empirical study of indian stock market.doc

8/9/2019 EMPIRICAL STUDY OF INDIAN STOCK MARKET.doc

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A

Research Project Report

On

“STOCK MOVES IN A RANDOM PATTERN IN A

EMPIRICAL STUDY”

Submitted to the MBA Department in Partial fulllment of the Requirement for the degree of

Master’s of Business Administration

Session – 20!"20#

SUBMITTED TO: SUBMITTED By :

U.P.T.U , Lucknow Sachn K!"ar Shar"a

M#$#A# IV Se"

Ro%% No# &'()*+((*'

Meer!t Instt!te o, En-neern- .Techno%o-/

N0# 1* $a-hpat $/pass2 Roa3 Meer!t U#P#


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DECLARATION

I SACHIN KUMAR SHARAMA student of MBA IVth Semester of MIET, Dr# San3eep

Kapoor here! de"#$re th$t the %ro&e"t re%ort on “STOCK MOVES IN A RANDOM

PATTERN IN A EMPIRICAL STUDY”2 's $n or'('n$# $nd $uthent'"$ted )or* done ! me+ I

further de"#$re th$t 't h$s not een sum'tted e#se )here ! $n! other %erson 'n $n! of the

un'ers't! for the $)$rd of $n! de(ree of d'%#om$+

DATE Sachn K!"ar Shar"a

M#$#A# IV Se"

Ro%% No# &'()*+((*'

4ac!%t/ 5!3e

Dr# San3eep Kapoor


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E8ECUTIVE SUMMARY

Th's %ro&e"t 's $## $out the sto"* m$r*et $nd the'r fe$tures+ It %resents the sto"* m$r*et 'nd'"es,

tr$d'n( te"hno#o(! $nd term of tr$de 'n sto"* m$r*et+

In th's rese$r"h %ro&e"t sho)'n( the $r'ous 'nd'"es $nd sto"* e-"h$n(e )or* 'n sto"* m$r*et+

The %ro&e"t 's e'n( done $out the )ho#e %ro"edure essent'$# to o%en $n on#'ne tr$d'n( $""ount

"ou%#e )'th dem$t $""ount+

The %ro&e"t )'## he#% 'n e-%#or'n( the $re$ )here there 's the fe$s''#'t! of $"1u'r'n( more ne)

'nestors+

It )ou#d $#so he#% 'n *no)'n( the $r'ous %er"e%t'on of "#'ent th$t ho) mu"h the! s$t'sf'ed )'th

the ser'"es of sh$re*h$n $nd the'r ro*er$(e+

The Ind'$n s"en$r'o h$s een e$#u$ted "ons'der'n( the f$"ts #'*e, %#$!ers 'n the m$r*et,

$d$nt$(es, dr$)$"*s, "onne"t''t! h$3$rds+ St'##, 'n due "ourse of t'me, Ind'$n on#'ne sh$re

tr$d'n( )'## e $#e to f'nd 't4s ho#d5 there 's no dout $out th$t+

Bes'de th's )e $## (ot the "h$n"e to tr$% the der'$t'e m$r*et 'n Ind'$n sh$re m$r*et, throu(h

)h'"h )e (ot to *no) ho) the m$r('ns $re oo*ed 'n re$# terms 'n the sh$re m$r*et+

6e $#so (ot the "h$n"e to (et f$m'#'$r )'th+ ho) the d7% $""ount of $ "ustomer4s m$'nt$'ned !

"om%$n! 'n )h'"h )e (ot the *no)#ed(e of "$#"u#$t'on of ro*er$(es, m$'nten$n"e "h$r(es of

th$t d7% $""ount $s )e## $s the )or*'n( of NSDL,CDSL,NSCCL et"

The re%ort 's d''ded 'nto $r'ous se"t'ons88++


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Co"pan/ Pro,%e9

Th's %$rt des"r'es the "om%$n! %rof'#e+ Th's %$rt re"o(n'3es the $"h'eements $nd

re)$rds the "om%$n! h$s $"h'eed, 't $#so ('es #'tt#e 'ns'(hts 'nto )h$t "om%$n!

