Sharekhan Internship Report

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Summer Internship Project Report
A Study on the Sales Process at
ShareKhan Ltd.
Submitted in partial fulfillment of the
Requirements for the award of Post Graduate Diploma in Management (PGDM)
JAIPURIA INSTITUTE OF MANAGEMENT NOIDA
2012-14
Submitted By:
SOUMYAJEET PATRA
PGFB 1255
Submitted To:
Dr. Banasree Dey

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DECLARATION
I hereby declare that the Summer Training Report entitled “A Study on the Sales Process at
ShareKhan Ltd.” is an authentic record of my own work as requirements of 6 weeks
Summer Training during the period from 15th
April to 15th
June for the award of degree of
PGDM (Post Graduate Diploma in Management), Jaipuria Institute of Management, Noida
under the guidance of Dr. Banasree Dey.
(Signature of student)
Soumyajeet Patra
PGFB 1255)
Date: ____________________

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ACKNOWLEDGEMENT
A project is never the work of an individual. It is moreover a combination of ideas,
suggestions, review, contribution and work involving many folks. It cannot be completed
without guidelines.
I feel pleasure in expressing my deep heartily & profound sense of gratitude to honorable my
company guide Mr. Ravi Verma & Mr. Amit Sharma and my faculty guide Ms. Susmita Paul
under their proper benevolence guidance for practical aspects of study progressed . The goal
of new idea and development can only be obtained by hard working it is only key to success.
One to achieve success, the best way is suggestion and guidance provided by one’s mention.
I acknowledge my inner most gratitude my company & faculty guide for their best co-
operation and kind assistance during framing of this project.
Finally I would like to convey my heartiest thanks to my well-wisher because of their blessing
co-operation throughout my study. They boost up me every day to work with a new and high
spirit.
SOUMYAJEET PATRA
PGFB 1255

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Table of Contents
DECLARATION ...................................................................................................................... I
ACKNOWLEDGEMENT ......................................................................................................II
LIST OF FIGURES.................................................................................................................V
LIST OF TABLES...................................................................................................................V
EXECUTIVE SUMMARY................................................................................................... VI
CHAPTER 1: COMPANY DESCRIPTION..........................................................................1
1.1 Overview of Industry As A Whole....................................................................................2
1.2 Profile of the Organisation.................................................................................................5
1.3 Hierarchy in Sharekhan...................................................................................................12
1.4 SWOT Analysis.................................................................................................................13
1.5 Problems of the Organisation...........................................................................................17
CHAPTER 2: JOB DESCRIPTION.....................................................................................20
2.1 Comparative Analysis of Stock Brokers in DELHI Region .......................................21
2.2 Types of the Products and Features................................................................................24
2.3 Sharekhan Services ..........................................................................................................30
2.4 DEMO of Online Trading................................................................................................33
2.5 Marketing strategy ...........................................................................................................42
2.6 UNIQUE OBJECTIVE OF THE COMPANY ..............................................................44
CHAPTER 3: ANALYSIS OF JOB DONE ........................................................................45
3.1 Student’s work profile (role and responsibilities) : .......................................................46
3.2 Generation of leads: .........................................................................................................46
3.3 Analysis of Calling............................................................................................................47

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3.4 Analysis of the Investment preference............................................................................49
CHAPTER 4: LEARNING OUTCOMES ..........................................................................46
4.1 Client Relationship Management....................................................................................53
4.2 Client Handling Skills ......................................................................................................53
4.3 Communication skills.......................................................................................................53
4.4 Operations of the brokerage industry ............................................................................54
4.5 Familiarity with the trading basics.................................................................................54
CHAPTER 5: RECOMMENDATIONS & LIMITATION................................................55
5.1 Limitations:.......................................................................................................................56
5.2 Problems faced while selling products: ..........................................................................58
Appendices .............................................................................................................................viii

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List of Figures
Figure 1: Graph 3.1 Responses from Clients...............................................................49
Figure 2: Graph 3.2 Numbers of Clients in each Category .................................51
List of Tables
Table 1: Hierarchy in Sharekhan........................................................................................12
Table 2: On the Basis of Charges.......................................................................................21
Table 3: On the Basis of Facilities .....................................................................................23
Table 4: CHARGE STRUCTURE OF SHAREKHAN .........................................................27
Table 5: DEPOSITORY CHARGES OF SHAREKHAN....................................................28
Table 6: Responses of the Clients....................................................................................47
Table 7: Category of trading in reference to Relationship Managers ..........50

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Executive Summary
This report is all about the sale process at Sharekhan ltd. And the main aim of this report is to
have an adequate knowledge of products and services of share market and also increase
awareness among people of this company. Sharekhan is a brokering firm which deals in the
stock market.
Conceptually the mechanism of stock market is very simple. People who are exposed to the
same risk come together and agree that if anyone of the person suffers loss the other will share
the loss & make good to the person who lost.
The initial part of the project focuses on the job & responsibilities. I was allotted as a summer
trainee. It also makes the readers aware about the techniques & methodology used to bring
this report alive.
It enlightens the readers about Sharekhan ltd. strategies to acquire new customers. Further the
project tells us the profile of the company. It provide knowledge to the readers regarding the
company’s history, mission, vision, customers base & the reason to be associated with the
company .Also it gives special emphasis on the selling of products & management of the
company.
There is growing competition between brokerage firms in post reform India. For investor it is
always difficult to decide which brokerage firm to choose. Research was carried out to find
which brokerage house people prefer and to figure out what people prefer while investing in
stock market.
This study suggests the overall process of sales at Sharekhan Ltd., from the scratch i.e. from
telecalling to fixing appointments with the client, from which a rigid analysis was carried out.
In the broking firm the client and the client database is the asset of the company, the
management of such an asset is very important. The client database keeps on growing if it is
well managed, on addition of the new clients we should not compromise with the service of
the old clients. By this project we came to know how the database is managed in the
company.

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Through this report we were also able to understand, what are our Company’s (Sharekhan
Ltd.) positive and strong points, on the basis of which we come to know what can be the basis
of pitching to a potential client. We also gave suggestions to the company, what improvement
can be done to our product.
The next part of the project throws light upon my findings & analysis about the company.

