SUMMER TRAINING PROJECT REPORT SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATION DEGREE IN MANAGEMENT

IMPACT OF FIIs & FDIs ON INDIAN STOCK MARKET

SUBMITTED BY: ANESH DAGAR MBA-(2011-13) ENROLLMENT NO: FMS/MBA/135/11

INDUSTRY GUIDE Mr. RAVI KUMAR UPDHAYAY (BRANCH MANAGER GURGAON)

FACULTY GUIDE Ms. ANITA (FMS FACULTY)

Faculty of Management Studies MANAV RACHNA INTERNATIONAL UNIVERSITY

ACKNOWLEDGEMENT

The satiation and euphonies that accompany the success completion of a task would be Incomplete without a mention of people who made it possible. So, with immense Gratitude, I acknowledge all those, whose guidance and encouragement served as a beacon light and crowned my effort with success. I thank Mrs. Anita and, Mr. Ravi Kumar Upadhyay my project guide for his valuable guidance and suggestions, which were vital inputs towards the completion of the project. Lastly, I would like to thank all those who have directly or indirectly helped me complete The project successfully. ANISH DAGAR

EXECUTIVE SUMMARY

Management ideas without any action based on them mean nothing. That is why practical experience is vital for any management studies. Theoretical studies in the class room are not sufficient to understand the functioning climate and the real problems coming in the way of management. So, practical exposures are indispensable to such courses. Thus, practical experience acts as a supplement to the classroom studies. This report deals with Impact of FIIs And FDIs On Indian Stock Market. Has been completed. I have learnt a lot of new things which could never been learnt from theory classes. The next part include whole of research process used for the project. It contains research methodology, research objective, scope analysis and interpretation of the data, collected from secondary resources. It also consists limitations of the study. In this study I have collected data from secondary source. In this study in used descriptive research design is used. This part includes observations analysis and discussion on collected data then suggestions are given these are based are on the usefulness of the study, applicability in the business industry, in decision making, in system development so far.

TABLE OF CONTENT

S.NO.

TOPIC

Page No.

1 2 3 4

INTRODUCTION FEATURES OF STOCK MARKET OPERATIONAL DEFINITIONS LITERATURE REVIEW RESERCH METHODOLOGY OBJECTIVES OF THE STUDY RESEARCH DESIGN DATA COLLECTION DATA ANALYSIS SAMPLING PLAN SCOPE OF STUDY LIMITATIONS OF THE STUDY INDUSTRY PROFILE INVESTMENT IN INDIAN STOCK MARKET COMPANY PROFILE CONCLUSION

5 6 7 8 9 10 11 12 13 14

15 16

SUGESSION AND RECONDATION BIBLIOGRAPHY

INTRODUCTION

A STOCK EXCHANGE is a platform where buyers and sellers of securities issued by governments, finance institutions, corporate houses etc., meet and where trading of these corporate securities take place. This is a market of speculation. If speculation of investors become wrong than the investors loss. Nobody knows what will happen even after a second. A Stock Exchange refers to the segments of the capital market where the securities issued by corporate are trade. It is open auction market where buyers and sellers meet and involve competitive prices of the securities. It reflects hopes aspiration fair of people regarding the performance of the economy. I t provides necessary mobility to capital and direct flow of the capital into possible and successful enterprise. Since buying and selling of the different of securities take place on stock exchange. The prices of particular securities reflect their demand and supply. In fact, stock exchange is said to be a barometer of economy and financial health. The stock market in India, Securities and Exchange Board of India (SEBI) is on the issue of acceptance of hedge funds into Indian financial market. At the sometime worldwide trade shows that hedge funds are important force to the reckoned with us. The impact of hedge funds activity is new to the Indian financial investors (FII) flows volatility of the stock market. This is so because hedge funds activity in Indian primary through participatory notes (PN) and the sum is reflected under FII inflows. Large stock operators and investment arms certain large corporate in India in the period consideration used to use oversees body (OCB) as a mechanism to take exposure to the India n market.OCB activity in the Indian context is pretty similar to funds trading historically OCB flows also used to appear under the head of FII flows traditionally a large chunck of the PN and OCB activity in India use to happen through the Mauritius route due to taxation benefits. With the latest budget presented by the Indian government .(will become effective from 1st September 2004 ) reducing long term capital gains to zero and short term capital gains to 10 % the taxation to Mauritius to exist .

STOCK EXCHANGE

A STOCK EXCHANGE is a platform where buyers and sellers of securities issued by governments, finance institutions, corporate houses etc., meet and where trading of these corporate securities take place. This is a market of speculation. If speculation of investors become wrong than the investors loss. Nobody knows what will happen even after a second. A Stock Exchange refers to the segments of the capital market where the securities issued by corporate are trade. It is open auction market where buyers and sellers meet and involve competitive prices of the securities. It reflects hopes aspiration fair of people regarding the performance of the economy. I t provides necessary mobility to capital and direct flow of the capital into possible and successful enterprise. Since buying and selling of the different of securities take place ion stock exchange. The prices of particularly securities reflect their demand and supply. In fact, stock exchange is said to be a barometer of economy and financial health. The stock exchange is the nerve center of capital market. The stock exchange discharges three essential functions in the process of capital formation not in raising resources for the corporate sector. It provides places for sale and purchase of securities i.e. share, bonds etc. It [provides linkage between the saving of household sector and investment in corporate sector of economy. It provides market quotation for shares debenture and bonds and serves as a role of Barometer, not only of the state of health of individual companies but also of the Economy as a whole. Therefore, by providing market place quotation of the prices of shares and bonds or sort of collective judgment. Simultaneously reached by many buyers and sellers in the market stock exchange serve the role of barometer, not only of the state of health of individual companies but also of the nations economy as a whole.

FEATURE OF STOCK EXCHANGE

It is the place where listed securities are bought and sold. It is an association of persons known as members. trading in securities is allowed under rules and regulations of stock exchange. business. members of stock exchange i.e. brokers.