offers to the Cor%or$te $nd the Consumers+ Th's se"t'on $#so des"r'es the *'nd of

te"hno#o(! used+

:# A;o!t On%ne tra3n- acco!nt

S'n"e the %ro&e"t #e$ds to o%en'n( of on#'ne tr$d'n( $""ount, th's se"t'on ('es the

det$'#s of )h$t $## ser'"es Sh$re*h$n offers to the "onsumer+ Th's se"t'on ('es the

det$'# of ho) d'fferent ser'"es %ro'ded ! the others on#'ne tr$d'n( $""ount $nd

ho) 's Sh$re*h$n su%er'or from them+


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'# Proce3!res an3 re


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CONTENTS

Chapter &=Intro3!cton o, stoc6 "ar6et 9

Sto"* $s'"s :;D'fferent t!%es of sto"* :<Sto"* e-"h$n(e :9

Bom$! sto"* e-"h$n(e 2=

N$t'on$# sto"* e-"h$n(e >?

Ind'"es ?<

.r'm$r! m$r*et ?9

Se"ond$r! m$r*et Research Metho3o%o-/


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Chapter '=Data Ana%/ss . 4INDIN5S =?

Chapter ?=conc%!sons <

LIMITATION =

Re"ommend$t'ons

Appen3@ 9

uest'onn$'re 9;

$;%o-raph/ 9>


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Ch$%ter:

INTRODUCTION


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INTRODUCTION

STOCK $ASICS

Sto"*s $re $ %$rt, 'f not the "ornerstone, of ne$r#! $n! 'nestment %ortfo#'o+ 6hen !ou st$rt on

!our ro$d to f'n$n"'$# freedom, !ou need to h$e $ so#'d underst$nd'n( of sto"*s $nd ho) the!

tr$de on the sto"* m$r*et+

Oer the #$st fe) de"$des, the $er$(e %ersons 'nterest 'n the sto"* m$r*et h$s (ro)n

e-%onent'$##!+ 6h$t )$s on"e $ to! of the r'"h h$s no) turned 'nto the eh'"#e of "ho'"e for

(ro)'n( )e$#th+ Th's dem$nd "ou%#ed )'th $d$n"es 'n tr$d'n( te"hno#o(! h$s o%ened u% the

m$r*ets so th$t no)$d$!s ne$r#! $n!od! "$n o)n sto"*s+

The *e! to %rote"t'n( !ourse#f 'n the sto"* m$r*et 's to underst$nd )here !ou $re %utt'n( !our

mone!+ It 's for th's re$son th$t )ee "re$ted th's tutor'$# to %ro'de the found$t'on !ou need to

m$*e 'nestment de"'s'ons !ourse#f+ 6e## st$rt ! e-%#$'n'n( )h$t $ sto"* 's $nd the d'fferent

t!%es of sto"*, $nd then )e## t$#* $out ho) the! $re tr$ded, )h$t "$uses %r'"es to "h$n(e, ho)

!ou u! sto"*s, $nd mu"h more+

hat are stoc6sB


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s.#$'n $nd s'm%#e, sto"* 's $ sh$re 'n the o)nersh'% of $ "om%$n!+ Sto"* re%resents $ "#$'m on

the "om%$n!s $ssets $nd e$rn'n(s+ As !ou $"1u're more sto"*, !our o)nersh'% st$*e 'n the

"om%$n! e"omes (re$ter+ 6hether !ou s$! sh$res, e1u't!, or sto"*, 't $## me$ns the s$me th'n(s+

$en- an O7ner9=

Ho#d'n( $ "om%$n!s sto"* me$ns th$t !ou $re one of the m$n! o)ners / sh$reho#ders0 of $

"om%$n!, $nd, $s su"h, !ou h$e $ "#$'m to eer!th'n( the "om%$n! o)ns+ es, th's me$ns th$t

te"hn'"$##! !ou o)n $ t'n! s#'er of eer! %'e"e of furn'ture, eer! tr$dem$r*, $nd eer! "ontr$"t

of the "om%$n!+ As $n o)ner, !ou $re ent't#ed to !our sh$re of the "om%$n!s e$rn'n(s $s )e## $s

