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A
PROJECT STUDY REPORT
ON
TRAINING UNDERTAKEN
AT
Shriam Financial Pvt. Ltd., Bikaner
Titled
“Operational Aspect of Depository Participant and a Study among Beneficiary Account Holders in Bikaner City (with special emphasis on Broker cum DP’s /CM-DP’s)”
Submitted By -: Submitted To-:
POOJA SHARMA MISS. KIRAN RAGHUVANSHIRAJANI KUMARI FACULTYFINAL YEAR ELECTRICAL
PREFACE
The B.TECH curriculum is designed in such a way that student gather maximum knowledge and get practical exposure to the corporate world in minimum possible time.
A survey is necessary for the partial fulfillment of B.TECH curriculum and it provides an opportunity to the students in understanding the industry with special emphasis on the development of skills in analyzing and interpreting practical problems through the application of management theories.
The researcher had conducted survey on a Comparative Analysis of various depository participants. Operational aspect of DPs : A study among beneficiary account holders in Bikaner City (with special emphasis on Broker Cum DP’s /CM-DP’s).
A survey was conducted and during the survey we found the customer’s awareness and satisfaction level regarding the facilities and benefits provided under the various CM depository participants.
ACKNOWLEDGEMENT
It would be prudent to commence this survey with an expression of gratitude towards all those who have played an indispensable role in the accomplishment of this project by providing their valuable guidance.
First of all, I sincerely thank MR. NARESH CHAND CHUGH (CHAIRMAN –SHRIAM FINANCIAL PRIVATE LIMITED, BIKANER) and MR. VIKAS AGGARWAL (DIRECTOR SHRIAM FINANCIAL PRIVATE LIMITED, BIKANER) for availing us the opportunity to carry out my survey at his esteemed office there by giving me a chance to look more closely into the field of my interest.
I would also like to extend my sincere thanks to, MISS MONICA PAREEK (MANAGER OF SHRIAM FINANCIAL PRIVATE LIMITED, BIKANER) for their constant support and for helping me at each stage of my project.
POOJA SHARMARAJANI KUMARI
TABLE OF CONTENTS -:
1. INTRODUCTION
1.1 Introduction to the Company
1.2 Introduction to the Industry
2. OPERATIONAL ASPECT OF DEPOSITORY SYSTEM
2.1 Introduction to Depository System In India
2.2 Introduction to NSDL and CDSL
2.3 Legal Framework
2.4 Functional Aspects
3. PROJECT PROFILE
3.1 Title of Research
3.2 Objective of Research
3.3 Scope of Research
3.4 Significance of Research
3.5 Research Methodology
3.6 Limitations of the Project
4. FACTS AND FINDINGS
4.1 Facts & Findings
4.2 Analysis of Data 5. CONCLUSION & SUGGESTIONS
5.1 Conclusion
5.2 Suggestions
6. BIBLIOGRAPHY
“INTRODUCTION” 1.1 INTRODUCTION TO THE INDUSTRY
MAJOR DP’S IN BIKANER CITY
DP – Core Service providers:-
STOCK HOLDING CORPORATION OF INDIA LIMITED
Stock Holding Corporation of India Ltd. (SHCIL) was incorporated at the special initiative of the Government of India as a Public Limited Company in 1986. It has been jointly promoted and owned by the All India Banks and Financial Institutions, viz., LIC, GIC and its subsidiaries, ICICI Bank, UTI, IDBI, IFCI and IIBI, all leaders in their fields of business. SHCIL began its operations by offering custodial and post trading services, adding depository services and other services to its portfolio over a period of time. SHCIL has a network of 189 branches spread across the country and around 6 lac accounts. Although SHCIL has started the trading operation also but people have a perception of core service provider DP for SHCIL.
BANK OF RAJASTHAN-DP
The bank has been authorized by SEBI as Depository Participant of CDSL, Mubtechi to offer Depository Services, which provide a safe and economical way of holding securities and settling trades in the demat mode. Bank of Rajasthan started the demat services from 1st September, 2001 in Bikaner. With all the core services of DP, BOR provides quick loans against the demat share holdings and provides all solutions under one roof except trading.
IDBI BANK & ICICI BANK
Both of the bank have their full fledged DP sections providing all core solution as well as the loans against the demat shares. ICICI bank also provides trading facilities to the investors but through only Internet Direct Access accounts.
Composite Service Providers (Broker cum DP’s/ Clearing Member DP’s)
1. SHRIAM FINANCIAL PRIVATE LIMITED
Shriam Financial Private Limited (SFPL) is the leading Composite member of both of the exchanges and CDSL DP. It has started its DP operations in July, 2006 and in a short span of 1
year, it is having largest turnover in terms of business transaction in CM DP’s. The most important attraction of the DP is its low tariff structure and fast account processing.
2. HEM SECURITIES LTD.
HEM Group pioneered its business in financial service market products in Jaipur in 1981 with the establishment of their original firm in name of M/s. H.C.Jain & Co. Mr. Hem Chand Jain, the pioneer – mentor of this firm was one of the Promoter – Directors of Jaipur Stock Exchange (JSE). M/s. H.C.Jain & Co., became a member of this exchange (JSE) in 1983.
It has made available all essential platforms in BSE, NSE, MCX and NCDEX covering all capital markets and derivatives segments.
Hem Securities Ltd. has started the DP services in year 1999 as a composite member of CDSL and BSE. At present, it has 250 business outlet covering more than 90 cities.
3. INDIABULLS LTD.
An India bulls is India’s leading Financial Services and Real Estate company having over 640 branches all over India. India bulls serves the financial needs of more than 4,50,000 customers with its wide range of financial services and products from securities, derivatives trading, depositary services, research & advisory services, consumer secured & unsecured credit, loan against shares and mortgage & housing finance. India bulls is a depository participant with the National Securities Depository Limited and Central Depository Services (India) Limited for trading and settlement of dematerialized shares. India bulls perform clearing services for all securities transactions through its accounts.
4. APOLLO SINDHOORI
Beginning its operations in early 1996 at Chennai, Apollo Sindhoori has spent the initial period in establishing and consolidating its presence throughout South India. The company has established its credentials very early and made its mark in the industry in a very short time.
Apollo Sindhoori has become Depository Participant of National Securities Depository Limited in 1999, acquired the membership of The Stock Exchange, Mubtechi during 2000.