OPERATIONAL DEFINITIONS
STOCK MARKET:-

A STOCK EXCHANGE is a platform where buyers and sellers of securities issued by governments, finance institutions, corporate houses etc., meet and where trading of these corporate securities take place. MUTUAL FUNDS: -A Mutual fund is a trust that pools the saving of a number of Investors who share a common financial goal. FOREIGN DIRECT MARKET (FDI): - This category refers to international investment in which the investor obtains a lasting interest in an enterprise in another country. Most concretely, it may take the form of buying or constructing a factory in a foreign country or adding improvements to such a facility, in the form of property, plants or equipment. FOREIGN INSTITUTIONAL INVESTOR (FII):- An investor or investment fund that is from of or registered in a country outside of the one in which it is currently investing. Foreign institutional investors have made a sizable investment in Indian financial markets. There are currently about 1324 FIIs registered in India. FOREIGN PORTFOLIO INVESTMENT (FPI):- FPI is a category of investment instruments that are more easily traded, may be less permanent, and do not represent a controlling stake in an enterprise. These include investments via equity instruments (stocks) or debt (bonds) of a foreign enterprise that does not necessarily represent a long-term interest. BULL MARKET: - A Bull market is a market that is consistently going up. It is a market where there is optimism of further rise batter, business results and other positive factors. Bull Market can sometimes continue for years, for investors this is the preferred market trend. However no bull market can continue for very long.

BEAR MARKET: - Bear Market is a market that is showing a persistent downtrend. 15-20% downward movement of the market generally termed as a bear market. DIVERSIFICATION: - diversification is the technique of investing in unrelated business Sectors simultaneous so that risk that affects a particular sector does not affect your Overall investment. For example your portfolio of share includes sectors like Information Technology, Real estate capital Goods; Autos etc.Exchange rate of a nation's currency- Currency like other commodities rises or falls in Price" with demand. When investors leave, they sell their holdings in a countrys Currency and as demand falls, the "price" of that currency will also fall. ECONOMIES OF SCALE: - Produces are often able to enjoy considerable production cost savings by buying inputs in bulk, mass-producing or retailing their end product. These lower costs achieved through expanded production are called Economies of Scale. DEBT/EQUITY RATIO-The debt/equity ratio measures the extent to which a firms capital is provided by lenders (through debt instruments such as fixed-return bonds) or owners (through variable-return stocks). A greater reliance on financing through debt can mean greater profitability for shareholders, but also greater risk in the event things go sour. INTERNATIONAL MONETARY FUND-The IMF is an international organization of 186 member countries, established in 1947 to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to Countries to help ease balance of payments adjustment.

INSTITUTIONAL INVESTOR an organization whose primary purpose is to invest its own assets or those held in trust by it for others. Includes pension funds, investment companies, insurance companies, universities and banks. INTEREST RATES-Interest rates have a powerful effect on the volume of a nations Money supply. By raising interest rates, i.e., making the cost of borrowing money more Expensive, governments or banks can decrease the money supply. A decrease in the money supply tends to be counter-inflationary, which makes a currency more valuable compared to other currencies.

MOST FAVORED NATION TREATMENT-The phrase "most favored nation" refers to the obligation of the country receiving the investment to give that investment the same treatment as it gives to investments from its "most favored" trading partner.

BALANCE OF PAYMENT-The Balance of Payments (BOP) is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers: All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world Capital transfers and changes in an economy's external financial claims and liabilities. PORTFOLIO INVESTMENT covers the acquisition and disposal of equity and debt Securities that cannot be classified under direct investment or reserve asset transactions. These securities are tradable in organized financial markets. FDI FLOWS AND STOCKS Through direct investment flows the investors builds up Direct investment stock (position), making part of the investors balance sheet. The FDI Stock (position) normally differs from accumulated flows because of revaluation (change in prices or exchange rates) and other adjustments like rescheduling or cancellation of Loans, debt forgiveness or debt-equity swaps with different values. MULTINATIONAL COMPANIES (MNCs) are incorporated or unincorporated Enterprises comprising parent enterprises and their foreign affiliates. FOREIGN DIRECT INVESTOR A foreign direct investor is an individual, an incorporated or unincorporated public or private enterprise, a government, a group of Related individuals, or a group of related incorporated and/or unincorporated enterprise Which have a direct investment enterprise that is a subsidiary, associate or branch Operating in a country other than the country or countries of residence of the direct Investor or investors. HOST ECONOMY is the country that receives FDI or FPI from the foreign investor(s). HOME ECONOMY is the country of origin/residence of the company that invests in the foreign economy/host economy.

SUBSIDIARY is an incorporated enterprise in the host country in which the foreign investor owns more than 50 per cent of the shareholders voting power or has the right to appoint or remove a majority of the members of this enterprises administrative, management or supervisory body. EQUITY CAPITAL comprises of equity in branches and ordinary shares in subsidiaries and associates. Reinvested earnings consist of the direct investors share of earnings not distributed as dividends by subsidiaries or associates and earnings of branches not remitted to the direct investor. OTHER CAPITAL covers inter-company debt (including short-term loans such as Trade credits) between direct investors and subsidiaries, branches and associates. WTO World Trade Organization.

LITERATURE REVIEW
Bruce A. Blonigen This paper surveys the recent burgeoning literature that empirically examines the foreign direct investment (FDI) decisions of multinational enterprises (MNEs) and the resulting aggregate location of FDI across the world. The contribution of the paper is to evaluate what we can say with relative confidence about FDI as a profession, given the evidence, and what we cannot have much confidence in at this point. Suggestions are made for future research directions.

Hugo Rojas-Romeos Foreign Direct Investment (FDI) flows have increased substantially in the past two decades. These developments have motivated the appearance of a large number of empirical papers that test the expected benefits that FDI inflows are assumed to bring to the host countries. We survey the recent theoretical and empirical literature, but restrict our attention to the productivity changes that are induced by increased FDI inflows. We review both the aggregate productivity effects, as well as the spillover effects of FDI on local firms.