CHAPTER 1: Company Description

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 Company Description
1.1 Overview of Industry As A Whole
1.1.1 STOCK EXCHANGE
A stock exchange, share market or bourse is a corporation or mutual organization which
provides facilities for stock brokers and traders, to trade company stocks and other securities.
Stock exchanges also provide facilities for the issue and redemption of securities, as well as,
other financial instruments and capital events including the payment of income and dividends.
The securities traded on a stock exchange include: shares issued by companies, unit trusts and
other pooled investment products and bonds. To be able to trade a security on a certain stock
exchange, it has to be listed there.
 NSE
The National Stock Exchange of India Limited (NSE) is a Mumbai-based stock exchange. It is
the largest stock exchange in India and the third largest in the world in terms of volume of
transactions. NSE is mutually-owned by a set of leading financial institutions, banks, insurance
companies and other financial intermediaries in India but its ownership and management operate
as separate entities. NSE has a market capitalization of around US$1 trillion and over 1,652
listings as of July 2012.

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NSE Mission
NSE’s mission is setting the agenda for change in the securities markets in India. The NSE was
set-up with the main objectives of:
 Establishing a nation-wide trading facility for equities, debt instruments and hybrids,
 Ensuring equal access to investors all over the country through an appropriate
communication network,
 Providing a fair, efficient and transparent securities market to investors using electronic
trading systems,
 Enabling shorter settlement cycles and book entry settlements systems, and
 Meeting the current international standards of securities markets.
The standards set by NSE in terms of market practices and technology have become industry
benchmarks and are being emulated by other market participants. NSE is more than a mere
market facilitator. It's that force which is guiding the industry towards new horizons and greater
opportunities.
 BSE
The Bombay Stock Exchange (or BSE) is the oldest stock exchange in Asia. It is located at
Dalal Street, Mumbai, India.
The Bombay Stock Exchange was established in 1875. There are around 5000+ Indian
companies listed with the stock exchange, and have a significant trading volume. The companies
listed on BSE Ltd command a total market capitalization of USD Trillion 1.32 as of January
2013.. The BSE SENSEX (Sensitive index), also called the "BSE 30", is a widely used market
index in India and Asia. It is also one of the world’s leading exchanges (3rd largest in
December 2012) for Index options trading.

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1.1.2 Primary market
The primary is that part of the capital markets that deals with the issuance of new securities.
Companies, governments or public sector institutions can obtain funding through the sale of a
new stock or bond issue. This is typically done through a syndicate of securities dealers. The
process of selling new issues to investors is called underwriting. In the case of a new stock issue,
this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price
of the security offering, though it can be found in the prospectus.
This is the market for new long term capital. The primary market is the market where the
securities are sold for the first time. Therefore it is also called New Issue Market (NIM).
Primary issues are used by companies for the purpose of setting up new business or for
expanding or modernizing the existing business.
1.1.3 Secondary market
The secondary market is the financial market for trading of securities that have already been
issued in an initial private or public offering. Alternatively, secondary market can refer to the
market for any kind of used goods. The market that exists in a new security just after the new
issue is often referred to as the aftermarket. Once a newly issued stock is listed on a stock
exchange, investors and speculators can easily trade on the exchange, as market makers provide
bids and offers in the new stock.

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DEMAT A/C
Demat a/c is just like a saving a/c. In saving a/c we save our money and in demat we deal in
share market. Demat is dematerialization and trading in the demat mode. It is safer and faster
alternative to the physical existence of securities. Demat as a parallel solution offers from
delays, thefts, forgeries, settlement risk and paper work. This system works through depository
participants (DP) who offer demat services and the securities are held in the electronic form for
the investor directly by the depository.
1.2 Profile of the Organisation
1.2.1 ABOUT COMPANY
(Products)
The company has eighty years of experience in brokering business it was earlier known as SSKI
Group. The owner of the company is Mr. Dinesh Murikya. Sharekhan is one of the leading retail
brokerage firms in the country. It is the retail broking arm of the Mumbai-based SSKI Group,
which has over eight decades of experience in the stock broking business. Sharekhan offers its
customers a wide range of equity related services including trade execution on BSE, NSE,
Derivatives, depository services, online trading, investment advice etc.
The firm’s online trading and investment site-www.Sharekhan.com-was launched on Feb 8,
2000. The site gives access to superior content and transaction facility to retail customers across
the country. Known for its jargon-free, investor friendly language and high quality research, the
site has a registered base of over 4 lakhs customers. The number of trading members currently
stands at over 3 Lakhs. While online trading currently accounts for just over 1 per cent of the
daily trading in stocks in India, Sharekhan alone accounts for 22 % of the volumes traded
online.

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The content-rich and research oriented portal has stood out among its contemporaries because of
its steadfast dedication to offering customers best-of-breed technology and superior market
information. The objective has been to let customers make informed decisions and to simplify
the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-
based executable application that emulates the broker terminals along with host of other
information relevant to the Day Traders. This was for the first time that a net-based trading
station of this caliber was offered to the traders. In the last six months Speed Trade has become
a de facto standard for the Day Trading community over the net. Sharekhan’s ground network
includes over 250 centers in 123 cities in India, of which 20 are fully-owned branches.
SSKI
With a legacy of more than 80 years in the stock markets, the SSKI group ventured into
institutional broking and corporate finance 18 years ago. Presently SSKI is one of the leading
players in institutional broking and corporate finance activities. SSKI holds a sizeable portion of
the market in each of these segments. SSKI’s institutional broking arm accounts for 7% of the
market for Foreign Institutional portfolio investment and 5% of all Domestic Institutional
portfolio investment in the country. It has 60 institutional clients spread over India, Far East, UK
and US. Sharekhan is the retail broking arm of SSKI, an organization with more than eight
decades of trust & credibility in the stock market.
 Amongst pioneers of investment research in the Indian market.
 In 1984 ventured into Institutional Broking & Corporate Finance.
 Leading domestic player in Indian institutional business
SSKI GROUP COMPANIES
 SSKI Investor
 Services Ltd (Sharekhan)
 S.S. Kantilal Ishwarlal Securities
 SSKI Corporate FinanceIdream Productions

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1.2.2 TECHNOLOGY USED BY COMPANY
Sharekhan has always believed in investing in technology to build its business. The company
has used some of the best-known names in the IT industry, like Sun Microsystems, Oracle,
Microsoft, Cambridge Technologies, Nexgenix, Vignette, Verisign Financial Technologies India
Ltd, Spider Software Pvt. Ltd. to build its trading engine and content.
1.2.3 SHAREKHAN BUSINESS
1 Brokering business
2 White feathering house production
VISION
To be the best retail brokering Brand in the retail business of stock market.
MISSION
To educate and empower the individual investor to make better investment decisions through
quality advice and superior service.