$n! ot'n( r'(hts $tt$"hed to the sto"*+

A sto"* 's re%resented ! $ sto"* "ert'f'"$te+ Th's 's $ f$n"! %'e"e of %$%er th$t 's %roof of !our

o)nersh'%+ In tod$!s "om%uter $(e, !ou )ont $"tu$##! (et to see th's do"ument e"$use !our

ro*er$(e *ee%s these re"ords e#e"tron'"$##!, )h'"h 's $#so *no)n $s ho#d'n( sh$res F'n street

n$me+F Th's 's done to m$*e the sh$res e$s'er to tr$de+ In the %$st )hen $ %erson )$nted to se##

h's or her sh$res, th$t %erson %h!s'"$##! too* the "ert'f'"$tes do)n to the ro*er$(e+ No), tr$d'n(

)'th $ "#'"* of the mouse or $ %hone "$## m$*es #'fe e$s'er for eer!od!+

It 'snt too '( $ de$# th$t the sh$reho#ders $re not the ones m$n$('n( the "om%$n!+ After $##, the

'de$ 's th$t !ou dont )$nt to h$e to )or* to m$*e mone!, r'(htG The 'm%ort$n"e of e'n( $

sh$reho#der 's th$t !ou $re ent't#ed to $ %ort'on of the "om%$n!4s %rof'ts $nd h$e $ "#$'m

on $ssets+ .rof'ts $re somet'mes %$'d out 'n the form of d''dends+ The more sh$res !ou o)n, the

http://www.investopedia.com/terms/s/shareholder.asphttp://www.investopedia.com/terms/s/streetname.asphttp://www.investopedia.com/terms/s/streetname.asphttp://www.investopedia.com/terms/d/dividend.asphttp://www.investopedia.com/terms/d/dividend.asphttp://www.investopedia.com/terms/s/shareholder.asphttp://www.investopedia.com/terms/s/streetname.asphttp://www.investopedia.com/terms/s/streetname.asphttp://www.investopedia.com/terms/d/dividend.asp


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#$r(er the %ort'on of the %rof'ts !ou (et+ The 'm%ort$n"e of sto"* o)nersh'% 's !our "#$'m on

$ssets $nd e$rn'n(s+ 6'thout th's, the sto"* )ou#dnt e )orth the %$%er 'ts %r'nted on+

De;t s# E

6h! does $ "om%$n! 'ssue sto"*G 6h! )ou#d the founders sh$re the %rof'ts )'th thous$nds of

%eo%#e )hen the! "ou#d *ee% %rof'ts to themse#esG The re$son 's th$t $t some %o'nt eer!

"om%$n! needs to r$'se mone!+ To do th's, "om%$n'es "$n e'ther orro) 't from someod! or

r$'se 't ! se##'n( %$rt of the "om%$n!, )h'"h 's *no)n $s 'ssu'n( sto"*+ A "om%$n! "$n orro)

! t$*'n( $ #o$n from $ $n* or ! 'ssu'n( onds+

Both methods f't under the umre##$ of Fdet f'n$n"'n(+F On the other h$nd, 'ssu'n( sto"* 's

"$##ed Fe1u't! f'n$n"'n(+F Issu'n( sto"* 's $d$nt$(eous for the "om%$n! e"$use 't does not

re1u're the "om%$n! to %$! $"* the mone! or m$*e 'nterest %$!ments $#on( the )$!+ A## th$t

the sh$reho#ders (et 'n return for the'r mone! 's the ho%e th$t the sh$res )'## somed$! e )orth

more+ The f'rst s$#e of $ sto"*, )h'"h 's 'ssued ! the %r'$te "om%$n! 'tse#f, 's "$##ed the 'n't'$#

%u#'" offer'n( /I.O0+

It 's 'm%ort$nt th$t !ou underst$nd the d'st'n"t'on et)een $ "om%$n! f'n$n"'n( throu(h det $nd

f'n$n"'n( throu(h e1u't!+ 6hen !ou u! $ det 'nestment su"h $s $ ond, !ou $re (u$r$nteed

the return of !our mone! /the %r'n"'%$#0 $#on( )'th %rom'sed 'nterest %$!ments+ Th's 'snt the

