Professional Documents
Culture Documents
ON
BY
Rahul Mahajan
(08bs0004066)
SUBMITTED BY
RAHUL MAHAJAN
(08BS0004066)
Certificate
Declaration
I hereby declare that this report on “COMPARATIVE STUDY OF BROKERAGE
PLANS OF RELIGARE SECURITIES LTD. WITH VARIOUS BROKERAGE FIRMS” has
been written and prepared by me during the academic year 2008-2009.
This project was done under the able guidance and supervision of Prof.
Rajneesh Mehra, Faculty, ICFAI Business School and Mr. Abhay Sawhney,
ASM, Religare Securities Ltd., Noida in partial fulfillment of the requirement
for the Master of Business Administration Degree course of the ICFAI
Business School.
I also declare that this project is the result of my own effort and has not
been submitted to any other institution for the award of any Degree or
Diploma.
Place: Noida
Rahul Mahajan
08bs0004066
Acknowledgements
Sometimes words fall short to show gratitude, the same happened with me
during this project. The immense help and support received from Religare
Securities limited overwhelmed me during the project.
I also thank PROF. RAJNEESH MEHRA, faculty guide, IBS, Chandigarh who has
sincerely supported me with the valuable insights into the completion of this
project.
I am grateful to MS. ESHA AHUJA (TL, Noida, Religare Securities Ltd.) and all
of the members of Noida branch, who have helped me in the successful
completion of this project, special mention of MR SANDEEP CHATTURVEDI.
Last but not the least; my heartfelt love for my parents, whose constant
support and blessings helped me throughout this project.
Table Of Contents
I. Certificate
II. To whomsoever it may concern
III.Declaration
IV.Acknowledgement
V. Abstract
Chapter 1: Introduction
1.1 Objectives of the project
1.2 Increasing internet trading
LIST OF IILUSTRATIONS
Abstract
This project has been a great learning experience for me and at the same time it
gave me enough scope to implement my analytical ability. The project in religare
is to figure out the potential brokerage plans, which can undertake the various
products and services offered by the religare.
With the advent of the internet, investors can now enter orders directly online, or
even trade with other investors via ECN's (electronic communication networks).
So, most of the brokerage houses have started providing the facility of online
trading to the customers. Today even the banks with the view of expansion and
large number of customers has started providing the online trading terminal to the
customers.
As the competition from big players of online trading like Share khan, Kotak
Mahindra, ICICI Direct etc is rising religare intends to built up a loyal customer
base , the project is a step towards the same. In this era of competition it’s
becoming difficult for the organizations to acquire and retain the customers.
Hence, for religare it is of utmost importance to have satisfied existing customers
as well as to attract the other customers.
With the help of this project Religare Securities Ltd could tap the Customers
potential in investment and which would provide them various opportunities of
increasing the customer base.
INTRODUCTION
Globalization has proved to be a boon for the Indian economy. After globalization
there has been a tremendous growth in the Indian economy.
but now the scenario has been totally different after the entrance of online trading.
There is a cut throat competition between the broking houses. Now the brokers are
more concerned about their customers to improve their performance. The sector is
undergoing fundamental changes that have diluted its traditional role of protecting
small deposits against capital and income risk and facilitating the conversion of
Savings into investment.
Also there have been a drastic increase in the volume of share traded on stock
exchange and with that the online trading has shown Bull Run.
stock exchanges.
Industry Insight
Majority of the broking firms entered the business post 1990. A majority of
members have memberships in more than one stock exchange and across
equities, equity derivatives and commodities futures in domestic and
International stock exchange.
Deepening financial system and economic growth has provided growth and
expansion opportunities to broking firms. Access to public equity markets
and growing international investor’s interest has enabled them to raise
resources.
Although there are more than 9000 brokers registered with SEBI 80% of the
turnover in NSE and BSE is accounted by about 100 brokers.
One of the oldest trading industries that have been around even before the
establishment of BSE is the Indian Broking Industry. Post liberalization there have
been number of changes, despite this the stock broking industry was at its pace and
retained its sustainable growth.