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1.2.4 Branches all over India
1.2.5 AREAS OF INVESTMENT THROUGH SHAREKHAN
 Derivative
 Commodity
 Equity
 IPO’s
 DERIVATIVE MARKETS
Financial markets are, by nature, extremely volatile and hence the risk factor is an important
concern for financial agents. To reduce this risk, the concept of derivatives comes into the
picture. Derivatives are products whose values are derived from one or more basic variables
called bases. These bases can be underlying assets (for example forex, equity, etc), bases or

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reference rates. For example, wheat farmers may wish to sell their harvest at a future date to
eliminate the risk of a change in prices by that date. The transaction in this case would be the
derivative, while the spot price of wheat would be the underlying asset.
Development of exchange-traded derivative
Derivatives have probably been around for as long as people have been trading with one
another. Forward contracting dates back at least to the 12th century, and may well have been
around before then. Merchants entered into contracts with one another for future delivery of
specified amount of commodities at specified price. A primary motivation for pre-arranging a
buyer or seller for a stock of commodities in early forward contracts was to lessen the possibility
that large swings would inhibit marketing the commodity after a harvest.
The need for a derivative market
The derivative market performs a number of economic functions:
1. They help in transferring risks from risk adverse people to risk oriented people.
2. They help in the discovery of future as well as current prices.
3. They catalyze entrepreneurial activity.
4. They increase the volume traded in markets because of participation of risk averse People in
greater numbers.
5. They increase savings and investment in the long run.
 COMMODITY
Although commodity derivatives command a humble share of 6% in the derivatives segment
across the world, yet these record high volumes in the markets the world over compared to
equity derivatives. In an era where risks to investments are on the rise, India needs to switch to
commodity derivatives and also to weather derivatives (when these are launched), if it needs to
top the list of developed nations. Of course with the other asset classes offering attractive
returns, "Why Commodities?" is the inevitable question that pops in one's mind today, more so

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considering that the BSE Sensitive Index is scaling new highs by the day. Well, despite offering
relatively lower returns, 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.
1. No balance sheet, P&L statement, EBITDA and reading between the lines. Commodity
trading is about the simple economics of supply and demand.
2. Supports are known, only resistance matters! Minimum support price acts as a statutory
support for many commodities.
3. No Dollar-Rupee premiums/discounts. No hedging on the NYMEX. Indian commodity
derivatives hedge both forex and commodity specific risks at a single cost.
4. No breaking of heads over market direction. Seasonality patterns quiet often provide clue to
both short- and long-term players.
5. No scam, no price rigging. Commodity trading comes with nil insider trading and company
specific risk.
 EQUITY
Trading accounts
With a Sharekhan online trading account you can buy and sell shares in an instant. Any time you
want, from anywhere you like. A Sharekhan online trading account comes with a depository
participant account where you can keep all your shares, in safe custody with National Securities
Depository.
You can also link a Sharekhan online trading account to an Internet banking account of your
choice, so that you can move cash in and out of this account easily, without the bother of writing
cheques all the time.Sharekhan offers two types of trading accounts to suit your trading habits:
Sharekhan Classic account and Sharekhan speed trade account.

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 IPO’S
An IPO, or Initial Public Offering, is the sale of shares by a company to the public for the first
time. Colloquially, it is said that a company is 'going public.'
How is then that companies like ONGC and GAIL which are already listed are going for an
'IPO' again?
The government is the majority stockholder in these companies and it is offering a percentage of
its stock now to the public. So strictly speaking, public sector companies that are already listed
are not having their 'IPO' but they are going for a 'public offering' of their shares. It's a technical
distinction and one that should not bother individual investors. To apply to an IPO you have to
fill an IPO application form.

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1.3 Hierarchy in Sharekhan
Table 1: Hierarchy in Sharekhan
SALES SIDE DEALING SIDE
 TRAINEES  JUNIOR DEALER
 SUPER TRAINEES  DEALER
 SALES EXECUTIVES  RELATIONSHIP
MANAGER
 SENIOR SALES EXECUTIVES  SEBIOR RELATIONSHIP
MANAGER
 BUSINESS DEVELOPMENT
EXECUTIVES
 EQUITY ADVISOR
 ASSISTANT SALES
MANAGER
 ASSISTANT BRANCH
MANAGER
 DEPUTY MANAGER  BRANCH MANAGER
 TERRITORY MANAGER  CLUSTER HEAD
 AREA SALES MANAGER  DIRECTORS
 REGIONAL SALES MANAGER  CEO
 REGIONAL HEAD
 VICE PRESIDENT
 DIRECTORS
 CEO

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1.4 SWOT Analysis
A SWOT analysis focuses on the internal and external environments, examining strengths and
weaknesses in the internal environment and opportunities and threats in the external
environment.
1.4.1 STRENGTHS
1. Services
As a product Sharekhan is a extremely innovative product with very less cost. Services like
online trading facility, institutional and domestic broking, customized research reports with
almost 80% efficiency etc give Sharekhan an edge over its competitors. Sharekhan provides
other support services that make retail investors more confident and assured with their trading.
SMS alerts (allowing traders and investors to make the most of the available opportunities),
Softer, intangible features like imagery, equity driving preference. Through efficient trading
processes Investors can place their orders directly on the Internet, do all the information seeking
and basically own the investing process.
2. Distribution Network
Sharekhan with almost 250 branches spread across 123 cities beefed up by comprehensive
online research, advice and transaction services. In near future expect to make 200000+ retail
customers being serviced through centralized call centre / web solution,
60 branches/semi branches servicing affluent/aggressive traders through highly skilled financial

