public at large by way of starting Certification Programmes in Capital Market.

The vision and mission of Stock Exchange is:

"Reaching small investors by providing services relating to Capital Market including Trading, Depository Operations etc and creating Mass Awareness by way of education and training in the field of Capital Market. To create educated investors and fulfilling the gap of skilled work force in the domain in Capital Market."

Further, the Exchange has 295 members out of which 162 are registered with National Stock Exchange as Subbrokers and 121 with Bombay Stock Exchange as subbrokers through our subsidiary.

DETAILS OF PRESIDENTS AND VICE PRESIDENTS

SR. NO.
1 2

Name of the person

Sh. S.P. Oswal Sh. B.M. Lall Munjal

Tenure
16.08.1983 to 27.07.1986 28.07.1986 to 15.10.1989 16.10.1989 to 30.10.1992 30.09.1998 to 04.10.2000 31.10.1992 to 22.12.1993 23.12.1993 to 05.10.1995 01.10.1996 to 29.09.1998 06.10.2001 to 01.07.2002 06.10.1995 to 30.09.1996 05.10.2000 to 05.10.2001 25.06.2007 to 10.12.2007

Sh. V.N. Dhiri

Sh. G.S. Dhodi

Sh. Jaspal Singh

Sh. M.S. Gandhi

Sh. R.C. Singal Dr. B. B. Tandon, Chairman

Sh. S.P. Sharma, Chairman

15.07.2007 to 23.09.2008 23.09.2008 to 29.09.2009

10

Sh. Jagmohan Krishan

11

Prop Padam Parkash Kansal

30.09.2009 to till date

DETAILS OF VICE PRESIDENT AND VICE CHAIRMAN

Sr. No. 1

Name of the person Sh. Rajinder Verma

Tenure 14.07.1984 to 08.08.1987 09.08.1987 to 15.10.1989 31.10.1992 to 22.12.1993 28.10.1991 to 30.10.1992 16.10.1989 to 27.10.1991

Sh. B.K. Arora

Sh. G.S. Dhodi

Sh. B.S. Sidhu

23.12.1993 to 05.10.1995 5 Sh. D.P. Gandhi 06.10.1995 to 26.09.1997 27.09.1997 to 29.09.1998 30.09.1998 to 04.10.2000 05.10.2000 to 05.10.2001 06.10.2001 to 01.07.2002 025.06.2007 to 10.12.2007 15.07.2007 to 23.09.2008 23.09.2008 to 08.10.2008 09.10.2008 to 29.09.2009 30.09.2009 to till date

Sh. M. S. Sarna

Sh. T.S. Thapar

Sh. Tarvinder Dhingra

Dr. Rajiv Kalra Sh. D.K. Malhotra, Vice Chairman Sh. Jagmohan Krishan, Vice Chairman Sh. Ravinder Nath Sethi Sh. Padam Parkash Kansal Sh. Joginder Kumar

10

11

12

13 14

GOVERNMENT AND MANNAGEMENT

LSE has a strong governance and administration, which encompasses a right balance of Industry Experts with highest level educational background, practicing professionals and independent experts in various fields of Financial Sector. The administration is presently headed by Sr. General Manager CUM Company Secretary and team of persons having indepth knowledge of Secretarial, Legal and Education & Training. The Governing Board of our Exchange comprises of eleven members, out of which two are Public Interest Directors, who are eminent persons in the fields of Finance and Accounts, Education, Law, Capital Markets and other related fields, Six are Shareholder Directors, and Three are Broker Member Director and the Exchange has four Statutory Committees namely Disciplinary Committee, Arbitration Committee, Defaults Committee and Investor Services Committee. In addition, it has advisory and standing committees to assist the administration. LSE has a Code of Conduct in place that governs the elected Board Members and the Senior Management Team. The same is monitored through periodic

disclosure procedures. The Exchange has an Ethics Committee, which looks into any issue of conflict of interest and has in place general code of conduct for the Senior Officials.