Giorgio De Saints This paper studies the dynamics of expected stock return and volatility in emerging financial market. We find clustering predict ability and persistence in conditional volatility and others have documented for mature market. However, emerging market exhibit higher volatility and conditional probability of large price changes then mature market exposure to high country specific risk does not appear to be rewarded with higher expected return. We deduct a risk reward relation in Latin America but not in Asia. Karimullah: The article examines the impact of foreign institutional investor s FII equity investment Behavior in the Indian stock market. It attempts to find out the two-way causality between foreign institutional investors (FIIs) behavior and performance of Indian stock market for the period of January 1997 to June 2007.this article seeks to examine the idea that financial liberalization induces increased efficiency in the financial market as permission of FIIs equity investment is an important example of financial liberalization. Return in the stock market is used as proxy for the efficiency of the stock market in India .granger causality test has been applied to test the bidirectional causality. Apart from net investment of FIIs, the purchase and sales behavior of FIIs are analyzed separately. The results indicate that stock market performance is a major determinant of both the FIIs purchase and sales behavior. But we did not find strong evidence that the variations in the stock market indices are determined by FIIs investment behavior.

Block holder, Market efficiency and managerial myopia: This paper shows holders can add value even if they cannot interview in a firms Operations. Block holders have strong incentive to monitor the firms fundamental value, since they can sell their stakes upon bad news. By trading on their private information (Following the Wall Street rule) they cause prices to reflect fundamental value rather Than current earnings. This in turn encourages managers to invest for long term growth Rather than short term profits. Contrary to the view that the U.S.s liquid markets and Transient shareholders exacerbate myopia, this paper shows that they can encourage Investment.

Robert Lensink and Oliver Morrissey

This paper contributes to the literature on FDI and economic growth. We deviate from previous studies by introducing measures of the volatility of FDI Inflows. As introduced into the model, these are predicted to have a negative effect on growth. We estimate the standard model using cross-section, panel data and instrumental variable Techniques. Whilst all results are not entirely robust, there is a consistent finding that FDI has a positive effect on growth whereas volatility of FDI has a negative impact. The evidence for a positive effect of FDI is not sensitive to which other explanatory variables are included. In particular, it is not conditional on the level of human capital (as found in some previous studies). There is a suggestion that it is not the volatility of FDI per se that retards growth but that such volatility captures the growth-retarding effects of unobserved variables. Foreign direct investment in Bangladesh; an analysis of perception of prospective investors:

Bangladesh had gone through several major policy changes regarding the ownership and control of industries with a view of promoting economic growth. One of the strategies the government of Bangladesh (GOB) followed to accelerate economic growth was to attract foreign direct investment (FDI) into country.

OBJECTIVES OF THE STUDY

1. To know the performance of Indian stock market. 2. To know the impact of FIIs on Indian stock market. 3. To know the impact of FDIs on Indian stock market.

RESEARCH METHODOLOGY
Research Methodology has many dimensions, it include not only research methods but also considers the logic behind the methods used in the context of the study and

explains why only a particular method of technique had been used so that research lend Themselves to proper evaluations. Thus in a way it is a written game plan for concluding. Research therefore in order to solve research problem it is necessary to design a research methodology for the problem as the same differ from problem to problem.

Research Design: The research design is a pattern or an outline of a research project. It is a statement only the essential of a study those provide the basic guidelines for the detail of the project. The present study being conducted follows a descriptive research design has the data would be responses from a simple containing g a large numbers of sources .It is a cross section of the situation design of the descriptive studies including the nature and the analytical method. Data Collection After the research problem has been defied and the research design has been chalked out, the task of date collection begins. Data can be collected from other primary or secondary sources. The main source of obtaining necessary data for the study was Secondary Data. This Study is empirical in nature and hence secondary data is used to conduct the research. The data was collected from the Internet by exploring the Secondary sources available on websites. Secondary Data: The secondary data constitutes of daily FII flows data which was collected from Money Control and Equity Master, the daily returns of SENSEX and NIFTY from BSE and NSE websites respectively. The trends in FII flow from the RBI website and information on FII from SEBI. Magazines and Bulletins: - NSE News Bulletins etc.

INTERNET: www.sebi.gov.in wwwnse.co.in www.moneycontrol.com .

SAMPLING PLANNING Sampling is an effective step in collection of primary and secondary data and has a great influence on the quality of the results. The sampling plan includes population, sample size and sample design. DATA ANALYSIS:-

PLAN OF ANALYSIS The data gathered from various sources were primarily studied and necessary data was sorted out sequentially keeping in mind the procedure of the study. The analysis has been made by, correlating the FII purchases, sales and net investment with equity market returns to identify whether a relation exists between them. Findings are included which transmits the important points, which were gathered from the study. The data has been analyzed with the help of various graphs like bar graph etc. SCOPE OF THE STUDY The report examines The Impact of Foreign Institutional Investments and Foreign Direct Investment on Equity Stock Market in India. The scope of the research comprises of Information derived from secondary data from various websites. The various information and statistics were derived from the websites of BSE, NSE, Money Control, RBI andSEBI. Sensex and Nifty was a natural choice for inclusion in the study, as it is the most popular market indices and widely used by market participants for benchmarking.

LIMITATIONS OF THE STUDY 1 as the time available is limited and the subject is very vast. 2 the study is general. 3 it is mainly based on the data available in various websites &other Secondary sources. 4 the inferences made are purely from the past years performance;

5 there is no particular format for the study; 6 sufficient times is not available to conduct an in-depth study;

INDUSTRY PROFILE
INVESTMENT IN INDIAN MARKET India is believed to be a good investment despite political uncertainty, bureaucratic Hassles, shortages of power and infrastructure deficiencies. India presents a vast potential for overseas investment and is actively encouraging the entrance of foreign players into the market. No company, of any size, aspiring to be a global player can, for long ignores this country, which is expected to become one of the top three emerging economies. Success in India Success in India will depend on the correct estimation of the country's potential; Underestimation of its complexity or overestimation of its possibilities can lead to failure. While calculating, due consideration should be given to the factor of the inherent Difficulties and uncertainties of functioning in the Indian system. Entering India's Marketplace requires a well-designed plan backed by serious thought and careful Research. For those who take the time and look to India as an opportunity for longterm Growth, not short-term profit- the trip will be well worth the effort.

Market potential

India is the fifth largest economy in the world (ranking above France, Italy, and the United Kingdom, and Russia) and has the third largest GDP in the entire continent of Asia. It is also the second largest among emerging nations. (These indicators are based on purchasing power parity). India is also one of the few markets in the world, which offers high prospects for growth and earning potential in practically all areas of business. Despite the practically unlimited possibilities in India for

overseas businesses, the world's most populous democracy has, until fairly recently, failed to get the kind of enthusiastic attention generated by other emerging economies such as China.