Apollo Sindhoori has been one of the foremost members to obtain license to trade in Derivatives in 2001. Apollo Sindhoori manages a huge client base, in excess of 85,000 clients throughout the
country, achieved through transparent trading systems, effective client service, highly competitive brokerage structure and prompt payouts.
5. SHAREKHAN
Share khan Depository Services offers dematerialization services to individual and corporate investors. They have a team of professionals and the latest technological expertise dedicated exclusively to their demat department, apart from a national network of franchisee, making services quick, convenient and efficient.
1.2 Introduction to the Company :
SHRIAM FINANCIAL PRIVATE LIMITED
Shriam financial Private Limited (SFPL) was incorporated by Mr. Naresh Chand Chugh, Ex-Bank Manager, Bank of Baroda, in the year 1994. In the initial years of setup, it has served the people as a sub-broker under renowned members of NSE and BSE.
Now, SFPL and associate group of companies are privileged to be one of the initial members NCDEX and first main member of NSE, BSE, NCDEX, MCX and CDSL DP in BIKANER city and fourth in Rajasthan.
SHRIAM Group is a well diversified financial services group having businesses in stocks and commodities. Their services include equities, derivatives, portfolio management and depository services.
SHRIAM Group is a well diversified financial services group having businesses in stocks and commodities. Their services include equities, derivatives, portfolio management and depository services.
We are the proud members of NSE, BSE, MCX-SX in the cash and F& O segment and MCX, NCDEX, ICEX in commodities segment.
Shriam Financial Pvt. Ltd. being one of the best-capitalized firms in the broking industry in terms of net worth holds a dominant position in both institutional and retail broking.
Shriam Financial Private Limited (SFPL) since its inception in 1995. Have had a vision to create a global business of excellence. With consistent focus on customer-first-attitude, ethical and transparent business practices, respect for professionalism, research-based value investing and implementation of cutting-edge technology the company has blossomed one of India’s most esteemed stock-broking house.
Subsequently, SFPL spread its wings in all important functions of the financial markets and exchanges to provide new, better and all possible avenues, to our constituents viz. our Business Associates and the investor community at large, for profit making and capital appreciation.
Today, SHRIAM GROUP one of the most trusted names in broking has been successful in creating a niche for itself in both the securities and commodity ecosystem.
At present they are members of various Stock & Commodity Exchanges under the following trade names of the group.
1. Shriam Financial Pvt Ltd (SFPL): Securities division
2. Shree Commodities and Derivatives: Commodities division
SERVICES-:
SHRIRAM group includes following services-:
1. Equities2. IPO3. Commodity market4. Mutual funds5. Currency Trading6. Derivatives
1. Equities-:
In equity markets, the SHRIAM GROUP has acquired knowledge of the financial markets of the country during the last years of its business. The group and all companies can boast of sound domain knowledge because its Professional Management and Manpower are well assisted by the hi-tech upgraded infrastructure, which has been put in place at a huge cost.
They serve multitude of retail customers through their own corporate offices in Bikaner and with numerous Business Associates spread over many cities throughout the country.
2. IPO-:
IPO or Initial Public Offer presents good opportunities for netting high returns on your investments in a relatively short period of time, provided you invest early. Shriam Financial Pvt. Ltd. has made investing in IPO’s so simple.
3. Commodity Market-:
India has a deep ingrained knowledge in commodity trading (and particularly forward trading in commodities), especially in the interior heartland. For last 40 years or so, such forward (futures) trading was banned in the country for a variety of reasons and it is being revived now. The ban has meant that two generations have lost touch with the trading skills and the related knowledge levels in the commodity space. Fortunately much of the skill sets have migrated to stock exchanges.
In our country, Multi Commodity Exchange of India (MCX), National Commodity and Derivatives Exchange Ltd. (NCDEX) and Indian Commodity Exchange Ltd. (ICEX) are the three state-of-the-art commodity trading platforms for Futures Trading which commenced operations in November 2003, December 2003 and November 2009 respectively.
All three are national level, hi-tech driven and online commodity exchanges, which provide a very wide spectrum of derivatives driven by best global practices, professionalism and transparency for all market participants. Both – MCX & NCDEX – are headquartered in Mubtechi and ICEX in Gurgaon are led by expert Management Teams with deep domain knowledge of commodity futures market having integrated dedicated resources and infrastructure.
This Commodity segment has proved to be one more pillar of strength of the SHRIAM GROUP, and this has been made possible due to the positive and enthusiastic response from our Business Associates and our retail clientele spread over many trading centers in multi-states.
Why Commodity Market?
Commodity derivatives records high volumes in the markets the world over compared to equity derivatives. In an era where risks to investments are on the rise and India being predominantly an agrarian economy, needs to switch to commodity derivatives to top the list of developed nations.
With the other asset classes offering attractive returns, "Why Commodities?" is the inevitable question that pops in one's mind today, more so considering that the BSE Sensitive Index and NSE Nifty are scaling new highs by the day.
Commodity derivatives provide unique money-making opportunities to a wider section of market participants, starting from planters to exporters, importers et al. And to the agrarian Indian population commodities are obviously not new, nor are the advantages of trading in them unknown.
No balance sheet, P&L statement, EBITDA and reading between the lines. Commodity trading is about the simple economics of supply and demand. Supports are known, only resistance matters! Minimum support price acts as a statutory support for many commodities.
No breaking of heads over market direction. Seasonality patterns quite often provide clue to both short- and long-term players.
No scam, no price rigging. Commodity trading comes with nil insider trading and company specific risk.
What's more, why invite risk by investing in a metal company when you can trade in the metal itself? After all, while the stock price of the company is dependent on several factors including the company's own fundamentals, the price of the metal is driven by the simple economics of demand and supply. Also compared to equities it is much cheaper to trade in commodities, where margin requirements are lower.
4. Mutual Funds-:
To enable clients diversify their investments Shriam has added another product in its bouquet and will now offer mutual funds.
Shriam Group mutual team is in close contact with various fund houses and interactive sessions are held with fund managers. They will provide regular updates on products and new schemes. Being one of the largest stock brokers of India they keep a close watch on the markets.
Based on customers risk appetite, investment horizon and their existing investments they will suggest investment in mutual fund schemes, which are best, suited to clients. The fund and scheme selection is done after an in-depth research on parameters like risk adjusted returns, rolling returns, volatility and portfolio churn. They advise a mature and long-term view on mutual fund investments.
Shriam Mutual doesn't stop at just that, we go a step further to ensure that you get the right NAV, your dividends are credited on time and your account statements are regularly received.