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advisors, 250 independent investment managers/franchisees servicing 50000 highly valued
clients, strong advisory role through Fundamental & technical research and new initiatives are
being made in Portfolio Management Services & Commodities trading.
3. Marketing
Sharekhan is a product of SSKI, a veteran equities solutions company with over decades of
experience in the Indian stock markets. Sharekhan does not claim expertise in too many things.
Share khan’s expertise lies in stocks and that's what it talks about with authority. So when he
says that investing in stocks should not be confused with trading in stocks or a portfolio-based
strategy is better than betting on a single horse, it is something that is spoken with years of
focused learning and experience in the stock markets.
4. Products
Company’s product line is quite flexible in the sense that there is a product for every kind of
investors. Also all the products cover all the loopholes of all the products offered by the other
competitors like low cost, user-friendly online trading services etc.
1.4.2 WEAKNESS
1. Customer Satisfaction
As far as customer satisfaction goes Sharekhan has to tighten their socks. Many broking houses
catering to heavy investors or small segment of the market can afford to and does provide
relationship managers for their customers, who can understand the trading needs of individual
customers, and advise accordingly. However, a broking house like Sharekhan, which caters to
the mass segment, is in no position to provide relationship managers for individual customers.
2. Branding
Though the company has a efficient products but large part of investment interested population
does not know the company. The most basic expectation for a trader or investor when one

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begins trading is that one must get timely delivery of shares and proceeds from sale of shares.
Also ones cash balances with the broker must be safe and secure. Though this confidence in the
broker comes with time and experience, good and transparent practices also play a major role in
imbibing confidence in traders.
3. Competition from banks
Most of the banks due to good branding have the faith of the customers of their banking
database. So they enjoy the liberty of huge database and customers find it more reliable to trade
there rather than with a unknown broker. Also banks like HDFC Bank and ICICI Bank have the
advantage of linking the trading accounts of their customers to saving accounts. This makes
trading easier, and at the same time a trader withdraws exactly as much money from his account
as is needed to complete the trade. Similarly sales proceeds are credited directly to saving
account.
1.4.3 OPPORTUNITIES
The external environment analysis may reveal certain new opportunities for profit and growth.
1. Ever-increasing market
After the NSE brought the screen based trading system stock markets are now more secured
which has attracted lot of retail investors and the demand is increasing day by day. This has
resulted in improved liquidity and heavy volumes on transactions. Sharekhan is one of the early
entrants here. As to how much it will roar and how swift it can swoop on the market, the future
alone can answer such queries. Sharekhan has been a mega player and is known for being a
mover of stocks. It is also known for putting big deals through and enjoys good networking with
the FIIs. It has been dynamic enough to move with the times and capture the opportunities that
the market throws up from time to time.

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2. Improving Technology
In country like India technology is always improving which gives the company a chance to keep
on improving their product with time whereas for the small players like local brokers it will be
difficult to keep the same pace as the changing technology. Also with SEBI lying down some
strict guidelines small brokers are finding it harder to retain the customers with no research
department and small capital. The traditional business model is highly dependent on a large
network of sub-brokers, and many established players may not have systems (technology,
customer service, etc.) capable of directly servicing so many retail customers.
3. Unfulfilled needs of the customers
With so many competitors offering their products in the market but no one is able to completely
satisfy the customers. Some have the problem of lack of information or some were scared of
volatility of the stock markets. Sharekhan has the opportunity to tap this unsatisfied set of
customers and to make hold in the market. The Internet serves to break all barriers to
information, as it offers an extremely hassle-free investing platform. And, Sharekhan hopes to
fully utilize and capitalize on this platform. This original idea by Sharekhan itself was born out
of the consumer's need for a more transparent, easy to understand and convenient option of
investing in stocks.
4. Education Level
The education level in the country is improving year after year as far as technology goes. With
that the understanding of the stock market is also increasing and a lot of retail investors are
steeping in the markets which are being shown by increasing volumes, transactions and indices.

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1.4.4 THREATS
1. New Competitors
A lot of new competitors are trying to enter the market in this bullish run to taste the flavor of
this cherry. This is creating a lot of competition for large players like Sharekhan and it is
creating little confusion in the minds of the customers about the services provided by the broker.
Also many banking firms are entering into the market with huge investment. Competitors like
ICICI, kotak, HDFC, 5-paisa etc. are posing a lot of threats to the company.
2. Technology based business
Online trading is totally based on the technology, which is quite complex. Typically, the
technology solution has to start from the Internet front-end (or the screen that you see when you
begin trading). Then it needs to get into the 'middle tier' of risk management systems that assess
data from banks and depository participants (DP), calculate client risk at that point in time, and
give the 'Go/No go' advice to the trade. So technology is a kind of threat because unless until it
is working properly it is good but Internet is not that safe. Though a lot of cyber laws are being
made but not yet executed.
1.5 Problems of the Organisation
 Lack of awareness of Sharekhan and stock market:
Since the area is not known before it takes lot of time in convincing people to start
investing in shares primarily in IPO’s.
 Lack of Techno Savvy people and poor internet penetration:
Since most of the people are quite experienced and also they are not techno savvy. Also
Internet penetration is poor in India.
 Some respondents are unwilling to talk:

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Some respondents either do not have time or willing does not respond, as they are quite
annoyed with the phone call.
 Inaccurate Leads:
Sometimes leads are provided which had error in it, which varies from only 5-digit
phone number, some people have registered to know about their personal queries. They
are the unsatisfied clients of the company.
 Misleading concepts:
Some people think that as all the shares are in electronic form and they don’t have any
physical proof. Sometimes this leads to a great misconception of the entire process.

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 Job Description
2.1 Comparative Analysis of Stock Brokers in DELHI Region
1. Religare
2. ICICI direct
3. Angel Broking
4. Indiabulls
2.1.1 On the Basis of brokerages
There are the two type of the transaction:-
1. Intra-day based
2. Delivery based
Table 2: On the Basis of Charges
ICICI
Direct
Sharekhan Indiabulls Angel Broking Ltd.
A/C opening
Fee
750 750 500 500
Recurring fee
For trading
A/C
0 0 0 0
Demat AMC 500 300 0 0

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Delivery
Brokerage
75p 50p 50p 50p
Intraday
Brokerage
0.15 0.10 0.10 0.5
Initial margin
Required
Nil Nil Nil Rs.5000
2.1.2 On the basis of Account opening charges
 Angel Broking Ltd.:- Account opening charges are as follows:- Rs.749.But there
is no AMC in it.
 Sharekhan ltd:- There is no ACCOUNT OPENING CHARGES but require margin
money of Rs 5000 for trading purposes.
 ICICI direct:- A one-time charge of Rs. 750 at the time of account opening will be
charged. You may later upgrade your Invest account to an ICICI direct.com share trading
account when you desire to trade in equity.
 Religare:- There is a nominal charge of Rs. 500 only towards stamp duty, legal and
processing fees for opening the account. This includes the registration and account
opening charges. Bank and Depository Participant (DP) account opening charges, if
applicable, are payable separately.
 Indiabulls:- Account opening charges are Rs. 900. There is no AMC and no margin
money is required.
Comment:- India Bulls charge maximum account opening charges but there are no such
charges in Sharekhan pvt. Ltd.

