market integration 1

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Edelweiss Broking Limited

1

A report submitted towards the partial fulfillment of the

requirements of the two years full-time

Post Graduate Diploma in Management,

SUBMITTED BY:

ROHIT KUMAR YADAV

ROLL NO. - 2K10BFS18

ASIA PACIFIC INSTITUTE OF MANAGEMENT


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I take this opportunity to express my sincere thanks and humble gratitudeto my respected guide Mr. Chandan Kumar, Sales Manager of EdelweissBroking Limited, Karol Bagh, New Delhi, for his guidance and full support indoing this work successfully.

I am also grateful to Mr. Dhrubjyoti Nath, Team Leader, Retail whohelped me to understand the some other part of my project.

I also express my deep sense of gratitude and reverence toProf.Dasgupta, Asia-Pacific Institute of Management for his able andinvaluable guidance, kind help, constant encouragement and inspirationthroughout this project work.

I also express my deep sense of regard to Prof. R. Bhatia, Programme

Director, Asia-Pacific institute of Management for his valuable advice withoutwhich this work would not have been complete.

Date:


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ACKNOWLEDGEMENT 2CONTENTS 3-4OVERVIEW 5-11CHAPTER 1 12-14

INTRODUCTION 12Objectives 13

Scope of study 13

Need of the study 14

Data Collection 14

CHAPTER 2STOCK MARKET 15-16

CHAPTER 3 17-19WORKING PROCESS

CHAPTER-4 20-22COMPANY PROFILE

CHAPTER-5

BUSINESS OVERVIEW 23-28

CHAPTER-6

NATURE & CHARACTERISTIC OF PRODUCT 29-36

CHAPTER-7

GROWTH INITIATIVES 37

CHAPTER-8

EDELWEISS BUSINESS PROCESS 38-40


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CHAPTER-9

SWOC ANALYSIS OF EDELWEISS BROKING LIMITED 41

STRENGTH 42

WEAKNESS 43 OPPORTUNITIES 44 CHALLENGES 44

CHAPTER-10

ANALYSIS & FINDINGS 45

QUESTIONNAIRE ANALYSIS 46-55

FINDINGS 56-58

CHAPTER-11 59

RECOMMENDATIONS 60-61

SUGGESTIONS 62-63

CHAPTER-12

CONCLUSION 64

WRAPPING 65-66

FUTURE ASSESMENTS 66

BIBLIOGRAPHY 67


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Introduction

The last decade (2000-2010) has been the most eventful period for the Indiansecurities market during which it took major strides to carve a niche for itself inthe global securities markets. The major developments which hastened thisincredible journey can broadly be observed under three categories, i.e. improved

market microstructure, introduction of new products and progressive changes inthe regulatory framework.This chapter is split into two sections. Section 1 focuses on the broaderdevelopments in the securities markets during 2000-2010. Section 2 discussesthe structure and the developments of the Indian securities markets during2009-10.

Section-1:

Section-2:


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Section-1: Issues and Developments in the past decade (2000-2010)

Improved Market Microstructure

To reduce transaction time and bolster liquidity, various reforms wereundertaken during this decade (2000-2010), such as introduction of automatedtrading system, reduction in the settlement cycle, dematerialization etc. Further,the stock exchanges were allowed to provide a separate trading window forblock deals in November 2005 to facilitate execution of large trades withoutimpacting the market. With the advent of new technology, greater sophisticationwas brought to the Indian securities markets by introducing world class

facilities like Direct Market Access (DMA), algorithmic trading, smart orderrouting system and co-location service.On the clearing and settlement front, in July 2001, the Indian securities marketmade a paradigm shift from the century old account period settlement to a T+5rolling settlement. Keeping abreast with the dynamics of the securities marketand to integrate with the world markets, in April 2002, the Indian capitalmarkets joined the league of developed markets in the world by the introductionof the T+3 rolling settlement cycle and further to T+2 in April 2003.Dematerialisation which was introduced in 1998 achieved 100% demat trading

at NSE in June 2002.

In the primary markets, SEBI made IPO grading compulsory for companiescoming out with the IPOs of equity shares in May 2007. An IPO Grade providesan additional input to investors in arriving at an investment decision based onindependent and objective analysis. In addition, SEBI introduced the process ofApplication Supported by Blocked Amount (ASBA) which ensured that theapplication money does not move out of the account of applicant but is onlyblocked and debited to the extent of allotment. ASBA helped to overcome theearlier refund related concerns upon allotment and enabled investors to earninterest on the blocked amount.Besides these improvements in market microstructure, introduction of a varietyof new products provided the much needed dynamism and impetus to thegrowth of the Indian securities market.


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Introduction of New Products

In the last decade, various new products were introduced in different marketsegments of the securities markets. Among them, the equity derivative productsmet with tremendous success, making India stand out in the global securities

markets arena. India began trading derivatives with underlying such as indicesand individual stocks and later extended to other asset classes like interest rateand currency. Currency futures on USDINR were introduced for trading andsubsequently the Indian rupee was allowed to trade against other currenciessuch as euro, pound sterling and the Japanese yen. To enhance retailparticipation and market liquidity in equity derivative segment, mini derivativecontracts on Nifty and Sensex were introduced in 2008 having a minimumcontract size of ` 1 lakh. SEBI also allowed trading on option contracts on Niftyand Sensex with tenure of up to five years to provide liquidity at the longer endof the market. In addition to derivatives products, a host of other products suchas mutual funds, index funds, index and gold based ETFs and ETFs oninternational indices2 were introduced on the Indian stock exchanges during thelast decade.