"$se )'th $n e1u't! 'nestment+ B! e"om'n( $n o)ner, !ou $ssume the r's* of the "om%$n! not

e'n( su""essfu#+ ust $s $ sm$## us'ness o)ner 'snt (u$r$nteed $ return, ne'ther 's $

sh$reho#der+ As $n o)ner !our "#$'m on $ssets 's #esser th$n th$t of "red'tors+ Th's me$ns th$t 'f $


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D,,erent T/pes o, Stoc69 =

There $re t)o m$'n t!%es of sto"*s

Co""on stoc6 $nd

Pre,erre3 stoc6#

Co""on Stoc6

Common sto"* 's, )e##, "ommon5 the m$&or't! of sto"* 'ssued 's 'n th's form+ Common sh$res

re%resent o)nersh'% 'n $ "om%$n! $nd $ "#$'m /d''dends0 on $ %ort'on of %rof'ts+ Inestors (et

one ote %er sh$re to e#e"t the o$rd memers, )ho oersee the m$&or de"'s'ons m$de !

m$n$(ement+

Oer the #on( term, "ommon sto"*, ! me$ns of "$%'t$# (ro)th, !'e#ds h'(her returns th$n $#most

eer! other 'nestment+ Th's h'(her return "omes $t $ "ost s'n"e "ommon sto"*s ent$'# the most

r's*+ If $ "om%$n! (oes $n*ru%t $nd #'1u'd$tes, the "ommon sh$reho#ders )'## not re"e'e

mone! unt'# the "red'tors, ondho#ders, $nd %referred sh$reho#ders $re %$'d+

http://www.investopedia.com/terms/c/commonstock.asphttp://www.investopedia.com/terms/p/preferredstock.asphttp://www.investopedia.com/terms/c/commonstock.asphttp://www.investopedia.com/terms/p/preferredstock.asp


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Pre,erre3 Stoc6

.referred sto"* re%resents some de(ree of o)nersh'% 'n $ "om%$n! ut usu$##! doesnt "ome )'th

the s$me ot'n( r'(hts+ /Th's m$! $r! de%end'n( on the "om%$n!+0 6'th %referred sh$res

'nestors $re usu$##! (u$r$nteed $ f'-ed d''dend foreer+ Th's 's d'fferent th$n "ommon sto"*,

)h'"h h$s $r'$#e d''dends th$t $re neer (u$r$nteed+ Another $d$nt$(e 's th$t 'n the eent of

#'1u'd$t'on %referred sh$reho#ders $re %$'d off efore the "ommon sh$reho#der /ut st'## $fter det

ho#ders0+ .referred sto"* m$! $#so e "$##$#e, me$n'n( th$t the "om%$n! h$s the o%t'on to

%ur"h$se the sh$res from sh$reho#ders $t $n!t'me for $n! re$son /usu$##! for $ %rem'um0+

Ca!ses Prces to Chan-e9 -

Sto"* %r'"es "h$n(e eer! d$! ! m$r*et for"es+ B! th's )e me$n th$t sh$re %r'"es "h$n(e

e"$use of su%%#! $nd dem$nd+ If more %eo%#e )$nt to u! $ sto"* /dem$nd0 th$n se## 't

/su%%#!0, then the %r'"e moes u%+ Conerse#!, 'f more %eo%#e )$nted to se## $ sto"* th$n u! 't,

there )ou#d e (re$ter su%%#! th$n dem$nd, $nd the %r'"e )ou#d f$##+ Underst$nd'n( su%%#! $nd

dem$nd 's e$s!+ 6h$t 's d'ff'"u#t to "om%rehend 's )h$t m$*es %eo%#e #'*e $ %$rt'"u#$r sto"* $nd

d's#'*e $nother sto"*+ Th's "omes do)n to f'(ur'n( out )h$t ne)s 's %os't'e for $ "om%$n! $nd

)h$t ne)s 's ne($t'e+ There $re m$n! $ns)ers to th's %ro#em $nd &ust $out $n! 'nestor !ou

$s* h$s the'r o)n 'de$s $nd str$te('es+ Th$t e'n( s$'d, the %r'n"'%$# theor! 's th$t the %r'"e

moement of $ sto"* 'nd'"$tes )h$t 'nestors fee# $ "om%$n! 's )orth+ Dont e1u$te $ "om%$n!s