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2.1.3 On the basis of customer preferences
1. According to survey 70 % peoples are satisfied with Sharekhan Ltd because of their RM’s
facility and power of Sharekhan Ltd software.
2. According to survey, Sharekhan Ltd open new branches for individually handle to their
customer, but in ICICI direct, Religare there is no separate offices for this .So people prefer
Sharekhan Ltd.
2.1.4 On The Basis Of Facilities
Table 3: On the Basis of Facilities
Basis of
difference
Sharekhan
Ltd.
Angel
Broking
Religare ICICI
direct
Indiabulls
Share trading Yes Yes Yes Yes Yes
Commodity
trading
Yes Yes Yes Yes Yes
Demat
opening rights
Yes No Yes Yes Yes

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2.2 Types of the Products and Features
2.2.1 CLASSIC ACCOUNT
This account allows the client to trade through our website www.sharekhan.com and is
suitable for the retail investor who is risk-averse and hence prefers to invest in stocks or who
do not trade too frequently.
 Online trading account for investing in Equity and Derivatives via sharekhan.com
 Live terminal and single terminal for NSE cash, NSE F&O & BSE.
 Integration of On-line trading, Saving Bank and Demat Account.
 Instant cash transfer facility against purchase & sale of shares.
 Competitive transaction charges.
 Instant order and trade confirmation by E-mail.
 Streaming Quotes.(Cash & Derivatives)
 Personalized market watch.
 Single screen interface for Cash and derivatives and more.
 Provision to enter price trigger and view the same online in market watch.
2.2.2 Classic/ website features
 Facility to integrate choice of 10 banks/DP trading account.
 Instant credit for shares sold from DP
 Automatic pick up of shares from linked DP for pay in.
 Automatic deposit of shares into linked DP after pay out
 Four times leverage on margin trades.
 Margin trading available for entire market session.
 Slab wise brokerage structure for delivery and margin trades, shortly.
 Free calls for order placement on toll-free.
 Trusted, professional advice of tale- brokers.
 Facility to enter after-market orders online and via phone.
 Daily research newsletter (Investor Eye) via e-mail.
 Access to new IPO without paperwork.

25
 Advanced portfolio monitoring tools.
 Integrated DP account with trading account.
 Option of linking additional four DP account to trading account.
 Choice of linking 4 banks to trading account for online payments.
 Cash and derivatives trading in a single account.
 Email confirmation for all transactions.
 Choice of electronics/ physical contracts.
2.2.3 PROCESS ON ACCOUNT OPENING
LEAD MANAGEMENT SYSTEM (LMS)/ REFERENCES
CONTACT
TELEPHONE AND PERSONAL VISIT
APPOINMENT
DEMONSTRATION
AGREE DISAGREE
DOCUMENTATION
NO

26
FILLING THE FORM
SUBMISSION THE FORM
LOGIN OF THE FORM
SENDING ACCOUNT OPNING KIT TO CUSTOMER
TRADING
2.2.4 DOCUMENTATION:
1) Pan Card (mandatory)
2) Residence Proof (Permanent)
 Passport
 Pan Card
 Driving License
 Voter's ID
 MAPIN UIN Card
 Passport (valid)
 Voter's ID
 Driving License (valid)
 Bank Statement (latest)

27
 Telephone Bill (latest)
 Electricity Bill (latest)
 Ration Card
 Flat Maintenance Bill (latest)
 Insurance Policy (latest)
 Leave-License/Purchase Agreement
3) Two Photographs (Passport size)
2.2.5 ACCOUNT OPPENING CHARGES
 For classic account Cheque of Rs. 750/= In Favor of Sharekhan Ltd. or Rs. 500/= or 375/=
in case of corporate offer.
 For Speed trade Account Cheque of Rs. 1000/= In Favor of Sharekhan Ltd.
Table 4: CHARGE STRUCTURE OF SHAREKHAN
Charge Classic Account Speed Trade Account
Account Opening Rs. 750/- Rs. 1000/-
Monthly Commitment Nil Rs. 500/-
Brokerages Intraday – 0.10% - 0.5%
Delivery – 0.50% - 0.25%
Intraday – 0.10% - 0.5%
Delivery – 0.50% - 0.25%

28
Table 5: DEPOSITORY CHARGES OF SHAREKHAN
Account Opening Charges Rs. NIL
Annual Maintenance Charges Rs. NIL first year
Rs. 300/= p.a. from second year onward
 Brokerage:
0.10 % Plus Taxes for Each leg of Intra-day trade
0.50 % Plus Taxes for trades resulting in delivery
 Minimum Brokerage Intra Day per Share:
5 Paisa each leg (buy or sell) for Intra-day Trades (For e.g. on an Rs 20 Scrip, brokerage
@0.1% = 2 p, but there is a min chargeable amt of 5 p).
2.2.6 CLOSURE OF ACCOUNT
1. CLOSURE ON CLIENT’S REQUEST
A DP can close a depository account on receipt of an application in the prescribed format. The
application should be made by the account holder or by all the joint-holders. An account can
be closed only when there is no balance in the account. In case there is any balance in the
account sought to be closed, the following steps are necessary.
(a) Re-materialization of all securities standing to the credit of the account at the time of
making the application for closure; or
(b) Transferring the balance to the credit of another account opened by the same account
holder(s) either with the same participant or with a different participant. Before closing the

29
account the DP should ensure that all pending transactions have been settled. The request for
closure should be processed only after ensuring that there is unbalance lying in the account.
2. CONSOLIDATION OF ACCOUNT
Some clients could have opened multiple accounts to dematerialize their shares held in
multiple combination and sequence of names. However, they may not need so many accounts
after they have dematerialized their shares and may want to bring all their share holdings into
one or fewer accounts. This can be achieved by using normal off market transfer instruction.
3. CLOSURE BY DP
The DP may also initiate closure of a client's account if the client has defaulted in performing
its obligations laid out in the client-participant agreement. The participant should give
sufficient notice to the client before initiating closure of his account. The notice should clearly
state the reasons for closure of account. The process of closing account in such a case is the
same that of client-initiated closure.
4. CLOSURE /SHIFTING OF CLEARING ACCOUNT
A clearing member may transfer its clearing account from one DP to another DP. For this,
simultaneously applications have to be made for closure of account to the earlier DP and for
opening of new clearing member account to the new DP. On receipt of the application, the
new DP forwards the application to the depository for approval and allotment of a new CM-
BP-ID. Once the new CM-BP-ID is allotted, the new DP opens a new clearing account and
intimates the depository about the new client-ID. On receipt of intimation from the new
participant, the depository advises the old DP to close the account. The old DP then closes the
account and intimates the clearing member. All payout of securities, subsequent to closure of
old clearing account, take place in the new account.