To study the trend in the stock broking industry, if we take the database of over
394 broking firms. All the data for the study was collected through responses
received directly from the broking firms. The insights have been arrived at through
an analysis on various parameters, pertinent to the equity
broking industry, such as region, terminal, market,
Majority of branches are located in the North, i.e. around 40%. West has
31%, 24% are located in South and 5% in East
In terms of sub-brokers, around 55% are located in the South, 29% in
West, 11% in North and 4% in East
In terms of various areas of growth, 84% firms have expressed interest in
expanding their institutional clients, 66% firms intend to increase FII
clients and 43% are interested in setting up JV in India and abroad
In terms of IT penetration, 62% firms have provided their website and
around 94% firms have email facility
(Graph 2)
and merger are expected to keep the broking industry viable in the long run.
Demanding customers asks for 24/7/365 access to information and
transaction capability. Providing it with minimum overheads is very
challenging especially for newer firms who are yet to realize margin of
scale.
In the recent period, global and domestic private equity firms have taken stake in
brokerage firms such as Anand Rathi (Citigroup), Edelweiss (Lehman Brothers),
Geojit (BNP Paribas), SMC (Millennium India), Motilal Oswal (New Vernon),
Network Broking (Amas Bank of Hindujas) and India Infoline (Orient Global) etc.
There are 23 recognized stock exchanges in India, including the Over the Counter
Exchange of India (OTCEI) for small and new companies and the National Stock
Exchange (NSE) which was set up as a model exchange to provide nation-wide
services to investors.
BOMBAY STOCK EXCHANGE (BSE)
Bombay stock exchange is the oldest stock exchange of India For the premier
Stock Exchange that pioneered the stock broking activity in India, 128 years of
experience seems to be a proud milestone. A lot has changed since 1875 when 318
persons became members of what today is called "The Stock Exchange, Mumbai"
by paying a princely amount of Re1.
Since then, the country's capital markets have passed through
both good and bad periods. The journey in the 20th century
has not been an easy one. Till the decade of eighties, there was no scale to measure
the ups and downs in the Indian stock market. The Stock Exchange, Mumbai
(BSE) in 1986 came out with a stock index that subsequently became the
barometer of the Indian stock market.
SENSEX
SENSEX is not only scientifically designed but also based on globally accepted
construction and review methodology. First compiled in 1986, SENSEX is a basket
of 30 constituent stocks representing a sample of large, liquid and representative
companies. The base year of SENSEX is 1978-79 and the base value is 100. The
index is widely reported in both domestic and international markets through print
as well as electronic media.
When India’s National Stock Exchange (NSE) was started in 1994, few believed it
would survive. How could a stock exchange run by a team of untested
professionals headed by a former development banker succeed against existing
stock exchanges run by third generation, savvy stockbrokers?
Critics even went to the extent of warning that NSE’s sophisticated systems would
be a misfit in an Indian capital market dominated by physical deliveries, arbitrary
speculative trade, and lengthy trade settlements.
Today, with number of trades touching 2.5 million a day and turnover touching
turnover touching Rs 100 billion in value terms, NSE towers over all the other
stock exchanges in the country.
In a ten-year period (NSE completed a decade on June 30, 2004) the National
Stock Exchange has tilted the market system in favour of investors and away from
a significant bias in favour of intermediaries. For a mass of investors across the
country, the NSE is now the focal point for trading in
stocks, and futures and options.
The Stock Exchange, (NSE) came out with a stock index that subsequently became
another barometer of the Indian stock market known as NIFTY.
Nifty been the focal point of investors, as it provides trading the shares as well as
index in futures and options. Before Nifty came into existence trading of index
concept was not present it was introduced by Nifty and is present in it only, till
date.
National stock exchange gives the investors different option where an investor can
deal the equities into different market situations like cash market and derivatives.
Cash market is simply the equity market where investors have to pay the security
amount which is done in BSE also but in NSE investors has the choice of dealing
in derivatives. Derivatives are the future market where investors have the option of
dealing in the price list of futures for which there a separate index is present known
as NIFTY FUTURE.
In Derivatives there are two choices available for an investor FUTURES AND
OPTIONS
FUTURE – In future market shares are deal in lots these lots could be of different
numbers like 100, 200, 500 etc. Investors while taking over these lots and coming
under the contract takes the position of the shares by paying the 1/3rd amount of
the total holdings. (could be understood by a formula).
Holdings of investors = (shares lot * price of the lot) / 3.