Assessment of Performance of Indian Securities Market during 2000-2010

The initiatives discussed above have not only transformed the landscape of thesecurities market, but also contributed to its growth. It can be seen that duringthe decade, there has been a significant rise in the market capitalization ratio,turnover ratio and traded value ratio. The turnover in the cash market has nearly

doubled over the decade while the market capitalization has become eight timesthe levels that existed in 2000. The turnover in the Indian derivatives market hasincreased from US $ 0.086 trillion in 2000-01 to US $ 3.92 trillion in 2009-10and has surpassed the cash market turnover in India. The resource mobilizationin the primary market has increased dramatically, rising six fold between 2000and 2010.Similarly, the resource mobilization through euro issues has increasedsignificantly over the years. Table-1 shows the performance in the capitalmarket in terms of certain key indicators.Table- 1

Parameters Compound Annual Growth Rate(2000-01 to 2009-10)

Resource Mobilisation in Primary Markets 17.15%Resource mobilization through Euro Issues 43.89%

All-India Market Capitalisation 23.15%All-India Equity Market Turnover 19.94%

All-India Equity derivatives turnover 132.19%Returns on Nifty 50 13.13%

Net Investments by Foreign Institutional

Investors

30.53%

Net Investments by Mutual Funds 54.07%


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Section-2: Structure and Developments of the Indian Securities Markets

during 2009-10

Key strengths of the Indian securities markets

The securities markets in India have made enormous progress in developingsophisticated instruments and modern market mechanisms. The key strengths ofthe Indian capital market include a fully automated trading system on all stockexchanges, a wide range of products, an integrated platform for trading in bothcash and derivatives, and a nationwide network of trading through over 4,6184corporate brokers. A significant feature of the Indian securities market is thequality of regulation. The market regulator, Securities and Exchange Board ofIndia (SEBI) is an independent and effective regulator. It has put in place soundregulations in respect of intermediaries, trading mechanism, settlement cycles,risk management, derivative trading and takeover of companies. There is a welldesigned disclosure based regulatory system. Information technology isextensively used in the securities market. The stock exchanges in India have themost advanced and scientific risk management systems. The growing number ofmarket participants, the growth in volume of securities transactions, thereduction in transaction costs, the significant improvements in efficiency,transparency and safety, and the level of compliance with internationalstandards have earned for the Indian securities market a new respect in the

world.

Market Segments

The securities market has two interdependent and inseparable segments, thenew issues (primary) market and the stock (secondary) market. The primarymarket provides the channel for creation and sale of new securities, while thesecondary market deals in securities previously issued. The securities issued in

the primary market are issued by public limited companies or by governmentundertakings. The resources in this kind of market are mobilized either throughthe public issue or through private placement route. It is a public issue if anyonecan subscribe it, whereas if the issue is made available to a selected group ofpersons it is termed as private placement. There are two major types of issuersof securities, the corporate entities who issue mainly debt and equityinstruments and the government (central as well as state) who issue debtsecurities (dated securities and treasury bills).The secondary market enables participants who hold securities to adjust their

holdings in response to changes in their assessment of risks and returns.


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Once the new securities are issued in the primary market they are traded in thestock (secondary) market. The secondary market operates through twomediums, namely, the over-the-counter (OTC) market and the exchange-tradedmarket. OTC markets are informal markets where trades are negotiated. Most of

the trades in the government securities are in the OTC market.All the spot trades where securities are traded for immediate delivery andpayment take place in the OTC market. The other option is to trade using theinfrastructure provided by the stock exchanges. The exchanges in India follow asystematic settlement period. All the trades taking place over a trading day(day=T) are settled together after a certain time (T+2 day). The trades executedon exchanges are cleared and settled by a clearing corporation. The clearingcorporation acts as a counterparty and guarantees settlement. A variant of thesecondary market is the forward market, where securities are traded for futuredelivery and payment. A variant of the forward market is Futures and Optionsmarket. Currently only two exchanges viz., National Stock Exchange of IndiaLtd. (NSE) and Bombay Stock Exchange (BSE) provide trading in the equityfutures & options in India.

Market Participants

The four important market participants of securities markets are :-

nvestors ssuers ntermediaries egulators.


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1. nvestorsAn investor is the backbone of the capital market of any economy as he is

the one lending his surplus resources for funding the setting up or expansion ofcompanies, in return for financial gain.

2. ssuersPrimary markets

An aggregate of ` 10,075,102 million (US $ 223,197 million) were raised by thegovernment and corporate sector during 2009-10 as against `6,588,920 million(US $ 129,321 million) in 2008-09, an increase of 52.91%. Private placementaccounted for 93.07% of the domestic total resource mobilisation by theCorporate Sector. Resource mobilisation through euro issues escalatedsignificantly by 233.48% to `159,670 million (US $ 3,537 million) in 2009-10.

3.

ntermediaries

The term market intermediary refers to those who are in the business of

managing individual portfolios, executing orders, dealing in or distributingsecurities and providing information relevant to the trading of securities. Themarket mediators play an important role in the stock exchanges; they puttogether the demands of the buyers with the offers of the security sellers. Alarge variety and number of intermediaries provide intermediation services inthe Indian securities markets. The market intermediary has a close relationship

with the investor with whose protection the regulator is primarily tasked. As aconsequence a large portion of the regulation of a securities industry is directedtowards the market intermediary. Regulations address entry criteria, capital andprudential requirements, ongoing supervision and discipline of entrants, and theconsequences of default and failure. One of the issue concerning brokers is theneed to encourage them to corporatize. Currently, 46.10%5 of the brokers arecorporates. Corporatisation of their business would help them compete withglobal players in capital markets at home and abroad. Corporatisation bringsbetter standards of governance and better transparency hence increasing the

confidence level of customers.


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4. egulatorsThe absence of conditions of perfect competition in the securities market

makes the role of regulator extremely important. The regulator ensures that themarket participants behave in a desired manner so that securities marketscontinue to be a major source of finance for corporate and government and theinterest of investors are protected. The responsibility for regulating thesecurities market is shared by Department of Economic Affairs (DEA), Ministryof Corporate Affairs (MCA), Reserve Bank of India (RBI) and SEBI. Theorders of SEBI under the securities laws are appealable before a SecuritiesAppellate Tribunal (SAT). Most of the powers under the SCRA are exercisable

by DEA while a few others by SEBI. The powers of the DEA under the SCRAare also concurrently exercised by SEBI. The powers in respect of the contractsfor sale and purchase of securities, gold related securities, money marketsecurities and securities derived from these securities and ready forwardcontracts in debt securities are exercised concurrently by RBI. The SEBI Actand the Depositories Act are mostly administered by SEBI. The rules under thesecurities laws are framed by government and regulations by SEBI. All theserules are administered by SEBI. The powers under the Companies Act relatingto issue and transfer of securities and non-payment of dividend are administeredby SEBI in case of listed companies and companies proposing to get theirsecurities listed. The SROs ensure compliance with their own rules as well aswith the rules relevant for them under the securities laws.


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Introduction

The chapter describes the basic premise of the project. It also setsforward the path in which the project was planned and is being

completed.