5. Currency Trading-:
Shriam Group has always believed in addition of new products as an when introduced in the Market.
It has started providing Currency derivative trading platform to all its clients right from day one, when it was first started by NSE on 29th August 2008.
Shriam Group through its group companies has taken membership of all the three prominent Currency derivative exchanges in India namely:
# NSE
# BSE
# MCX-SX
The main feature of trading in Currency Derivatives are as follows:
1. Market timings: 9.00 A.M. to 5.00 P.M. Monday to Friday.
2) Trading: US$-INR (initially) Bid/Offer will be 4 decimal point
e.g. Rs. 43.2345
3. Market Lot: 1000 USD
4) Tick size: Rs.0.0025
5) Contract Cycle: 12 - month trading cycle.
6. Base Price: Calculated on the basis of last half-hour weighted
average price
7. Price Operating Range: +/- 3% of base price -- Tenure upto 6
months +/- 5% of base price --
Tenure greater than 6 months
8. Minimum Initial Margin: Approx. margin will be around 3%.
9. Last Trading day: Two working days prior to the last business
day of the expiry month.
10) Final Settlement Price: Final Settlement Price for a future
contract shall be the RBI Reference
Rate on the last trading day of such
future contract. The expiry day will
be announced by the Exchange at
the opening of every new contract.
11. Expiry date: The monthly expiry date will be 2 working
day before last working days of month. There
will be 12 months contract available for
trading. The contract will expire at 12 noon
on expiry day.
12. Daily Pay-in/Pay-out settlement: T+1 day
Depository-:
Capital Markets in India have been growing at a tremendous pace in terms of Market Capitalisation and number of investors. So as to facilitate paperless settlement, involving buying/selling and transfer of shares and securities in the country, the Government of India promulgated The Depositories Act, 1996 in August 1996.
The Depositories Act also aimed at improving the efficiency of the capital markets and the financial system, while protecting the interests of the investor- community. The Regulations under the act obviate the host of problems the investors used to face earlier in respect of delayed transfer of shares, non-receipt of dividends, bonus and rights, etc.
The implementation of the regulations, under the said act, has helped investors get their lawful dues, in shape of dividends, bonus and rights, with transfer of shares in their names more promptly and efficiently. This can be ensured by opening a demat account.
Under the provisions of the said Act, two Depositories have been approved to operate in India viz. National Securities Depository Ltd., (NSDL) and Central Depository Services (India) Ltd., (CDSL).
A depository holds shares and securities in electronic form in your name, just as a bank holds your deposits in your account. Besides holding securities, a depository also provides services related to your transactions in securities.
Central Depository Services (India) Ltd., (CDSL) has received approval from SEBI in February 1999. It is promoted by The Bobtechy Stock Exchange, Mubtechi (BSE) jointly with leading banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank, Union Bank of India and Centurion Bank. CDSL commenced its operations from July 1999. It has depository participants (like agents called branches) through out India.
Portfolio Management-:
Shriam Financial Pvt. Ltd. is a SEBI registered Portfolio Manager.
Portfolio Management services is provided to our customers whereby professionals having rich experience in the market handles client money invested in various capital market products.
• Competitive Portfolio Management fees.
• Transparent Operations
OPERATIONAL ASPECT OF DEPOSITORY
SYSTEM 2.1 OPERATIONAL ASPECT OF DEPOSITORY SYSTEM IN INDIA
Definition Of Depository-:
The Depositories Act defines a depository as “a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration under sub-section (1A) of section 12 of Securities and Exchange Board of India Act, 1992.”
The main function of a depository is to dematerialize securities and enable their transactions in book-entry form. As per The Bank for International Settlements (BIS), depository is “a facility for holding
Securities which enables securities transactions to be processed by book entry. Physical securities may be immobilized by the depository or securities may be dematerialized (so that they exist only as electronic records)”. In simple terms depository is an organization where securities of an investor are held in electronic form.
Key features of the depository system in India:
a. Multi-Depository System: The depository model adopted in India provides for a competitive multi depository system. There can be various entities providing depository services.
b. Dematerialization as against immobilization: The model adopted in India provides only for dematerialization of securities. This is a significant step in the direction of achieving a completely paper-free securities market. Many of the developed countries have opted either for immobilization (e.g. Hong Kong) or both immobilization and dematerialization (e.g. Japan) of securities.
Immobilization of securities is done by storing or lodging the physical security certificates with an organization that acts as a custodian - a securities depository. All subsequent
transactions in such immobilized securities take place through book entries. The actual owners have the right to withdraw the physical securities from the custodial agent when ever required by them. In the case of IPO, a jumbo certificate is issued in the name of the beneficiary owners based on which the depository gives credit to the account of beneficiary owners.
Dematerialization of securities occurs when securities issued in physical Forms are destroyed and an equivalent number of securities are credited into the beneficiary owner's account. India has adopted dematerialization route to depository.
In a depository system, the investors stand to gain by way of efficient settlements, lower costs and lower risks of theft or forgery, etc. But the implementation of the system has to be secure and well governed. All the players have to be conversant with the rules and regulations as well as with the technology for processing.
The intermediaries in this system have to play strictly by the rules.
c. Depository services through depository participants: The depositories can provide their services to investors through their agents called depository participants. These agents are appointed subject to the conditions prescribed under Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 and other applicable conditions.
d. Fungibility - In the depository system, the securities dematerialized are not identified by distinctive numbers or certificate numbers as in the physical environment. Thus all securities in the same class are identical and interchangeable. For example, all equity shares in the class of fully paid up shares are interchangeable.
e. Registered Owner/ Beneficial Owner - In the depository system, the ownership of securities dematerialized is bifurcated between Registered Owner and Beneficial Owner. For the securities dematerialized, NSDL is the Registered Owner in the books of the issuer; but ownership rights and Liabilities rest with Beneficial Owner. All the rights, duties and liabilities underlying the security are on the beneficial owner of the security.
Depository Participants
A Depository Participant (DP) is described as an agent of the depository. They are the intermediaries between the depository and the investors. The relationship between the DP’s and the depository is governed by an agreement made between the two under the Depositories Act, 1996. In a strictly legal sense, a DP is an entity who is registered as such with SEBI under the provisions of the SEBI Act. As per the provisions of this Act, a DP can offer depository related services only after obtaining a certificate of registration from SEBI.