This formula explains that as investor is interested in
taking 2 lots of reliance of 100 shares of Rs. 900 , the investor has to
pay:-
(2*100*900) / 3 = 60000/
Which shows the investor is taking the position of Rs. 180000/- in just Rs. 60000/-
in future market which the area of attraction of this particular market. These
holdings are taken for 1 month, 2 months and three months according to the
investor’s preference. The beauty of this contract is that the remaining 2/3rd money
of the holdings is paid by the broking house the investors dealing with. Investor
coming into this contract should know that by the time of contract he is in like of 1
or 2 months investor should clear its position before the last Thursday of the expiry
month.
OPTIONS – Option is a contract where the investor has two options to deal with
CALL and PUT. The concept of call and put is opposite to each other call is the
contract where the investors believe that the market is going to be BULLISH in
near future and put option is taken when he thinks that the market is going to be
BEARISH in the future.
In the call option investors is benefited if market drives up in future and in put will
be benefited if it slips down.
FII 1319
Custodians 15
Depositories 2
Bankers to an Issue 50
Underwriters 35
Mutual Funds 40
(Table 1)
Stock Trading
➢ Orders directly send to stock exchanges rather than stock broker. This
makes order execution very fast.
➢ It provide almost each and every information which is required to a
trader on a single screen including stock market charts, live data,
alerts, stock market news etc.
Disadvantages:
➢ Location constrains - You cannot trade if you are not on the computer
where you have installed trading terminal software.
➢ It requires high speed internet connection.
➢ These trading terminals are not easily available for low volume share
traders.
Web (Internet) based trading application
These kind of trading environment doesn't require any additional software
installation. They are like other internet websites which investor can access
from around the world through normal internet connection.Below are few
advantages and disadvantages of Online Stock Market Trading:-
Advantages of Online Stock Trading (Website based):
(Chart 1)
Diversified Integrated Financial Services Platform
RELIGARE
FINVEST LTD
RELIGARE RELIGARE
SECURITIE COMMODITIE
S LTD S LTD
RELIGARE
INSURANCE
RELIGARE RELIGARE
BROKING
FINANCE LTD LTD RELIGARE REALTY LTD
ENTERPRISE
S LIMITED
RELIGARE
WEALTH
MANAGEMEN
T SERVICES
RELIGARE RELIGARE
CAPITAL VENTURE
MARKET LTD CAPITAL LTD
Fig 1
CHAPTER FOUR
RELIGARE SECURITIES LTD
Company Overview
Religare Securities Ltd. (“RSL”) is the wholly owned subsidiary of
REL and a securities firm in India.
Major activities and offerings of the company include equity
broking both offline and online, depository participant services,
portfolio management services and institutional brokerage.
Member of the NSE, BSE, depository participant with NSDL and
CDSL, and SEBI approved portfolio manager.
Businesses under Religare Securities Ltd. include:
➢ Retail Equity Broking
➢ Priority Client Equity Services
➢ Online Investment Portal
➢ Institutional Equity Broking (To be shifted to RCML)
➢ Portfolio Management Services
➢ Depository Services
Empanelment with 81 institutions including 20 mutual funds, 10
insurance companies, 35 banks and 11 FIIs. Has strong
institutional research team covers over 185
companies in 16 sectors
Aggressive ramp up of equity trading client accounts with market
share increasing to 3.8% in June 2008 from 2.7% in FY07 and
online trading market share increased to 8.7% in June 2008 from
7.2% in October, 2007
BANKIN
G
Equity and Trading
Race and Rally are the two products offered by Religare Securities ltd
which come under equity and derivatives.
Race
Rall
y
While Rally deals with offline facilities, Race provides for complete
online package and facility. There is difference between both offline and
online modes of trading. The difference lies on account of its schemes,
platforms and facilities provided. Initially the clients used to go for
offline modes of trading, but now with increasing use of internet online
mode has become the preference.
Type of Account
R-ACE (Basic)
It's the basic online trading account provided by Religare. Investor can
trade and access their account information online and over the phone as
well. This account comes with a browser based online trading platform
and no additional software installation needed.
This account also provides Lifetime free DP account with no annual
maintenance charges.
R-ACE Lite (Advanced)
It's the advanced account option for the investor with Religare. This
trading account provides the entire feature of R-ACE (Basic) account. In
addition it also provides real-time streaming stock quotes and alerts.
This trading platform is also browser based and no software installation
is needed.
R-ACE Pro (Professional)
As the name indicates this account is for high volume traders. Along
with the features from above 2 accounts, this account also comes with a
Trading Terminal, software which needs to install on your computer.