$#ue )'th the sto"* %r'"e+ The $#ue of $ "om%$n! 's 'ts m$r*et "$%'t$#'3$t'on, )h'"h 's the sto"*

%r'"e mu#t'%#'ed ! the numer of sh$res outst$nd'n(+

http://www.investopedia.com/terms/s/supply.asphttp://www.investopedia.com/terms/d/demand.asphttp://www.investopedia.com/terms/m/marketcapitalization.asphttp://www.investopedia.com/terms/o/outstandingshares.asphttp://www.investopedia.com/terms/s/supply.asphttp://www.investopedia.com/terms/d/demand.asphttp://www.investopedia.com/terms/m/marketcapitalization.asphttp://www.investopedia.com/terms/o/outstandingshares.asp


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The most 'm%ort$nt f$"tor th$t $ffe"ts the $#ue of $ "om%$n! 's 'ts e$rn'n(s+ E$rn'n(s $re the

%rof't $ "om%$n! m$*es, $nd 'n the #on( run no "om%$n! "$n sur'e )'thout them+ + .u#'"

"om%$n'es $re re1u'red to re%ort the'r e$rn'n(s four t'mes $ !e$r /on"e e$"h 1u$rter 0+ If $

"om%$n!s resu#ts sur%r'se /$re etter th$n e-%e"ted0, the %r'"e &um%s u%+ If $ "om%$n!s resu#ts

d's$%%o'nt /$re )orse th$n e-%e"ted0, then the %r'"e )'## f$##+

So, )h! do sto"* %r'"es "h$n(eG The est $ns)er 's th$t nood! re$##! *no)s for sure+ Some

e#'ee th$t 't 'snt %oss'#e to %red'"t ho) sto"*s )'## "h$n(e 'n %r'"e )h'#e others th'n* th$t !

dr$)'n( "h$rts $nd #oo*'n( $t %$st %r'"e moements, !ou "$n determ'ne )hen to u! $nd se##+

The on#! th'n( )e do *no) $s $ "ert$'nt! 's th$t sto"*s $re o#$t'#e $nd "$n "h$n(e 'n %r'"e

e-treme#! r$%'d#!+

The 'm%ort$nt th'n(s to (r$s% $out th's su&e"t $re the fo##o)'n(

:+At the most fund$ment$# #ee#, su%%#! $nd dem$nd 'n the m$r*et determ'ne sto"* %r'"e+

:# .r'"e t'mes the numer of sh$res outst$nd'n( /m$r*et "$%'t$#'3$t'on0 's the $#ue of $

"om%$n!+ Com%$r'n( &ust the sh$re %r'"e of t)o "om%$n'es 's me$n'n(#ess+

'# Theoret'"$##! e$rn'n(s $re )h$t $ffe"t 'nestors $#u$t'on of $ "om%$n!, ut there $re other

'nd'"$tors th$t 'nestors use to %red'"t sto"* %r'"e+ Rememer, 't 's 'nestors sent'ments,

$tt'tudes, $nd e-%e"t$t'ons th$t u#t'm$te#! $ffe"t sto"* %r'"es+

?# There $re m$n! theor'es th$t tr! to e-%#$'n the )$! sto"* %r'"es moe the )$! the! do+

Unfortun$te#!, there 's no one theor! th$t "$n e-%#$'n eer!th'n(+

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OVERVIE O4 INDIAN SECURITIESMARKET

STOCK E8C0AN5E

A stoc6 e@chan-e 's $ "or%or$t'on or mutu$# or($n'3$t'on )h'"h %ro'des the f$"'#'t'es for sto"*

ro*ers to tr$de "om%$n! sto"*s $nd other f'n$n"'$# 'nstruments 'n the se"ond$r! m$r*et+ Sto"*

e-"h$n(es $#so %ro'de f$"'#'t'es for the 'ssue $nd redem%t'on of se"ur't'es, $s )e## $s other

f'n$n"'$# 'nstruments $nd "$%'t$# eents 'n"#ud'n( the %$!ment of 'n"ome $nd d''dends+

http://en.wikipedia.org/wiki/Corporationhttp://en.wikipedia.org/wiki/Mutual_organizationhttp://en.wikipedia.org/wiki/Stock_brokershttp://en.wikipedia.org/wiki/Stock_brokershttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/w/index.php?title=Capital_event&action=edithttp://en.wikipedia.org/wiki/Corporationhttp://en.wikipedia.org/wiki/Mutual_organizationhttp://en.wikipedia.org/wiki/Stock_brokershttp://en.wikipedia.org/wiki/Stock_brokershttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/w/index.php?title=Capital_event&action=edit


