LIST OF TOP 5 BROKERAGE FIRMS IN INDIA

NAME Terminals Sub Brokers No. of Employees No. of Branches

KOTAK SECURITIES LIMITED 4320 910 4008 350

NAME Terminals Sub Brokers No. of Employees No. of Branches

KARVY STOCK BROKING LIMITED 1700 19000 3910 581

NAME Terminals No. of Employees No. of Branches

INDIABULLS 2876 5873 522

NAME Terminals No. of Employees No. of Branches

HSBC INVESTDIRECT 1644 1900 294

NAME Terminals Sub Brokers No. of Employees No. of Branches

MOTILAL OSWAL SECURITIES 7923 890 2193 63

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KOTAK SECURITIES Originally established in 1994, Kotak Securities is a subsidiary of Kotak Mahindra Bank, which services more than 7.4 lakh customers. The firm has a wide network of more than 1400 branches, franchisees representative offices, and satellite offices across 448 cities in India and offices in New York, London, Dubai, Mauritius and Singapore. It process more than 400000 trades a day which is much higher than some of the renowned international brokers.The company is a corporate member of both The Bombay Stock Exchange (BSE) and The National Stock Exchange of India (NSE). Its operations include stock broking services for trading in stock markets through branches & internet and distribution of various financial products including investments in IPOs, Mutual Funds and Currency Derivatives. Currently, Kotak Securities is one of the largest broking houses in India with substantial geographical reach to Asia Pacific, Europe, Middle East and America. Kotak Securities Limited has Rs. 1,202 crore of Assets Under Management (AUM) as of 31st Dec, 2011. It is the pioneers in providing many products and services which have now become industry standards for stock broking in India. Some of them include: Mobile stock trading application to keep track of your investments even on the go Facility of Margin Finance to the customers for online stock trading Investing in IPOs and Mutual Funds on the phone SMS alerts before execution of depository transactions AutoInvest - A systematic investing plan in Equities and Mutual funds Provision of margin against securities automatically against shares in your Demat account

KARVY STOCK BROKING LIMITED Member - National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE). Karvy Stock Broking Limited, one of the cornerstones of the Karvy edifice, flows freely towards attaining diverse goals of the customer through varied services. Creating a plethora of opportunities for the customer by opening up investment vistas backed by research-based advisory services. They offer services that are beyond just a medium for buying and selling stocks and shares. They provide services which are multi dimensional and multi-focused in their scope. Services like: Stock broking services, depository participants, distribution of financial products, advisory services, private client group. Depository Participants The onset of the technology revolution in financial services Industry saw the emergence of Karvy as an electronic custodian registered with National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CSDL) in 1998. Karvy set standards enabling further comfort to the investor by promoting paperless trading across the country and emerged as the top 3 Depository Participants in the country in terms of customer serviced. Distribution of Financial Products A 1600 team of highly qualified and dedicated professionals drawn from the best of academic and professional backgrounds are committed to maintaining high levels of client service delivery. This has propelled them to a position among the top distributors for equity and debt issues with an estimated

market share of 15% in terms of applications mobilized, besides being established as the leading procurer in all public issues.

INDIABULLS SECURITIES Indiabulls Securities (ISL) is one of India's leading capital markets companies providing securities broking and advisory services. Indiabulls Securities also provides depository services, equity research services and IPO distribution to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels. Indiabulls Securities is a pioneer of on-line securities trading in India. Indiabulls Securities in-house trading platform is one of the fastest and most efficient trading platforms in the country. Indiabulls Securities has been assigned the highest rating BQ-1 by CRISIL.

HSBC INVESTDIRECT HSBC InvestDirect (India) Limited is a premier financial services organization providing individuals and corporates with comprehensive financial solutions. The HSBC InvestDirect brand is a global retail broking brand of HSBC. HSBC acquired IL & FS Investsmart (in September 2008) and was rebranded as HSBC InvestDirect (India) Limited (HIDL).HIDL, through its subsidiaries has a panIndia presence with it's headquarters in Mumbai and offers a range of financial solutions & web based services that include the following: Retail Broking Services, Investment Advisory Services, Distribution of Financial Products, Securities related financing (NBFC)

MOTILAL OSWAL SECURITIES LTD Motilal Oswal Securities Ltd. (MOSL) was founded in 1987 as a small sub-broking unit, with just two people running the show. Focus on customer-first-attitude, ethical and transparent business practices, respect for professionalism, research-based value investing and implementation of cutting-edge technology has enabled us to blossom into an over 1600 member team. Today we are a well diversified financial services firm offering a range of financial products and services such as Wealth Management, Broking & Distribution, Commodity Broking, Portfolio Management Services, Institutional Equities, Private Equity, Investment Banking Services and Principal Strategies. We have a diversified client base that includes retail customers (including High Net worth Individuals), mutual funds, foreign institutional investors, financial institutions and corporate clients. We are headquartered in Mumbai and as of Dec 31st, 2011, had a network spread over 555 cities and towns comprising 1,563 Business Locations operated by our Business Partners and us. As at Dec 31st, 2011, we had 738,156 registered customers