This terminal directly connects the investor to stock market and having
all industry standard Treading terminal features including technical
charting (intra-day and EOD), multiple watch list, advanced hot-key
functions for faster trading, derivative chains, futures & options
calculator. As in basic and advance account, trading is available online
through internet and offline though phone.
Brokerage and Account opening fees:
Religare offers three kinds of accounts as above. Below are detail about
fees and activation charges for each account:
1. R-ACE
Account activation charges Rs.299/-.
2. R-ACE Lite
Account activation charges Rs.499/-..
3. R-ACE Pro
Account activation charges Rs.999/-.
4. All the account comes with free annual maintenance charge.
5. All account comes with free DP account.
6. Brokerage at Religare
On the basis of volume and frequency of trading, Religare provide
different options for brokerages. On the broader way they divided
into three categories:
○ Classic Account
Intraday brokerage varies from 0.3% to 0.5%.
Delivery brokerage varies from 0.30% to 0.50%..
○ Freedom Account
In this payment scheme, investor has to pay a fix amount in
advance for Annual Subscription (Rs 4000). This one time
payment enable account holder to trade for Rs. 3,00,000
intraday & derivative trading and Rs. 40,000 of delivery
based trading for zero brokerage.
○ Trump Account
Trump account has two payment options
1. Trump Plus has annual subscription fees of Rs 2,500,
Brokerage on Delivery Trades of 0.25% and Brokerage on
Intraday Trades & F&O Trades of 0.025%.
2. Trump Super has annual subscription fees of Rs. 15,000,
Brokerage on Delivery Trades of 0.15% and Brokerage on
Intraday Trades & F&O Trades of 0.015%.
Advantages of Religare
• Religare gives interest on unutilized cash when investor is waiting
to make next trade or online investment.
• Religare Allow their investor to trade without having to worry
about cash margin. Investor can get exposure (on cash segment) as
high as 20 times for intraday trades.
• They provide intraday reports and historical charting.
• Lifetime free DP account.
• Varity of fee structure to fulfill need of different type of investors.
Equity Broking and Online Trading
Equity client base of over 4.6 lacs, recorded an increase of more than
11% in last quarter
Total Equity brokerage of Rs. 749 mn for Q1 FY 09
Equity market share increased from 3.46% to 3.84% in last quarter
Online client base of over 78,500 clients, recorded an increase of
20% in last quarter
Online brokerage for the quarter accounted for Rs. 32 mn
(Graphs-5 & 6)
Increased Online Trading and Portfolio Management Client
(Graphs-7 & 6)
SWOT ANALYSIS
STRENGTHS WEEKNESS
➢ Strong corporate ➢ No satisfactory Brand
relationship with its awareness and no Brand
promoter RANBAXY recall value
➢ Collaborations with highly ➢ In case of intraday the
reputed international order is automatically
companies AEGON and squared off at 3.10 pm
MACQUERIE. ➢ Problem in linking
➢ Provides transparency to Religare demat account
clients with the five banks HDFC,
➢ Highly qualified research CITIBANK, AXIS, ICICI,
team INDUS Bank.
➢ Strong network throughout
India, strong presence in
WEST, NORTH and
SOUTH
OPPURTUNITIES THREATS
➢ Even the strong players in ➢ Competition from major
the market holds 6% of players like ICICI
market share, so there is a DIRECT, SHAREKHAN,
good potential for growth INDIA BULLS, KOTAK
➢ The growing interest of etc.
people in the stock market ➢ The downfall in the stock
➢ Indian stock market story market
going strong
CHAPTER FIVE
The Competetor
Advantages of ICICIDirect
1. 3-in-1 account integrates your banking, broking and demat
accounts. All accounts are from ICICI and very well integrated.
This feature makes ICICI the most interesting player in online
trading facility. There is absolutely no manual interfere require.
This is truly online trading environment.
2. Unlike most of the online trading companies in India which require
transferring money to the broker's pool or towards deposits, at
ICICIDirect you can manage your own demat and bank accounts
through ICICIdirect.com. Money from selling stock is available in
ICICI bank account as soon as the ICICIDirect receive it.
3. Investment online in IPOs, Mutual Funds, GOI Bonds, and Postal
Savings Schemes all from one website. General Insurance is also
available from ICICI Lombard.