Contents:

Objectives Scope of study Need of the study Data Collection


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The main objectives of the study are as follows:-

. To understand the various concepts of Stock market & its importance. . To get aware of various aspects of stock market. . To gain knowledge on trading of stocks.

. To build up SWOT analysis of Edelweiss Broking Limited in currentmarket scenario.

The study is made in taking consideration of whole Edelweiss Broking Limited.With reference to experience by training availed at Edelweiss Broking Limited,Karol Bagh branch, New Delhi.


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This study is mainly needed to find out the market integration of EdelweissBroking Limited and its importance of efficient research to investor in stockmarket.

The data was being collected from Sales Manager of Edelweiss Broking

Limited, Mr. Chandan kumar, and by the official website of Edelweiss BrokingLimited and National Stock Exchange of India Ltd.

The project is divided into various chapters dealing with various issues in theproject.


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The chapter describes in brief about

STOCK MARKET

A stock market is a public entity for the trading of stock (shares) of companyat an agreed price. Only those securities are traded which are listed on stockmarket. It is one of the most vital areas of a market economy as it providescompanies with access to capital and investors with a slice of ownership in thecompany and the potential of gains based on the company's future performance.

The stock market is mainly divided in two types:-

1. Primary Market2. Secondary Market


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What is Primary Market?Ans. Primary market facilitates government as well corporates in raising

capital to meet their requirements of capital expenditure or discharge ofother obligation such as exit opportunity for venture capitalist. The mostcommon primary mechanism for raising capital is an Initial Public Offer(IPO), under which shares are offered to common public as a precursor tothe trading in secondary market of an exchange. The price at which theshares will be issued is decided with the help of book buildingmechanism & in case of oversubscription the shares are allotted on a pro-rata basis. The securities issued in the primary market are issued by

public limited companies or by government undertakings. The resourcesin this kind of market are mobilized either through the public issue or

through private placement route.

What is Secondary Market?Ans. Secondary market is a market in which the trading of shares is performed

after the fresh issue of primary market i.e. the secondary market enablesparticipants who hold securities to adjust their holdings in response tochanges in their assessment of risks and returns. Once the new securitiesare issued in the primary market they are traded in the stock (secondary)market. The secondary market operates through two mediums, namely,the Over-the-counter (OTC) market and the exchange-traded market.

OTC markets are informal markets where trades are negotiated. Most ofthe trades in the government securities are in the OTC market. All thespot trades where securities are traded for immediate delivery andpayment take place in the OTC market. The other option is to trade usingthe infrastructure provided by the stock exchanges.


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orking Process

The whole working process of Stock market can be explained on throughsimple following way:-

L

isting

Trading

Clearing & Settlement


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1. isting: - Listing means admission of securities of an issuer to tradingprivileges on a stock exchange through a formal agreement. The prime

objective of admission to dealings on the Exchange is to provide liquidity

and marketability to securities, as also to provide a mechanism foreffective management of trading.

Listing on NSE & BSE provides qualifying companies with the broadest

access to investors, the greatest market depth and liquidity, cost-effective

access to capital, the highest visibility, the fairest pricing, and investor

benefits. NSE trading terminals are now situated in various cities and

towns across the length and breadth of India.

Securities listed on the Exchange are required to fulfill the eligibility

criteria for listing. Various types of securities of a company are tradedunder a unique symbol and different series.

2. rading: - Trading on the Equities segment takes place on all days ofthe week (except Saturdays and Sundays and holidays declared by the

Exchange in advance). The market timings of the equities segment are:

Normal Market Open : 09:15 hours

Normal Market Close : 15:30 hours

3. learing & Settlement: - NSCCL carries out clearing andsettlement functions as per the settlement cycles provided in the

settlement schedule.

The clearing function of the clearing corporation is designed to work out

:-

a) What members are due to deliver and

b) What members are due to receive on the settlement date.

Settlement is a two way process which involves transfer of funds and

securities on the settlement date.

Details of the two modes of settlement are as under:


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a). Dematerialised Settlement

NSCCL follows a T+2 rolling settlement cycle. For all trades executed on

the T day, NSCCL determines the cumulative obligations of each

member on the T+1 day and electronically transfers the data to Clearing

Members (CMs). All trades concluded during a particular trading date are

settled on a designated settlement day i.e. T+2 day.

b). Physical Settlement

To provide an exit route for small investors holding physical shares in

securities the Exchange has provided a facility for such trading inphysical shares not exceeding 500 shares in the 'Limited Physical Market'

(small window).


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ompany Profile

As I have done my training in Edelweiss Broking

Limited so first let us discuss something aboutEdelweiss.

What is Edelweiss? Current status


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Edelweiss Capital Limited was incorporated on 21st November 1995, hasemerged as one of Indias leading diversified financial services group. TheEdelweiss Group offers one of the largest ranges of products and servicesspanning varied asset classes and diversified consumer segments. The Groups

businesses are broadly divided into Credit, Capital Markets includingInvestment Banking and Brokerage Services, Asset Management, HousingFinance and Life Insurance.The companys research driven approach and consistent ability to capitalize on

emerging market trends has enabled it to foster strong relationships acrosscorporate, institutional, HNI and Retail clients. Edelweiss Group employsaround 2647 employees, leveraging a strong partnership culture and uniquemodel of employee ownership. It operates through 343 own offices, 31 franchiseled offices and over 1300+ sub-brokers in over 170 cities in India. TheEdelweiss Group is a conglomerate of 49 entities including 43 Subsidiaries and5 Associate companies (March 11), which are engaged in the business ofproviding diverse financial services. It is a listed company since December2007.

NSE SEBI Registration No.Capital Market: - INB 231311631Derivatives: - INF 231311631

Currency Derivatives: - INE 231311631

BSE SEBI Registration No.Capital Market: - INB 011311637


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urrent Status

As at the end of 31st March 2011 Edelweiss Groups Net worth stood at 23.00billion, indicating a strong balance sheet. Equity capital is the primary source offunding for the group besides debt.

For FY11 Edelweiss is ranked # 1 in HNI category and # 3 in Retail category byamount mobilized in IPOs.

