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A STUDY ON SECONDARY MARKET OPERATIONS

IN

ANGEL BROKING LTD., CHENNAI.

PROJECT REPORT

Submitted in partial fulfillment of theRequirement for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

By

Mr.A.GOPI NATH(250898014

Under the valuable guidance of

r.B.RAJENDHIR, .CO ,DEPARTMENT OF MANAGEMENT STUDIES, SIMS. PUTTUR

BUILDS CAREER

SESHACHALA INSTITUTE OF MANAGEMENT STUDIES

(Affiliated to S.V.Unie!"it#, Ti!$%ati&

(')*+&

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ACKNOWLEDGEMENT

It is indeed a pleasant task to thank all the

people who have contributed towards the successful

completion of this project.

I express my sincere gratitude to our project

guideMR.K THIRUNEER SELVAM,REGIO!" #E!$ !$MR.K

PRABU%&R!I' for his able supervision during the

course of the project.

I also thankmy PARENTS AND BROTHER, Prashnth

for their support and encouragement throughout the

project.

I am grateful to my friends who made

contribution towards the successful completion of

this project.

A.GOPI NATH!

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DECLARATION

I e!e -# dela!e tat te %!o/et !e%o!t titled 0A SECONDOR1

MAR2ET OPERATIONS AT ANGEL 3RO2ING4. S$-5itted -# 5e to

te de%a!t5ent of -$"ine"" 5ana6e5ent $nde! te 6$idane of.

M!.T.RA7ENDHIRAN, M.COM, of Ma"te! of 3$"ine"" Ad5ini"t!ation

-onafide 8o!9 $nde! ta9e" -# 5e and it i" not "$-5itted to an# ote!

$nie!"it# o! in"tit$tion fo! te a8a!d of an# de6!ee te di"i%line:e!tifiate

o! %$-li"ed an# ti5e -efo!e.

A.GOPI NATH!

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CONTENTS

S!.NOP"#$%&'!"# PAGE NO

;.

CHAPTER < ;

INTRODUCTION

COMPAN1 PROFILE

INDUSTR1 PROFILE

'.

CHAPTER < '

THEORTICAL 3AC2 GROUND

=.

CHAPTER < =

O37ECTIVIES OF STUD1

REVIE> OF LITERATURE

?.

CHAPTER < ?

DATE ANAL1SIS

@.

CHAPTER < @

FINDINGS AND SUGGESTIONS

.

CHAPTER <

CONCLUSION

3IL3IOGRAPH1

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B

INTRODUCTION

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INTRODUCTION

SECONDARY MARKET

Secondary market refers to a market where securities are

traded after being initially offered to the public in the primary

market and/or listed on the Stock Exchange. Majority of the

trading is done in the secondary market. Secondary market

comprises of equity markets and the debt markets.

The general inestor! the secondary market proides an

efficient platform for trading of his securities. "or the

management of the company! Secondary equity markets sere

as a monitoring and control conduit#by facilitating alue$

enhancing control actiities! enabling implementation of

incentie$based management contracts! and aggregating

information %iaprice discoery& that guides management

decisions.

The primary market! securities are offered to public for

subscription for the purpose of raising capital or fund. Secondary

market is an equity trading enue in which already existing/pre$

issued securities are traded among inestors. Secondary market

could be either auction or dealer market. >ile "to9 ean6e i"

te %a!t of an a$tion 5a!9et, Oe!*te*Co$nte! (OTC& i" a %a!t of te

deale! 5a!9et

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COMPANY PROFILES

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Angel Broking's tryst withexcellence in customer relations began more than 20 yearsago. Today, Angel has emerged as a premium Indian stockbroking and wealth management house, with an absolute!ocus on retail business, and a commitment to pro"ide #$eal%alue !or &oney# to all its clients.

The Angel roup is a member o! the Bombay (tock)xchange *B()+, ational (tock )xchange *()+ and the two

leading -ommodity )xchanges in the country i.e. -)/ &-/. 1e are also registered as a epository articipant with-(3.

http://www.angelbroking.com/index.asp

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ANGEL BOARD OF DIRECTORS

M#. D%)*+ T+""# Chairman and Managing Director

M!. Dine" Ta99a! i" te fo$nde! Cai!5an Mana6in6 Di!eto!of te An6el G!o$% of Co5%anie"

M#. L"!%$ T+""#- Director - Research

A %a!t of te "enio! 5ana6e5ent tea5 "ine te An6el G!o$%"

ine%tion, M!. Lalit Ta99a! i" te 5otiatin6 fo!e -eind An6el" i6l#

alai5ed Re"ea! tea5.

M#. A%$ M"/'"# Cief St!ate6# Offie!

M!. A5it Ma/$5da! i" de"i6nated a" te Cief St!ate6# Offie! of te 6!o$%.

M#. R"/% P+"* Executive Director - Human Resources

Corporate Communications

M!. Ra/i Pad9e 5ana6e" te t8o 9e# f$ntion" of H$5an Re"o$!e"

Co!%o!ate Co55$niation" fo! te An6el G!o$%, and a" atiel#

ont!i-$ted to te G!o$%" 6!o8t oe! te la"t fo$! #ea!".

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M#. %)"3 A#""! Executive Director ! E"uit# $ro%ing

M!. Vina# A6!a8al lead" te E$it# 3!o9in6 -$"ine"" e!tial at An6el,

8i o5%!i"e" of 3$"ine"" Deelo%5ent, O%e!ation" and P!od$t

Deelo%5ent.

M#. N%+%! D"6%)% Executive Director - &ales and Mar%eting

An M3A 8it "%eialiJation in finane, M!. Ni9il Daini a" -een

in"t!$5ental in int!od$in6 te one%t of %!ofe""ional 5a!9etin6 of -!o9in6

"e!ie" at An6el.

M#. H%$')+' D*7)"$+ Executive Director - Distri'ution (ealth

Management

A 5a!9etin6 %!ofe""ional and a 3!iti" Ceenin6 "ola! f!o5 te

London Sool of Eono5i", M!. Hit$n6"$ De-nat lead" te di"t!i-$tion

and >ealt Mana6e5ent -$"ine""e" at te An6el G!o$%, 8i inl$de" te

di"t!i-$tion of In"$!ane, 5$t$al f$nd", IPO", %e!"onal loan" and ote!

8ealt 5ana6e5ent %!od$t"..

M#. M'%$ Executive Director - $usiness )ntelligence

Anal#tics

M$dit ead" te adane anal#ti" and "t!ate6i -$"ine""

intelli6ene initiatie" at An6el. A 5$ltidi"i%lina!# %!ofe""ional, 8it

-aelo!" in En6inee!in6 de6!ee doto!ate in Eono5i"

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M#. A%! K"" Executive Director C*O

A to% !an9in6 FCA, FCS, AIC>A and LL3, M!. Adil 2a"ad ead" An6el

G!o$%K" Finane f$ntion and %la#" a %iotal !ole in Co!e St!ate6# Plannin6,3$d6eta!# Cont!ol" and S#"te5"

M#.S")$")' S3" Executive Director ! Operations

M!. S#a5 -!in6" 8it i5 oe! ; #ea!" of !i 5i e%e!iene in all faet"

of -an9in6 T!an"ation 3an9in6, >ole"ale 3an9in6, T!ea"$!# 3an9in6,

Con"$5e! 3an9in6 C3S.

M#. K*$") S+"+ Associate Director - )nformation

+echnolog#

A" Head of Tenolo6# fo! te An6el G!o$%, M!. 2etan Sa i"

inoled in te de"i6nin6 of IT %oliie" and St!ate6ie". IT i" not 5e!el# an

ena-le! at An6el it i" a "t!ate6i f$ntion.

M. P%)3 K$+"#% Associate Director - &ales And Mar%eting

M". Pin9# 2ota!i i" !e"%on"i-le fo! deelo%5ent and e%an"ion of te

An6el G!o$%" -$"ine"" in So$te!n India. Se "ta!ted e! a!ee! at An6el a"

a 3$"ine"" Deelo%5ent Ee$tie.

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A7'$ A)*! B'%)*

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Equity

Total e$it# a%ital of a o5%an# i" diided into e$al $nit"

of "5all deno5ination", ea alled a "a!e. Fo! ea5%le, in a

o5%an# te total e$it# a%ital of R".',,, i" diided into

',, $nit" of R" ; ea. Ea "$ $nit of R".; i" alled a

Sa!e. T$", te o5%an# ten i" "aid to ae ',, e$it# "a!e"

of R".; ea. Te olde!" of "$ "a!e" a!e 5e5-e!" of te o5%an#

and ae otin6 !i6t".

Commodity

FCRA Fo!8a!d Cont!at" (Re6$lation& At, ;+@' define"

06ood"4 a" 0ee!# 9ind of 5oa-le %!o%e!t# ote! tan ationa-le

lai5", 5one# and "e$!itie"4. F$t$!e"K t!adin6 i" o!6aniJed in "$

6ood" o! o55oditie" a" a!e %e!5itted -# te Cent!al Goe!n5ent. At

%!e"ent, all 6ood" and %!od$t" of a6!i$lt$!al (inl$din6 %lantation&,

5ine!al and fo""il o!i6in a!e allo8ed fo! f$t$!e" t!adin6 $nde! te

a$"%ie" of te o55odit# ean6e" !eo6niJed $nde! te FCRA.

Portfolio

A Po!tfolio i" a o5-ination of diffe!ent ine"t5ent a""et"

5ied and 5ated fo! te %$!%o"e of aiein6 an ine"to!" 6oal("&.

Ite5" tat a!e on"ide!ed a %a!t of #o$! %o!tfolio an inl$de an# a""et

#o$ o8n*f!o5 "a!e", de-ent$!e", -ond", 5$t$al f$nd $nit" to ite5"

"$ a" 6old, a!t and een !eal e"tate et. Ho8ee!, fo! 5o"t ine"to!" a

%o!tfolio a" o5e to "i6nif# an ine"t5ent in finanial in"t!$5ent"

li9e "a!e", de-ent$!e", fied de%o"it", 5$t$al f$nd $nit"

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Mutual Funds

Se$!itie" Ean6e 3oa!d of India (SE3I& i" te !e6$lato!#

-od# fo! all te 5$t$al f$nd". All te 5$t$al f$nd" 5$"t 6et !e6i"te!ed

8it SE3I.Te!e a!e "ee!al -enefit" f!o5 ine"tin6 in a M$t$al F$nd

Small investments' M$t$al f$nd" el% #o$ to !ea% te -enefit of

!et$!n" -# a %o!tfolio "%!ead a!o"" a 8ide "%et!$5 of o5%anie"

8it "5all ine"t5ent".

Professional Fund Management P!ofe""ional" ain6

Con"ide!a-le e%e!ti"e, e%e!iene and !e"o$!e" 5ana6e te %ool of

Mone# olleted -# a 5$t$al f$nd. Te# to!o$6l# anal#"e te

Ma!9et" and eono5# to %i9 6ood ine"t5ent o%%o!t$nitie".

Trans!aren"yM$t$al F$nd" !e6$la!l# %!oide ine"to!" 8it

Info!5ation on te al$e of tei! ine"t5ent". M$t$al F$nd" al"o

P!oide o5%lete %o!tfolio di"lo"$!e of te ine"t5ent" 5ade -#

a!io$" "e5e" and al"o te %!o%o!tion ine"ted in ea a""et t#%e.

C#oi"eTe la!6e a5o$nt of M$t$al F$nd" offe! te ine"to! a 8ide

Va!iet# to oo"e f!o5. An ine"to! an %i9 $% a "e5e de%endin6

U%on i" !i"9: !et$!n %!ofile.

Regulations All te 5$t$al f$nd" a!e !e6i"te!ed 8it SE3I and

te# f$ntion 8itin te %!oi"ion" of "t!it !e6$lation de"i6ned to

%!otet te inte!e"t" of te ine"to!.

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Initial Pu$li" Offering %IPO&

IPO i" 8en an $nli"ted o5%an# 5a9e"

eite! a f!e" i""$e of "e$!itie" o! an offe! fo! "ale of it" ei"tin6

"e$!itie" o! -ot fo! te fi!"t ti5e to te %$-li. Ti" %ae" 8a#

fo! li"tin6 and t!adin6 of te i""$e!K" "e$!itie".

epository

A de%o"ito!# i" an o!6ani"ation 8i old" "e$!itie" of

ine"to!" in elet!oni fo!5 at te !e$e"t of te ine"to!" t!o$6

a !e6i"te!ed De%o"ito!# Pa!tii%ant. It al"o %!oide" "e!ie"

!elated to t!an"ation" in "e$!itie".