4. Trading is available in both BSE and NSE.
Disadvantages of ICICIDirect
1. Getting access to ICICIDirect.com website during market session
can be frustrating.
2. ICICIDirect brokerage is high and not negotiable.
3. Not all stocks are available under Margin Plus.
INDIABULLS
Indiabulls is India's leading Financial Services and Real Estate Company
having presence over 414 locations in more than 124 cities. Indiabulls
Financial Services Ltd is listed on the National Stock Exchange,
Bombay Stock Exchange, Luxembourg Stock Exchange and London
Stock Exchange.
Type of Account
Power Indiabulls
Power Indiabulls trading terminal is the most advanced new generation
trading platform with great speed. This trading terminal is built in
JAVA.
Power Indiabulls is extremely reach in features including Live
Streaming Quotes, Fast Order Entry and execution, Tic by Tic Live
Charts, Technical Analysis, Live News and Alerts, Extensive Reports
for Real-time Accounting.
SHAREKHAN
Type of Account
Allow investor to buy and sell stocks online along with the following
features like multiple watch lists, Integrated Banking, demat and digital
contracts, Real-time portfolio tracking with price alerts and Instant credit
& transfer.
a. Online trading account for investing in Equities and Derivatives
b. Free trading through Phone (Dial-n-Trade)
I. Two dedicated numbers for placing your orders with your
cell phone or landline.
II. Automatic funds transfer with phone banking (for Citibank
and HDFC bank customers)
III.Simple and Secure Interactive Voice Response based system
for authentication
IV.get the trusted, professional advice of our telebrokers
V. After hours order placement facility between 8.00 am and
9.30 am
c. Integration of: Online trading + Bank + Demat account
d. Instant cash transfer facility against purchase & sale of shares
e. IPO investments
f. Instant order and trade confirmations by e-mail
g. Single screen interface for cash and derivatives
Disadvantages of ShareKhan
A. They charge minimum brokerage of 10 paisa per stock would not
let you trade stocks below 20 rs. (If you trade, you will loose
majority of your money in brokerage).
B. Lots of hidden rules and charges.
C. They do not provide facility to book limit order trades during after-
hours.
D. Classic account holders cannot trade commodities.\
E. Cannot purchase mutual funds online.
CHAPTER SIX
RESEARCH METHODOLOGY
SAMPLING DESIGN
A sample design is a definite plan for obtaining a sample from a given population.
It refers to the techniques or procedures the researcher would adopt in selecting
items for the sample.
CONVENIENCE SAMPLING
The researcher adopted convenience sampling. It is the non probability sampling is
that sampling procedures does not any basis for estimating the probability that each
item in the population has of included in the sample. The researcher selects the
people according to their convenient.
SAMPLE SIZE
A sample of 50 people was taken for the survey. The required data collected
through questionnaire.
SAMPLE DESIGN
Sample Size 50
20-30 years
30-40 years
Target Population
40-50 years
above 50 years
Noida, Greater Noida, Laxmi
Location
nagar,Nehru Place.
Limitations:
• Time limitation
• Research has been done only in Delhi.
• Companies did not disclose their secrets data and strategies.
• Possibility of Error in data collection.
• Possibility of Error in analysis of data due to small sample size.
CHAPTER SEVEN
ANALYSIS AND INTERPRETATION
others, 3 0-10% , 8
30-40% , 9
0-10%
10-20%
20-30%
30-40%
ANALYSIS:
Among the 50 questionnaires filled, it was clear that among them maximum people
invest in the category of 10-20%. Thus Religare has the opportunity to capture this
segment. But people are not aware of the services so here Religare has to work in
this area.
2. You invest in which of the following financial
instruments?
(a) Securities
(b) Mutual fund
(c) Commodities
(d) Insurance
(e) Other Instruments
ANALYSIS:
The above observation speaks about the financial instruments in which the people
invest; most of the people invest in the securities through share market and then
invest in the insurance. Thus more focus should be made on securities so that
company has the maximum investment. This would ultimately increase the profits.
(a) YES
(b) NO
no
42%
yes
no
yes
58%
ANALYSIS:
It can be seen that among the whole population around 58% people either invest in
stock market or they are actually interested, but don’t have a good knowledge
about it. So these people can actually become Religare’s target market but religare
has to provide them the better services and brokerage plans and also, providing
them the initial platform of online trading.