Top 5 External Shareholders

As On 31st

March 2011

Name Percentage

1. Govt. of Singapore 8.3%

2. BIH SA 5.9%

3. Greater Pacific Capital 5.2%

4. Reliance Mutual Fund 3.6%

5. Fidelity 3.2%

Indian

Institutions,

Individuals &

Others

16%

Foreign

Institutions

31%

Key

Management,Employees &

Employee trust

53%

Shareholding Pattern


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usiness Overview

Current businesses of Edelweiss areorganized around five broad lines :-

Credit Capital Markets Asset Management Housing Finance Life Insurance

Performance of the Company


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These five business lines are broadly discussed here:-

1. redit: - The Credit Businesses include collateralized loans toPromoters and Corporate, Margin funding, ESOP financing and IPOfinancing. With a deep knowledge and understanding of capital markets

backed by strong origination capabilities, the Companys primary

offering in the financing business includes collateralized loan productssuch as sponsor funding, loans against shares, IPO financing, loansagainst ESOPs and margin funding etc. The sponsors of mid to largecorporates constitute its key clientele. Its prudent financing norms, strongrisk management & a conservative margin of safety ensures low nonperforming loans. Edelweiss continues to work on new product offeringsaround other asset classes. Edelweiss Housing Finance Limited hasrecently commenced the business and would help the group diversify thecollateral class.

2. apital markets:- This businesses include investment banking,brokerage services institutional, HNI and retail and financial products

distribution.

i. Investment Bankinga) Equity Capital Markets & Advisory Services

Edelweiss has one of the most extensive product offerings inInvestment Banking in India, catering to different market and clientsegments. The verticals within Investment Banking include EquityCapital Markets which include IPOs/FPOs, QIPs, Rights and OpenOffers, and Advisory services which offer Mergers & Acquisitions

Advisory, Private Equity Syndication, Structured Finance Advisoryand Infrastructure Advisory.

b)Corporate Debt SyndicationThe Debt Syndication Desk focuses on origination, sales, tradingand research. It has gained a strong foothold and visibility in themarket. Its clients in the recent past included large corporate likeReliance Industries, SAIL, REC, PFC, PGC, IRFC, Tata Capital,

Sundaram Finance, Yes Bank, State Bank and its Groupcompanies, Bank of India, Canara Bank etc.


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ii. Brokerage Services

a) Institutional EquitiesEdelweiss has one of the leading institutional equities businesses inIndia backed by a large and experienced research team and a largeand diversified client base with a market share of 4 to 5%, amongthe highest in Indian brokerage firms. Intense servicing, seamlessexecution and innovative research products have helped Edelweissbuild strong relationships with over 400 active institutionalinvestors, including domestic institutional investors and FIIs acrossdifferent geographies. Edelweiss provides broad corporate accessby arranging annual Investor Conferences in different locationsacross the world with a strong investor and Indian corporateparticipation. Edelweiss commitment to provide cutting edgeresearch has resulted in a pioneering effort to provide onlineresearch to its clients through the portal www.edelresearch.comwith smart features of quick sorting of information, analysis andconvenient archiving.

b)HNI BrokingEdelweiss offers dedicated broking services to high net-worthindividuals with a strong emphasis on building long-termrelationships with clients. Product offerings include specializedtrading execution for active trading clients and structured productsbacked by high quality execution and reporting.

c) Retail Broking & DistributionThe organic Retail broking business is through the online portalwww.edelweiss.in and provides advisory and research basedbroking services supported by high quality execution platform andbest in class reporting. It currently has over 100,000 clients underthe online broking. Edelweiss has also completed the acquisition ofAnagram Capital Limited in July10. This adds around 225,000clients, over 1300 sub-brokers, 141 own offices and 31 franchiseled offices to Edelweiss group. The acquisition is in sync with theexisting Retail Strategy of the group with minimal overlap.

Distribution business focuses on giving advice and analyzing thebest financial product options available in the market.
http://www.edelweiss.in/http://www.edelweiss.in/http://www.edelweiss.in/


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It involves the distribution of the full range of third party financialproducts and services including IPO syndication for the retailcustomer.For FY11 Edelweiss is ranked # 1 in HNI category and # 3 in

Retail category by amount mobilized in IPOs. It was also ranked #1 in both HNI and Retail categories in the recent IPO of MOIL Ltdby amount procured. Overall, it was second largest mobilizer ofIPO subscriptions in all categories taken together (non-ASBA) inFY11.

d)Wealth Advisory & Investment ServicesThe Primary focus is on understanding each client's profileincluding life style, risk appetite, growth expectations, currentfinancial position and income requirements to createcomprehensive and tailored investment strategies. The broad rangeof offerings includes a truly multi-asset class allocation advisory toStructured Products, Portfolio Management, Mutual Funds,Insurance, Derivatives Strategies, Direct Equity, Private Equity,and Real Estate Funds etc.

3. sset Management: - Our Asset Management business includesDomestic Asset Management (AMC) and Alternative Asset Managementbusiness. Edelweiss Asset Management has launched a mix of nine equityand debt funds. The current focus of this business is on broad basing theproduct portfolio and building investment track record. Alternative AssetManagement currently focuses largely on offshore institutional investorsoffering advisory/management expertise for India focused Multi-StrategyFund, Real Estate Fund and a Special Opportunities Fund.

4. ousing Finance: - Edelweiss has taken a major step in diversifying itsasset class in the credit book through the launch of its housing financebusiness in FY11. The housing finance subsidiary initially launched itsbusiness in Mumbai and later expanded it to include the National CapitalRegion. Considering that it is the aspirations of all Indians to own ahome, this business represents an exciting opportunity reinforcingEdelweiss intent to cover a larger retail footprint.


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5. ife InsuranceEdelweiss has entered into a Joint Venture Agreement with Tokio MarineHoldings, Inc., for setting up the life insurance business subject toregulatory approvals. It has recently received the final R-3 approval fromIRDA and plans to launch this business shortly. Life Insurance has playeda pivotal role in channelizing household savings into long-terminvestments and has immense growth potential in India given the currentlow penetration. Life Insurance segment, thus, presents to Edelweiss anexciting prospect for long-term growth opportunity and is a part ofoverall strategy of Edelweiss to enlarge its retail footprint.


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erformance of the Company


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ature & Characteristic Of the Product

The product which is being offered in area of Stock market by Edelweiss

Broking Limited is mainly Demat Account, Trading Account & furtherefficient Research of Companies so that the investor can easily invest hismoney in stock market or commodity market & can trust upon therecommendations of Edelweiss for fruitful gains.

Above mentioned products i.e. Demat A/c, Trading A/c & Research aregiven together in two ways.