Investment

Te 5one# #o$ ea!n i" %a!tl# "%ent and te !e"t "aed fo!

5eetin6 f$t$!e e%en"e". In"tead of 9ee%in6 te "ain6" idle #o$5a# li9e to $"e "ain6" in o!de! to 6et !et$!n on it in te f$t$!e.

Ti" i" alled Ine"t5ent.

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MILESTONES

Dee5-e! ;++) * Incorporation o! Angel Broking 3td

o"ember, 4556 Incorporation o! Angel -apital and ebt &arket

3td.

&arch, 2002 1ebenabled Back 7!!ice so!tware de"eloped

o"ember, 2002 8irst e"er In"estor seminar o! Angel roup

April, 2009 ublication o! 8irst $esearch $eport

April, 200: Incorporation o! -ommodities Broking i"ision

(eptember,200: 3aunch o! 7nline Trading lat!orm

7ctober, 200; $ecei"ed the prestigious award !or 8?0C

8ebruary, 2006 -rossed the :00,000 mark in uniue trading

accounts.

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INDUSTRY PROFILES

INDUSTR1 PROFILE

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0Sto9 Ean6e 5ean" an# -od# o! indiid$al"

8ete! ino!%o!ated o! not, on"tit$ted fo! te %$!%o"e of

a""i"tin6, !e6$latin6 o! ont!ollin6 te -$"ine"" of -$#in6,

"ellin6 o! dealin6 in "e$!itie".4

It i" an a""oiation of 5e5-e! -!o9e!" fo! te %$!%o"e

of "elf*!e6$lation and %!otetion te inte!e"t" of it" 5e5-e!".

It an o%e!ate onl# if it !eo6niJed -# te Goe!n5ent

$nde! te "e$!itie" ont!at" (!e6$lation& At, ;+@. Te

!eo6nition i" 6!anted $nde! "etion = of te at -# te ent!al

6oe!n5ent, 5ini"t!# of Finane.

BY LA:S-

3e"ide" te a-o$t at, te "e$!itie" ont!at

(!e6$lation& !$le" 8e!e al"o Made in ;+@) to !e6$late e!tain

5atte!" of t!adin6 on te "to9 ean6e". Te!e a!e al"o

-#la8" of te ean6e 8i a!e one!ned 8it te

follo8in6 "$-/et

O%enin6:lo"in6 of te "to9 ean6e", ti5in6 of

t!adin6, !e6$lation of -lan9 t!an"fe!", !e6$lation of -adla o!

a!!#oe! -$"ine"", ont!ol of te "ettle5ent and ote!

atiitie" of te "to9 ean6e, fiation of 5a!6in", fiationof 5a!9et %!ie" o! 5a!9etin6 $% %!ie". Re6$lation of ta!aani

-$"ine"" (/o--in6&, et., a!-it!ation and "ettle5ent of di"%$te",

"ettle5ent and lea!in6 of te t!adin6 et.

REGULATION OF STOCK ECHANGE-

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Te "e$!itie" ont!at" (!e6$lation& at i" te -a"i" fo!

o%e!ation" of te "to9 ean6e" in India. No ean6e an

o%e!ate le6all# 8ito$t te 6oe!n5ent %e!5i""ion o!

!eo6nition. Sto9 ean6e i" 6ien 5ono%ol# in e!tain

a!ea" $nde! "etion ;+ of te anoe At to en"$!e tat te

ont!ol and !e6$lation a!e failitated. Reo6nition an -e

6!anted to a "to9 ean6e %!oided e!tain ondition" a!e

"ati"fied and te nee""a!# info!5ation i" "$%%lied to te

6oe!n5ent. Reo6nition an al"o -e 8itd!a8n. If nee""a!#

8e!e te!e i" no "to9 ean6e in it" a-"ene.

SECURITIES AND ECHANGE BOARD OF INDIA (SEBI

SE3I 8a" "et$% a" an a$tono5o$" !e6$lato!# a$to!it#

-# te Goe!n5ent of India in ;++ to %!otet te inte!e"t" of

ine"to!" in "e$!itie" and to %!o5ote te deelo%5ent and to

!e6$late te "e$!itie" 5a!9et and fo! 5atte!" onneted te!e

8idt o! inidental te!e to. It i" e5%o8e!ed -# t8o at"

na5el# SE3I At, ;++' and "e$!itie" ont!at (!e6$lation&

At, ;+@ to %e!fo!5 te f$ntion of %!otetin6 ine"to!K"

!i6t" and !e6$latin6 te a%ital 5a!9et".

Se$!itie" and ean6e -oa!d of India (SE3I& i" a-oa!d (a$tono5o$" -od#& !eated -# te 6oe!n5ent of India

in ;+ and 6ien "tat$to!# fo!5 in ;++' 8it te SE3I at

;++' 8it it" ead offie at M$5-ai. It a" offie" in ennai,

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9ol9atta and Deli. It i" te !e6$lato!# of "e$!itie" 5a!9et in

India. M!.M.Da5oda!an a !e"%eted t$!n a!o$nd iil "e!ant

!editied 8it t$!nin6 a!o$nd la!6e %$-li "eto! o5%anie"

f!o5 nea! deat "ena!io" inl$din6 te fa5o$" $nit t!$"t of

India ai!" it. Te -oa!d o5%!i"e" 8ole ti5e 5e5-e!" and

o$t"ide 5e5-e!" (!e%!e"entin6 te finane 5ini"t!#, R3I and

e%e!t"&. Te %!e"ent 8ole ti5e 5e5-e!" a!e M!. G

Ananta!a5an, D!, TC Nai! and M!. V2 Co%!a. 3elo8 te

3oa!d, te "taff:offie!" of te o!6aniJation a!e led -#

Ee$tie Di!eto!". Te %!e"ent Ed" a!e M!. R2 Nai!

MS.Na!a#anan, M!.Sandee% %a!e9 (on ont!at& and

P.2.Na6%al.Al"o, M!.MS Ra#, a "enio! IRS offie! on

de%$tation, i" an offie! on "%eial d$t# (e$ilent to an ED&.

Te o!6aniJational "t!$t$!e of SE3I 8e-"ite -# li9in6 on

te RTI At '@ at te to%.

SE3I a" t!ee f$ntion" !olled into one -od# $a"i*

le6i"latie, $a"i/$diial and $a"i*ee$tie. It d!aft" !$le" in

it" le6i"latie a%ait#, it ond$t" en$i!e" and enfo!e5ent

ation in it" ee$tie f$ntion and it %a""e" !$lin6" and o!de!"in it" /$diial and a%ait#. To$6 ti" 5a9e" it e!#

%o8e!f$l, te!e i" an a%%eal" %!oe"" to !eate ao$nta-ilit#.

Te!e i" a "e$!it# A%%ellate T!i-$nal 8i i" a t!ee

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5e5-e!" t!i-$nal and i" %!e"entl# eaded -# a fo!5e! ief

/$"tie of a Hi6 o$!t*M!. /$"tie N2 Sodi. A "eond a%%eal

lie" di!etl# to te "$%!e5e o$!t (8e!e i5%o!tant $e"tion"

of la8 a!i"e&.

SE3I a" ad a 5ied i"to!# in te!5" of it" "$e"" a"

a !e6$lato!#. To$6 it a" %$"ed "#"te5i !efo!5"

a66!e""iel# and "$e""iel# (e.6. te $i9 5oe5ent

to8a!d" 5a9in6 te 5a!9et" elet!oni and %a%e!le""&,it la9ed

te le6al e%e!ti"e, till !eentl#, needed to "$"tain

%!o"e$tion":enfo!e5ent ation". It a" !eentl# -een

anno$ned tat it i" 6oin6 to te la8 a5%$"e" to te !e!$it

talent and a" fo$nd !ea"ona-le "$e"" te!e.

BOMBAY STOCK ECHANGE-

Te "to9 Ean6e, M$5-ai %o%$la!l# 9no8n a"

03SE4 8a" e"ta-li"ed in ;)@ a" 0te natie "a!e and

"to9 -!o9e!" a""oiation 0, a" a ol$nta!# non*%!ofit

5a9in6 a""oiation. It a" eoled oe! te #ea!" in to it"

%!e"ent "to9 ean6e in te o$nt!#. It 5a# -e noted tat

te "to9 ean6e te olde"t one in A"ia, een olde! ten

te To9#o "to9 ean6e, 8i 8a" fo$nded in ;)

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Te ean6e, 8ile %!oidin6 a" effiient and

t!an"%a!ent 5a!9et fo! t!adin6 in "e$!itie", $%old" te

inte!e"t" of te ine"to!" and en"$!e" !ed!e""ed of tei!

6!ieane", 8ete! a6ain"t te o5%anie" o! it" o8n

5e5-e! -!o9e!". It al"o "t!ie" to ed$ate and enli6ten te

ine"to!" -# 5a9in6 aaila-le nee""a!# info!5atie in%$t"

and ond$tin6 ine"to! ed$ation %!o6!a55e!".

A 6oe!nin6 -oa!d ain6 ' di!eto!" i" te a%e

-od#, 8i deide" te %olie" and !e6$late" te affai!" of

te ean6e. Te 6oe!nin6 -od# on"i"t" of + di!eto!",=

SE3I no5inee", %$-li !e%!e"entatie" and an ee$tie

di!eto! Cief Ee$tie Offie! and a Cief O%e!atin6

Offie!.

Te Ee$tie di!eto! a" te ief ee$tie offie!

i" !e"%on"i-le fo! te da#*to*da# ad5ini"t!ation of te

ean6e. Te ae!a6e dail# t$!noe! of te ean6e

d$!in6 te #ea! '*;(A%!il*5a!& 8a" R".=+?.;+C!"

and ae!a6e n$5-e! of dail# t!ade" @.+ la"

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NATIONAL STOCK ECHANGE

T+* #")%;"$%)-

Te National "to9 Ean6e of India li5ited a"

6ene"i" in te !e%o!t of te i6 %o8e!ed "t$d# 6!o$% on

e"ta-li"5ent of ne8 "to9 Ean6e", 8i !eo55ended

%!o5otion of a National "to9 Ean6e -# finanial

in"tit$tion" (Fi"& to %!oide ae"" to ine"to!" f!o5 all a!o""

te o$nt!# on an e$al footin6. 3a"ed on te

!eo55endation", NSE 8a" %!o5oted -# leadin6 Finanial

In"tit$tion" at te -e"t of te Goe!n5ent of India and 8a"

ino!%o!ated in Noe5-e! ;++' a" a ta %a#in6 o5%an#

$nli9e ote! "to9 Ean6e" in te o$nt!#.

On it" !eo6nition a" a "to9 ean6e $nde! te

"e$!itie" ont!at" (!e6$lation& At, ;+@ in A%!il ;++=, NSE

o55ened o%e!ation" in te 8ole"ale de-t 5a!9et (>DM&

"e65ent in 7$ne ;++?.Te a%ital 5a!9et (e$itie"& "e65ent

o55ened o%e!ation" in Noe5-e! ;++?and o%e!ation" in

De!iatie" "e65ent o55ened in 7$ne '.

Te National Sto9 Ean6e of India li5ited (NSE&, i"

a M$5-ai-a"ed "to9 ean6e. It I" te la!6e"t "to9ean6e in India and te ti!d la!6e"t in te 8o!ld in te!5" of

ol$5e of t!an"ation" NSE i" 5$t$all#*o8ned -# a "et of

leadin6 finanial in"tit$tion", -an9", in"$!ane o5%anie" and

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ote! finanial inte!5edia!ie" in India -$t it" o8ne!"i% and

5ana6e5ent o%e!ate a" "e%a!ate entitie" A" of ', te NSE

VSAT te!5inal",')++ in total, oe! 5o!e tan ;@itie"

a!o"" India In 7$l# '), te NSE ad a total 5a!9et

a%italiJation of ?',)?,@+ !o!e INR 5a9in6 it te "eond*

la!6e"t "to9 5a!9et in "o$t A"ia in te!5" of 5a!9et*

a%italiJation.

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S$& *6&+")* %) I)%"-

At %!e"ent, te!e a!e '? Sto9 ean6e" !eo6niJed $nde!

te "e$!itie" ont!at (Re6$lation& At, ;+@. Te# a!e*

NAME OF THE STOCK

ECHANGE

YEAR

3o5-a# Sto9 ean6e

A5eda-ad "a!e and Sto9 -!o9e!"