30
2.3 Sharekhan Services
2.3.1 Dial-N-Trade
Along with enabling access for your trade online, the Classic and Speed trade Account also
gives you our Dial-n-trade services. With this service, all you have to do is dial our dedicated
phone lines 1-800-22-7500 and 39707500.
2.3.2 DNT-Toll free features
 Dedicated toll free number for order placements.
 Automatic fund transfer with phone banking(only with Citibank)
 Simple and secure IVR based system fro authentication.
 No wait time. On entry of phone Id and TPIN, the call is transferred.
 Trusted, professional advice of Tel.-brokers who offer undiluted sharekhan research
inputs.
 After- hours order placement facility (only between 9 a.m. to 9:55 a.m. and 3:30 p.m. to 6
p.m.)
2.3.3 IPO ON-Line
Can apply all the forthcoming IPO online for free
2.3.4 Research tips
Company provide 4-6 e-mails to their customers per day. These are :
 Pre Market: Pre-market report covering views, events and more.
 Daring Derivatives: Covers Futures & Options commentary and trading calls
 High Noon: It is aimed at traders; this technical daily newsletter carries Punters Calls and
Smart Chart. It’s released at noon to be acted upon during the course of the day

31
 Post-Market Report: Updates you days happening...
 Eagle Eye: is aimed at traders; this technical daily newsletter carries Punters Calls, Hit
List and Smart Chart. It’s released at the end of the day to be acted on following day
 Investor Eye: is aimed at investors; this fundamental daily newsletter carries most
important news reports, research update on our Stock Idea and other fundamental reports.
 Value Line: A fundamental monthly newsletter, Sharekhan Value Line is targeted at
investors and is a wrap-up of the month gone by.
 Market Outlook: a monthly offering discussing our outlook on the market
 Sharekhan Special: specialized reports on unique market opportunities like dividend-
yielding stocks and value stocks, or analysis of major events like the Union Budget, and
reports on other market related themes or trends.
 Stock Ideas: aimed at investors and it presents our best stock picks in today's market.
 Mutual Fund Reports: covers monthly update on what’s in what’s out, Top Fund Picks
and Industry Update.
2.3.5 Online trade in shares
Sharekhan customers can online trade through there computers, through Internet during the
market timings

32
2.3.6 Online fund transfer
We have tie up with ten banks for online fund transferring i.e. ICICI, HDFC, IDBI, CITI,
UNION Bank of India, Bank of India OBC, INDUSIND, Yes Bank and UTI bank for online
money transfer.
 Research Based Investment Advice
 Investment and Trading Services
 Training and Seminars
 Technology Based Investment Tools
 Integrated Demat Facility
 Customer can trade in Equities, Derivative, Commodities
2.3.7 Value line magazine
A monthly investment report based on fundamental research with
 Stock Ideas
 Stock Updates
 Earnings Guide
 Stock Records
 Mutual Fund Guide
 Market Outlook
 Sector Updates

33
2.4 DEMO of Online Trading
2.4.1 CLASSIC ACCOUNT
1. Login page
2. Transferring funds
1) Select the bank and type transaction password.

34
2) You are taken to the gateway of your bank for net banking.
3) Click on “continue” to proceed further.

35
4) Your trading limit now shows an increase of the amount you have just transferred.
3. Order form

36
How to place orders
1) Select the exchange you want to trade on from the drop-down.
2) Type the name of the stock you want to buy. If you don’t know the scrip code, click on
scrip locater.

37
3) This give you the last traded price, the quantity and time.
4) Select the order type whether it is a Buy, Sell or short sell.

38
5) Type the quantity of the stock you want to purchase.
6) Select the “market order” or “limit order”.

39
7) You can also set a stop loss trigger price
8) Enter your transaction password.

40
9) Click on place order if you are sure of everything.
10) Click on OK if your details are correct. Click cancel to return back to trading window.
11) Now your order has been placed.

41
2. Tracking order
 Order Book
It gives you details about all orders that have been placed for the current day.
 Trade Book
It gives you details about all transaction that have been executed for the current day.
 Net Position statement
It gives you details about your open position i.e. shares that have been bought or sold but
not yet squared off. This statement would be most useful only to intraday traders.

42
2.5 Marketing strategy
• A strategy that focuses on developing a unique long-run competitive position in the market by
assessing consumer needs and the firm's potential for gaining a competitive advantage.
• A business’ approach to marketing its products/ services expresses in broad terms, which
forms the basis for developing a marketing plan.
• Marketing starts with market research, in which needs and attitudes and competitors' products
are assessed, and continues through into advertising, promotion, distribution, and, where
applicable, customer servicing and repair, packaging, and sales and distribution.
• The broad marketing thinking that will enable an organization to develop its products and
marketing mixes in the right direction, consistent with overall corporate objectives.
2.5.1 MARKETING STRATEGIES OF THE COMPANY
Tele Calling
The company uses the tele-calling/ phone calling to reach the customer, which is interested.
This is the most important technique to save time and giving demo of the company’s product
through making call in order to know the customer interest towards the product. This is the
strategy with which one can motivate customer to go for the product and etc.
LMS:
It is leads management system which means leads are generated by the customer who wants
to purchase the product of the company. Company provides facility to the customer on online
to fill the registration form through which the company’s executives can provide more
information to the customer.