First one is just simply giving the account opening fees of DematA/c i.e. Rs. 750

Second one is to take any of the given plan of (ADB)Advance Brokerage Plan of the company in which it covers thewhole brokerage amount, simply saying it is the brokerage amountwhich is given in advance to the company which covers all thetaxes including the delivery charges & S.T.T.

Plan

Advance

Brokerage

Fee

Validity

Period

Delivery

Futures

&

Intraday

Cash

Equivalent

Delivery

Turnover

Limit

1 2450 12 Months 0.30% 0.030% 8,00,0002 4950 12 Months 0.25% 0.025% 20,00,000

3 9950 12 Months 0.20% 0.020% 50,00,000

4 15000 12 Months 0.10% 0.015% 1,00,00,000

5 30,000 12 Months 0.10% 0.010% 3,00,00,000

6 50,000 12 Months 0.08% 0.008% 6,50,00,000

7 1,10,000 12 Months 0.06% 0.006% 12,50,00,000

8 1,11,111 3 Months 0.05% 0.005% 20,00,00,000


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The above table shows that ADB plans are from Rs. 2,450 to Rs. 1, 11,111 soaccording to the investing limits of the various investor, any plan can be takenaccording to the given brokerage rates.

After completions of the process of opening demat account further there arevarious products which are available in which the investment can be donethrough investor. Those products are discussed here as follows: -

1. Equities: - Equities simply means Equity shares in which the buy option& sell option is available there and that also with order type, producttype, quantity, price, disclosed quantity, & stop loss trigger price. All thisavailable options under equity section mainly makes an easier way for aninvestor to simply trade himself. Equity only covers the sale and purchaseof equity shares which are listed on NSE or BSE.


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Under Equities there are different options available as shown above in thepicture. All of them are explained in brief as follows on the next page: -

Xpress: - Xpress is a online software which is mainly used toreplicate the trading terminal of NSE & BSE. There is only onesecond difference between the real stock markets rate & theXpress rate.

Basket Orders: - Basket order is a type of order in which an givenamount of money can be invested into a pool of different stocks ofcompanies. Mainly this type of order helps an trader to minimizinghis risk and parking the money in different sectors of market.

Market watch: - Market watch is a type of watch through which atrader can directly have a look on his named stocks. In this tradercan tag the name of the share of the companies on which he has tokeep an eye & can have a look any time on them instead of seeing& tracking them individually.

Set Alerts: - This option helps a trader to set alerts for theinformation regarding the ups & downs in price of stocks in thestock market.

Order book : - This option shows that whatever the order placed iseither completed or still pending placed by a trader in a particulardate.

Trade Book: - Trade book shows mainly that which of the tradehas been taken place in the day and even the trade history can bechecked by it


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Limits: - Limit shows the deposited cash, ledger balance &remaining balance which is being utilised in trading left fordelivery.

Positions: - Positions shows that whatever stock which ispurchased in a day shows the status that what is the profit or losswhich is being at that particular period of time.

After Market Orders: - After market order is used to placeorder when stock market is closed & after that no trading can be

done so for that type of situation after market order is placed sothat next time whenever the market opens the order get as executedautomatically either market price or Limit price.

Holdings: - Holding states that currently which share are availablein the holdings of the traders demat account & LTP last trade priceis also mentioned there to know the current market price of theshare.

Stock list: - Stock list shows different types of shares which arecovered under different types of list: - NSE list, BSE list, Intradaylist, Cover order list.


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Mutual Fund: - Mutual fund section in the website mainly helps aninvestor to invest his money in the mutual funds through the givenoptions of purchase, redeem, order book holding & limits. Mutual funds

are mainly considered as safer side to invest money in the stock market.As it is invested in stock market but the main reason of low risk is that thewhole money is invested by an individual fund manager in differentcompanies & in different sectors & even the operational costs is reducedwhen invested through mutual funds. Mutual fund minimizes the risk ofthe investors & even it reduces the burden of the investor to where to parkhis money because it becomes the responsibility of fund manager to do allthose mind jobs.


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Currency: - In currency segment simply as word defines it is used fortrading of currencies of one country from another country. The Currency

trading market is a multi trillion dollar market where world currencies areexchanged back and forth on a daily basis. Currency trading can be veryrisky. Currencies tend to be very volatile compared to other markets. Thereal key to success with currency trading is to use conservative riskmanagement. There are many components to effective currency riskmanagement, but the bottom line is to use caution and have a tradingplan. Timing for currency trading is somewhat different from actual stockmarket trading so the timing is from 9 am to 5 pm from Monday toFriday.


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IPO: - The first sale of stock by a private company to the public. IPOs areoften issued by smaller, younger companies seeking the capital to expand,but can also be done by large privately owned companies looking tobecome publicly traded. IPOs can be a risky investment. For the

individual investor, it is tough to predict what the stock will do on itsinitial day of trading and in the near future because there is often littlehistorical data with which to analyze the company. Also, most IPOs areof companies going through a transitory growth period, which are subjectto additional uncertainty regarding their future values.


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Fund transfer: - Fund transfer is a facility provided from which fundscan be transferred online from bank account to the trading account orthrough trading account to bank account. There are three more featureswhich are explained briefly i.e.

Pay in request This feature is used transfer money from bankaccount to the trading account to further invest the money in stockmarket.

Pay out request This feature is used to transfer money fromtrading account to the bank account.

Transfer status This feature shows the transfer statuses of themoney transferred through pay in or pay out facility of the site.


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Chapter-7Growth InitiativesEdelweiss continues to build on the following growth initiatives with the

objective of diversifying its client segments and product classes in its quest toemerge as a fully diversified financial services organization:

It has invested in launch ofLife Insurance business for which the finalapproval from IRDA been received recently.

It has completed the acquisition of Anagram Capital during the yearand has also rebranded the company as Edelweiss Financial Advisors

Limited. With the integration issues behind, this acquisition will help itin expanding its Retail Broking and Distribution businesses. In additionto this offline model of retail broking, it has also invested in building itsonline retail broking format organically with an aspiration to become asignificant player in this industry.

The Housing Finance subsidiary commenced business in the latter halfof FY11 and has plans to scale up the business going forward.

The efficient way of providing research will be enhanced further toimprove the market research and produce different types of strategies forshort term & long term duration of period.


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delweiss Business Process

1. Brand: Edelweissthe brand, today is a strong franchise in the capitalmarkets backed by a consistent focus on execution and innovation.