Lack of enthusiasm among investors The reason being, after independence from Britain 50 years ago, India developed a highly protected, semi-socialist autarkic economy. Structural and bureaucratic impediments were vigorously fostered, along with a distrust of foreign business. Even as today the climate in India has seen a sea change, smashing barriers and actively seeking foreign investment, many companies still see it as a difficult market. India is rightfully quoted to be an incomparable country and is both frustrating and challenging at the same time. Foreign investors should be prepared to take India as it is with all of its difficulties, contradictions and challenges. Developing a basic understanding or potential of the Indian market Envisaging and developing a Market Entry Strategy and implementing these strategies when actually entering the market are three basic steps to make a successful entry into India. The Indian middle class is large and growing; wages are low; many workers are well educated and speak English; investors are optimistic and local stocks are up; despite political turmoil, the country presses on with economic reforms. But there is still cause for worries- Infrastructure hassles. The rapid economic growth of the last few years has put heavy stress on India's infrastructure facilities. The projections of further expansion in key areas could snap the already strained lines of transportation unless massive programs of expansion and modernization are put in place. Problems include power demand shortfall, port traffic capacity mismatch, poor road conditions (only half of the country's roads are surfaced) and low telephone penetration. Indian Bureaucracy

Although the Indian government is well aware of the need for reform and is pushing Ahead in this area, business still has to deal with an inefficient and sometimes still slow moving bureaucracy. Diverse Market

The Indian market is widely diverse. The country has 17 official languages, 6 major Religions and ethnic diversity as wide as all of Europe. Thus, tastes and preferences differ greatly among sections of consumers. Therefore, it is advisable to develop a good Understanding of the Indian market and overall economy before taking the plunge.

INTERNATIONAL PORTFOLIO FLOWS: International portfolio flows, as opposed to foreign direct investment (FDI) flows, refer to capital flows made by individuals or investors seeking to create an internationally diversified portfolio rather than to acquire management control over foreign companies. Diversifying internationally has long been known as a way to reduce the overall portfolio risk and even earn higher returns. Investors in developed countries can effectively enhance their portfolio performance by adding foreign stocks particularly those from emerging market countries where stock markets have relatively low correlations with those in developed countries. International portfolio flows are largely determined by the performance of the stock markets of the host countries relative to world markets. With the opening of stock markets in various emerging economies to foreign investors, investors in industrial countries have increasingly sought to realize the potential for portfolio diversification that these markets present. It is likely that for quite a few years to come, FII flows would increase with global integration. The main question is whether capital flew in to these countries primarily as a result of changes in global (largely US) factors or in response to events and indicators in the recipient countries like its credit rating and domestic stock market return. The answer is mixed both global and country-specific factors seem to matter, with the latter being particularly important in the case of Asian countries and for debt flows rather than equity flows.

FOREIGN INSTITUTIONAL INVESTMENT IN INDIA:

MILESTONES program me of economic reforms in the early 1990s to tie Over its balance of payment crisis and also as a step towards globalization.

an important milestone in the history of Indian economic reforms happened on September 14, 1992, when the FIIs (Foreign Institutional Investors) were allowed to invest in all the securities traded on the primary and secondary markets, including shares, debentures and warrants issued by companies which were listed or were to be listed the stock exchanges in India and in the schemes floated by Domestic mutual funds. Initially, the holding of a single FII and of all FIIs, NRIs (Non-Resident Indians) And OCBs (Overseas Corporate Bodies) in any company were subject to a limit of 5% and 24% of the company's total issued capital respectively. (In order to broad base the FII investment and to ensure that such an investment Would not become a camouflage for individual investment in the nature of FDI (Foreign Direct Investment), a condition was laid down that the funds invested by FIIs had to have at least 50 participants with no one holding more than 5%. Ever Since this day, the regulations on FII investment have gone through enormous Changes and have become more liberal over time. (From November 1996, FIIs were allowed to make 100% investment in debt Securities subject to specific approval from SEBI as a separate category of FIIs or sub-accounts as 100% debt funds. Such investments were, of course, subjected to the fund-specific ceiling prescribed by SEBI and had to be within an overall ceiling of US $ 1.5 billion. The investments were, however, restricted to the debt instruments of companies listed or to be listed on the stock exchanges. in 1997, the aggregate limit on investment by all FIIs was allowed to be raised from 24% to 30% by the Board of Directors of individual companies by passing a resolution in their meeting and by a special resolution to that effect in the company's General Body meeting. (From the year 1998, the FII investments were also allowed in the dated government securities, treasury bills and money market instruments. (In 2000, the foreign corporate and high net worth individuals were also allowed to invest as sub-accounts of SEBI-registered FIIs. FIIs were also permitted to seek SEBI registration in respect of sub-accounts. This was made more liberal to include the domestic portfolio managers or domestic asset management companies. (40% became the ceiling on aggregate FII portfolio investment in March 2000.

(This was subsequently raised to 49% on March 8, 2001 and to the specific Sect oral cap in September 2001. (As a move towards further liberalization a committee was set up on March 13, 2002 to identify the sectors in which FIIs portfolio investments will not be subject to the sect oral limits for FDI. (Later, on December 27, 2002 the committee was reconstituted and came out with recommendations in June 2004. The committee had proposed that, 'In general, FII investment ceilings, if any, may be reckoned over and above prescribed FDI sect oral caps. The 24 per cent limit on FII investment imposed in 1992 when allowing FII inflows was exclusive of the FDI limit. The suggested measure will be in conformity with this original stipulation.' The committee also has recommended that the special procedure for raising FII investments beyond 24 per cent up to the FDI limit in a company may be dispensed with by amending the relevant regulations. (Meanwhile, the increase in investment ceiling for FIIs in debt funds from US $ 1billion to US $ 1.75 billion has been notified in 2004. The SEBI also has reduced the turnaround time for processing of FII applications for registrations from 13 working days to 7 working days except in the case of banks and subsidiaries. country's continuous efforts to mobilize more foreign investment through portfolio investment by FIIs. The FII portfolio flows have also been on the rise since September 1992. Their investments have always been net positive, but for 1998-99, when their sales were more than their purchase.