43
Yellow Pages:
Yellow pages are used to gather data for making calls so that customer who did not fine time
and are unaware of the product can know about the product. Customers are given freedom to
ask question related to the products this is the technique used to increase the awareness of the
company.
Canopy’s:
This is the most important technique used by sharekhan securities to market its product in
different areas of the city, company put their canopies and customer who are willing to know
about the product come forward and provide best of their knowledge. Besides these
companies executives ask customer to fill the questionnaire that tells the company about the
levels of brand awareness. It also increases the product awareness because it is generally put
at the crowdies places like near main markets, cinema s, hotels, ATM or etc where people
come in good numbers.
Direct Marketing
Sharekhan executive’s reaches to the does of the customer by fixing appointments with the
interested customer, they describe the details of the product. Executive give demonstration of
the products so that customer can understand better.
Advertising:
Advertising is the most important tool of increasing awareness of the product and this is the
most widely used technique by the company to tell about the new features and new lunch by
giving briefing of the product.
Sharekhan use banners, distribution of pamphlets, and advertisement in newspapers,
magazines.

44
References:
Sharekhan strategy is to satisfy the customer in terms of their need by providing them timely
services and knowledge about the trade in equities, mutual funs by giving tips for investment
advises through e-mails or toll free calls for this purpose customers are provided relationship
manager who give investment advise and also make transaction on their behalf on demand. B
satisfying customer executives ask their references that not only increase the awareness but
also increase the good will of the company.
Competitiveness:
The company is innovative and uses the latest technology to improve the product to fulfill the
demands of the customers. Sharekhan make it easy for the customer to make online
transaction of shares. The company is competitive in terms of the product price and facilities
it offers to the customer.
Internet:
Company provides detailed information about the products on Internet so that customer can
know about the product easily and completely.
2.6 UNIQUE OBJECTIVE OF THE COMPANY
 200000+ retail customers being serviced through centralized call centre / web solution
 60 branches, semi branches servicing affluent/aggressive traders through highly skilled
financial advisors
 250 independent investment managers/franchisees servicing 50000 highly valued
clients
 Strong advisory role through Fundamental & technical research
 New initiatives - Portfolio Management Services & Commodities trading.
 Dealing in mutual funds.

CHAPTER 3: ANALYSIS OF JOB
DONE

46
 ANALYSIS OF JOB DONE
3.1 Student’s work profile (role and responsibilities) :
This work was at SHAREKHAN LTD. with a profile of sales trainee. This profile offers us to
understand the need of customer and provide them the best deal possible with maximization
of the profit, both for the company as well as for the customer.
The most important aspect for the role of trainee is trust. So far fulfillment of the targets one
needs to:
• Capitalize on the old and loyal clientage which can be building slowly by advising people
in the best possible way.
• Generating new leads through various activities.
3.2 Generation of leads:
Since this work was new in the field so this work had to start from scratch and generate new
leads to sustain in the market.
Cold calling is one of the trusted ways of getting to the customers without meeting them.
Although the rate of conversion remained very less, for cold calling the quality and accent
remains a very important criterion. This activity gives us mixed result. This activity often got
success and generated many leads through it but it also landed me in awkward position where
the customer were in different mood and made us hear words for which a marketer should be
always prepared to hear. Corporate calls always remained more difficult to crack with respect
to retail sector.
The corporate were the most difficult and most temping to get the business from. It took me
one day to crack Hi-tech Gears. At SHAREKHAN LTD. after getting the product knowledge
in the first week at the branch I was also allotted distributor to work with. In the initial phase I

47
was accompanied by more experienced staff. After I became known to the market and
procedure I started attending calls alone only.
After the third week my performance also improved and I was able to get close to the targets,
though it looked difficult to achieve in the beginning. To get awareness of the every product I
attended diversified calls. This helped me to implement cross selling to get better results.
3.3 Analysis of Calling
The first step in the project execution as mentioned above was the Tele calling of the inactive
clients to start trading again. The total number of clients called was 520 which are categorize
on the basis of their response to the calls, the responses are categorized into 11 broad
categories because the responses were open ended and was not easy to summarize all the
responses as such so these responses are slightly modified and categorized accordingly to
analyze. The responses of all the clients are recorded as shown in the table below
Table 6: Responses of the Clients
Status of calling No. of Respondents
Already Trading 70
Booked losses 5
Call not receiving 114
Interested 52
Interested in equity 4
Meeting done 5
Not interested 151
Out of range/switched off 96
Want to close a/c 6

48
Will call himself when interested 10
Will give fund in July 7
Interpretation of the Data
 From the given data it can be easily identified that the percentage of the clients not
interested in trading is the highest and the second highest is of the clients who were
not receiving the clients and they can be considered as not interested clients but we
cannot make a guess so we have kept those clients in different segment. If we consider
from the data of the highest two categories than we can say that almost 50 % of the
clients are not interested.
 18% of the clients are out of range or switched off which reveals that the database is
outdated and is not updated with tine so thst the contact between the client and the
company can be there.
 Again 14 % of the clients were already trading that means either they were trading or
got activated before the call was made, so this is again a case where the database
needs to be updated so that the repeat calls could not be there for reactivation.
 Only 10% of the clients found to be interested in further working with the company
and want to activate their accounts out of which some wants relaxation in the
brokerage and need a RM so that they might stay updated.
 Rest 2% were seemed to be interested and will call themselves, 1 % were ready to
give funds in July and start trading then only, the remaining 2 % booked losses and
want to close the account.
 1% of the clients was done with the meetings with RMs and was ready to invest again.

49
Figure 1: Graph 3.1 Responses from Clients
Suggestions
On the basis of the analysis of the client data, here I want to recommend for the updating of
the database and categorize this data regularly so that the repetition of the calls is not there to
the clients because many of the clients were complaining that they have received calls many
times and they don’t want any more calls from the company. The categorization of the data
will not only helpful in finding the potential data but also save the time of the dealer which
might be used to convince other clients who are ready to work with the company.
3.4 Analysis of the Investment preference
This analysis was done to know about the clients preference in dealing of commodity
through this we analyzed the client’s preference in dealing and identified the segment in
which the clients are more interested and this was helpful because I used to go through the
research reports and various news of the segments and while calling I used to deliver to the
clients and made it my convincing strategy which work on most of the clients. The responses
for this data was collected from the RMs in commodity which are given in the table

50
Table 7: Category of trading in reference to Relationship
Managers
Relationship
Managers
1. 2. 3. 4. 5.
RM1 25 20 20 12 3
RM2 25 25 20 10 5
RM3 15 8 10 6 2
RM4 15 10 3 5 2
RM5 20 13 5 6 2
Total 100 76 58 39 14
1. Daily Trading Clients.
2. Clients trading in Bullions.
3. Clients trading in Base Metals.
4. Clients trading in Energy.
5. Clients trading in Agro-based.