2. EdelweissCore Strategic Approach to business is founded on growthwith profitability backed by synergistic diversification across thebusinesses; Control and flexibility of cost, capital and balance sheet,diversified revenue streams, strong risk management andorganization build up by developing leadership in bench and investingin culture which rewards thinking about long-term in a partnershipcohesive approach. It believes in growth through adjacent markets,adjacent asset classes, adjacent product classes and adjacent clientsegments.

3. Integrated & Diversified Business Model: Edelweiss derives itsstrength from a distinct but complementary set of diversified businesses

which provide stability in performance across cycles. To this end,Edelweiss continues to look to invest in long term business opportunitiesin financial services. The synergistic diversification among businessesensures three broad streams of revenue, viz. Agency fee & commission,Treasury & Investments income and Interest income generate a balancedmix of revenues.


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4. Balance Sheet: Edelweiss benefits from a strong and liquid balancesheet with a reasonable leverage. Its focus while managing the BalanceSheet is on strong risk management with capital preservation.A strong capital base of ` 24.16 billion and adequate profitability yearafter year allows Edelweiss to constantly invest in new businesses with aneye on future growth while scaling up the existing businesses. Edelweissis also shielded from any adverse asset liability mismatch as its asset-sideduration is less than 9 months whereas its liabilities have duration ofabout 120 months.

5.Edelweiss Business Model is to be able to adjust to downturn inmarkets with inherent cost flexibility and be able to quickly convertgrowth opportunities into business when they reappear. Our businessgrowth perspective is aligned to the medium term of 3 to 5 years.

6.Board level Commitment: The board comprises four independentand one non-independent non-executive director out of a total of sevendirectors. All of the directors play a governing role and provide expertiseand insight into building Edelweiss as one of the most reputableorganizations with an admirable compliance and corporate governance

ethos.


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7.Management: Edelweiss has an experienced and stable seniormanagement team. It also has a strong middle managementteam, which comprises of an 80 member Senior LeadershipGroup and a 100 member Leadership Group forming the benchstrength. The four tier leadership pool thus covers over 5% ofthe total employee strength of the group. Edelweiss constantlyemphasizes training and developing leadership and its 100 seaterTraining Centre at Alibaug (near Mumbai) is now operational.

8.Employee Ownership: Edelweiss has a widely distributedemployee ownership and was among the pioneers in thefinancial services industry in instituting an employee stockoption scheme. It now has one of the largest ESOP pool in thefinancial services space in India and over 600 employees arecovered through ESOPs. The employees including key

management and the employee trust own 53% of the company.


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SWOCAnalysis of Edelweiss

Broking Limited

The chapter describes Strengths, Weakness,

Opportunities & Challenges of Edelweiss BrokingLimited

Chapter Contents:

StrengthsWeaknessesOpportunitiesChallenges


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trengths

Greater reach to customers. Quicker time to access through the stock market. Ability to introduce new products and services quickly and successfully. Ability to understand its customers needs. Customers are given access to information easily. Greater customer loyalty.

Easy online facility for all account holders including offline facility i.e.through call centre.

24 hours account access even through mobile trading client can easilytrade during market hours.

Quality client advisory service with personal attention.


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eakness

Lack of awareness among the existing customers regarding tradingthrough internet in share market.

Obsolesce of technology take place very soon specially in terms ofinternet.

People have a wrong perception about Stock market that it is risky andthe money invested in stock market is not safe.

Lack of knowledge is found regarding stock market and its working. Implementation of newer technology is little bit complicated and costly

because then it will affect the overall cost to the consumer.

Employees need training to obtain knowledge regarding trading in sharemarket.

Competitive environment due to low cost of competitors in the market.


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pportunities Approximately 95% of customers are not even having knowledge about

stock market.

Core competency can be achieved in terms of broking services if focus ismade on awareness of Stock broking.

Edelweiss can become 1

st

Broking house if the research work gets moreand more improved.

Concentration of various services should be made accordingly to therequirement of client i.e. offline/online trading.

hallenges

Maintaining Business Edge over competitors in the context of samenessin IT infrastructure.

Multiple vendor support is necessary for working of highly complexresearch services & technology based services.

Maintaining secured transaction way for smooth & easy businessoperations.

Alternative must be there in case of failure of system.


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nalysis & Findings

The chapter describes analysis and findings of questionnaireformed on Edelweiss Broking Limited.

Chapter Contents:

Questionnaire Analysis

Findings


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Questionnaire Analysis

1. Are you having knowledge of Stock Broking services offered by thebroking houses? (Q.2)

Yes Yes, but not that much Not having anyknowledge

Analysis

89% of the people say that yes they are having knowledge of stockbroking services offered by the broking houses.

7% of the people say that they are having knowledge but not having fullknowledge about the stock broking services.

4% of the people say that they are not having any knowledge about thestock broking services offered by the broking houses.

Yes

89%

Yes, but not

that much

7%

Not having any

knowledge

4%

Awareness of Stock Broking Services


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2. Which facility do you use while trading? (Q. )Offline Trading Online Trading Mobile trading

Analysis

75% of the surveyed people say that they mainly prefer & use onlinetrading facility for trading.

22% of the surveyed people say that they mostly use offline tradingfacility by calling the customer care they place there calls & execute theirorders.

3% of the surveyed respondents say that they use mobile trading as theremode of trading in stock market.

Offline Trading

22%

Online Trading

75%

Mobile Trading

3%

Way of Trading


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3. What were your reasons for preferring our online broking serviceinstead of offline? Please select all that apply. (Q.4)

Convenient Way To save time 24 hour access to accounts

Analysis

88% of the respondents say that online service is a convenient way overoffline service.

10% of the respondents say that online service is a best way to save timeover offline service. As in offline trading sometime the calls may beattended late due to some technical reasons. So thats why online tradingis considered time saving.

2% of the respondents say that online service is good because it is having24 hour facility of placing after market order and it gives a facility tocheck the account limits and holdings etc.

Convenient

Way88%

To save time

10%

24 hours access

2%

Preference of online service over

offline


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4. How often do you trade in stock market? (Q.5)Daily Weekly Monthly Yearly

Analysis

42% of the respondents say that they usually trade monthly in a stockperiod.

28% of the respondents say that they trade daily in the stock market. 20 % of the respondents say that they usually trade weekly for trading in

stock market.

10% of the respondents say that they trade yearly in the stock market.