ACTS AND RULES FII registration and investment are mainly governed by SEBI (FII) Regulations, 1995. ELIGIBILITY FOR REGISTRATION AS FII: Following entities / funds are eligible to get registered as FII: 1. Pension Funds 2. Mutual Funds

3. Insurance Companies 4. Investment Trusts 5. Banks 6. University Funds 7. Endowments 8. Foundations 9. Charitable Trusts / Charitable Societies Further, following entities proposing to invest on behalf of broad based funds (a fund established or incorporated outside India, which has at least twenty investors with no single individual investor holding more than 10% shares or units of the fund) , are also Eligible to be registered as FIIs:

1. Asset Management Companies 2. Institutional Portfolio Managers 3. Trustees 4. Power of Attorney Holders

INVESTMENT OPPORTUNITIES FOR FIIs

The following financial instruments are available for FII investments a) Securities in primary and secondary markets including shares, debentures and warrants of companies, unlisted, listed or to be listed on a recognized stock exchange in India; b) Units of mutual funds; c) Dated Government Securities;

d) Derivatives traded on a recognized stock exchange; e) Commercial papers. Investment limits on equity investments a) FII, on its own behalf, shall not invest in equity more than 10% of total issued capital of an Indian company. b) Investment on behalf of each sub-account shall not exceed 10% of total issued capital of an India company. c) For the sub-account registered under Foreign Companies/Individual category, the investment limit is fixed at 5% of issued capital. These limits are within overall limit of 24% / 49 % / or the sect oral caps a prescribed by Government of India / Reserve Bank of India. Investment limits on debt investments

The FII investments in debt securities are governed by the policy if the Government of India. Currently following limits are in effect:

applicable: For corporate debt the investment limit is fixed at US $ 500 million. TAXATION The taxation norms available to a FII are shown in the table below. Nature of Income Tax Rate Long-term capital gains 10% Short-term capital gains 30% Dividend Income Nil Interest Income 20%

Long term capital gain: Capital gain on sale of securities held for a period of more than one year. Short term capital gain: Capital gain on sale of securities held for a period of less than one year. BRIEF PROFILE OF IMPORTANT INSTITUTIONS: A brief profile of important institutions included in the study is given below.

RESERVE BANK OF INDIA India's Central Bank - the RBI - was established on 1 April 1935 and was nationalized on1 January 1949. Some of its main objectives are regulating the issue of bank notes, managing India's foreign exchange reserves, operating India's currency and credit system with a view to securing monetary stability and developing India's financial structure in line with national socio-economic objectives and policies. The RBI acts as a banker to Central/State governments, commercial banks, state Cooperative banks and some financial institutions. It formulates and administers monetary policy with a view to promoting stability of prices while encouraging higher production through appropriate deployment of credit. The RBI plays an important role in maintaining the exchange value of the Rupee and acts as an agent of the government in respect of India's membership of IMF. The RBI also performs a variety of developmental and promotional functions. The first concern of a central bank is the maintenance of a soundly based commercial banking structure. While this concern has grown to comprehend the operations of all financial institutions, including the several groups of non-bank financial intermediaries, the commercial banks remain the core of the banking system. A central bank must also cooperate closely with the national government. Indeed, most governments and central banks have become intimately associated in the formulation of policy. They are often responsible for formulating and implementing monetary and credit Policies, usually in cooperation with the government. they have been established Specifically to lead or regulate the banking system.

SECURITUIES AND EXCHANGE BOARD OF INDIA

In 1988 the Securities and Exchange Board of India (SEBI) was established by the Government of India through an executive resolution, and was subsequently upgraded as a fully autonomous body (a statutory Board) in the year 1992 with the passing of the Securities and Exchange Board of India Act (SEBI Act) on 30th January 1992. In place of Government Control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development & regulation of the market, and independent powers has been set up.

The basic objectives of the Board were identified as:

To protect the interests of investors in securities;

To promote the development of Securities Market; To regulate the securities market and For matters connected therewith or incidental thereto. Since its inception SEBI has been working targeting the securities and is attending to the fulfillment of its objectives with commendable zeal and dexterity. The improvements in the securities markets like capitalization requirements, margining, establishment of clearing corporations etc. reduced the risk of credit and also reduced the market. SEBI has introduced the comprehensive regulatory measures, prescribed registration norms, the eligibility criteria, the code of obligations and the code of conduct for different intermediaries like, bankers to issue, merchant bankers, brokers and sub-brokers, registrars, portfolio managers, credit rating agencies, underwriters and others. It has framed bye-laws, risk identification and risk management systems for Clearing houses of stock exchanges, surveillance system etc. which has made dealing in securities both safe and transparent to the end investor. Another significant event is the approval of trading in stock indices (like S&P CNX Nifty& Sensex) in 2000. A market Index is a convenient and effective product because of the following reasons:

It acts as a barometer for market behavior; It is used to benchmark portfolio performance; It is used options; in derivative instruments like index futures and index

It can be used for passive fund management as in case of Index Funds. Two broad approaches of SEBI is to integrate the securities market at the national level, and also to diversify the trading products, so that there is an increase in number of traders including banks, financial institutions, insurance companies, mutual funds, primary dealers etc. to transact through the Exchanges. In this context the introduction of derivatives trading through Indian Stock Exchanges permitted by SEBI in 2000 AD is a real landmark.

BOMBAY STOCK EXCHANGE:

BSE of the 22 stock exchanges in the country, Mumbai's (earlier known as Bombay), Bombay Stock Exchange is the largest, with over 6,000 stocks listed. The BSE accounts for over two thirds of the total trading volume in the country. Established in 1875, the exchange is also the oldest in Asia. Among the twenty-two Stock Exchanges recognized by the Government of India under the Securities Contracts (Regulation) Act, 1956, it wasthefirst one to be recognized and it is the only one that had the privilege of getting permanent recognition abinitio.Approximately 70,000 deals are executed on a daily basis, giving it one of the highest per hour rates of trading in the world. There are around 3,500 companies in the country which are listed and have a serious trading volume. The market capitalization of the BSE is Rs.5 trillion. The BSE `Sensex' is a widely used market index for the BSE. The main aims and objectives of the BSE are to provide a market place for the purchase and sale of security evidencing the ownership of business property or of a public or business debt. It aims to promote, develop and maintain a well-regulated market for dealing in securities and to safeguard the interest of members and the investing public having dealings on the Exchange. It helps industrial development of the country through efficient resource mobilization. To establish and promote honorable and just practices insecurities transactions.