A""oiation

Cal$tta Sto9 Ean6e A""oiation

Ltd

Deli Sto9 Ean6e A""oiation

Ltd

Mad!a" Sto9 Ean6e A""oiation

Ltd

Indo!e Sto9 Ean6e A""oiation

3an 6alo!e Sto9 Ean6e

H#de!a-ad Sto9 Ean6e

Coin Sto9 Ean6e

P$ne Sto9 Ean6e Ltd

U.P Sto9 Ean6e A""oiation Ltd

L$diana Sto9 Ean6e

A""oiation Ltd

7ai%$! Sto9 Ean6e Ltd

;)@

;+@)

;+@)

;+@)

;+@

;+

;+?=

;+)

;+'

;+'

;+=

;+=*?

;+?

;+@

;+

;++

;++

;++

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THEORITICAL BACK GROUND

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THEORTICAL BACK GROUND

SECONDARY MARKET OPERATIONS

The Indian -apital &arket An 7"er"iew

Te f$ntion of te finanial 5a!9et i" to failitate te

t!an"fe! of f$nd" f!o5 "$!%l$" "eto!"(lende!"& to defiit "eto!"

(-o!!o8e!"&. No!5all#, o$"eold" ae in6e"ti-le f$nd" o!

"ain6", 8i te# lend to -o!!o8e!" in te o!%o!ate and

%$-li "eto!" 8o"e !e$i!e5ent of f$nd" fa! eeed" tei!

"ain6". A finanial 5a!9et on"i"t" of ine"to!" o! -$#e!" of

"e$!itie", -o!!o8e!" o! "elle!" of "e$!itie", inte!5edia!ie" and

!e6$lato!# -odie". Finanial 5a!9et doe" not !efe! to a %#"ial

loation. Fo!5al t!adin6 !$le", !elation"i%" and

o55$niation net8o!9" fo! o!i6inatin6 and t!adin6 finanial

"e$!itie" lin9 te %a!tii%ant" in te 5a!9et.

7rganiDed money marketE Indian finanial "#"te5 on"i"t"

of 5one# 5a!9et and a%ital 5a!9et. Te 5one# 5a!9et a"

t8o o5%onent" * te o!6aniJed and te $no!6aniJed. Teo!6aniJed 5a!9et i" do5inated -# o55e!ial -an9". Te

ote! 5a/o! %a!tii%ant" a!e te Re"e!e 3an9 of India, Life

In"$!ane Co!%o!ation, Gene!al In"$!ane Co!%o!ation, Unit

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T!$"t of India, Se$!itie" T!adin6 Co!%o!ation of India Ltd.,

Di"o$nt and Finane Ho$"e of India, ote! %!i5a!# deale!",

o55e!ial -an9" and 5$t$al f$nd". Te o!e of te 5one#

5a!9et i" te inte!*-an9 all 5one# 5a!9et 8e!e-# "o!t*te!5

5one# -o!!o8in6:lendin6 i" effeted to 5ana6e te5%o!a!#

li$idit# 5i"5ate". Te Re"e!e 3an9 of India o$%ie" a

"t!ate6i %o"ition of 5ana6in6 5a!9et li$idit# t!o$6 o%en

5a!9et o%e!ation" of 6oe!n5ent "e$!itie", ae"" to it"

ao55odation, o"t (inte!e"t !ate"&, aaila-ilit# of !edit and

ote! 5oneta!# 5ana6e5ent tool". No!5all#, 5oneta!# a""et"

of "o!t*te!5 nat$!e, 6ene!all# le"" tan one #ea!, a!e dealt in

ti" 5a!9et.

FnorganiDed money marketEDe"%ite !a%id e%an"ion of te

o!6aniJed 5one# 5a!9et t!o$6 a la!6e net8o!9 of -an9in6

in"tit$tion" tat ae etended tei! !ea een to te !$!al

a!ea", te!e i" "till an atie $no!6aniJed 5a!9et. It on"i"t" of

indi6eno$" -an9e!" and 5one# lende!". In te $no!6aniJed

5a!9et, te!e i" no lea! de5a!ation -et8een "o!t*te!5

andlon6*te!5 finane and een -et8een te %$!%o"e" of

finane. Te $no!6ani"ed "eto! ontin$e" to%!oide finane

fo! t!ade a" 8ell a" %e!"onal on"$5%tion. Te ina-ilit# of te

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%oo! to 5eet te Q!edit8o!tine""Q !e$i!e5ent" of te

-an9in6 "eto! 5a9e te5 ta9e !eo$!"e to te in"tit$tion" tat

"till !e5ain o$t"ide te !e6$lato!# f!a5e8o!9 of -an9in6. 3$t

ti" 5a!9et i" "!in9in6

Te Ca%ital 5a!9et Te a%ital 5a!9et on"i"t" of %!i5a!# and

"eonda!# 5a!9et". Te %!i5a!# 5a!9et deal" 8it te i""$e of

ne8 in"t!$5ent" -# te o!%o!ate "eto! "$ a" e$it# "a!e",

%!efe!ene "a!e" and de-t in"t!$5ent". Cent!al and State

6oe!n5ent", a!io$" %$-li "eto! ind$"t!ial $nit" (PSU"&,

"tat$to!# and ote! a$to!itie" "$ a" "tate elet!iit# -oa!d"

and %o!t t!$"t" al"o i""$e -ond":de-t in"t!$5ent".

T+* I)%") C"

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Re6i"te!ed -!o9e!":"$-*-!o9e!" of te "to9 ean6e.

Ine"to!" 8o a!e de"i!o$" of -$#in6 "e$!itie" %$!a"e

"e$!itie" t!o$6 !e6i"te!ed -!o9e!:"$-*-!o9e! of te "to9

ean6e. It 5a# ae a %#"ial loation li9e a "to9

ean6e o! a t!adin6 floo!. Sine ;++@, t!adin6 in "e$!itie" i"

"!een*-a"ed and Inte!net*-a"ed t!adin6 a" al"o 5ade an

a%%ea!ane in India. Te "eonda!# 5a!9et on"i"t" of '' "to9

ean6e". Te "eonda!# 5a!9et %!oide" a t!adin6 %lae fo!

te "e$!itie" al!ead# i""$ed, to -e -o$6t and "old. It al"o

%!oide" li$idit# to te

Initial -$#e!" in te %!i5a!# 5a!9et to !e*offe! te "e$!itie" to

an# inte!e"ted -$#e! at an# %!ie, if 5$t$all# ae%ted. An

atie "eonda!# 5a!9et at$all# %!o5ote" te 6!o8t of te

%!i5a!# 5a!9et and a%ital fo!5ation -ea$"e ine"to!" in te

%!i5a!# 5a!9et a!e a""$!ed of a ontin$o$" 5a!9et and te#

an li$idate tei! ine"t5ent".

-apital &arket articipantsETe!e a!e "ee!al 5a/o! %la#e!"

in te %!i5a!# 5a!9et. Te"e inl$de te 5e!ant -an9e!",

5$t$al f$nd", finanial in"tit$tion", fo!ei6n in"tit$tional

ine"to!" (FII"& and indiid$al ine"to!". In te "eonda!#

5a!9et, te!e a!e te "to9 ean6e", "to9 -!o9e!" (8o a!e

5e5-e!" of te "to9 ean6e"&, te 5$t$al f$nd", finanial

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in"tit$tion", fo!ei6n in"tit$tional ine"to!" (FII"&, and

indiid$al ine"to!". Re6i"t!a!" and T!an"fe! A6ent",

C$"todian" and De%o"ito!ie" a!e a%ital 5a!9et inte!5edia!ie"

tat %!oide i5%o!tant inf!a"t!$t$!e "e!ie" fo! -ot %!i5a!#

and "eonda!# 5a!9et".

&arket $egulationEIt i" i5%o!tant to en"$!e "5oot 8o!9in6

of a%ital 5a!9et, a" it i" te a!ena fo! te %la#e!" a""oiated

8it te eono5i 6!o8t of te o$nt!#. Va!io$" la8" ae

-een %a""ed f!o5 ti5e to ti5e to 5eet ti" o-/etie.

Te finanial 5a!9et in India 8a" i6l# "e65ented $ntil te

initiation of !efo!5" in ;++'*+= on ao$nt of a a!iet# of

!e6$lation" and ad5ini"te!ed %!ie" inl$din6 -a!!ie!" to ent!#.

Te !efo!5 %!oe"" 8a" initiated 8it te e"ta-li"5ent of

Se$!itie" and Ean6e 3oa!d of India (SE3I&. Te le6i"latie

f!a5e8o!9 -efo!e SE3I a5e into -ein6 on"i"ted of t!ee

5a/o! At" 6oe!nin6 te a%ital 5a!9et"

The Indian -apital &arket G An 7"er"iew 2

;. Te Ca%ital I""$e" Cont!ol At ;+?), 8i !e"t!ited ae""

to te "e$!itie" 5a!9et and ont!olled te %!iin6 of i""$e".

'. Te Co5%anie" At, ;+@, 8i "et" o$t te ode of

ond$t fo! te o!%o!ate "eto! in !elation to i""$e, allot5ent

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and t!an"fe! of "e$!itie" and di"lo"$!e" to -e 5ade in %$-li

i""$e".

=. Te Se$!itie" Cont!at" (Re6$lation& At, ;+@, SC(R&A

8i !e6$late" t!an"ation" in "e$!itie" t!o$6 ont!ol oe!

"to9 ean6e". In addition, a n$5-e! of ote! At", e.6., Te

P$-li De-t At, ;+?', te Ino5e Ta At, ;+;, te 3an9in6

Re6$lation At, ;+?+, ae "$-"tantial -ea!in6 on te 8o!9in6

of te "e$!itie" 5a!9et.

Capital Issues (Control) Act, 1947

Te At ad it" o!i6in d$!in6 te Seond >o!ld >a! in ;+?=

8en te o-/etie of te Goe!n5ent 8a" to %!e*e5%t

!e"o$!e" to "$%%o!t te >a! effo!t. Co5%anie" 8e!e !e$i!ed

to ta9e te Goe!n5ent" a%%!oal fo! ta%%in6 o$"eold

"ain6". Te At 8a" !etained 8it "o5e 5odifiation" a" a

5ean" of ont!ollin6 te !ai"in6 of a%ital -# o5%anie" and to

en"$!e tat national !e"o$!e" 8e!e annelled into %!o%e!

line", i.e., fo! de"i!a-le %$!%o"e" to "e!e 6oal" and %!io!itie" of

te 6oe!n5ent and to %!otet te inte!e"t" of ine"to!". Unde!

te At, an# fi!5 8i"in6 to i""$e "e$!itie" ad to o-tain

a%%!oal f!o5 te Cent!al Goe!n5ent, 8i al"o dete!5ined

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te a5o$nt, t#%e and %!ie of te i""$e. Ti" At 8a" !e%ealed

and !e%laed -# SE3I At in ;++'.

Companies Act, 1956

Co5%anie" At, ;+@ i" a o5%!een"ie le6i"lation oe!in6

all a"%et" of o5%an# fo!5 of -$"ine"" entit# f!o5 fo!5ation

to 8indin6*$%. Ti" le6i"lation (a5on6"t ote! a"%et"& deal"

8it i""$e, allot5ent and t!an"fe! of "e$!itie" and a!io$"

a"%et" !elatin6 to o5%an# 5ana6e5ent. It %!oide" fo!