51
Figure 2: Graph 3.2 Numbers of Clients in each Category
Interpretation of the Data
 From the derived data on the basis of the interviews of the RMs some interpretations
are made which are as under
 Most of the clients trades in the bullions i.e. the precious metals and they prefer
trading in these segments because in India investing in the Bullions is considered to be
safer.
 The clients trading in bullions are generally with high margins and have high daily
turnover.
 The second most preferred is the base metals and trading in this segment is mainly
done in the form of a portfolio either with the bullions or with Energy.
 Agri- based commodities are generally less traded as revealed from the chart, the
reason for trading which I came to know from the RMs is the short trading time i.e. up
to 5:00 PM.

53
Learning Outcomes
This project in short was a package of lots of learning as it was so executed that it covers
most of the topics which we were familiar only in the books. We with the help of this project
had an opportunity to apply what we have learnt in our course curriculum. This project
assigned to the team was good and this project was not only restricted to particular domain in
management but was covering many important aspects in management. Some of the key
learning’s of this project are discussed here
4.1 Client Relationship Management
In the broking firm the client and the client database is the asset of the company, the
management of such an asset is very important. The client database keeps on growing if it is
well managed, on addition of the new clients we should not compromise with the service of
the old clients. By this project we came to know how the database is managed in the
company.
4.2 Client Handling Skills
By calling for more than 500 clients, I am now able to identify in the starting minute about
the client and the way I had to continue the call so that I can easily deliver to the client what I
want to deliver and get a response from the client. Other than this I have a experience of
handling almost all type of clients as in this industry most of the clients are rude while others
are good.
4.3 Communication skills
This project has given the opportunity to talk to new people and meeting the unknown clients
which helped in drenching the hesitation out and helped to improve the communication skills.
And now I am more confident in talking to new people and is better able to put my views on
the discussions.

54
4.4 Operations of the brokerage industry
With the help of the RMs and other Employees we are now able to explain the operations in
the broking industry, now we know how the research reports are produced and analyzed, the
work of the Risk Management Cell, back office and learning the process of market and the
dealing on the terminals.
4.5 Familiarity with the trading basics
With this project we came to learn about the basics in trading like trading terminology along
with the software, analysis of the business reports, the market movements and the factors
influencing the market movements.

55
Chapter 5: Recommendations &
Limitation

56
Suggestions & Recommendations
After heaving an experience of two moths in sales of Demat account I would like to suggest
the following things:
 Company has an advantage of reach tips for which sharekhan is known for, the
customer who are new they need relationship managers who will tell them about
investment so it should be provided to all the customer on demand this will lead to
customer satisfaction and will hip to have more references from the satisfied customer.
 The company also have the advantage of brokerage charges it need some revision so
that the customer who are locking for the less brokerage can open there account in are
company taking into consideration the different proposal, it can be reduced for a HNI
client.
 The company has shown the growth trend and it has reached at no. 2 it can move to
no.1 because it has an advantage of its services. As sharekhan is already tie-up with 10
banks for online fund transfer that reduces the paper work for customer and ease in
trading.
 The company should revise the advertising strategy to increase its brand awareness. I
suggest making advertisement on television so that maximum market can be targeted.
5.1 Limitations:
5.1.1 Cold Calling:
• Voice and accent plays a major role.
• The right time to call a customer cannot be decided, as the customer may in a different
mood at the time of calling.
• Time consuming
• Less success rate

57
Corporate:
• Time consuming
• Contacts with higher authorities play a major role
5.1.2 Description of live experience:
I was supposed to use the database provided by the company to make cold calls or by directly
meeting people to get new leads.
While making cold calls, we need to have:
• Good Communication Skills (Voice quality is clear and articulate)
• Persistent and able to bounce back from rejection
• Good organizational skills.
• Ability to project a telephone personality (Enthusiasm, friendliness)
• Flexibility: can adapt to different types of clients and new situations.
Professional Staff
Systematic Plans
& Process
Telecommunication Equipment Database

58
 Using a good database is very essential.
 “Eighty percent of our business comes from 20 percent of our customers" is a frequent
statement at any sales convention. There's hardly a sales executive who is not aware of
the 80/20 rule”.
 While talking to customers, I analyze their needs. Whether they want to go for
investment purpose or insurance or both. Suggest them the plan that best suits them. If
they agree to it then either we send across the agents to close the deal or close it
themselves.
5.2 Problems faced while selling products:
 Customer dissatisfied with the services.
 People fear that Sharekhan Being a Private company and a new entrant may be able to
sustain or not.
 Past experience, word of mouth.
 Misguidance by agents.
 People do not want insurance products.
 Lack of knowledge and less awareness about demat account.
People risk appetite is very low, so they are afraid of mutual fund as well.

ix
 References
Sharekhan Stock Trading, Demat, Brokerage and Reviews. (2012, 11). Retrieved 6 2013,
from http://www.chittorgarh.com/:
http://www.chittorgarh.com/stockbroker/sharekhan/2/
About us - Sharekhan. (n.d.). Retrieved 6 2013, from www.sharekhan.com:
http://www.sharekhan.com/AboutUs/
Bombay_Stock_Exchange. (n.d.). Retrieved june 2013, from en.wikipedia.org:
http://en.wikipedia.org/wiki/Bombay_Stock_Exchange
Brokearge. (n.d.). Retrieved 6 2013, from www.sharekhan.com:
http://www.sharekhan.com/Common/Brokearge/Brok_struct.html
Common/Terms. (n.d.). Retrieved 6 2013, from www.sharekhan.com:
http://www.sharekhan.com/Common/Terms.htm
National_Stock_Exchange_of_India. (n.d.). Retrieved june 2013, from en.wikipedia.org/wiki/:
http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India
ProductClassic. (n.d.). Retrieved 6 2013, from www.sharekhan.com:
http://www.sharekhan.com/Products/4/156/329/71/ProductClassic.htm
Products. (n.d.). Retrieved june 2013, from www.sharekhan.com:
http://www.sharekhan.com/Products/23/156/112/72/ProductFirstStep.htm
Stock_exchange. (n.d.). Retrieved june 2013, from http://en.wikipedia.org/:
http://en.wikipedia.org/wiki/Stock_exchange
stock-research. (n.d.). Retrieved 6 2013, from www.sharekhan.com:
http://www.sharekhan.com/stock-research/21/Default.htm

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