BSE Sensex

The BSE Sensex is a value-weighted index composed of 30 companies with the base April 1979 = 100. It has grown by more than four times from January 1990 till date. These of companies in the index are essentially fixed. These companies account for around one-fifth of the market capitalization of the BSE.

NATIONAL STOCK EXCHANGE OF INDIA

The National Stock Exchange of India Limited has genesis in the report of the High-powered Study Group on Establishment of New Stock Exchanges, which

recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in November 1992 as a tax-paying company unlike other stock exchanges in the country.

On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000.

S&P CNX Nifty

S&P CNX Nifty is a well-diversified 50 stock index accounting for 23 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds.

S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is India's first specialized company focused upon the index as a core product. IISL have a consulting and licensinagreement with Standard & Poor's (S&P), who are world leaders in index services. The average total traded value for the last six months of all Nifty stocks is approximately58% of the traded value of all stocks on the NSE. Nifty stocks represent about 60% of the total market capitalization as on March 31, 2005. Impact cost of the S&P CNX Nifty for a portfolio size of Rs.5 million is 0.07%S&P CNX Nifty is professionally maintained and is ideal for derivatives trading.

INTRODUCTION TO THE COMPANY PROFILE

MODEX INTERNATIONAL SECTURITIES LTD.

Member NSE | BSE |MCX | MCX-SX|NCDEX |USE |NSEL |DP-CDSL

Introduction about MISL:

Modex international securities ltd. Founded in 1986 by Mr. Dharmendra Kumar Arora, Mr. Mahesh Gopal Goel and Mr. Pavan Kumar Sachdeva.It is one of the leading players in the Indian financial services space. We are registered with the BSE and the NSE for securities trading, MCX-SE, NCDEX and CDSL and depository participants. MISL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed income, initial public offering ,mutual funds and other small savings instruments.MISL is operational in more than 150+ offices across 100 locations. It provides certified and quality environment to all the investors for trading.MISL has 1000+ employees nationwide as strength and 100000+ clients in equities and 60000+commodities. MODEX - an association of two integral parts: 1. Modex International Securities Ltd. 2. Modex Commodity Trades Pvt. Ltd. The company started stock broking business in the year 1989 under the trade name "MODEX INTERNATIONAL" as a firm and converted to Public Limited Company in the year 1995. In 1996, the Company brought a Public Issue and listed with the Stock Exchanges. The company has huge investor base with ultramodern infrastructure, large network of branches, sub-brokers and franchises in all over India. The Company is a Corporate Member of the leading commodity exchanges in India i.e. National Commodity & Derivatives Exchange Ltd. and Multi Commodity Exchange of India Ltd., for digital commodity market, offering growth opportunities to market participants and facilitating easy access to the market at "least cost and with a high margin of safety. Modex international securities ltd. Includes:

Operating in capital market for more than 20 years

Growing since inception

 Provide state of art in financial services such as securities, commodities, broking, mutual fund, depository and clearing operations. PAN India presence through network of branches, sub brokers and authorized persons. Known for its ethical practices and complete transparent dealing. It is one of the leading integrated financial services providers. Modex offers multiple services of high level in equity and derivatives, commodity, depository, online trading, IPOs and mutual funds etc. Modex with a huge investor base ultramodern infrastructure, user friendly large network all over India, is build to provide financial solutions for each segment of society.

OUR VISION To maximize shareholders capital and value of organization through dedicated customer services and professionally skilled team.

OUR MISSION

To become an Icon in our field with a clear and unique work process through constant upgrading and regular learning.

OUR VALUES Proactive in the way we develop our business and workplace for future challenges and possibilities. Professional in the way we conduct ourselves towards our customers, collaborators, employees and society. Focus in the way we efficiently achieve good results which create value for our customers. Team Spirit in the way we work together and utilize our common and individual potentials in the company.

MANAGEMENT The well experienced management team includes professionally qualified personnel handling Finance, Front Office, Hardware, Marketing, R&D & HRD departments with long standing enviable track record. The management team is headed by experienced & professionally qualified directors with a brief profile as under:PILLARS OF THE ORGANIZATION

CA Mr. Dharmendra Kumar Arora: Mr. Arora was a Practicing Chartered Accountant and having 26 years of

experience in the field of audit, Income Tax, Financial Consultant, Corporate advisory and Capital market. Under his leadership, Modex has been promoted to create new dimensions and embraced new technology for faster, more effective and affordable services to the investors, with new ideas and vision. CA Mr. Mahesh Gopal Goel: Mr. Goel was a Practicing Chartered Accountant and having 27 years of experience in the field of audit, Income Tax, Financial Consultant, Corporate advisory and Capital market, he is a co-promoter and key driver of the Companys growth strategies that has evolved Modex from a seed and now has taken the shape of a tree. Mr. Pavan Kumar Sachdeva: He has overall experience of 26 years. This includes 10 years of Experience in Tax and Accounts matters and 16 years experience in real estate market of NCR in real estate market and now has also proved his mettle in capital market Mr. Vikram Duggal: A commerce and Law graduate from Delhi University. He has over 25 years of experience and expertise in stock broking and associated services. With impressive relationship management skills and vast knowledge of wealth management and equity research on technical and fundamental basis, he manages a team who serves our selected HNI and Corporate Clients. Having an amicable nature and being a good listener he has earned a respectable position among the clients and genus.