"tanda!d" of di"lo"$!e in %$-li i""$e" of a%ital, %a!ti$la!l#

in te field" of o5%an# 5ana6e5ent and %!o/et", info!5ation

a-o$t ote! li"ted o5%anie" $nde!

te "a5e 5ana6e5ent and 5ana6e5ent %e!e%tion of !i"9

fato!". It al"o !e6$late" $nde!8!itin6, te $"e of %!e5i$5 and

di"o$nt" on i""$e", !i6t" and -on$" i""$e", "$-"tantial

a$i"ition" of "a!e", %a#5ent of inte!e"t and diidend",

"$%%l# of ann$al !e%o!t and ote! info!5ation. Ti" le6al and

!e6$lato!# f!a5e8o!9 ontained 5an# 8ea9ne""e".7$!i"dition oe! te "e$!itie" 5a!9et 8a" "%lit a5on6 a!io$"

a6enie" and te !eleant %!oi"ion" 8e!e "atte!ed in a

n$5-e! of "tat$te". Ti" !e"$lted in onf$"ion, not onl# in te

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5ind" of te !e6$lated -$t al"o a5on6 !e6$lato!". It al"o

!eated ineffiien# in te enfo!e5ent of te !e6$lation". It

8a" te Cent!al

Goe!n5ent !ate! tan te 5a!9et tat alloated !e"o$!e"

f!o5 te "e$!itie" 5a!9et to o5%etin6 i""$e!" and dete!5ined

te te!5" of alloation. Te alloation 8a" not nee""a!il#

-a"ed on eono5i !ite!ia, and a" a !e"$lt te 5a!9et 8a" not

alloatin6 te !e"o$!e" to te -e"t %o""i-le ine"t5ent",

leadin6 to a "$-*o%ti5al $"e of !e"o$!e" and lo8 alloational

The Indian -apital &arket G An 7"er"iew 9

effiien#. Info!5ational effiien# 8a" al"o lo8 -ea$"e te

%!oi"ion" of te Co5%anie" At !e6a!din6 %!o"%et$" did not

en"$!e te "$%%l# of nee""a!#, ade$ate and a$!ate

info!5ation, "$ffiient to ena-le ine"to!" to 5a9e an info!5ed

dei"ion. Te 5an# fo!5alitie" a""oiated 8it te i""$e

%!oe"" $nde! a!io$" !e6$lation" 9e%t te o"t of i""$e $ite

i6. Unde! te SC(R&A, te "eonda!# 5a!9et 8a"

f!a65ented !e6ionall#, 8it ea "to9 ean6e a"elf!e6$latin6 o!6ani"ation follo8in6 it" o8n %oli# of li"tin6,

t!adin6 and "ettle5ent. Te li"tin6 a6!ee5ent did not ae te

fo!e of la8, "o i""$e!" o$ld 6et a8a# 8it iolation". Te

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inte!e"t" of te -!o9e!", 8o 8e!e 5a!9et %la#e!" and

do5inated te 6oe!nin6 -oa!d" of "to9 ean6e", too9

%!io!it# oe! te inte!e"tofine"to!". Te 5a!9et 8a" na!!o8

and ine"to!" did not ae an o%%o!t$nit# to ae -alaned

%o!tfolio". Te "ettle5ent of t!ade" too9 a lon6 ti5e, -ea$"e it

!e$i!ed %#"ial 5oe5ent of "e$!itie", and te

t!an"fe!of"e$!itie"8a"e!#$5-e!"o5e $nde! te Co5%anie"

At and SC(R&A At, t$" de%!iin6 te ine"to! of li$idit#.

La8 e%!e""l# fo!-ade o%tion" and f$t$!e". Te"e 8ea9ne""e"

8e!e o!!eted -# %a""in6 SE3I At and 6iin6 oe!all

!e6$lato!# /$!i"dition on a%ital 5a!9et to SE3I. SE3I f!a5ed

!e6$lation" and 6$ideline" to i5%!oe effiien# of te 5a!9et,

enane t!an"%a!en#, e9 $nfai! t!ade %!atie" and en"$!e

inte!national "tanda!d" in 5a!9et %!atie" nee""itated -# te

la!6e ent!# of fo!ei6n finanial in"tit$tion".

Securities Contracts (Regulation) Act, 1956

Te %!eio$"l# "elf*!e6$lated "to9 ean6e" 8e!e -!o$6t

$nde! "tat$to!# !e6$lation t!o$6 te %a""a6e of te SC(R&A,

8i %!oide" fo! di!et and indi!et ont!ol of i!t$all# all

a"%et" of "e$!itie" t!adin6 and te !$nnin6 of "to9

ean6e". Ti" 6ie" te Cent!al Goe!n5ent !e6$lato!#

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/$!i"dition oe! (a& "to9 ean6e", t!o$6 a %!oe"" of

!eo6nition and ontin$ed "$%e!i"ion, (-& ont!at" in

"e$!itie", and (& li"tin6 of "e$!itie" on "to9 ean6e". A" a

ondition of !eo6nition, a "to9 ean6e o5%lie" 8it

ondition" %!e"!i-ed -# Cent!al Goe!n5ent. O!6ani"ed

t!adin6 atiit# in "e$!itie" in an a!ea ta9e" %lae on a

"%eified !eo6ni"ed "to9 ean6e. Te "to9 ean6e"

dete!5ine tei! o8n li"tin6 !e6$lation" 8i ae to onfo!5

8it te 5ini5$5 li"tin6 !ite!ia "et o$t in te R$le". Te

!e6$lato!# /$!i"dition on "to9 ean6e" 8a" %a""ed oe! to

SE3I on enat5ent of SE3I At in ;++' f!o5 Cent!al

Goe!n5ent -# a5endin6 SC(R&At.

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SECOND&R' M&R(ET

&$out $y Se"ondary mar)et

Seonda!# 5a!9et !efe!" to a 5a!9et 8e!e "e$!itie" a!e

t!aded afte! -ein6 initiall# offe!ed to te %$-li in te %!i5a!#

5a!9et and:o! li"ted on te Sto9 Ean6e. Ma/o!it# of te

t!adin6 i" done in te "eonda!# 5a!9et. Seonda!# 5a!9et

o5%!i"e" of e$it# 5a!9et" and te de-t 5a!9et".

Produ"ts in t#e Se"ondary Mar)ets

*#at are t#e !rodu"ts dealt in t#e Se"ondaryMar)ets+

Follo8in6 a!e te 5ain finanial %!od$t":in"t!$5ent"

dealt in te Seonda!# 5a!9et tat 5a# -e diided -!oadl# into

Sa!e" and 3ond"

S#ares Equity Shares An e$it# "a!e, o55onl# !efe!!ed to a"

o!dina!# "a!e, !e%!e"ent" te fo!5 of f!ational o8ne!"i% in a-$"ine"" ent$!e.

Rights Issue/ Rights Shares'Te i""$e of ne8 "e$!itie"

to ei"tin6"a!eolde!" at a !atio to to"e al!ead# eld, at a

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%!ie. Fo! e.6. a '= !i6t" i""$e at R". ;'@, 8o$ld entitle a

"a!eolde! to !eeie ' "a!e" fo! ee!# = "a!e" eld at a

%!ie of R". ;'@ %e! "a!e.

Bonus Shares Sa!e" i""$ed -# te o5%anie" to tei!

"a!eolde!" f!ee of o"t -a"ed on te n$5-e! of "a!e" te

"a!eolde! o8n".

Preferenceshares' O8ne!" of te"e 9ind of "a!e" a!e entitled

to affied diidend o! diidend al$lated at a fied !ate to -e %aid

Re6$la!l# -efo!e diidend an -e %aid in !e"%et of e$it# "a!e.

Te# al"o en/o# %!io!it# oe! te e$it# "a!eolde!" in %a#5ent of

S$!%l$". 3$t in te eent of li$idation, tei! lai5" !an9 -elo8 te

Clai5" of te o5%an#K" !edito!", -ondolde!":de-ent$!e olde!".

C$5$latie P!efe!ene Sa!e" A t#%e of %!efe!ene "a!e" on

8i diidend a$5$late" if !e5ained $n%aid. All a!!ea!" of

%!efe!ene diidend ae to -e %aid o$t -efo!e %a#in6 diidend on

e$it# "a!e".

Cumulative Convertible Preference Shares A t#%e of

%!efe!ene "a!e" 8e!e te diidend %a#a-le on te "a5e

a$5$late", if not %aid. Afte! a "%eified date, te"e "a!e"8ill -e one!ted into e$it# a%ital of te o5%an#.

,ond' i" a ne6otia-le e!tifiate eidenin6 inde-tedne"". It i"

no!5all# $n"e$!ed. A de-t "e$!it# i" 6ene!all# i""$ed -# a

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o5%an#, 5$nii%alit# o! 6oe!n5ent a6en#. A -ond ine"to!

lend" 5one# to te i""$e! and in ean6e, te i""$e! %!o5i"e"

to !e%a# te loan a5o$nt on a "%eified 5at$!it# date. Te

i""$e! $"$all# %a#" te -ond olde! %e!iodi inte!e"t %a#5ent"

oe! te life of te loan. Te a!io$" t#%e" of 3ond" a!e a"

follo8"

Zero Coupon Bond: 3ond i""$ed at a di"o$nt and !e%aid at a

fae al$e. No %e!iodi inte!e"t i" %aid. Te diffe!ene -et8een te

i""$e -$#e! of te"e -ond" !eeie" onl# one %a#5ent, at te

5at$!it# of te -ond.

Convertible Bond' A -ond 6iin6 te ine"to! te o%tion to

one!t te -ond into e$it# at a fied one!"ion %!ie.

T#*"'#3 B%!!- So!t*te!5 ($% to one #ea!& -ea!e! di"o$nt

"e$!it# i""$ed -# 6oe!n5ent a" a 5ean" of finanin6 tei!

a" !e$i!e5ent"

Role of t#e Se"ondary Mar)et and t#e role of Sto")E-"#ange in $uying and selling s#ares

Fo! te 6ene!al ine"to!, te "eonda!# 5a!9et %!oide"

an effiient %latfo!5 fo! t!adin6 of i" "e$!itie". Fo! te

5ana6e5ent of te o5%an#, Seonda!# e$it# 5a!9et" "e!e

a" a 5onito!in6 and ont!ol ond$it-# failitatin6 al$e*

enanin6 ont!ol atiitie", ena-lin6 i5%le5entation of

inentie*-a"ed 5ana6e5ent ont!at", and a66!e6atin6

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info!5ation (ia %!ie di"oe!#& tat 6$ide" 5ana6e5ent

dei"ion".

Te "to9 ean6e" in India, $nde! te oe!all

"$%e!i"ion of te !e6$lato!# a$to!it#, te Se$!itie" and

Ean6e 3oa!d of India (SE3I&, %!oide a t!adin6 %latfo!5,

8e!e -$#e!" and "elle!" an 5eet to t!an"at in "e$!itie". Te

t!adin6 %latfo!5 %!oided -# NSE i" an elet!oni one and

te!e i" no need fo! -$#e!" and "elle!" to 5eet at a %#"ial

loation to t!ade. Te# an t!ade t!o$6 te o5%$te!iJed

t!adin6 "!een" aaila-le 8it te NSE t!adin6 5e5-e!" o! te

Inte!net -a"ed t!adin6 failit# %!oided -# te t!adin6 5e5-e!"

of NSE.

&$out S"reen ,ased Trading

Te t!adin6 on "to9 ean6e" in India $"ed to ta9e

%lae t!o$6 o%en o$t!# 8ito$t $"e of info!5ation

tenolo6# fo! i55ediate 5atin6 o! !eo!din6 of t!ade".

Ti" 8a" ti5e on"$5in6 and ineffiient. Ti" i5%o"ed li5it"

on t!adin6 ol$5e" and effiien#. In o!de! to %!oide

effiien#, li$idit# and t!an"%a!en#, NSE int!od$ed a

nation8ide, on*line, f$ll# a$to5ated "!een -a"ed t!adin6

"#"te5 (S3TS& 8e!e a 5e5-e! an %$n into te o5%$te!

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te $antitie" of a "e$!it# and te %!ie at 8i e 8o$ld li9e

to t!an"at, and te t!an"ation i" ee$ted a" "oon a" a

5atin6 "ale o! -$# o!de! f!o5 a o$nte! %a!t# i" fo$nd.

&$out NE&T

NSE i" te fi!"t ean6e in te 8o!ld to $"e "atellite

o55$niation tenolo6# fo! t!adin6. It" t!adin6 "#"te5,

alled National Ean6e fo! A$to5ated T!adin6 (NEAT&, i" a

"tate of*te*a!t lient "e!e! -a"ed a%%liation. At te "e!e!

end all t!adin6 info!5ation i" "to!ed in an in 5e5o!# data-a"e

to aiee 5ini5$5 !e"%on"e ti5e and 5ai5$5 "#"te5

aaila-ilit# fo! $"e!". It a" $%ti5e !eo!d of ++.). Fo! all

t!ade" ente!ed into NEAT "#"te5, te!e i" $nifo!5 !e"%on"e

ti5e of le"" tan one "eond.!la"e an orders .it# t#e $ro)er

1o$ 5a# 6o to te -!o9e!K" offie o! %lae an o!de! on

te %one:inte!net o! a" defined in te Model A6!ee5ent,

8i ee!# lient need" to ente! into 8it i" o! e! -!o9e!.

Te follo8in6 a!e te %!e*!e$i"ite" to %lae an o!de!

DEMAT Ao$nt 8it 3!o9e!

T!adin6 Ao$nt 8it 3!o9e!