SEBI (D&P) Regulations, 1996 prescribe a minimum net worth of Rs. 50 lakh for the applicants who are stockbrokers or non-banking finance companies (NBFCs), for granting a certificate of registration to act as a DP. For R & T Agents a minimum net worth of Rs. 10 crore is prescribed in addition to a grant of certificate of registration by SEBI. If a stockbroker seeks to act as a DP in more than one depository, he should comply with the specified net worth criterion separately for each such depository.
If an NBFC seeks to act as a DP on behalf of any other person, it needs to have a net worth of Rs. 50 cr. in addition to the net worth specified by any other authority. No minimum net worth criterion has been prescribed for other categories of DPs.
However, depositories can fix a higher net worth criterion for their DPs. NSDL stipulates a minimum net worth of Rs. 100 lakh to be eligible to become a DP as against Rs. 50 lakh prescribed by SEBI (D&P) Regulations, except for R & T agents and NBFCs, as mentioned above.
Functions of Depository-:
1. Dematerialisation : One of the primary functions of depository is to eliminate or minimize the movement of physical securities in the market. This is achieved through dematerialization of securities. Dematerialisation is the process of converting securities held in physical form into holdings in book entry form.
2. Account Transfer: The depository gives effects to all transfers resulting from the settlement of trades and other transactions between various beneficial owners by recording entries in the accounts of such beneficial owners.
3. Transfer and Registration: A transfer is the legal change of ownership of a security in the records of the issuer. For effecting a transfer, certain legal steps have to be taken like endorsement, execution of a transfer instrument and payment of stamp duty. The depository accelerates the transfer process by registering the ownership of shares in the name of the depository. Under a depository system, transfer of security occurs merely by passing book entries in the records of the depositories, on the instructions of the beneficial owners.
4. Corporate Actions: A depository may handle corporate actions in two ways. In the first case, it merely provides information to the issuer about the persons entitled to receive corporate benefits. In the other case, depository itself takes the responsibility of distribution of corporate benefits.
5. Pledge and Hypothecation: The securities held with NSDL may be used as collateral to secure loans and other credits by the clients. In a manual environment, borrowers are required to deliver pledged securities in physical form to the lender or its custodian.
These securities are verified for authenticity and often need to be transferred in the name of lender. This has a time and money cost by way of transfer fees or stamp duty. If the borrower wants to substitute the pledged securities, these steps have to be repeated. Use of depository services for pledging/ hypothecating the securities makes the process very simple and cost effective.
The securities pledged/hypothecated are transferred to a segregated or collateral account through book entries in the records of the depository.
6. Linkages with Clearing System: Whether it is a separate clearing corporation attached to a stock exchange or a clearing house (department) of a stock exchange, the clearing system performs the functions of ascertaining the pay-in (sell) or pay-out (buy) of brokers who have traded on the stock exchange. Actual delivery of securities to the clearing system from the selling brokers and delivery of securities from the clearing system to the buying broker is done by the depository. To achieve this, depositories and the clearing system should be electronically linked.
2.2 INTRODUCTION TO CDSL & NSDL
CDSL: Central Depository Services (India) Ltd. (CDSL) registered in Feb., 1999, has been promoted leading foreign and Indian banks and stock exchange (BSE, CSE). CDSL commenced operations on March 22, 1999. All the leading stock exchange like The Stock Exchange, MuBBAi (BSE), National Stock Exchange (NSE), Calcutta Stock Exchange, Delhi Stock Exchange, The Stock Exchange, Ahmadabad etc. established connectivity with CDSL.
SOME IMPORTANT MILESTONES
_ CDSL received the certificate of commencement of business from SEBI in February 1999.
_ Honorable Union Finance Minister, Shri Yashwant Sinha flagged off the operations of CDSL on July 15, 1999.
_ Settlement of trades in the demat mode through BOI Shareholding Limited, the clearing house of BSE, started in July 1999.
_ All the leading stock exchanges like The Stock Exchange, Mubtechi (BSE), National Stock Exchange (NSE), Calcutta Stock Exchange, Delhi Stock Exchange, The Stock Exchange, Ahmadabad, etc., established connectivity with CDSL.
_ The developments such as introduction of on-line inter-depository transfer facility from December 14, 2002; admission of debt securities made mandatory by SEBI with both the depositories; commencement of retail trading in Government Securities on exchanges from January 16, 2003" etc. have helped CDSL and its DPs in expanding their business more aggressively and profitably.
CDSL has 349 DPs spread across 5632 locations covering 110 cities / towns in 22 states who are offering on line depository services to investors. Over 4600 issuer companies have admitted over 6800 different securities for demat through CDSL, which includes over 2400 debt instruments.
DEPOSITORY OF CHOICE OF THE GOVERNMENT OF INDIA
CDSL has the privilege of being the depository of choice of the Government of India for the on-going Public Sector Undertakings (PSUs) disinvestments programme.
The Government of India chose CDSL exclusively for dematerialization and cross deal transactions in Oil PSUs (ONGC, IOC & GAIL) and to handle the entire process of dematerialization and subsequent disinvestment in Bharat Aluminum Company Limited (BALCO). The transaction of BPCL acquiring equity stake in Kochi Refineries Ltd., from the Government Of India, was also done through CDSL. More recently the disinvestments of
Government stake in CMC, VSNL, IBP Ltd. and Hindustan Zinc Limited were exclusively done through CDSL.
2. INTRODUCTION TO NSDL
National Securities Depository Limited (NSDL)
National Securities Depository Limited is the first depository to be set-up in India. It was incorporated on December 12, 1995. The Industrial Development Bank of India (IDBI) - the largest development bank in India, Unit Trust of India (UTI) - the largest Indian mutual fund and the National Stock Exchange (NSE) - the largest stock exchange in India, sponsored the setting up of NSDL and subscribed to the initial capital. NSDL commenced operations on November 8, 1996.
Ownership-:
NSDL is a public limited company incorporated under the Companies Act, 1956. NSDL had a paid up equity capital of Rs. 105 crore. The paid up capital has been reduced to Rs. 80 crore since NSDL has bought back its shares of the face value of Rs. 25 crore in the year 2000. However, its net worth is above the Rs. 100 crore, as required by SEBI regulations.