Hierarchy of Modex International Securities Ltd. To understand the organizations work order and work of each post. CEO/MD (To make strategies)

 Vice President (To handle the zone) AVP (To take care of all team managers and planning) Team Manager (To manage all sales managers) ASM/SM/SSM (To manage all relationship managers) RM/SRM/ERM (To open the A/C and creating brokerage) Commodity Advisor (To open A/C and to give advice to clients) Dealer The unique choice of investment at MODEX helps the client to enhance their wealth and achieve your financial goals. The financial services offered by modex are:

PRODUCT AND SERVICES

Equity Segment Derivative Segment Currency Derivative Commodity segment Depository (CDSL)

 Online Trading Arbitrage Mutual fund Mutual fund Trading IPO investment Corporate fixed deposit Bonds Customized Research support. 1) Mutual Funds Mutual Fund is a body corporate registered with SEBI that pool money from individuals/corporate investors and invests the same in a variety of different financial instruments or securities such as equity shares, government securities, bonds, debentures etc. mutual Funds thus can be considered as a financial intermediaries in the investment business that collect fund from the public and invest on behalf of investors. Mutual Funds issue units to the investor. The schemes offered on mutual funds vary from fund to fund. 2) Equities Equity trading is a buying and selling of companys stock shares. Shares in publicly traded companies are bought and sold through the major stock exchanges, such as the Bombay Stock Exchange, National Stock Exchange which served as a managed auction for stock traders. Share market where dealing of securities is done is known as share market. There are two ways in which investors get share from market. Primary market: markets in which new securities are issued are known as primary market. This is part of the financial market where enterprises issue their new shares and bonds. It is characterized by being the only moment when the enterprise received money in exchange for selling its financial assets.

Secondary Market: Market in which existing securities are dealt is known as secondary market. The market where securities are traded after, they are initially offered in the primary market. Most trading is done in the secondary market 3) Commodities A commodity is basic good representing the monetary value. Commodities are most often used as inputs in the production of other goods and services. With the advent of new online exchange, commodities can now traded in future markets. When they are traded on exchange.

Types of Commodities Precious Metal: Gold and Silver Base Metal: Copper, Zinc, Steel, Lead, and Aluminum Energy: Crude Oil, Brent Crude and Natural Gas Pluses: Chana, Urad, and Tur Spices: Black Pepper, Jeera, Turmeric, Red Chili Others: Gaur Complex, Soy Complex, Wheat, and Sugar 4) Bonds Bonds refer to a debt instruments bearing interest on maturity. In simple terms organization may borrow funds by issuing debt securities named bonds, having a fixed maturity period (more than one year) and pay a specified rate of interest (coupon rate) on the principal amount to the holders. A bond is generally promise to repay the principal along with a fixed rate of interest on a specified date, called the maturity date. Portfolio Management service (PMS) PMS is a type of professional service offered by portfolio managers to their clients to help them in managing their money in less time. Portfolio manager manages the stocks, bonds, mutual funds of client considering their personal investment goals and risk preference. Investment management is an art and a science in itself.

RESEARCH

Morning Updates. Technical and Fundamental analysis. Equity & Derivatives Trading Strategies Daily Currency Reports Commodity Morning

PRESENCE IN INDIA

Registered office: Delhi Corporate Office: Delhi Regional office Andhra Pradesh Chandigarh Dehradun Kolkata Banglore Pan India Branches network in more the 100 Locations.

30 STOCK OF SENSEX 1. ACC 2. GRASIM 3. HINDALCO 4. HLL 5. ITC 6. L&T 7. RIL 8. TATA MOTORS 9. TATA STEEL 10.BAJAJ AUTO 11.BHEL 12.GUJ AMBUJA 13.ICICI BANK 14.RANBAXY 15.REL 16.R.COM 17.HDFC BANK 18.HDFC 19.MURTUI 20.TCS 21. SBI 22.INFOSYS 23.DR.REDYS 24.SATYAM 25.CIPLA 26.AIRTEL 27.ONGC 28.WIPRO 29.NTPC 30.HERO HONDA

50 STOCK OF NIFTY:

1. ACC 11.GUJ AMBUJA 2. BAJAJ AUTO 12.HCL 3. BHEL 13.HDFC 4. BPL 14.HDFC BANK 5. BHARTI AIRTEL 15.HERO HONDA 6. CIPLA 16.HINDALCO 7. DABUR 17.HLL 8. DR.REDDYS 18.HPL 9. GAIL 19.ICICIBANK 10. GRASIM 20.INFOSYS

21.JET AIRWAYS 22.ITC 23.L&T 24.MTNL 25.M&M 26.MARUTI 27.ONGC 28.OBC 29.PNB 30.SBI

FOREIGN PORTFOLIO FLOWS TO INDIA

Foreign portfolio investments have been allowed in India on the basis of the Recommendations of the Narasimham committee which stated: The committee would also suggest that the capital markets should be gradually opened up to foreign portfolio investments and simultaneously efforts should be initiated to improve the depth of the market by facilitating the issue of new types of equities and innovative debt instruments. (Narasimham committee report)Prior to 1992, only non-resident Indians (NRIs) and overseas corporate bodies (OCBs) Were allowed to undertake portfolio investment in India. Only on September 14, 1992 the Government of India issued guidelines on FII investments in India which was followed by a notification by Securities and Exchange Board of India (SEBI) three years later in November 1995.

Sources of FDI inflows in India Top 10 countries have accounted for more than a half of Indias FDI approvals during1991-95, while is share increased to about 70% over 2004-05. this able shows ranking of cumulative investment approved during the period 1991 to January 2006 reveals that USA was the largest investor in India with an investment of Rs. 59394crores Netherlands, France and Singapore follows in that order . But the share of USA has been declining, whereas the shares of Mauritius have been increasing from past few years. It has increased by more than 80% in200405compared to 2003-04, mainly due to FDI beinrouted through Mauritius, as it has a double Taxation avoidance treaty with India. Interims of FDI inflow into the country, Mauritius topped the list with90% share of totaled inflows; whereasUSA holds the 2nd position with 15.48% of total FDI inflows in India. Thus in terms of FDI inflows Mauritius is way ahead from UK, Japan Netherlands Germany , Singapore ,France South Korea and Switzerland follows in that order .South Korea who holds2.23%share Australia who holds 8th positioning FDI approvals with2.65% share ,does not figure in top 10 countries in FDI inflows . O the other hand, Switzerland, which does not come in FDI approvals holds holds

10th position in FDI in flows with 1.94% share .Above table shows that FDI inflows from all countries have been increased in 2004-05.