Client 3an9 and PAN detail" 8it 3!o9e!.

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Investor/s &""essi$ility .it# internet $ased tradingFa"ility

Te!e a!e 5an# -!o9e!" of te NSE 8o %!oide

Inte!net -a"ed t!adin6 failit# to tei! lient". Inte!net -a"ed

t!adin6 ena-le" an ine"to! to -$#:"ell "e$!itie" t!o$6

Inte!net, 8i an -e ae""ed f!o5 a o5%$te! at teine"to!K" !e"idene o! an#8e!e el"e 8e!e te lient an

ae"" te Inte!net. Ine"to!" need to 6et in to$ 8it an NSE

-!o9e! %!oidin6 ti" "e!ie to aail of Inte!net -a"ed t!adin6

failit#. It i" al"o alled a" e*t!adin6, online t!adin6 et.,

Te -!o9e! %!oide"

U"e! Na5e

Pa""8o!d

T!adin6 %a""8o!d" to ae"" te inte!net -a"ed t!adin6

&dvantagesTe follo8in6 a!e te adanta6e" of inte!nett!adin6

Man$all# at an# %oint of ti5e 8e an %lae te o!de!" o$!

"elf

>e an a-le to "ee te !eal ti5e "ena!io in 5a!9et"

>e an 8at te 5a!9et 5oe5ent

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>e an a-le to "ee a!t" li9e 7a%ane"e andle "ti9",

ead and "o$lde!" %atte!n et.,

>e an a-le to 5odif# o! anel te o!de!" d$!in6 5a!9et

o$!". >e an a-le to ta9e delie! te "!i%" if f$nd" a!e

aaila-le in o$! ao$nt

>e an a-le to do online f$nd t!an"fe!" f!o5 o$! -an9

ao$nt to o$! t!adin6 ao$nt

>e an a-le ae"" o$! de5at ao$nt.

>e an a-le to "ee o$! t!ade onfi!5ation" afte! 5a!9et

o$!".

>e an a-le to ae"" o$! -a9 offie online.

&$out a Contra"t Note and t#e details are required to$e mentioned on t#e "ontra"t note issued $y t#e sto")$ro)er

Cont!at Note i" a onfi!5ation of t!ade" done on a

%a!ti$la! da# on -ealf of te lient -# a t!adin6 5e5-e!. Iti5%o"e" a le6all# enfo!ea-le !elation"i% -et8een te lient

and te t!adin6 5e5-e! 8it !e"%et to %$!a"e:"ale and

"ettle5ent of t!ade". It al"o el%" to "ettle di"%$te":lai5"

-et8een te ine"to! and te t!adin6 5e5-e!. It i" a

%!e!e$i"ite fo! filin6 a o5%laint o! a!-it!ation %!oeedin6

a6ain"t te t!adin6 5e5-e! in a"e of a di"%$te. A alid

ont!at note "o$ld -e in te %!e"!i-ed fo!5, ontain te

detail" of t!ade", "ta5%ed 8it !e$i"ite al$e and d$l# "i6ned

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-# te a$to!iJed "i6nato!#. Cont!at note" a!e 9e%t

ind$%liate, te t!adin6 5e5-e! and te lient "o$ld 9ee% one

o%# ea. Afte! e!if#in6 te detail" ontained te!ein, te

lient 9ee%" one o%# and !et$!n" te "eond o%# to te

t!adin6 5e5-e! d$l# a9no8led6ed -# i5.

A -!o9e! a" to i""$e a ont!at note to lient" fo! all

t!an"ation" in te fo!5 "%eified -# te "to9 ean6e. Te

ont!at note inte!*alia "o$ld ae follo8in6

Na5e, add!e"" and SE3I Re6i"t!ation n$5-e! of te

Me5-e! -!o9e!.

Na5e of %a!tne!:%!o%!ieto!:A$to!i"ed Si6nato!#.

Dealin6 Offie Add!e"":Tel. No.:Fa no., Code n$5-e! of

te 5e5-e! 6ien -# te Ean6e.

Cont!at n$5-e!, date of i""$e of ont!at note, "ettle5ent

n$5-e! and ti5e %e!iod fo! "ettle5ent.

Con"tit$ent (Client& na5e:Code N$5-e!.

O!de! n$5-e! and o!de! ti5e o!!e"%ondin6 to te t!ade".

T!ade n$5-e! and T!ade ti5e.

$antit# and 9ind of Se$!it# -o$6t:"old -# te lient.

3!o9e!a6e and P$!a"e:Sale !ate.

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Se!ie ta !ate", Se$!itie" T!an"ation Ta and an# ote!

a!6e" leied -# te -!o9e!.

A%%!o%!iate "ta5%" ae to -e affied on te ont!at note

o! it i" 5entioned tat te on"olidated "ta5% d$t# i" %aid.

Si6nat$!e of te Sto9 -!o9e!:A$to!iJed Si6nato!#.

ma-imum $ro)erage t#at a $ro)er "an "#arge $y a$ro)er

Te 5ai5$5 -!o9e!a6e tat an -e a!6ed -# a

-!o9e! f!o5 i" lient" a" o55i""ion annot -e 5o!e tan

'.@ of te al$e 5entioned in te !e"%etie %$!a"e o! "ale

note.

*#y s#ould one trade on a re"ogni0ed sto") e-"#angeonly for $uying1selling s#ares

An ine"to! doe" not 6et an# %!otetion if e t!ade"

o$t"ide a "to9 ean6e. T!adin6 at te ean6e offe!"

ine"to!" te -e"t %!ie"

P!eailin6 at te ti5e in te 5a!9et, la9 of an# o$nte!*%a!t#

!i"9, 8i i" a""$5ed -# te lea!in6 o!%o!ation, ae"" to

ine"to! 6!ieane and !ed!e""al 5eani"5 of "to9

ean6e", %!otetion $% to a %!e"!i-ed li5it, f!o5 te

Ine"to! P!otetion F$nd et.

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2o. to )no. if t#e $ro)er or su$ $ro)er is registered+

One an onfi!5 it -# e!if#in6 te !e6i"t!atione!tifiate i""$ed -# SE3I. A -!o9e!" !e6i"t!ation n$5-e!

-e6in" 8it te lette!" BIN3K and tat of a "$- -!o9e! 8it te

lette!" BINSK.

T#e follo.ing are t#e !re"autions must one ta)e$efore investing in t#e sto") mar)ets

He!e a!e "o5e $"ef$l %ointe!" to -ea! in 5ind -efo!e

#o$ ine"t in te 5a!9et"

Ma9e "$!e #o$! -!o9e! i" !e6i"te!ed 8it SE3I and te

ean6e" and do not deal 8it $n!e6i"te!ed inte!5edia!ie".

En"$!e tat #o$ !eeie ont!at note" fo! all #o$!

t!an"ation" f!o5 #o$! -!o9e! 8itin one 8o!9in6 da# of

ee$tion of te t!ade".

All ine"t5ent" a!!# !i"9 of "o5e 9ind. Ine"to!" "o$ld

al8a#" 9no8 te !i"9 tat te# a!e ta9in6 and ine"t in a

5anne! tat 5ate" tei! !i"9 tole!ane.

Do not -e 5i"led -# 5a!9et !$5o!", l$!in6 ade!ti"e5ent o!

Bot ti%"K of te da#.

Ta9e info!5ed dei"ion" -# "t$d#in6 te f$nda5ental" of

te

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*#at Do/s and Don/ts s#ould an investor $ear in mind.#en investing in t#e sto") mar)ets

En"$!e tat te inte!5edia!# (-!o9e!:"$-*-!o9e!& a" a alid

SE3I !e6i"t!ation e!tifiate.

Ente! into an a6!ee5ent 8it #o$! -!o9e!:"$-*-!o9e! "ettin6 o$t

te!5" and ondition" lea!l#.

En"$!e tat #o$ 6ie all #o$! detail" in te B2no8 1o$! ClientK

fo!5.En"$!e tat #o$ !ead a!ef$ll# and $nde!"tand te ontent" of te

BRi"9 Di"lo"$!e Do$5entK and ten a9no8led6e it.

In"i"t on a ont!at note i""$ed -# #o$! -!o9e! onl#, fo! t!ade"

done ea da#.

En"$!e tat #o$ !eeie te ont!at note f!o5 #o$! -!o9e!

8itin '? o$!" of te t!an"ation.

En"$!e tat te ont!at note ontain" detail" "$ a" te

-!o9e!K"

na5e, t!ade ti5e and n$5-e!, t!an"ation %!ie, -!o9e!a6e, "e!ie

ta, "e$!itie" t!an"ation ta et. and i" "i6ned -# te A$to!i"ed

Si6nato!# of te -!o9e!.To !o"" e9 6en$inene"" of te t!an"ation", lo6 in to te

NSE

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8e-"ite (888.n"eindia.o5& and 6o to te t!ade e!ifiation

failit# etended -# NSE at 888.n"eindia.o5:ontent:e$itie":

et!de!if#.t5.

I""$e ao$nt %a#ee e$e":de5and d!aft" in te na5e of #o$!

-!o9e! onl#, a" it a%%ea!" on te ont!at note:SE3I !e6i"t!ation

e!tifiate of te -!o9e!.

>ile delie!in6 "a!e" to #o$! -!o9e! to 5eet #o$! o-li6ation",

en"$!e tat te delie!# in"t!$tion" a!e 5ade onl# to te

de"i6nated ao$nt of #o$! -!o9e! onl#.

In"i"t on %e!iodial "tate5ent of ao$nt" of f$nd" and "e$!itie"

f!o5 #o$! -!o9e!. C!o"" e9 and !eonile #o$! ao$nt"

%!o5%tl# and in a"e of an# di"!e%anie" -!in6 it to te attention

of #o$! -!o9e! i55ediatel#.

Plea"e en"$!e tat #o$ !eeie %a#5ent":delie!ie" f!o5 #o$!

-!o9e!, fo! te t!an"ation" ente!ed -# #o$, 8itin one 8o!9in6 da#

of te %a#o$t date.

En"$!e tat #o$ do not $nde!ta9e deal" on -ealf of ote!" o!

t!ade on #o$! o8n na5e and ten i""$e e$e" f!o5 a fa5il#5e5-e!" K: f!iend"K -an9 ao$nt".

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Si5ila!l#, te De5at delie!# in"t!$tion "li% "o$ld -e f!o5

#o$! o8n De5at ao$nt, not f!o5 an# ote! fa5il#

5e5-e!"K:f!iend"K ao$nt".

Do not "i6n -lan9 delie!# in"t!$tion "li%("& 8ile 5eetin6

"e$!it# %a#in o-li6ation.

No inte!5edia!# in te 5a!9et an ae%t de%o"it a""$!in6 fied

!et$!n". Hene do not 6ie #o$! 5one# a" de%o"it a6ain"t

a""$!ane" of !et$!n".

B Po!tfolio Mana6e5ent Se!ie"K o$ld -e offe!ed onl# -#

inte!5edia!ie" ain6 "%eifi a%%!oal of SE3I fo! PMS. Hene,

do not %a!t #o$! f$nd" to $na$to!iJed %e!"on" fo! Po!tfolio

Mana6e5ent.

Delie!# In"t!$tion Sli% i" a e!# al$a-le do$5ent. Do not

leae "i6ned -lan9 delie!# in"t!$tion "li% 8it an#one. >ile

5eetin6 %a# in o-li6ation 5a9e "$!e tat o!!et ID of a$to!i"ed

inte!5edia!# i" filled in te Delie!# In"t!$tion Fo!5.

3e a$tio$" 8ile ta9in6 f$ndin6 fo!5 a$to!i"ed inte!5edia!ie"

a" te"e t!an"ation" a!e not oe!ed $nde! Settle5ent G$a!antee5eani"5" of te ean6e.

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In"i"t on ee$tion of all o!de!" $nde! $ni$e lient ode allotted

to #o$. Do not ae%t t!ade" ee$ted $nde! "o5e ote! lient ode

to #o$! ao$nt.

>en #o$ a!e a$to!i"in6 "o5eone t!o$6 BPo8e! of Atto!ne#K

fo! o%e!ation of #o$! DP ao$nt, 5a9e "$!e tat

#o$! a$to!iJation i" in fao$! of !e6i"te!ed

inte!5edia!# onl#.

a$to!i"ation i" onl# fo! li5ited %$!%o"e of de-it" and

!edit" a!i"in6 o$t of alid t!an"ation" ee$ted

t!o$6 tat inte!5edia!# onl#.