The following organizations are shareholders of NSDL as on March 31, 2005 :-
1. Industrial Development Bank of India
2. Administrator of the Specified Undertaking of the
Unit Trust of India - DRF
3. National Stock Exchange
4. State Bank of India
5. Oriental Bank of Commerce
6. Citibank N.A.
7. Standard Chartered Bank
8. HDFC Bank Limited
Management of NSDL-:
NSDL is a public limited company managed by a professional Board of Directors. The day-today operations are conducted by the Chairman & Managing Director (CMD). To assist the CMD in his functions, the Board appoints an Executive Committee (EC) of not more than 15 members.
The eligibility criteria and period of nomination, etc. are governed by the Bye-Laws of NSDL in this regard.
2.3 Legal Frame Work-:
The depositories in India are regulated under the following legal frame work :
o The Companies Act, 1956o The Depositories Act, 1996o SEBI (Depositories and Participants) Regulations, 1996o Securities and Exchange Board of India Act, 1992
Apart from the above mentioned Acts and Regulations, following govern the business and operations of a depository.
o Bye Laws of the depositoryo Operating Instructions of the depository
a. Companies Act, 1956
Companies Act, 1956 is a comprehensive legislation covering all aspects of company form of business entity from formation to winding-up. This legislation (amongst other aspects) deals with issue, allotment and transfer of securities and various aspects relating to company management. It provides for standards of disclosure in public issues of capital, particularly in the fields of company management and projects, information about other listed companies under the same management and management perception of risk factors. It also regulates underwriting, the use of premium and discounts on issues, rights and bonus issues, substantial acquisitions of shares, payment of interest and dividends,
supply of annual report and other information. This legal and regulatory framework contained many weaknesses.
b) THE DEPOSITORIES ACT, 1996
The Depositories Act, 1996, ushered in an era of efficient capital
market infrastructure, improved investor protection, reduced
risks and increased transparency of transactions in the securities
market. It also immensely benefited the issuer companies, in
terms of reduced costs and the effort expended in managing
their shareholder populace. Perhaps, no other single act other
than the Depositories Act has had such profound all round
impact on every single stakeholder in the Indian capital markets.
This legislation envisaged multiple depositories in India to ensure benefits of competition for the users of the depository system. The Depositories Act which facilitated establishment of depositories in India sought to effectively curb such irregularities, and protect the interests of the investors, and paved a way for an orderly conduct of the financial markets through free transferability of securities with
speed, accuracy, transparency etc. Due to the introduction of the depository system, the investors are able to enjoy many benefits like free and instant transferability in a secured manner at lower costs, free from the problems like bad deliveries, odd lots etc. Today the tradable lot is reduced to “one unit” hence even a common man is able to invest money in one equity share or bond or debenture. The investor is able to save a lot on account of stamp fee as government has exempted stamp duty on transfer of securities at present. Investors are also spared from the problems of preserving the securities held in physical form.
A depository has to be a company registered under the Companies Act, 1956 with minimum net worth of rupees one hundred crore and has to be registered with SEBI. The depository cannot start its business unless it obtains a Certificate of Commencement of Business from SEBI. The bye-laws of the depository also require prior approval from SEBI. Section 25 of the Depositories Act, 1996 empowers SEBI to frame regulations.
DEPOSITORY PARTICIPANTS
A depository cannot interact directly with BOs and has to deal through its agents called Depository Participant. Every DP, before commencement of its operation has to obtain a certificate of registration from SEBI. The following entities are eligible for becoming depository participant in accordance with Regulations19 of the SEBI (Depositories and Participants) Regulations, 1996:
i. A public financial institution as defined in Section 4A of the Companies Act, 1956.
ii. A bank included for the time being in the second
schedule of the Reserve Bank of India Act, 1934.
iii. A foreign bank operating in India with the approval of Reserve Bank of India.
iv. A state financial corporation established under the
provisions of section 3 of the State Financial
Corporations Act, 1951.
v. An institution engaged in providing financial
services, promoted by any of the four institutions
mentioned above.
vi. A custodian of securities who has been granted a certificate of registration by SEBI under Section 12(1A) of the SEBI Act, 1992.
vii. A clearing corporation or a clearing house of a stock exchange.
viii. A stock broker having a minimum net worth of rupees fifty lakhs.
ADMISSION OF PARTICIPANTS
Any entity desiring to be admitted as a participant shall submit an application in Form “E” for grant of certificate of registration as a participant to SEBI through depository, together with fees as may be specified by SEBI and other monies payable to depository as may be specified by FDEPOSITORY. The application shall be verified by DEPOSITORY within thirty days of receipt of the application and if the application meets the criteria for admission lay down by DEPOSITORY, and the same shall be forwarded to the SEBI with its recommendations.
ADMISSION CRITERIA
An applicant (including any partner, where the applicant is a partnership firm, and any director or any person holding any substantial interest in or being otherwise in a position to control the affairs of the applicant, where the applicant is a company or other body corporate) has to meet all the following conditions to get admitted in DEPOSITORY as a depository participant.
1. The applicant has to furnish information and details pertaining to its business and equity holding relating to a minimum period of three years immediately preceding the date of the application or from the date of its inception, if less than three years.
2. The applicant should not have been convicted in any of the five years immediately preceding the filing of the application in any matter involving misappropriation of funds and securities, theft, embezzlement of funds, fraudulent conversion, forgery or any other offence involving moral turpitude.
Application fees payable by sponsor 50,000
Application fees payable by participant 5,000
Registration fees payable by depository 25, 00,000
Registration fees payable by participant 1, 00,000
Annual fees payable by depository 10, 00,000
Annual fees payable by participant 1,000
3. The applicant should not have been expelled, barred or suspended by SEBI or by any recognized stock exchange. Provided however that, if a period of three years or more has elapsed from the expiry of the period of expulsion, debarment or suspension, as the case may be, DEPOSITORY may, in its discretion, consider such application.
4. If the applicant is a Stock Broker or a Non-Banking Finance Company or an RTA, the applicant has and undertakes to maintain the net worth specified in the SEBI regulations.
5. The applicant shall furnish the details of its Board of Directors/ Partners/ Authorized Officials, as the case may be, who shall be responsible for the conduct of the business of the applicant as a participant.
6. The applicant shall have on its staff sufficient number of persons as DEPOSITORY may specify who are adequately trained or who, in the opinion of DEPOSITORY, are otherwise sufficiently qualified or have adequate skill and knowledge relating to the operational, functional and technical aspects of the working of CDSL system.
7. The applicant shall appoint a Compliance Officer to interact with DEPOSITORY on its behalf for compliance with the DEPOSITORY Bye Laws and for resolution and redressal of BOs’ grievances.