FINDINGS:

It is an accepted fact now that FIIs have significant influence on the movements of the stock market indexes in India. If one looks at the total FII trade in equity in India and its relationship with the stock market major indexes like Sensex and Nifty, it shows a steadily growing influence of FIIs in the domestic stock market. FIIs and the movements of Sensex are quite closely correlated in India and FIIs wield significant influence on the movement of Sensex. NSE also observes that in the Indian stock markets FIIs have a disproportionately high level of influence on the market sentiments and price trends. This is so because other market participants perceive the FII sot be infallible in their assessment of the market and tend to follow the decisions taken byFIIs. This herd instinct displayed by other market participants amplifies the importance of FIIs in the domestic stock market in India. Results of this study show that not only the FIIs are the major players in the domestic stock market in India, but their influence on the domestic markets is also growing. Data on trading activity of FIIs and domestic stock market turnover suggest that FIIs are becoming more important at the margin as an increasingly higher share of stock market turnover is accounted for by FII trading. Moreover, the findings of this study also indicate that Foreign Institutional Investors have emerged as the most dominant investor group in the domestic stock market in India. Particularly, in the companies that constitute the Bombay Stock Market Sensitivity Index (Sensex) and NSE Nifty, their level of control is very high. Dominant position of FIIs in the Sensex companies, it is not surprising that FIIs are in a position to influence the movement of Sensex and Nifty in a significant way. Since FIIs are dominating the Indian Market, individual investors are forced to accept the dictates of major FIIs and hence join the group by entering the Mutual Fund group. Many Mutual Funds floated specific funds for the sectors favored by the FIIs. An implication of MFs gaining strength in the Indian stock market could be that unlike individual investors, whose monies they manage, MFs can create market trends whereas the small individual investors can only follow the trends.

The situation becomes quite difficult if the funds gain a vested interest in certain sectors by floating sector specific funds. One can even venture to say that the behavior of MFs in India has turned the very logic that mutual funds invest wisely on the basis of well-researched strategies and individual investors do not have the time and resources to study and monitor corporate performance, upside down. Thus, the entry of FIIs has not resulted in greater depth in Indian stock market; instead it led to focusing on only a few sectors. Ultimately to provide a level Playing field, even the domestic investors had to be offered lower rates of capital gains tax. While it can be expected that foreign affiliated mutual funds would follow the investment pattern of FIIs, it is important to note that many domestic ones also followed FIIs. The sectors favored by FIIs account for a substantial portion of the net assets under control of many Mutual Funds. The Mutual funds are gaining prominence in the Indian Stock market and that the share of foreign affiliated MFs is growing, a number of Indian funds are following the investment strategies of the foreign ones. On the other hand if FII investments constitute a large share of the equity capital of a financial entity, an FII pullout, even if driven by development outside the country can have significant implications for the financial health of what is an important institution in the financial sector of this country? Similarly, if any set of developments encourages an unusually high outflow of FII capital from the market, it can impact adversely on the value of the rupee and set of speculation in the currency that can in special circumstances result in a currency crisis. There are now too many instances of such effects worldwide for it are dismissed on the ground that Indias reserves are adequate to manage the situation. FII investments, seem to have influenced the Indian stock market to a considerable Extent. FIIs are interested in the Indian stock market increases its vulnerability to Fluctuations. Analysis suggested a strong influence of FII investment on the Sensex and Nifty index. This finding takes quite further the general understanding that net FIIinvestments influences stock prices in India as it traces the relationship.

CONCLUSION

In this study I tried to find out the impact of FDIs and FIIs on Indian Stock Market .the important result of this study is that the foreign investment is determined by stock market return. But foreign investment is not a major factor for the stock market boom in Indiathe FII is increasingly dominant in the stock market. The domestic investors and domestic companies remain not so dominant. There is therefore the fear of sudden outflows of the foreign capital and this may be a trigger a third stock market scam as most regulatory changes are being made only as a follow up of an adverse event.

SUGGESTIONS AND RECOMMENDATIONS

Some of the steps that can be taken to help influence the choices made by foreign institutional investors include:

strengthening the economy as a whole.

described earlier, an array of services can help promote foreign institutional investment in India, ranging from basic services such as the provision of electricity and clean water, to fair and effective dispute resolution systems. the ability of governments to prevent or reduce financial crises also has a great Impact on the growth of capital flows. Steps to address these crises include strengthening banking supervision, requiring more transparency in international financial transactions and ensuring adequate supervision and regulation of financial markets. an attempt should be made to bring down the inflation level to attract more foreign institutional investments into India.

reducing the number of Non Performing Assets.

below the permissible limits. One such measure in this line could be the newly announcedINDONEXT, the platform for trading the small and mid-cap companies, which might bring some focus on these companies and hopefully add some liquidity and volume to their trading, which may attract some further investments in them by FIIs. the fact is that developing country like India has its own compulsions arising out of the very state of their social, political and economic development. To attract portfolio investments and retain their confidence, the host countries have to follow stable macroeconomic policies, the provision for clear procedures must be followed in the event of disputes between investors and host governments, to ensure that rules are adhered to and that arbitration may be established by mutual consent.

content requirements, restrictions on capital outflows of short term investments, etc with the intention of protecting domestic industries from international competition and promoting their economic development, but this usually leads to misallocation of resources away from the natural economic capabilities of nations.

Developing countries in recent years in that the predominance of private account capital transfer and especially portfolio investments (FPI) increased considerably. In order to attract portfolio investments which prefer liquidity, it has been advocated to develop stock markets.

BIBLIOGRAPHY

BOOKS:Business environment (Suresh Bedi) The Journal of Amity Management Analyst (Jan. June 2007) The Journal of Business, vol.59, no.3, 383-403. The Journal of Finance India Apeejay journal of management and technology. (Jan 2009) JIMS 8M April June 2007

INTERNET:-

www.nse.india.com www.sebi.co.in www.centrum.co.in www.bse.co.in www.indianinfoline.com www.onlinestockholding www.moneycontrol.com www.mastercapitalindia.com www.financialexpress.com/news

LEARNING SIP
Basic Learning:
1) 2) 3) 4) 5) 6) 7) 8) Formalism Stress management Working in business environment Team work Following business values and ethics Presentation Time management Communication

Domain learning:
1) 2) 3) 4) 5) Knowledge of derivative market Commodity research (fundamental and technical) Hedging, speculating and arbitrage Wealth management Basic knowledge of equity and currency market

Basically during my SIP I learnt about derivative market in India as well as in internationally. Mainly my SIP was in commodity market but along that I come to know about equity and currency market also. I traded though IIFL TT (Trader Terminal) and ODIN (OPEN DEALER INTEGRATED NETWORK)

THANK YOU