#o$ e!if# DP "tate5ent %e!iodiall# "a# ee!# 5ont:

fo!tni6t to en"$!e tat no $na$to!i"ed t!an"ation"

ae ta9en %lae in #o$! ao$nt.

a$to!iJation 6ien -# #o$ a" -een %!o%e!l# $"ed fo!

te %$!%o"e fo! 8i a$to!iJation a" -een 6ien.

in a"e #o$ find 8!on6 ent!ie" %lea"e !e%o!t in 8!itin6

to te a$to!iJed inte!5edia!#.

DonKt ae%t $n"i6ned:d$%liate ont!at note.

DonKt ae%t ont!at note "i6ned -# an# $na$to!i"ed %e!"on.

DonKt dela# %a#5ent:delie!ie" of "e$!itie" to -!o9e!.In te eent of an# di"!e%anie":di"%$te", %lea"e -!in6 te5 to

te notie of te -!o9e! i55ediatel# in 8!itin6 (a9no8led6ed -#

te -!o9e!& and en"$!e tei! %!o5%t !etifiation.

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In a"e of "$-*-!o9e! di"%$te", info!5 te 5ain -!o9e! in 8!itin6

a-o$t te di"%$te at te ea!lie"t and in an# a"e not late! tan

5ont".

If #o$! -!o9e!:"$-*-!o9e! doe" not !e"ole #o$! o5%laint"

8itin a !ea"ona-le %e!iod ("a# 8itin ;@ da#"&, %lea"e -!in6 it to

te attention of te BIne"to! G!ieane" CellK of te NSE.

>ile lod6in6 a o5%laint 8it te BIne"to! G!ieane" CellK

of te NSE, it i" e!# i5%o!tant tat #o$ "$-5it o%ie" of all

!eleant

do$5ent" li9e ont!at note", %!oof of %a#5ent":delie!# of

"a!e" et. alon68it te o5%laint. Re5e5-e!, in te a-"ene of

"$ffiient do$5ent", !e"ol$tion of o5%laint" -eo5e" diffi$lt.

Fa5ilia!i"e #o$!"elf 8it te !$le", !e6$lation" and i!$la!"

i""$ed -# "to9 ean6e":SE3I -efo!e a!!#in6 o$t an#

t!an"ation.

*#y s#ould one invest in equities in !arti"ular

>en #o$ -$# a "a!e of a o5%an# #o$ -eo5e a

"a!eolde! in tat o5%an#. Sa!e" a!e al"o 9no8n a" E$itie".

E$itie" ae te %otential to in!ea"e in al$e oe! ti5e. It al"o

%!oide" #o$! %o!tfolio 8it te 6!o8t nee""a!# to !ea #o$!

lon6 te!5 ine"t5ent 6oal". Re"ea! "t$die" ae %!oed tat te

e$itie" ae o$t%e!fo!5ed 5o"t ote! fo!5" of ine"t5ent" in te

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lon6 te!5. Ti" 5a# -e ill$"t!ated 8it te el% of follo8in6

ea5%le"

a& Oe! a ;@ #ea! %e!iod -et8een ;++ to '@, Nift# a" 6ien an

ann$aliJed !et$!n of ;).

-& M!. Ra/$ ine"t" in Nift# on 7an$a!# ;, ' (inde al$e

;@+'.+&. Te Nift# al$e a" of end Dee5-e! '@ 8a" '=.@@.

Holdin6 ti" ine"t5ent oe! ti" %e!iod 7an ' to De '@ e

6et" a !et$!n of ).). Ine"t5ent in "a!e" of ONGC Ltd fo! te

"a5e %e!iod 6ae a !et$!n of ?@., S3I =;.;) and Reliane

';.?'. Te!efo!e,

E$itie" a!e on"ide!ed te 5o"t allen6in6 and te !e8a!din6,

8en o5%a!ed to ote! ine"t5ent o%tion".

Re"ea! "t$die" ae %!oed tat ine"t5ent in "o5e "a!e"

8it a lon6e! ten$!e of ine"t5ent ae #ielded fa! "$%e!io! !et$!n"

tan an# ote! ine"t5ent. Ho8ee!, ti" doe" not 5ean all e$it#

ine"t5ent" 8o$ld 6$a!antee "i5ila! i6 !et$!n". E$itie" a!e

i6*!i"9 ine"t5ent". One need" to "t$d# te5 a!ef$ll# -efo!eine"tin6.

&verage return on Equities in India

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Sine ;++ till date, Indian "to9 5a!9et a"

!et$!ned a-o$t ;) to ine"to!" on an ae!a6e in te!5" of

in!ea"e in "a!e %!ie" o! a%ital a%%!eiation ann$all#.

3e"ide" tat on ae!a6e "to9" ae %aid ;.@ diidend

ann$all#. Diidend i" a %e!enta6e of te fae al$e of a "a!e

tat a o5%an# !et$!n" to it" "a!eolde!" f!o5 it" ann$al

%!ofit". Co5%a!ed to 5o"t ote! fo!5" of ine"t5ent",

ine"tin6 in e$it# "a!e" offe!" te i6e"t !ate of !et$!n, if

ine"ted oe! a lon6e! d$!ati

Fa"tors t#at influen"e t#e !ri"e of a sto")

3!oadl# te!e a!e t8o fato!" (;& "to9 "%eifi and

('& 5a!9et "%eifi. Te "to9*"%eifi fato! i" !elated to

%eo%leK" e%etation" a-o$t te o5%an#, it" f$t$!e ea!nin6"

a%ait#, finanial ealt and 5ana6e5ent, leel of tenolo6#

and 5a!9etin6 "9ill".

Te 5a!9et "%eifi fato! i" infl$ened -# te ine"to!K"

"enti5ent to8a!d" te "to9 5a!9et a" a 8ole. Ti" fato!

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de%end" on te eni!on5ent !ate! tan te %e!fo!5ane of an#

%a!ti$la! o5%an#. Eent" fao!a-le to an eono5#, %olitial

o! !e6$lato!# eni!on5ent li9e i6 eono5i 6!o8t, f!iendl#

-$d6et, "ta-le 6oe!n5ent et. an f$el e$%o!ia in te

ine"to!", !e"$ltin6 in a -oo5 in te 5a!9et. On te ote! and,

$nfao!a-le eent" li9e 8a!, eono5i !i"i", o55$nal !iot",

5ino!it# 6oe!n5ent et. de%!e"" te 5a!9et i!!e"%etie of

e!tain o5%anie" %e!fo!5in6 8ell. Ho8ee!, te

effet of 5a!9et*"%eifi fato! i" 6ene!all# "o!t*te!5. De"%ite

$%" and do8n", %!ie of a "to9 in te lon6 !$n 6et" "ta-iliJed

-a"ed on te "to9 "%eifi fato!". Te!efo!e, a %!$dent adie

to all ine"to!" i" to anal#"e and ine"t and not "%e$late in

"a!e".

&$out 3ro.t# Sto") 1 4alue Sto") 3ro.t# Sto")s

In te ine"t5ent 8o!ld 8e o5e a!o"" te!5"

"$ a" G!o8t "to9", Val$e "to9" et. Co5%anie" 8o"e

%otential fo! 6!o8t in "ale" and ea!nin6" a!e eellent, a!e

6!o8in6 fa"te! tan ote! o5%anie" in te 5a!9et o! ote! "to9"

in te "a5e ind$"t!# a!e alled te G!o8t Sto9". Te"e

o5%anie" $"$all# %a# little o! no diidend" and in"tead %!efe! to

!eine"t tei! %!ofit" in tei! -$"ine"" fo! f$!te! e%an"ion".

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4alue Sto")s

Te ta"9 e!e i" to loo9 fo! "to9" tat ae -een

oe!loo9ed -# ote! ine"to!" and 8i 5a# ae a Bidden

al$eK. Te"e o5%anie" 5a# ae -een -eaten do8n in %!ie

-ea$"e of "o5e -ad eent, o! 5a# -e in an ind$"t!# tat" not

fanied -# 5o"t ine"to!". Ho8ee!, een a o5%an# tat a"

"een it" "to9 %!ie deline "till a" a""et" to it" na5e *

-$ildin6", !eal e"tate, inento!ie", "$-"idia!ie", and "o on.

Man# of te"e a""et" "till ae al$e, #et tat al$e 5a# not -e

!efleted in te "to9" %!ie. Val$e ine"to!" loo9 to -$#

"to9" tat a!e $nde!al$ed, and ten old to"e "to9" $ntil

te !e"t of te 5a!9et !ealiJe" te !eal al$e of te o5%an#"

a""et". Te al$e ine"to!" tend to %$!a"e a o5%an#" "to9

$"$all# -a"ed on !elation"i%" -et8een te $!!ent 5a!9et%!ie of te o5%an# and e!tain -$"ine"" f$nda5ental". Te#

li9e P:E !atio -ein6 -elo8 a e!tain a-"ol$te li5it diidend

#ield" a-oe a e!tain a-"ol$te li5it Total "ale" at a e!tain

leel !elatie to te o5%an#" 5a!9et a%italiJation, o! 5a!9et

al$e et.

2o. "an one a"quire equity s#ares

1o$ 5a# "$-"!i-e to i""$e" 5ade -# o!%o!ate" in te

%!i5a!# 5a!9et. In te %!i5a!# 5a!9et, !e"o$!e" a!e 5o-ili"ed

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-# te o!%o!ate" t!o$6 f!e" %$-li i""$e" (IPO"& o! t!o$6

%!iate %lae5ent". Alte!natel#, #o$ 5a# %$!a"e "a!e" f!o5

te "eonda!# 5a!9et. To -$# and "ell "e$!itie" #o$ "o$ld

a%%!oa a SE3I !e6i"te!ed t!adin6 5e5-e! (-!o9e!& of a

!eo6niJed "to9 ean6e.

&$out ,id and &s) !ri"e

Te B3idK i" te -$#e!K" %!ie. It i" ti" %!ie tat

#o$ need to 9no8 8en #o$ ae to "ell a "to9. 3id i" te

!ate:%!ie at 8i te!e i" a !ead# -$#e! fo! te "to9, 8i

#o$ intend to "ell. Te BA"9K (o! offe!& i" 8at #o$ need to

9no8 8en #o$!e -$#in6 i.e. ti" i" te !ate: %!ie at 8i

te!e i" "elle! !ead# to "ell i" "to9. Te "elle! 8ill "ell i"

"to9 if e 6et" te $oted 0A"9K %!ie. If an ine"to! loo9" at a

o5%$te! "!een fo! a $ote on te "to9 of "a# 1 Ltd, it

5i6t loo9 "o5etin6 li9e ti"

,id %,uy side5 &s) %Se ll side56666666666666666666666666666666666666666666

666666666667ty8 Pri"e %Rs85 7ty8 Pri"e %Rs85((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()*** +*.,+ +*.-+ ,***+** +*.)* +*.* )***

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++* +*.*+ +*.+* )+**,+** +*.** +*.++ -***)-** .0+ +*.1+ )+*((((((((((((((((((((((((((((((((((((((((((((((((

(((((((((((((Total 9:9; :

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in"t!$5ent" li9e "a!e", de-ent$!e", fied de%o"it", 5$t$al

f$nd $nit".

&$out Diversifi"ation

It i" a !i"9 5ana6e5ent teni$e tat 5ie" a 8ide

a!iet# of ine"t5ent" 8itin a %o!tfolio. It i" de"i6ned to

5ini5iJe te i5%at of an# one "e$!it# on oe!all %o!tfolio

%e!fo!5ane. Die!"ifiation i" %o""i-l# te -e"t 8a# to !ed$e

te !i"9 in a %o!tfolio.

&dvantages of #aving a diversified !ortfolio

A 6ood ine"t5ent %o!tfolio i" a 5i of a 8ide

!an6e of a""et la"". Diffe!ent "e$!itie" %e!fo!5 diffe!entl# at

an# %oint in ti5e, "o 8it a 5i of a""et t#%e", #o$! enti!e

%o!tfolio doe" not "$ffe! te i5%at of a deline of an# one

"e$!it#. >en #o$! "to9" 6o do8n, #o$ 5a# "till ae te

"ta-ilit# of te -ond" in #o$! %o!tfolio. Te!e ae -een all

"o!t" of aade5i "t$die" and fo!5$la" tat de5on"t!ate 8#

die!"ifiation i" i5%o!tant, -$t it" !eall# /$"t te "i5%le

%!atie of Qnot %$ttin6 all #o$! e66" in one -a"9et.Q If#o$ "%!ead #o$! ine"t5ent" a!o"" a!io$" t#%e" of a""et" and

5a!9et", #o$ll !ed$e te !i"9 of #o$! enti!e %o!tfolio 6ettin6

affeted -# te ade!"e !et$!n" of an# "in6le a""et la"".