8. The applicant has adequate office space exclusively for DEPOSITORY operations.
9. The applicant has made adequate arrangements for conducting effective and safe depository operations including security measures, software and hardware requirements, risk containment and insurance requirements, as specified by DEPOSITORY. The certificate of registration as participant is given in Form “F”.
A depository has to be a company registered under the Companies Act, 1956 with minimum net worth of rupees one hundred crore and has to be registered with SEBI.
HOW CAN DEPOSITORY SERVICES BE AVAILED
For availing the services offered by the depository, person is required to approval a depository participant who is an agent of the depository. A depository cannot open a demat a/c of an investors and / or provide services to such a person directly.
DEPOSITORY PARTICIPANT
A depository participant is an agent of the depository who is authorized to offer depository services to investors. While the depository participant processes the instructions of the investor, the account and records thereof is maintained with depository. A depository participant is thus a service centre for the investors. Every depository participant before commencement of its operation has to obtain a certificate of registration from SEBI.
Following entries complying with the requirement prescribed by SEBI / depositories can be registered as depository participant:-
o A public financial institution as defined in (Section 4A of the Companies Act, 1956).
o A bank included for the time being in the second schedule of the Reserve Bank of India Act, 1934.
o A foreign bank operating in India with the approval of Reserve Bank of India.
o A state financial corporation established under the provisions of section 3 of the State Financial Corporation Act, 1951.
o An institution engaged in providing financial services, promoted by any of the four institutions mentioned above.
o A custodian of securities who has been granted a certificate of registration by SEBI under Section 12 (1A) of the SEBI Act, 1992.
o A clearing corporation or a clearing house of a stock exchange.
o A stock broker having a minimum net worth of rupees fifty lakhs and the aggregate value of the portfolio of securities of the BOs held in dematerialized form in a depository through him, shall not exceed 100 times of the net worth of the stock broker.
o A non banking finance company, having a net worth of not less than rupees fifty lakhs provided that such company shall act as a participant only on behalf of itself and not on behalf of any other person.
o A registrar to an issue or share transfer agent who has a minimum net worth of rupees ten crores and who has been granted a certificate of registration by SEBI.
SERVICES PROVIDED BY A DEPOSITORY PARTICIPANT
Following services can be availed of through a depository participant.
a. Opening of Demat accounts.
b. Demat: - Demat is the process by which a Beneficiary owner can get his physical securities converted into electronic form.
c. Remat: - Getting electronic securities balances held in beneficiary owner account converted into physical form.
d. Maintaining records of holdings in the electronic form.
e. Credit electronically initial public offers.
f. Facility of pledging dematerialized securities for availing loan against demat shares.
g. Settlement of trades by delivering / receiving underlying securities.
h. Freezing or locking of demat account. It temporarily immobilize the demat account by offering the account, the client who do not use their account for long periods can prevent unexpected debit and credit or both creeping to its account.
i. Receipt of corporate benefits: Security entitlements like bonus and rights are credited in the customers demat account electronically.
BENEFITS OF DEPOSITORY SYSTEM
1. Safe and convenient way to hold securities compared to holding securities compared to holding securities in physical form.
2. No stamp duty is levied on transfer of securities held in demat form.
3. Instantaneous transfer of securities enhances liquidity.
4. It eliminates delays, thefts, interceptions and subsequent misuse of certificates.
5. Change of name, address, registration of power of attorney, deletion of deceased’s name etc can be effected across company by one single instruction to the DP.
6. Reduction in paper work.
7. Each share is a market lots for the purpose of transactions so no odd lot problem.
8. Any number of securities can be transferred/delivered with one delivery order.
9. Immediate credit in case of any allotment in bonous, right issues and IPO’s.
10. No bad deliveries.
2.3 WORKING PROCEDURE-:
How to open demat account with DP
Demat account opened with depository are referred as ‘Beneficial owner Accounts’ or ‘BO account’. All beneficial owner account are operated at DP level however, data is maintained at depository level.
A demat account may be opened and maintained in the name of one person (sole holder) or more than one persons (joint holder).
Account opening procedure
The client will fill the account opening form and submit it along with the following documents-:
Certified copy of any of the following –Ration card/passport/Driving License/Election ID card as address proof
One passport size photograph. PAN Number Birth certificates in case of minor Bank details like: name of bank, type of account, account number etc. Power of Attorney, if applicable
The Depository participant will check all the documents and if finds all correct then it will send a confirmation to the beneficiary owner and will allot beneficiary identification (demat account number) and this account is used by the beneficiary owner for transacting in shares and securities.
How to dematerialize physical shares
Pre-requisites for dematerialization are-
Investor should have a demat account with any DP. Securities to be dematerialized must have been admitted in CDSL or NSDL. Investor should be the registered holder for the securities in the books of the company.
The beneficiary owner submits a request to the depository participant in the dematerialization request form (DRF) along with the certificates. The depository participant verifies the information on the DRF and physical certificates and sends them to the concerned issuers / RTA.
The issuer / RTA will destroy the share certificates and credit the beneficiary owner account with an equivalent number of securities. The entire process may take 15-30 days.
Sale / Purchase of demat shares
A demat account can be debited / credited only on instructions of the beneficiary owner. Beneficiary owner needs to give instruction to his / her depository participant to affect debit / credit of securities out of his / her demat account. The beneficiary owner will instruct the broker to purchase / sell shares in demat mode.
After confirmation by broker of purchase / sales beneficiary owner is required to submit a duly filled in instruction slip to his / her depository slip for execution.
However most of the time instructions are required only for debit since a beneficiary owner gives a one time standing instruction to the depository participant, for crediting the account without a credit instruction at the time of account opening.
SETTLEMENTS
SEBI introduces T+2 rolling settlements from April 1,2003.Settlements of market trades is currently done of T+2 basis i.e. settlement takes place on 2nd working day after the trade has been executed by the capital market excluding Saturdays , Sundays, bank
holidays and exchange holidays.
TABLE-:
Day ActivityT
T+1
T+2
T+3
T+4
Trading day Confirmation of trade Pay in of funds and securities and pay out of funds and securities by pre-
specified deadline times. The members are required to submit the pay-in instructions for funds and securities to banks and depositories respectively.
Auction for shortages in delivery of securities. Auction pay in any pay out of funds and securities.
The activity of the clearing house/clearing corporation of the stock exchange of delivering funds and securities to the respective, sellers / buyers is known as settlement of market trades.