Daily

28%

Weekly

20%

Monthly

42%

Yearly

10%

Trade in stock market


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5. Do you feel safe in investing your money in stock market?(Q.6)

Yes No

Analysis

As per the security concern they usually see money invested in the stock

market security as follows:-

54% of the respondents say that they feel stock market as safe forinvesting their money.

46% of the respondents say that they feel stock market as unsafe forinvesting their money.

Yes

54%

No

46%

Money Invested, safe or not


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6. Do you mostly use your mobile phone to do your trading?(Q.7)

Yes No

Analysis

64 % of the respondent says that they mostly use mobile trading for theirtrading concerns as it is easy and convenient way to trade anywhere,

anytime.

36% of the respondent says that they do not prefer using mobile trading.

Yes

64%

No

36%

Mobile Trading


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7. Do the problems & queries were properly solved out by ourRelationship Manager? (Q.8)

Yes No

Analysis

It is tremendously responded by the 97% respondents that problems andqueries are solved by the relationship manager properly.

It is responded by the 3% respondents that problems and queries are notsolved properly by the relationship manager.

Yes

97%

No

3%

Problems or Queries solved or not


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8. Over all, how satisfied are you with our broking service? (Q.10)Very Satisfied Satisfied Neutral

Unsatisfied Very Unsatisfied

Analysis

68% of the respondents say that they are very satisfied with the servicesof Edelweiss broking limited.

20% of the respondents say that they are simply satisfied with theservices of Edelweiss broking limited.

7% of the respondents say that they are neutrally satisfied with theservices of Edelweiss broking limited.

2% of the respondents say that they are unsatisfied with the services ofEdelweiss broking limited.

3% of the respondents say that they are really very unsatisfied with theservices of Edelweiss broking limited.

Very satisfied

68%

Satisfied

20%

Neutral

7%

Unsatisfied

2%Very Unsatisfied

3%

Satisfaction


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9. Please rate the following features & services provided by us:

Analysis

Respondents grades Online trading platform as follows:-96% says that it is excellent.3% says that it is good.1% says that it is Neutral.

Respondent grades Research & Strategies of EBL as follows:-70% says that it is good.20% says that it is excellent.2% says that it is poor.8% says that it is neutral.

Respondent grades Advisory services as follows:-72% says that advisory services are good.8% says that advisory services are excellent.8% says that it is neutral.12% says that advisory services are poor.

Features Excellent Good Neutral Poor N.A.

Online trading platform

Research & Strategies

Advisory Services

Mobile trading

platform

Time Convenient

Security Services

Simplicity


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Respondent grades Mobile trading services as follows:-40% says that Mobile trading services are good.

30% says that Mobile trading services are Poor20% says that Mobile trading services are Excellent.10% says that Mobile trading services are Neutral.

Respondent grades time convenience of EBL as follows:-30% says that timely service of EBL is excellent.20% says that timely service of EBL is good.

40% says that timely service of EBL is neutral.10% says that timely service of EBL is poor.

Respondent grades security concern of EBL as follows:-82% says that it is excellent.10% says that it is good.8% says that it is neutral.

Respondent grades simplicity & familiarity of EBL as follows:-90% says that it is excellent as they need.4% says that it is good as they need.6% says that it is neutral as they need.


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indings

An Old Chinese saying goes:

If you don't know where you are going - you will never get there.

Many people suddenly choosing their mobile as the new way to view &

manage their money because it is quite simple & valuable option to have

it. As even mobile can be used for offline trading or mobile trading both.

A mobile can be used to make a call to the toll free customer care number

and place his order according to the need or can directly trade himself

with the help of GPRS & internet connectivity on a mobile.

Every day more and more people are turning to the technology for their

personal banking. It is a safe & convenient way for broking & investment

services, maintain demat account & investments 24 hours a day.

Now, if you are already thinking about Technology as a tool in Brokingservices you could probably set some of these goals:

Selling financial products and services

Cutting operational costs Branding & Market recognition Keeping profitable customers through efficiency in research


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Stock Broking customers can save time by trading offline or online.There is no need to stand in one more line to place an order & performthe most basic transactions when they can be done quickly from thedesktop PC or through offline facility.

Moreover complicated transactions or investment decisions, people likehaving direct control over their finances themselves. They find itconvenient to access all of their financial information in one place. Asthey simply get research & strategies to be followed by the company onlyso they do not need to be tense for that.

Ease of use is one of the most important factors. Navigation throughtrading account to bank account should be simple and intuitive. As itbecomes an easy job for transferring funds anytime through onlinetransfer.

:

Cutting transaction costs results in higher profit margin for the brokingcompanies. As even the service which is being provided is offline &online which is not being charged by the traders but still the cost of allthis occurs a lot to the company so whatever reductions can be madepossible should be implemented to reduce the cost without affecting the

service quality.


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The main thing which occurs mostly is due to competition in the marketas because most of the brokerage house hide the charges and show thereservice & brokerage rate very low which is just not possible for any of themarket competitors. So even these types of competitions are also therefrom which even the whole market gets destroyed and traders simplymoves to the cheaper ones. For avoiding these types of situationsparticular market research should be done on competitors also.

Offering new services, results in improved customer experience

and stronger customer retention.

Customers having higher stock balances compared to average customers

should be treated separately. As such the Individuals & HNI should be

treated according to their capability of investing the money in themarket. By this way more profits can be earned through the same work

& services.


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Recommendations and

Suggestions

The chapter gives recommendations and suggestions to


Chapter Contents:

Recommendations

Suggestions


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Recommendations

Training and awareness among the normal people:-

It is recommended that Edelweiss Broking Limited should conductvarious training programmes for the normal people, so that they will getaware with the terms of share market. After such programmes even

people can get to know about the working of share market.

More focus on giving service to the clients :-

There should be a proper advisory service for the client so that even theclient feels that there money is going in safe company for investment.Even the service should be according to the need & favourable conditions

to the client.

Build an optimal operating model by understanding which

activities to retain collaborate and outsource:-

There should be clear sight of operations which needs to outsource to

other companies, this will lead to ease in work for employees.Outsourcing operations like cyber security department, research work,advisory services, informative services & many more are to be concernedin it.


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Focus on identifying core competence:-

Edelweiss Broking Limited possesses some unique characteristics orpositive points in it and with the help of them it can become a leader inmarket. EBL should identify such points and concentrate to flourish themmore. This can be done with the help of more online users, as internetbroking services of Edelweiss Broking is considered as user friendly & itis getting largely accepted by customers.