(a) YES
(b) NO
no, 18
yes
no
yes, 32
ANALYSIS:
Among 50 respondents 32 actually have a demat account and are aware of the
dealings in stock trading. The rest 18 are still in the other category. So strategies
should be made to convert these people in to our potential customers.
online
offline
offline, 21
ANALYSIS:
Among 50 respondents 32 had a demat account. Of these 32, 21 have their demat
account offline and rest 11 have their demat accounts online. As online broking is
still at a premature stage in India. Thus more and more awareness should be made
about the online broking services.
ANALYSIS:
Among these 32 people most of them have their demat account with ShareKhan
and Indiabulls. Thus these two are Religare’s biggest competitors. Also
ICICIDirect gives a good competition to Religare. These brands have a good brand
recall as compared to Religare.
ANALYSIS:
The above observation speaks about the; most of the people do trading every day.
Thus more focus should be made on the traders which are every day traders. The
company should also focus on the others also because they are the traders for the
long term investment and also, provide heavy brokerage to the company.
9. Do you pay AMC (Annual Maintenance Charge)?
(a) Yes
(b) No
ANALYSIS:
A good percentage of people give the annual maintenance charge to the company.
Religare can have the advantage of attracting their customers as they don’t charge
the AMC on its brokerage plans and which will work to generate sales.
10. How much Brokerage do you pay on Intraday?
(a) (0.01 – 0.02) % (b) (0.02 – 0.03) %
(c) (0.03 – 0.04) % (d) (0.04 – 0.05) %
(e) 0.05 % or more
ANALYSIS:
It can be seen that the companies are charging brokerage according to their own
means. So, the companies are creating biasness between the customers. Even if the
customers portfolio is the same then also the brokerage may vary from the person
to person. So, religare has the best feature of providing less brokerage and
according to the customers wants.
ANALYSIS:
Here also you can see that the long term investors have to give brokerage
according to what the company wants. So, here also the biasness is created in the
mind of the customers. So, Religare got a great opportunity to attract the customers
by giving the brokerage plans according to what the customer want.
ANALYSIS:
It can be seen from the observations that there are customers who are not satisfied
by the services given by the brokerage companies can be converted by providing
better services to them. Sometimes even if the customers have the same or more
investment then also, he is getting fewer services than the other one. So, Religare
can convert them by providing better services to them.
CHAPTER EIGHT
RECOMMENDATIONS
On the basis of these findings and analysis, It has can be surely said that in stock
broking industry, differentiation can become the key to higher revenues. Better
service, straight through processing(STP), immediate execution, portfolio services,
investment advisors and telephone call centers or branch investment offices are
needed to retain customers and to increase the revenue base. As more number of
people will get comfortable with internet/technology, broking (especially online
broking) will have a completely new meaning with more fringes coming into the
picture and more firms will offer umbrella services to their clients. Thus more of
strategies should be undertaken
➢ Providing better plans and schemes than our competitors like
Sharekhan, Indiabulls, and ICICI direct are providing in terms of
brokerage and subscription.
➢ Formulation of more corporate schemes for employees of
organizations falling under Religare’s corporate category.
➢ Drafting a website which is both professional and user friendly
➢ Associating Religare with Ranbaxy to make it a power brand.
➢ Taking Religare from the brand recognition stage to brand insistence
stage.
➢ Religare should make its brokerage structure more flexible to give a
good competition to the investors
➢ Some more collaboration with international firms and increasing its
outlets not only in India but also outside the world
➢ Also, to attract the NRIs so, that to increase its share in the stock
exchanges as they provide the largest share in terms of the investment.
CHAPTER NINE
Annexure
QUESTIONNAIRE
NAME:
GENDER: AGE:
OCCUPATION: ANNUAL INCOME:
1. How much income are you able to save or invest?
CHAPTER TEN
REFERENCES
http://www.religareonline.com
http://religaresecurities.com/trade.asp
http://www.hinduonnet.com/businessline/iw/2000/09/03/stories/0703g051.htm
http://www.traderji.com/
http://www.ShareKhan.com
http://www.indiabulls.com
http://www.icicidirect.com
http://www.chittorgarh.com/newportal/online-stock-brokers-list.asp
www.financialtimes.net
http://www.religare.in/
http://www.milestonereligare.com/
Newspaper
• The Economic Times