The composition of the Governing Board is as under:-

Sr. No. Name of Director

1

Category

Chairman Prof. Padam Parkash Kansal (Shareholder Director) Vice Chairman (Shareholder Director) Shareholder Director Shareholder Director Shareholder Director Shareholder Director Registrar of Companies (Public Interest Director) Trading member Director Trading Member Director Trading member Director

2 3 4 5 6 7 8 9 10

Sh. Joginder Kumar Dr. Ravinder Nath Sethi Sh. Satish Nagpal Sh. Ashok Kumar Sh. Varun Chhabra Dr. Raj Singh Sh. T. S. Thapar Sh. Sunil Gupta Sh. Sanjay Anand

STRENGTHS OF LSE GROUP

1. LSE brand is popular among masses. The brand image of LSE can be capitalized. 2. We have requisite infrastructure for the Capital Market activities which includes a multi-storeyed, centrally air conditioned building situated in the financial hub of the city i.e. Feroze Gandhi Market. 3. We have well experienced operations of Stock Exchange. staff handling

4. We have competent Board and professional management 5. We have much needed networking of sub brokers in the entire region, who are having rich experience in Stock Market operations for the last 25 years. 6. We have more than 40,000 clients spread across Punjab, Himachal Pardesh, Jammu & Kashmir

and adjoining areas of Haryana and Rajasthan. 7. The turnover of our subsidiary is the highest amongst all subsidiaries of Regional Stock Exchanges in Industries.

INFRASTRUCTURE AND ASSETS BASE AT LUDHIANA STOCK EXCHANGE

The Exchange building is situated at Feroze Gandhi Market, Ferozepur Road, Ludhiana. It is a six storeyed building, which is centrally air-conditioned. The building has 262 rooms, which are located on various floors ranging from second to fifth. The first floor of the building houses the administrative office and rooms from second to fifth floors have been leased out to brokers. The first floor also has canteen and banking facilities. Investor Service Centre is also located at first floor which houses a well-equipped library and viewterminals to provide live rates of NSE and BSE to investors. Investors are also provided with Cable TV for the purpose of viewing the latest happenings in the Capital Market and around. Basement of the building

has air-conditioning plant and Generators to provide air-conditioned environment and twenty-four hours power back up. The Exchange has also an additional plot of land measuring 2333 sq. yards in the prime location of city, to enhance its infrastructure and source of income.

STATUS OF OUR SUBSIDIARY I.E. LSE SECURITIES LIMITED

Due to Nation wide reach of bigger Stock Exchanges, the trading volumes at Ludhiana Stock Exchange declined and ultimately, the trading stopped in February, 2002, but the Stock Exchange converted the threat of bigger Exchanges into opportunities and acquired the corporate membership of these exchanges through its subsidiary company i.e. LSE Securities Limited. We have now been providing Trading Platforms of Bigger Stock Exchanges to the Investors of the region. The vast network of Brokers of the Exchange is servicing millions of Investors. The subsidiary company is also providing depository services in the

State of Punjab and Himachal Pradesh. The allied services like PAN Service Centre, Investor Service Centres are also being provided at major locations of the region. The turnover of subsidiary is highest amongst all the subsidiaries of Regional Stock Exchanges. The growth of subsidiary is swift and it has been providing a range of services to the public at large such as Trading, Depository, IPO bidding collection Centre. The Company in its continuous endevour to provide qualitative services to its valued clients, has started ebroking trading services for its clients, thereby increasing the geographical reach of the company.