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The se"ur't'es usu$##! tr$ded on $ sto"* e-"h$n(e 'n"#ude the sh$res 'ssued ! "om%$n'es, un't

trusts $nd other %oo#ed 'nestment %rodu"ts $s )e## $s "or%or$te onds $nd (oernment onds+

Usu$##! there 's $ "entr$# #o"$t'on $t #e$st for re"ord*ee%'n(, ut tr$de 's #ess $nd #ess #'n*ed to

su"h $ %h!s'"$# %#$"e, $s modern m$r*ets $re e#e"tron'" net)or*s, )h'"h ('es them $d$nt$(es

of s%eed $nd "ost of tr$ns$"t'ons+

Tr$de on $n e-"h$n(e 's ! memers on#!5 $ sto"* ro*er 's s$'d to Fh$e $ se$tF on the

e-"h$n(e+

A sto"* e-"h$n(e 's often the most 'm%ort$nt "om%onent of $ sto"* m$r*et+ There 's usu$##! no

"om%u#s'on to 'ssue sto"* '$ the sto"* e-"h$n(e 'tse#f, nor must sto"* e suse1uent#! tr$ded on

the e-"h$n(e+ Su"h tr$d'n( 's s$'d to e Foff e-"h$n(eF+

The 'n't'$# offer'n( of sto"* to 'nestors 's ! def'n't'on the %r'm$r! m$r*et $nd suse1uent

tr$d'n( 's the se"ond$r! m$r*et+

In"re$s'n(#! $## sto"* e-"h$n(es $re %$rt of the (#o$# se"ur't'es m$r*et+

Su%%#! $nd dem$nd 'n sto"* m$r*ets 's dr'en ! $r'ous f$"tors )h'"h, $s 'n $## free m$r*ets,

$ffe"t the %r'"e of sto"*s /see sto"* $#u$t'on0+

In fr$n" %hon'" Euro%e$n "ountr'es sto"* e-"h$n(es $re "$##ed bourses+

http://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Corporate_bondhttp://en.wikipedia.org/wiki/Government_bondhttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Global_markethttp://en.wikipedia.org/wiki/Securities_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Corporate_bondhttp://en.wikipedia.org/wiki/Government_bondhttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Global_markethttp://en.wikipedia.org/wiki/Securities_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_valuation


19/852

0stor/ o, the Stoc6 E@chan-e

In :2th Centur! r$n"e the "ourr$t'er de "h$n(e )$s "on"erned )'th m$n$('n( $nd re(u#$t'n(

the dets of $(r'"u#tur$# "ommun't'es on eh$#f of the $n*s+ Be"$use these men $#so tr$ded )'th

dets, the! "ou#d e "$##ed the f'rst ro*ers+

In the #$te :>th Centur! Bru(es "ommod't! tr$ders ($thered 'ns'de the house of $ m$n "$##ed V$n

der Bourse, $nd 'n :>;9 the! 'nst'tut'on$#'3ed th's unt'# no) 'nform$# meet'n( $nd e"$me the

FBru(es BourseF+ The Ide$ 1u'"*#! s%re$d $round #$nders $nd ne'(hor'n( "ount'es $nd

FBoursesF soon o%ened 'n Jhent $nd Amsterd$m+

In the m'dd#e of the :>th Centur! Ven'"e B$n*ers e($n to tr$de )'th (oernment se"ur't'es+ In

:>


20/852

Lstn- re

"om%onents+ It 's used $s $ too# to re%resent the "h$r$"ter'st'"s of 'ts "om%onent sto"*s, $## of