Pay in of securities: - The process of delivery of securities by seller CM to the CH/CC for settlement is known as pay-in of securities.
Pay out of securities: - The process of delivery of securities by the CH/CC to the buyer CM is known as pay out of securities.
Settlement of funds is effected through clearing banks and depository plays no role in this whereas settlements of securities in dematerialized form is affected through depository system.
Depositories help in the settlement of the dematerialized securities. Each clearing member is required to maintain a clearing pool account with the depositories. He is required to make available the required securities in the designated account on settlement day.
The depository runs an electronic file to transfer the securities from accounts of the clearing member to that of CC and the depositories transfer the securities on the pay-out day from the account of the CC to those of members.
REMATERIALISATION
A BO intending to convert the securities into physical form submits a remat request to the DP in a Rematerialisation Request Form (RRF). DP verifies the information on the RRF and sends it to the concerned issuer/RTA.
If the remat request is in order, the issuer/RTA approves the same and confirms it. On receiving such confirmation, depository debits the BO account. Physical certificates are sent by the Issuer/RTA directly to the investor.
PLEDGE -:
For creating pledge in depository system, the pledgor as well as the pledgee should have demat accounts. The pledgor, desirous of pledging securities from his demat account submits a Pledge Request Form (PRF).
On receipt of the PRF form the pledgor, the pledgor’s DP verifies that the securities to be pledged are free i.e. the securities are not earmarked for settlement, or they are not already pledged or frozen. The Pledgor’s DP creates a pledge request in CDSL/NSDL and then a unique pledge sequence number is allocated and this number is given to both pledgor and pledgee.
The pledgees submit the copy of PRF to his/her DP. On acceptance of pledge request by pledgee’s DP, the pledged quantity is blocked in the pledgor’s account.
Procedure for Corporate Actions
a. Cash Corporate Actions
In case of Cash corporate actions, depository provides the details of Bos who hold securities of the issuer as of record date or book closure dates as specified by the issuer. The issuer does actual disbursement of cash benefits directly and depository is not involved in it.
b. Non Cash Corporate Actions
As non cash corporate actions involve securities, depository plays a major role in distribution of the non cash corporate benefits and credits the accounts of the BOs electronically.
For non cash corporate benefits, the issuer / RTA gives an option to the shareholders (including those shareholders who are holding securities in the demat form) to get allotment either in electronic or physical form. If the shareholders opt for electronic mode, the issuer / RTA forwards the demat account details of such BOs to depository. Depository verified the demat account details and gives credit of securities to the BOs in the electronic mode.
PROJECT PROFILE
3.1 Title of the Project
Comparative analysis of various depository participants: A study among beneficiary account holders in Bikaner city.
3.2 Objectives of Research
To determine the awareness level about DP’s and services offered by them.
To identify the factors considered by investors while choosing DP.
To compare the services provided by depository participants.
To find out the preferences and expectations of the investors.
3.3 Scope of Research
The research relates to Bikaner city and only those investors are taken which the customers are having Demat account with the DP’s in Bikaner city. The research was conducted during a period of 45 days.
3.4 Significance of the Research
To The Corporation –
The research has provide the corporation comprehensive information about customer behavior. The research helps the corporation to know about the preferences and expectations of the customers.
To The Researcher –
The research had provide the researcher a significance knowledge and practical insight into the depository system, online trading and stock market operation which may prove useful in future life.
To Others –
This research is significant for other students who are interested to know about the working of depository system. The research will also able to guide the other research scholars for further study.
The research gives an overview of the Depository system and explains in detail various operations related to individual accounts. It imparts to third party, knowledge about the functioning of Depository system.
3.5 RESEARCH METHODOLOGY
TYPE OF RESEARCH
a. Research Design ---- Descriptive Research.
b. Type of Universe ------ Beneficial account holders of
Depository Participants in Bikaner
City.
c) Data Type --------- Primary as well as Secondary data.
d) Research Technique ---- Schedule with open and closed end
questions.
e) Method of data collection ------ Survey for primary data.
SAMPLING DESIGN
a) Sampling Technique -: Convenience sampling
b) Sampling unit -: beneficial account holders of D.P’s in Bikaner City
c) Sample Size -: 200
3.6 LIMITATIONS-:
Though tried to take utmost care, to make the research work exhaustive, still the researcher could not rule out the presence of few unintentional and unavoidable flaws in the research.
a. The sampling error, the appeared due to the kind of sampling techniques adopted.
b. Indifferences and lack of interest disposed by few respondents leading to unauthentic responses.
c. The research is related to Bikaner City, it can not be generalized.
d. The research is based on personal interview so there may be chance of biasness.
e. Due to the apprehension among the investors about the leakage of information / use of information by tax authorities might not have given accurate reply.
FACTS & FINDINGS
4.1 DEMOGRAPHIC FINDINGS :
CLASSIFICATION WITH AGE GROUPS OF THE RESPONDENTS
AGE GROUP
NO.OF RESPONDENTS
Below 20 years 0 20-30 years 55 30-40 years 70 40-50 years 40 Above 50 35 Total 200
Out of 200 respondents, the age group of 30-40 is the highest one holding demat a/c’s.
CLASSIFICATION WITH EDUCATIONAL QUALIFICATION OF DEMAT A/C HOLDERS
Educational QualificationFrequency Metric 15 Graduate 70 Post-Graduate 67 Professional 48 Total 200
More of the demat account holders are either graduate or holding any professional education.
CLASSIFICATION WITH RESPECT TO OCCUPATION OF DEMAT A/C HOLDERS
Occupation Frequency Government Servants 26 Private service 42 Business 59 Professional 41 Retired 20 Housewife 11 Total 200
Business classes investors hold more proportion of demat accounts.
SEX WISE CLASSIFICATION OF DEMAT A/C HOLDERS
Sex FrequencyMale 196Female 4Total 200
Most of the demat account holders were male.
INCOME WISE BREAKUP OF DATA :-
Income Group No. of respondents Below 1 lakhs 46
1-3 lakhs 89 3-5 lakhs 35 5-10 lakhs 24 More than 10 lakhs 6 Total 200 Out of 200 respondents, more of the respondents fall in income group of 1-3 lacs.
4.2 ANALYSIS-:
Out of the 200 respondents major respondents fall in age-group of 30-40 years followed by young age people of 20-30 years. 35% of respondents were of age group 30-40 followed by 27.5% respondents of age group 20-30. The least respondents belong to age above 50 years i.e. approx 17.5%.