LISTING OF SECURITIES OF COMPANIES AT LUDHIANA STOCK EXCHANGE

At present, Ludhiana Stock Exchange has 330 listed companies, out of which 214 are regional and 116 are Non-regional. The total listed capital of aforesaid companies is Rs. 3168.91 Crores appx. The market capitalization of the said companies is more than Rs. 3372.34 crores. The Stock Exchange is covering the vast investor base through the listing of abovesaid companies, which are situated in the region comprising of Punjab, Himachal Pardesh, Jammu & Kashmir, Chandigarh. Despite the fact, the implementation of SEBI (Delisting of Securities) guidelines, 2003 has resulted into the Delisting of good companies listed at Exchange, however still there are leading Companies listed with our Exchange, notable among them are United Breweries Limited, Vardhman Acrlyics Limited, SMC global securities limited, Himachal Futuristic Communications Limited etc. Ludhiana Stock Exchange has facilitated the capital generation for agro based industries as Punjab is a agricultural led economy. It will continue to do so, once it gets approval for a tie up with bigger Exchanges for commencing trading operations.

INVESTOR RELATED SERVICES

The Exchange has been providing a variety of services for the benefit of investing public. The services include Investor Service Centres, Investor Protection fund and Investor Educational Seminars. (i).Investor Service Centres The Exchange has set-up Investor Service Centres at various DP branches of its subsidiary for providing information relating to Capital Market to the general public. The Centres subscribe to leading economic, financial dailies and periodicals. They also store the Annual Reports of the companies listed at the Stock Exchange. The Investor Service Centres are also equipped with a Terminal for providing live rates of trading at NSE and BSE. A large number of the investors visit the centres to utilize the services being provided by the Exchange. (ii).Investor Awareness Seminars The Exchange has been organizing Investor Awareness Seminars for the benefit of Investors of the region comprising State of Punjab, Himachal Pradesh, Jammu & Kashmir, Chandigarh and adjoining areas of Haryana and Rajasthan. This massive exercise of organizing Investor Awareness Seminars has been launched as a part of Securities Market Awareness Campaign launched by SEBI in January, 2003. The Exchange apprises the investors about Dos and Donts to be observed while dealing in Securities Market. Till date, Exchange has organized more than 200 workshops in the region mentioned above. (iii).Website of the Exchange: www.lse.co.in The Exchange has its own website with the domain name www.lse.co.in. The website provides valuable information about the latest market commentary, research reports about companies, daily status of International markets, a separate module for Internet trading, information about listed companies and brokers and sub-brokers of the Exchange and its subsidiary. The website also contains many useful links on portfolio management, investor education, frequently asked questions about various topics relating to Primary and Secondary Market, information about Mutual Funds, Financials of the Company including Quarterly Results, Share Prices, Profit and Loss Accounts, Balance Sheet and Many More. The website also contains daily Technical Charts of various scrips being traded in BSE and NSE.

EDUCATIONAL INITIATIVES OF EXCHANGE

LSE has carved out its unique position among the Stock Exchanges of the country for the Knowledge Management. It has set up an Education and Training Cell and the same has emerged as a leading facility in various Financial Services in India. The Exchange has been conducting a unique certification programme in Capital Market in association with Centre for Industry Institute Partnership Programme Panjab University, Chandigarh for the last three year. This programme has widened the horizons of participants vis--vis Capital Market Operations as practical skill based knowledge is provided by Stock Brokers, Stock Exchange Officials, Professors of Finance and Business Management and above all Professionals working in different areas of Capital Market. We have completed series of batches of this programme and we now want to scale up this programme and are planning to launch various other programmes on areas relating to Securities Market. We have edge over others as far as Education and Training in Financial Services is concerned due to following factors: a. Directly connected with the Industry as Regional Stock Exchange. b. Connected with large base of Investors as they use the Stock Exchange as a Trading Platform for their liquidity needs c. Presence in the region of Punjab, Himachal Pradesh, Jammu & Kashmir and Chandigarh through our branches Network and the area being under the jurisdiction of our Exchange. d. Already running Certification programmes in Capital Market successfully. e. Continuously holding Investor Awareness Programmes for Investors & Investor Groups through association with Brokers, Sub-brokers, Colleges, Universities and Consumer Groups.