)h'"h e$r some "ommon$#'t! su"h $s tr$d'n( on the s$me sto"* m$r*et e-"h$n(e, e#on('n( to

the s$me 'ndustr!, or h$'n( s'm'#$r m$r*et "$%'t$#'3$t'ons+ M$n! 'nd'"es "om%'#ed ! ne)s or

f'n$n"'$# ser'"es f'rms $re used to en"hm$r* the %erform$n"e of %ortfo#'os su"h $s mutu$#

funds+

T/pes o, n3ces

Sto"* m$r*et 'nd'"es m$! e "#$ssed 'n m$n! )$!s+ A ro$d$se 'nde- re%resents the

%erform$n"e of $ )ho#e sto"* m$r*et $nd ! %ro-!, ref#e"ts 'nestor sent'ment on the st$te of

the e"onom!+ The most re(u#$r#! 1uoted m$r*et 'nd'"es $re ro$d$se 'nd'"es 'n"#ud'n( the

http://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Mutual_fund


21/852

#$r(est #'sted "om%$n'es on $ n$t'ons #$r(est sto"* e-"h$n(e, su"h $s the Amer'"$n Do) ones

Industr'$# Aer$(e $nd S. @ Amer'"$n f'rms 'n the 'ote"hno#o(!

'ndustr!+ Other 'nd'"es m$! tr$"* "om%$n'es of $ "ert$'n s'3e, $ "ert$'n t!%e of m$n$(ement, or

een more s%e"'$#'3ed "r'ter'$ one 'nde- %u#'shed ! L'nu- 6ee*#! Ne)s tr$"*s sto"*s of

"om%$n'es th$t se## %rodu"ts $nd ser'"es $sed L ###on the L'nu- o%er$t'n( en'ronment+

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/S&P_500http://en.wikipedia.org/wiki/FTSE_100_Indexhttp://en.wikipedia.org/wiki/Nikkei_225http://en.wikipedia.org/wiki/Wilshire_5000http://en.wikipedia.org/wiki/Wilshire_5000http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/American_Stock_Exchangehttp://en.wikipedia.org/w/index.php?title=EAFE_Index&action=edithttp://en.wikipedia.org/w/index.php?title=EAFE_Index&action=edithttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Biotechnologyhttp://en.wikipedia.org/wiki/Linux_Weekly_Newshttp://en.wikipedia.org/wiki/Linuxhttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/S&P_500http://en.wikipedia.org/wiki/FTSE_100_Indexhttp://en.wikipedia.org/wiki/Nikkei_225http://en.wikipedia.org/wiki/Wilshire_5000http://en.wikipedia.org/wiki/Wilshire_5000http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/American_Stock_Exchangehttp://en.wikipedia.org/w/index.php?title=EAFE_Index&action=edithttp://en.wikipedia.org/w/index.php?title=EAFE_Index&action=edithttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Biotechnologyhttp://en.wikipedia.org/wiki/Linux_Weekly_Newshttp://en.wikipedia.org/wiki/Linux


22/852

e-htn-

An 'nde- m$! $#so e "#$ss'f'ed $""ord'n( to the method used to determ'ne 'ts %r'"e+ In $ %r'"e

)e'(hted 'nde- su"h $s the Do) ones Industr'$# Aer$(e, the %r'"e of e$"h "om%onent sto"* 's

the on#! "ons'der$t'on )hen determ'n'n( the $#ue of the 'nde-+ Thus, %r'"e moement of een $

s'n(#e se"ur't! )'## he$'#! 'nf#uen"e the $#ue of the 'nde- een thou(h the do##$r sh'ft 's #ess

s'(n'f'"$nt 'n $ re#$t'e#! h'(h#! $#ued 'ssue, $nd moreoer '(nor'n( the re#$t'e s'3e of the

"om%$n! $s $ )ho#e+ In "ontr$st, $ m$r*et$#ue )e'(hted or "$%'t$#'3$t'on)e'(hted 'nde- su"h

$s the H$n( S$n( Inde- f$"tors 'n the s'3e of the "om%$n!+ Thus, $ re#$t'e#! sm$## sh'ft 'n the

%r'"e of $ #$r(e "om%$n! )'## he$'#!