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an# date, a" te di"tane -et8een "$ a date and te date of

5at$!it#. It i" al"o alled te te!5 o! te ten$!e of te -ond.

Coupon Co$%on !efe!" to te %e!iodi inte!e"t %a#5ent"

tat a!e 5ade -# te -o!!o8e! (8o i" al"o te i""$e! of te

-ond& to te lende! (te "$-"!i-e! of te -ond&. Co$%on !ate i"

te !ate at 8i inte!e"t i" %aid, and i" $"$all# !e%!e"ented a" a

%e!enta6e of te %a! al$e of a -ond.

PrincipalP!ini%al i" te a5o$nt tat a" -een -o!!o8ed,

and i" al"o alled te %a! al$e o! fae al$e of te -ond. Te

o$%on i" te %!od$t of te %!ini%al and te o$%on !ate.

Te na5e of te -ond it"elf one#" te 9e# feat$!e" of a -ond.

Fo! ea5%le, a GS CG' ;;.? -ond !efe!" to a Cent!al

Goe!n5ent -ond 5at$!in6 in te #ea! ' and %a#in6 a

o$%on of ;;.?. Sine Cent!al Goe!n5ent -ond" ae a

fae al$e of R".; and no!5all# %a# o$%on "e5i*ann$all#,

ti" -ond 8ill %a# R". @.) a" "i* 5ontl# o$%on, $ntil

5at$!it#.

&$out =Interest/ !aya$le $y a de$enture or a

$ond+

Inte!e"t i" te a5o$nt %aid -# te -o!!o8e! (te

o5%an#& to te lende! (te de-ent$!e*olde!& fo! -o!!o8in6

te a5o$nt fo! a "%eifi %e!iod of ti5e. Te inte!e"t 5a# -e

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%aid ann$al, "e5i*ann$all#, $a!te!l# o! 5ontl# and i" %aid

$"$all# on te fae al$e (te al$e %!inted on te -ond

e!tifiate& of te -ond.

Segments in t#e De$t Mar)et in India and

t#e !layers in de$t mar)et

Te!e a!e t!ee 5ain "e65ent" in te de-t 5a!9et"

in India, iJ.,

;. Goe!n5ent Se$!itie"=

'. P$-li Seto! Unit" (PSU& -ond"

=. Co!%o!ate "e$!itie"

Te 5a!9et fo! Goe!n5ent Se$!itie" o5%!i"e" te Cent!e,

State and State*"%on"o!ed "e$!itie". In te !eent %a"t, loal

-odie" "$ a" 5$nii%alitie" ae al"o -e6$n to ta% te de-t

5a!9et" fo! f$nd". So5e of te PSU -ond" a!e ta f!ee, 8ile

5o"t -ond" inl$din6 6oe!n5ent "e$!itie" a!e not ta*f!ee.

Co!%o!ate -ond 5a!9et" o5%!i"e of o55e!ial %a%e! and

-ond". Te"e -ond" t#%iall# a!e "t!$t$!ed to "$it te

!e$i!e5ent" of ine"to!" and te i""$in6 o!%o!ate, and

inl$de a a!iet# of tailo!* 5ade feat$!e" 8it !e"%et to

inte!e"t %a#5ent" and !ede5%tion.

Players Gien te la!6e "iJe of te t!ade", De-t

5a!9et i" %!edo5inantl# a 8ole"ale 5a!9et, 8it do5inant

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in"tit$tional ine"to! %a!tii%ation. Te ine"to!" in te de-t

5a!9et" a!e 5ainl# -an9", finanial in"tit$tion", 5$t$al f$nd",

%!oident f$nd", in"$!ane o5%anie" and o!%o!ate".

&re $onds rated for t#eir "redit quality

Mo"t 3ond:De-ent$!e i""$e" a!e !ated -# "%eiali"ed

!edit !atin6 a6enie".C!edit !atin6 a6enie" in India a!e

CRISIL, CARE, ICRA and Fit. Te #ield on a -ond a!ie"

ine!"el# 8it it" !edit ("afet#& !atin6. Te "afe! te

in"t!$5ent, te lo8e! i" te !ate of inte!e"t offe!ed.

2o. "an one a"quire se"urities in t#e de$t

mar)et

1o$ 5a# "$-"!i-e to i""$e" 5ade -# te

6oe!n5ent:o!%o!ate" in te %!i5a!# 5a!9et. Alte!natiel#,

#o$ 5a# %$!a"e te "a5e f!o5 te "eonda!# 5a!9et t!o$6

te "to9 ean6e".

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DEPOSITORY AND DEPOSITORY PARTICIPANTS

ROLE IN SECONDARY MARKET-

Introduction o! epository and epository

articipant A de%o"ito!# i" an o!6ani"ation 8i old"

"e$!itie" of ine"to!" in elet!oni fo!5 at te !e$e"t of te

ine"to!" t!o$6 a !e6i"te!ed De%o"ito!# Pa!tii%ant. It al"o

%!oide" "e!ie" !elated to t!an"ation" in "e$!itie".

A De%o"ito!# Pa!tii%ant (DP& i" an a6ent of te de%o"ito!#

t!o$6 8i it inte!fae" 8it te ine"to!. A DP an offe!

de%o"ito!# "e!ie" onl# afte! it 6et" %!o%e! !e6i"t!ation f!o5

SE3I. 3an9in6 "e!ie" an -e aailed t!o$6 a -!an

8e!ea" de%o"ito!# "e!ie" an -e aailed t!o$6 a DP.

i!!erences between Bank and epository E It an -e

o5%a!ed 8it a -an9, 8i old" te f$nd" fo! de%o"ito!". A

3an9 < De%o"ito!# Analo6# i" 6ien in te follo8in6 ta-le

$A,-DEPO&)+OR. ! A, A,A/OG.

BAH )7(IT7$?

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Hold" f$nd" in an

ao$nt

Hold "e$!itie" in an

ao$nt

T!an"fe!" f$nd"

-et8een ao$nt" on

te in"t!$tion of te

ao$nt olde!

T!an"fe!" "e$!itie"

-et8een ao$nt" on

te in"t!$tion of te

ao$nt olde!

Failitate" t!an"fe!

8ito$t ain6 to

andle 5one#

Failitate" t!an"fe! of

o8ne!"i% 8ito$t

ain6 to andle

"e$!itie"

Failitate"

"afe9ee%in6 of

5one#

Failitate" "afe9ee%in6

of "e$!itie"

ow many epositories and epository articipants

*+are registered with ()BI

At %!e"ent t8o De%o"ito!ie" iJ. National Se$!itie"

De%o"ito!# Li5ited (NSDL& and Cent!al De%o"ito!# Se!ie"

(I& Li5ited (CDSL& a!e !e6i"te!ed 8it SE3I and te 5ini5$5

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net 8o!t of te De%o"ito!# a!e ; !o!e". A" on =;:=:',

total of @= DP" a!e !e6i"te!ed 8it SE3I.

Is it compulsory !or e"ery in"estor to open a

depository account to trade in the capital market and

1hat are the bene!its o! a"ailing depository ser"ices

A" %e! te aaila-le "tati"ti" at 3SE and NSE, ++.+

"ettle5ent ta9e" %lae in de5at 5ode onl#. Te!efo!e, in ie8

of te oneniene in "ettle5ent t!o$6 de5at 5ode, it i"

adi"a-le to ae a -enefiia!# o8ne! (3O& ao$nt to t!ade at

te ean6e".

Te -enefit" a!e en$5e!ated -elo8*

A "afe and onenient 8a# to old "e$!itie"

i55ediate t!an"fe! of "e$!itie"

No "ta5% d$t# on t!an"fe! of "e$!itie"

Eli5ination of !i"9" a""oiated 8it %#"ial

e!tifiate" "$ a" -ad delie!#, fa9e "e$!itie", dela#",

teft" et.

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Red$tion in %a%e!8o!9 inoled in t!an"fe! of

"e$!itie"

Red$tion in t!an"ation o"t

No odd lot %!o-le5, een one "a!e an -e "old

No5ination failit# Can6e in add!e"" !eo!ded

8it DP 6et" !e6i"te!ed 8it all o5%anie" in 8i

ine"to! old" "e$!itie" elet!oniall# eli5inatin6 teneed to o!!e"%ond 8it ea of te5 "e%a!atel#

T!an"5i""ion of "e$!itie" i" done -# DP

eli5inatin6 o!!e"%ondene 8it o5%anie"

A$to5ati !edit into de5at ao$nt of "a!e",

a!i"in6 o$t of -on$":"%lit:on"olidation:5e!6e! et.

Holdin6 ine"t5ent" in e$it# and de-t in"t!$5ent"

in a "in6le ao$nt

ow can one open an account E

Fi!"t an ine"to! a" to a%%!oa a DP and fill $% an ao$nt

o%enin6 fo!5. Te ao$nt o%enin6 fo!5 5$"t -e "$%%o!ted

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-# o%ie" of an# one of te a%%!oed do$5ent" to "e!e a"

%!oof of identit# (POI& and %!oof of add!e"" (POA& a"

"%eified -# SE3I. 3e"ide", %!od$tion of PAN a!d in

o!i6inal at te ti5e of o%enin6 of ao$nt a" -een 5ade

5andato!# effetie f!o5 A%!il ;, '. All a%%liant"

"o$ld a!!# o!i6inal do$5ent" fo! e!ifiation -# an

a$to!iJed offiial of te de%o"ito!# %a!tii%ant, $nde! i"

"i6nat$!e.

F$!te!, te ine"to! a" to "i6n an a6!ee5ent 8it DP in a

de%o"ito!# %!e"!i-ed "tanda!d fo!5at, 8i detail" !i6t"

and d$tie" of ine"to! and DP. DP "o$ld %!oide te

ine"to! 8it a o%# of te a6!ee5ent and "ed$le of

a!6e" fo! tei! f$t$!e !efe!ene. Te DP 8ill o%en te

ao$nt in te "#"te5 and 6ie an ao$nt n$5-e!, 8i i"

al"o alled 3O ID (3enefiia!# O8ne! Identifiation

n$5-e!&.

Te DP 5a# !ei"e te a!6e" -# 6iin6 = da#" notie in

adane. SE3I a" !ationali"ed te o"t "t!$t$!e fo!

de5ate!iali"ation -# !e5oin6 ao$nt o%enin6 a!6e",

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t!an"ation a!6e" fo! !edit of "e$!itie", and $"tod#

a!6e" ide i!$la! dated 7an$a!# ', '@.

F$!te!, SE3I a" ide i!$la! dated Noe5-e! +, '@

adi"ed tat 8it effet f!o5 7an$a!# +, ', no a!6e"

"all -e leied -# a de%o"ito!# on DP and on"e$entl#, -#

a DP on a 3enefiia!# O8ne! (3O& 8en a 3O t!an"fe!" all

te "e$!itie" l#in6 in i" ao$nt to anote! -!an of te

"a5e DP o! to anote! DP of te "a5e de%o"ito!# o! anote!

de%o"ito!#, %!oided te 3O Ao$nt:" at t!an"fe!ee DP and

at t!an"fe!o! DP a!e one and te "a5e, i.e. idential in all

!e"%et". In a"e te 3O Ao$nt at t!an"fe!o! DP i" a /oint

ao$nt, te 3O Ao$nt at t!an"fe!ee DP "o$ld al"o -e a

/oint ao$nt in te "a5e "e$ene of o8ne!"i%.

About dematerialisation and how one can con"ert

physical holding into electronic holding i.e how

can one dematerialise securities

De5ate!iali"ation i" te %!oe"" -# 8i %#"ial

e!tifiate" of an ine"to! a!e one!ted to an e$ialent

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n$5-e! of "e$!itie" in elet!oni fo!5 and !edited into te

ine"to!" ao$nt 8it i":e! DP.

In o!de! to de5ate!iali"e %#"ial "e$!itie" one a" to fill in

a DRF (De5at Re$e"t Fo!5& 8i i" aaila-le 8it te

DP and "$-5it te "a5e alon6 8it %#"ial e!tifiate" one

8i"e" to de5ate!iali"e. Se%a!ate DRF a" to -e filled fo!

ea ISIN N$5-e!. Te o5%lete %!oe"" of

de5ate!iali"ation i" o$tlined -elo8

S$!!ende! e!tifiate" fo! de5ate!iali"ation to #o$!

de%o"ito!# %a!tii%ant.