Increasing usage of mobile phones is going to revolutionize

the mobile trading culture in near future:-

Mobile trading is also getting popular in the segment of share brokingthus this can add some more steps to progress for Edelweiss BrokingLimited. EBL is into the mobile trading but as it is just a start so it isproviding limited features in it.

More stress should be given on simplicity & security concern

on internet:-

There are some people who are still finding it very hard to trade & investin stock market due to the hardships in understanding the ways andprocess which goes in the working of stock market.When talking about security concern on internet there are some peoplewho are into unethical practices of hacking of accounts of customers.This is nothing but the breach in the security on internet. There should besome measures in order to prevent such practices. IT structure should beunbreakable so that the customers should feel themselves in safer hands.


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uggestions

Edelweiss should create and sustain customer, investor &

regulator confidence by adopting international accountingstandards :-

Adopting international standards adds some more star to the glory of anycompany, Edelweiss should impose such standards when it comes toshare broking, this will enhance the goodwill of EBL among regulator,customers and investors.

Edelweiss should anticipate and get prepared for regulatory

changes:-

As it is truly said that future is not certain so any time changes can occursuch as laws regarding trading or changes required by BSE or NSE oreven IT or cyber laws get change or any such increase in taxes by thegovernment as per the need. So, EBL should anticipate such kind ofchanges and get loaded with various plans and actions.

Focus on identifying core competence:-

EBL possesses some unique characteristics or positive points in it andwith the help of them it can become a leader in market. EBL shouldidentify such points and concentrate to flourish them more. This can bedone with the help of proper research & efficient client advisory service,as due to this only EBL is getting largely accepted by customers.


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Increasing usage of mobile phones is going to revolutionize

the mobile trading platform in near future:-

Mobile trading is also getting popular in the segment of stock broking asit is a newer concept thus it can add some more steps to progress. EBL isinto the mobile trading but it is still providing limited features.

More stress should be given on security concern over

trading online through internet:-

Offline trading is still the simpler and best way but for faster & easier,online trading is the best but still there are some people who are intounethical practices of hacking of accounts of customers. This is nothingbut the breach in the security of the EBL site on internet. There should besome measures in order to prevent such practices. IT structure should beunbreakable.


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This chapter gives conclusion for the project

Chapter Contents:

Wrapping up

Future Assessments


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Studying the project we came to know that perfect service & efficientresearch techniques will clearly move the way forward for the Edelweissbroking Limited. It provides comfort to customers at the same time itprovides cost cutting to Edelweiss by eliminating physicaldocumentation. Internet broking saves time of Edelweiss as well as those

of customers. Study states that internet broking provides greater reach tocustomers.

Feedback can be obtained easily as internet is virtual in nature.Customer loyalty can be gain. Personal attention can be given byEdelweiss to customer also quality service can be served. This is a systemwhich holds account details and customers wealth. If such a system wasnot trusted and not reliable, then Edelweiss would face serious laws andwould lose business.

After studying the SWOC analysis, we came to know variousstrengths of Edelweiss such as quality customer service, greater reach,customer loyalty, easy access to information, 24 hours access, easy onlineapplications etc. Edelweiss should put efforts to multiply the number ofstrengths. In terms of weakness I come to know some of the majorweaknesses they are lack of awareness of Share broking among thecustomers, obsolesce of technology related to security, complicatedprocedures of availing share broking knowledge, lacking behind in

fulfilling the service part to the clients. Edelweiss should concentrate onthe weaknesses and reduce them to zero.

In the third segment of SWOC analysis of internet banking wedealt with opportunities like 95 % market of Stock market is stilluntapped, Edelweisss path to become first stock broking by enhancingits research work & through providing best service to the customer. Bygrabbing such opportunities Edelweiss can become the leader in brokingsector of India. In the last segment I come to know about variouschallenges which are in front of Edelweiss, like sameness in ITinfrastructure within various broking houses, need of various vendor


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supports for complex technology & support, maintaining transactions &secured IT infrastructure, alternative mechanism in case of failure ofpresent system. The company can take the advantage of the reputation ithas created in the market for itself and become more competitive. The

recommendations and suggestions given, if adopted will improve theposition of the company substantially and optimal profitability coupledwith better service and satisfactions for investors may be achieved.

uture Assessments


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ibliography

Books:Edelweiss Broking Manuals for Stock broking

Websites:

www.edelweiss.in

www.edelcap.com

www.weikipedia.com

www.investopedia.com

www.google.com

www.nseindia.com

www.bseindia.com
http://www.edelweiss.in/http://www.edelweiss.in/http://www.edelcap.com/http://www.edelcap.com/http://www.weikipedia.com/http://www.weikipedia.com/http://www.investopedia.com/http://www.investopedia.com/http://www.google.com/http://www.google.com/http://www.nseindia.com/http://www.nseindia.com/http://www.bseindia.com/http://www.bseindia.com/http://www.bseindia.com/http://www.nseindia.com/http://www.google.com/http://www.investopedia.com/http://www.weikipedia.com/http://www.edelcap.com/http://www.edelweiss.in/


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ppendices

Questionnaire:

Dear Respondent, I am Rohit, student of Asia Pacific Institute

of Management; I am doing this research to compare different

services provided by broking house to its clients.

1.Personal Information:Name: .Age: Sex: .Phone No.: ..Occupation:

2.Are you having knowledge of Stock Broking services offeredby the broking houses?

Yes

Yes, but not that much

Not having any knowledge


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3.Which facility do you use while trading?Offline Trading

Online Trading

Mobile trading

4.What were your reasons for preferring our online brokingservice instead of offline? Please select all that apply.

Convenience

To save time

24 hour access to accounts

5.How often do you trade in stock market?Daily

Weekly

Monthly

Yearly

6.Do you feel safe in investing your money in stock market?Yes

No


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7.Do you mostly use your mobile phone to do your trading?Yes

No

8.Do the problems & Queries were properly solved out by ourRelationship Manager??

Yes

No

9.Please rate the following features & services providedFeatures Excellent Good Neutral Poor N.A.

Online trading platform

Research & Strategies

Advisory Services

Mobile trading

platform

Time Convenient

Security Services

Simplicity by us


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10. Over all, how satisfied are you with our broking service?Very Satisfied

Satisfied

Neutral

Unsatisfied

Very Unsatisfied

Your Comments or Suggestions:

market integration 1

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