Out of the total respondents 91.5% were male and 8.5% were female.
Out of the total respondents 29.5% were business class followed by private service and professionals sharing approx 21%. Above 13% of them were govt. servant and 10% and 55% were retired persons and housewives also.
Out of the total respondents 35% were graduates and 33.5% were post graduates. About 24% of the total respondents were professionals and the least were metric (7.5%).
Out of the 200 respondents 55% were related with the stock market for 1-5 years. 25% were dealing in the stock market from 5-10 years. 5% were related with the stock market from more than 5 years while 15% were new investors who entered in the market last year.
SHCIL was the top most brand recalled by the respondents. About 96.5% respondents were able to recall SHCIL. 94% of respondents recalled India Bulls and 89.5%
respondents recalled ICICI Bank as DP. Shriam Financial Pvt. Ltd. was recalled by 84.5% respondents.
Out of 200 respondents 20.5% belonged to only NSDL, 64.5% belonged to CDSL and 15% belonged to both NSDL and CDSL.
27% of the respondents belong to SHCIL, 21% were the clients of Shriam Financial Pvt. Ltd. 14% respondents belong to Bank of Rajasthan DP and about 9% were the clients of IDBI Bank.
Out of the 200 respondents. 55% were associated with more than one DP and 45% were associated with only one D.P. Out of the total respondents 38% respondents were associated with their primary DP for 3-5 years while 26.5% respondents have their association for 1-3years only. About 24.5% have opened their demat accounts in last one year.
Out of the 200 respondents, 41% have got the information about their DP from broking house which is highest of all. 26.5% respondents got the information from family & friends while 15.5% were influenced by media.12.5% respondents were influenced by personal contacts.
33.5% respondents selected their broking house as DP while 22.5 % have the criteria of Services while choosing their DP. Tariff structure of Dp was also important deciding factor for 12.5 % respondents and 11 % of them followed the DP according to their personals contacts .About 7.5 % respondents have a criteria of electronic access to their account while the other 6 % expressed that transferability of accounts was the criteria.
Out of total 200 respondents, 79.5 % were aware of all the services provided by D.P. and 20.5% were not aware of all the services provided by D.P.
When the respondents were asked for the choice of DP as CORE DP or Broker cum DP (CMDP), 88.5 % respondents told that they prefer CM DP’s while 11.5 % stick to core DP’s option.
Out of total 200 respondents, most of the respondents prefer CMDP’s for they provide exposure/trading limits against holdings followed by facility of Auto Payins and time saving and less charges. Stock/portfolio recommendation was also an important factor for taking decision.
Out of total respondents 54.5 % respondents do not prefer to execute POA while other 34 % preferred opting for POA. 11.5 % respondents told that POA was compulsorily executed at the time of account Opening.
Out of the total 200 respondents. 64.5 % had switched from their old DP while rest 35.5 % had not switched.
The problem faced by the beneficial account holders of DP was delay in transfers followed by irregularity in statements.
CONCLUSIONS & SUGGESTIONS
5.1 CONCLUSIONS -:
o Most of the respondents were male of 30-40 years age group and the participation of females was very less.
o Business class people are more indulged in this business followed by professionals and service class.
o Most of the BO’s are having their association with their DP’s from last 1-5 years.
o SHCIL was the most popular brand and was on top of the mind awareness of BO’s followed by India Bulls Ltd. , ICICI Bank and Shriam Financial Pvt. Ltd.
o Most of the accounts were in CDSL. SHCIL was having maximum number of account holders. Shriam Financial Pvt. ltd. was having the second highest number of accounts and was more popular among the CMDP’s.
o Most of the demat account holders were aware of only the core services of DP .i.e the electronic transfer of securities and demat service of DP & the rest of the services provided by the DP were not known to them.
o Stock Broking facility was the foremost factor while affect the decision of selection of a DP . Services was considered as the second main factor followed by tariff structure of DP. Personal relation also play an important role in decision making.
o BO’s connected with CM DP’s like SFPL rated the staff behavior and timely execution of trades as best service of DP while the BO’s associated with SHCIL and IDBI Bank liked the regularity in statements. Most of the BO’s associated with SHCIL and Bank of Rajasthan-DP were not satisfied with the tariff structure.
o Most of the new investors and other BO’s prefer CM DP’s (Broker cum DP’s) because of availability of all facilities under one roof.
o Broker cum DP’s are preferred due to trading limits and exposure against demat shares/holdings and facilities of Auto pay ins and time saving.
o Most of respondents were not preferring Power of attorney system due to fear of misuse of the same by Broker DP’s.
o A remarkable number of respondents have switched from SHCIL , ICICI Bank , IDBI Bank , Bank Of Rajasthan-DP to CM DP’s like SFPL , IndiaBulls ,Sharekhan , Apollo Sindhoori etc due to high charges and more complicated working procedures and consolidation of services .
5.2 SUGGESTIONS
o Most of the BO’s showed interest towards the dissemination of information about DP and its services.
o Billing / Holding and transaction statement regularity was demanded by most of the BO’s.
o Timely execution of trades should be made.
o There must be transparency in the working of DP’s .
o Electronic access should be provided by all DP’s.
o Demat Account Activation and demat services should be made faster.
o Broker cum DP’s must enhance the facilities of associated services like IPO’s , Mutual Funds , Portfolio Management Etc.
BIBLIOGRAPHY
BIBLIOGRAPHY
Books
# Kothari, C.R., Research Methodology, New Delhi, Vikas Publishing House, 1999.
# Dhanesh Kumar Khatri, Investment Management and Security Analysis, New Delhi, Macmillan India Ltd., 2006.
# Gupta, S.P., Statistics, New Delhi, Sultan Chand & Sons, 2002.
# Kotler, Philip, Marketing management, New Delhi, Prentice Hall of India, 2000.
# BSE’s Certification on Central Depository module.
# Capital Market (Dealers) Module
# Dalton, John M. ,(1988), “How The Stock Market Works”, 2nd Edition. Prentice Hall Press. New York Institute of Finance.
Websites
http://www.nseindia.com/
http://www.bseindia.com/
http://www.depositoryindia.com/
http://www.shcilonline.com/
www.bankofrajasthan.com
www.idbi.com
www.apollosindhoori.com
www.icicibank.com
www.sebi.gov.in
Thank You So Much For Your Valuable Time and Responses!!!