De%o"ito!# %a!tii%ant inti5ate" De%o"ito!# of te !e$e"t

t!o$6 te "#"te5.

De%o"ito!# %a!tii%ant "$-5it" te e!tifiate" to te

!e6i"t!a! of te I""$e! Co5%an#.

Re6i"t!a! onfi!5" te de5ate!iali"ation !e$e"t f!o5

de%o"ito!#.

Afte! de5ate!iali"in6 te e!tifiate", Re6i"t!a! $%date"

ao$nt" and info!5" de%o"ito!# of te o5%letion of

de5ate!iali"ation.

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De%o"ito!# $%date" it" ao$nt" and info!5" te

de%o"ito!# %a!tii%ant.

De%o"ito!# %a!tii%ant $%date" te de5at ao$nt of te

ine"to!.

0 -an electronic holdings be con"erted back into

hysical -erti!icates E

1e". Te %!oe"" i" alled !e5ate!iali"ation. If one 8i"e" to

6et -a9 i" "e$!itie" in te %#"ial fo!5 one a" to fill in

te RRF (Re5at Re$e"t Fo!5& and !e$e"t i" DP fo!

!e5ate!iali"ation of te -alane" in i" "e$!itie" ao$nt.

Te %!oe"" of !e5ate!iali"ation i" o$tlined -elo8

X One 5a9e" a !e$e"t fo! !e5ate!iali"ation.

X De%o"ito!# %a!tii%ant inti5ate" de%o"ito!# of te !e$e"t

t!o$6 te "#"te5.

X De%o"ito!# onfi!5" !e5ate!iali"ation !e$e"t to te

!e6i"t!a!.

X Re6i"t!a! $%date" ao$nt" and %!int" e!tifiate".

X De%o"ito!# $%date" ao$nt" and do8nload" detail" to

de%o"ito!# %a!tii%ant.

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X Re6i"t!a! di"%ate" e!tifiate" to ine"to!.

Trading J (ettlement

procedure !or selling dematerialised securitiesE

Te %!oed$!e fo! -$#in6 and "ellin6 de5ate!iali"ed

"e$!itie" i" "i5ila! to te %!oed$!e fo! -$#in6 and "ellin6

%#"ial "e$!itie". Te diffe!ene lie" in te %!oe"" of

delie!# (in a"e of "ale& and !eei%t (in a"e of %$!a"e& of"e$!itie".

In case o! purchase1-

Te -!o9e! 8ill !eeie te "e$!itie" in i" ao$nt

on te %a#o$t da#

Te -!o9e! 8ill 6ie in"t!$tion to it" DP to de-it i"

ao$nt and !edit ine"to!" ao$nt

Ine"to! 8ill 6ie BReei%t In"t!$tion to DP fo!

!eeiin6 !edit -# fillin6 a%%!o%!iate fo!5. Ho8ee! one

an 6ie "tandin6 in"t!$tion fo! !edit

in to one" ao$nt tat 8ill o-iate te need of 6iin6

Reei%t In"t!$tion ee!# ti5e.

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In case o! sale1-

Te ine"to! 8ill 6ie delie!# in"t!$tion to DP to de-it i"

ao$nt and !edit te -!o9e!K" ao$nt. S$ in"t!$tion

"o$ld !ea te DPK" offie at lea"t '? o$!" -efo!e te

%a#*in a" ote! 8i"e DP 8ill ae%t te in"t!$tion onl# at

te ine"to!K" !i"9.

About eli"ery instruction slip *I(+K 1hat

precautions do one need to obser"e with respect to

eli"ery Instruction (lips

To 6ie te delie!# one a" to fill a fo!5 alled Delie!#

In"t!$tion Sli% (DIS&. DIS 5a# -e o5%a!ed to e$e

-oo9 of a -an9 ao$nt. Te follo8in6 %!ea$tion" a!e to -e

ta9en in !e"%et of DIS*

En"$!e and in"i"t 8it DP to i""$e DIS -oo9.

En"$!e tat DIS n$5-e!" a!e %!e*%!inted and DPta9e" a9no8led65ent fo! te DIS -oo9let i""$ed to

ine"to!.

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En"$!e tat #o$! ao$nt n$5-e! Ylient idZ i" %!e*

"ta5%ed.

If te ao$nt i" a /oint ao$nt, all te /oint olde!"

ae to "i6n te in"t!$tion "li%". In"t!$tion annot -e

ee$ted if all /oint olde!" ae not "i6ned.

Aoid $"in6 loo"e "li%"

Do not leae "i6ned -lan9 DIS 8it an#one iJ.,-!o9e!:"$-*-!o9e!.

2ee% te DIS -oo9 $nde! lo9 and 9e# 8en not in

$"e.

If onl# one ent!# i" 5ade in te DIS -oo9, "t!i9e o$t

!e5ainin6 "%ae to %!eent 5i"$"e -# an# one.

Ine"to! "o$ld %e!"onall# fill in ta!6et ao$nt *id

and all detail" in te DIS.

ledging

-an one pledge dematerialised securities and what

should one do to pledge electronic securities E

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1e". In fat, %led6in6 de5ate!iali"ed "e$!itie" i" ea"ie! and

5o!e adanta6eo$" a" o5%a!ed to %led6in6 %#"ial

"e$!itie"

Te %!oed$!e to %led6e elet!oni "e$!itie" i" a" follo8"

3ot ine"to! (%led6o!& a" 8ell a" te lende!

(%led6ee& 5$"t ae de%o"ito!# ao$nt" 8it te "a5e

de%o"ito!#

Ine"to! a" to initiate te %led6e -# "$-5ittin6 to

DP te detail" of te "e$!itie" to -e %led6ed in a "tanda!d

fo!5at

Te %led6ee a" to onfi!5 te !e$e"t t!o$6

i":e! DP

One ti" i" done, "e$!itie" a!e %led6ed.

All finanial t!an"ation" -et8een te %led6o! and

te %led6ee a!e andled a" %e! $"$al %!atie o$t"ide te

de%o"ito!# "#"te5.

ow can one close the pledge a!ter repayment o!

loan E

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Afte! one a" !e%aid te loan, one an !e$e"t fo! a lo"$!e

of %led6e -# in"t!$tin6 te DP in a %!e"!i-ed fo!5at. Te

%led6ee on !eeiin6 te !e%a#5ent 8ill in"t!$t i" DP

ao!din6l# fo! te lo"$!e of te %led6e.

RESEARCH METHODOLOGY

SCOPE OF THE STUDY-

Te "t$d# at and 6ie" detail de"!i%tion of te follo8in6

atiitie".

Online t!adin6 %!oed$!e

De5ate ao$nt %!oed$!e

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DATA COLLECTION METHODS -

Te data olletion 5etod" inl$de -ot te %!i5a!# and te

"eonda!# olletion 5etod".

P#%"#3 *$+ -Ti" 5etod inl$de" te data olletion f!o5

te %e!"onal inte!ation 8it a$to!iJed 5e5-e!", ee$tie" of

te An6el 3!o9in6.

S*&)"#3 *$+ - Te "eonda!# data olletion 5etod"

inl$de" ,

Te let$!e!" delie! -# te "$%e!intendent" of !e"%etie

de%a!t5ent".

Te data olletion" f!o5 te NSC, Eono5i Ti5e" et.

Te -!o$!e" and te 5ate!ial %!oide -# te An6el

3!o9in6. Va!io$" -oo9" !elatin6 to ine"t5ent", a%ital 5a!9et" and

ote! !elated to%i".

NEED OF THE STUDY

Sto9 ean6e" a!e an inte6!al %a!t of te a%ital

5a!9et. It i" te 5o"t %e!fet t#%e 5a!9et fo! "e$!itie" 8ete!

of 6oe!n5ent o! "e5i 6oe!n5ent. 3odie" o! ote! -odie" a"

%e! "a!e and de-ent$!e" i""$ed -# te /oint "to9 ente!%!i"e".

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Sto9 ean6e" %!oide li$idit# to te li"ted o5%anie" te

6ie $otation" to te li"ted o5%anie" and el% in t!adin6 and

!i"in6 f$nd" f!o5 te 5a!9et. Ean6e %!oide" !ead# 5a!9et

fo! te "a!e and %$!a"e of "e$!itie". Sto9 5a!9et in India

i" 5o!e tan ent$!# old and a" -een f$ntionin6 effetiel#

t!o$6 te 5edi$5 of !eo6niJed "to9 ean6e" te "to9

5a!9et 8i i" inte6!al of te a%ital a" a 5a/o! i5%at on

te f$ntionin6 of te o!%o!ate "eto! in %a!ti$la!. Sine te

a%ital 5a!9et i" %la#in6 a 5a/o! !ole in te Indian eono5i

f!o5 te %a"t "ee!al #ea!" te!e i" an e""ential need to "t$d#

te oe!all f$ntionin6 of "to9 ean6e".

OB?ECTIES OF THE STUDY

1. To 9no8 te oe!all "eonda!# 5a!9et o%e!ation".2. .To 9no8 te inte!e"t of %$-li at ine"t5ent.

@. To 9no8 te n$5-e! of de%o"ito!# %a!tii%ant".

4. To 9no8 te 6!o8t of "to9 -!o9in6 "e!ie".

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LIMITATIONS OF THE STUDY

Te %!e"ent "t$d# -a"ed on i"to!ial data , te# 8illnot te eit indiato!" of f$t$!e" -ea$"e, f$t$!e i" $n"ete!.

SUGGESTIONS

Te Indian !e6$lato!# "#"te5 and !ole of SE3I "o$ld -e in!ea"ed

fo! "e$!in6 inte!e"t and ote! %la#e!".

Te "to9 ean6e "o$ld ond$t a8a!ne"" a5%ai6n on "to9

5a!9et o%e!ation"

Min "e!ie an6e",

Te T!adin6 "e!ie" of 3an9", Finanial In"t$tation", Deale!"

"o$ld -e $tiliJed %!o5%tl#.

Te !o!t ant"itie" "o$ld -e ont!olled 5a!9et fl$t!ation"

ti5el#.

FINDINGS

;.De5at Ao$nt" a!o%ened !ando5l# in!ea"ed 5anne!

;;,,,, !e"%etiel#.

'.Te n$5-e! of de%o"ito!# %a!tii%ant" a!e $%8a!d t!end 5anne!

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=.Te n$5-e! of de%o"ito!# %a!tii%ant" "e!ie ente!" a!e

in!eaein6 !elatiel#.

?.Te de%o"ito!# %a!tii%ant" Geo6!%ial Coe!a6e , in

ti5e".

@.Te De5at $"tod# t# a!e in!ea"ed -# t8o ti5e" 8en

o5%a!e 8it !a"t.

2345226 2345227

2345228 2345229

+otal ,o0or Demat

Accounts

:59896: 76;3

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TOTAL NO.OF DEMAT ACCOUNTS

?:1ea! De5at Ao$nt

?:'@ ''')@+=?:' ?)+=

?:') )=?;=@

?:' +'@@+

Total o.7! emat Account

Apr0;

222C;@59

Apr0@

:C65@90

Apr0C

C69:49;

Apr06

52;@;65

2

9222222

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TOTAL NO.OF DPS

?:1ea! DPKS

?:'@ ?=+

?:' @=?:') ;@

?:' )'?

T7TA3 7. 78 '(

Apr0; :95Apr0@ ;96

Apr0C @4;

Apr06 C2:

2

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TOTAL NO. OF DEPOSITORYS

?:1ea! DEPOSITOR1KS

?:'@ '

?:' '

?:') '

?:' '

T7TA3 ,7. 78 )27(IT7$?'(

Apr0; Apr0@ Apr0C Apr06

2A

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DP SERICE CENTRES

?:1ea! DP SERVICE

?:'@ ='+;?:' ?@?

?:') @?;

?:' )+

Apr0;

Apr0@Apr0C

Apr06

2

*#*)&*-

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DP GEOGRAPHICAL COERAGE

?:1ea! DP GEOGRAPHICAL

COVERAGE?:'@ =?

?:' @;'

?:') ))

?:' '+

Apr0;

Apr0@

Apr0CApr06

2

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DEMAT CUSTODY

?:1ea! DEMAT CUSTOD1

?:'@ )?@+?:' ;;?@

?:') '=+?

?:' =;?'@

Apr0; Apr0@Apr0C

Apr06

2

*#*)&*-