Inf#uen"e the $#ue of the 'nde-+ In $ m$r*etsh$re )e'(hted 'nde-, %r'"e 's )e'(hted re#$t'e to

the numer of sh$res, r$ther th$n the'r tot$# $#ue+

Tr$d't'on$##!, "$%'t$#'3$t'on or sh$re)e'(hted 'nd'"es $## h$d $ fu## )e'(ht'n( '+e+ $##

outst$nd'n( sh$res )ere 'n"#uded+ Re"ent#!, m$n! of them h$e "h$n(ed to $ f#o$t$d&usted

)e'(ht'n( )h'"h he#%s 'nde-'n(+

http://en.wikipedia.org/w/index.php?title=Price_weighted&action=edithttp://en.wikipedia.org/w/index.php?title=Price_weighted&action=edithttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/w/index.php?title=Market-value_weighted&action=edithttp://en.wikipedia.org/w/index.php?title=Capitalization-weighted&action=edithttp://en.wikipedia.org/wiki/Hang_Seng_Indexhttp://en.wikipedia.org/w/index.php?title=Market-share_weighted&action=edithttp://en.wikipedia.org/wiki/Float_(finance)http://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/w/index.php?title=Price_weighted&action=edithttp://en.wikipedia.org/w/index.php?title=Price_weighted&action=edithttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/w/index.php?title=Market-value_weighted&action=edithttp://en.wikipedia.org/w/index.php?title=Capitalization-weighted&action=edithttp://en.wikipedia.org/wiki/Hang_Seng_Indexhttp://en.wikipedia.org/w/index.php?title=Market-share_weighted&action=edithttp://en.wikipedia.org/wiki/Float_(finance)http://en.wikipedia.org/wiki/Index_fund


23/852

In3ces an3 passe nest"ent "ana-e"ent

There h$s een $n $""e#er$t'n( trend 'n re"ent de"$des to "re$te %$ss'e#! m$n$(ed mutu$# funds

th$t $re $sed on m$r*et 'nd'"es, *no)n $s 'nde- funds+ Ado"$tes "#$'m th$t 'nde- funds

rout'ne#! e$t $ #$r(e m$&or't! of $"t'e#! m$n$(ed mutu$# funds5 one stud! "#$'med th$t oer

t'me, the $er$(e $"t'e#! m$n$(ed fund h$s returned :+ #ess th$n the S.


24/85


25/852

'nde- for the BSE+ As of 2;;


26/852

0stor/

An 'nform$# (rou% of sto"*ro*ers h$d een tr$d'n( under $ $n!$n tree o%%os'te the To)n H$##

of Bom$! from m'd:


27/852

from S'r .h'ro3e $mshed&ee ee&eeho!, the "h$'rm$n of the Bom$! Sto"* E-"h$n(e from

:9@@, unt'# h's de$th 'n :9;+

$SE Sense@

The BSE Sense- 's $ $#ue)e'(hted 'nde- "om%osed of >; "om%$n'es )'th the $se A%r'# :9=9

:;;+ It h$s (ro)n ! more th$n four t'mes from $nu$r! :99; t'## d$te+ The set of "om%$n'es 'n

the 'nde- 's essent'$##! f'-ed+ These "om%$n'es

$""ount for $round onef'fth of the m$r*et "$%'t$#'3$t'on of the BSE+ 6e "$n use 'nform$t'on

from A%r'# :9=9 on)$rds 'n est'm$t'n( the #on(run r$te of return on the BSE Sense- $nd th$t

"omes to ;+


28/85


29/85


30/852

The N$t'on$# Sto"* E-"h$n(e /NSE0, #o"$ted 'n Bom$!, 's Ind'$s f'rst det m$r*et+ It )$s set

u% 'n :99> to en"our$(e sto"* e-"h$n(e reform throu(h s!stem modern'3$t'on $nd

"om%et't'on+ It o%ened for tr$d'n( 'n m'd:99?+ It )$s re"ent#! $""orded re"o(n't'on $s $ sto"*

e-"h$n(e ! the De%$rtment of Com%$n! Aff$'rs+ The 'nstruments tr$ded $re, tre$sur! '##s,

(oernment se"ur't! $nd onds 'ssued ! %u#'" se"tor "om%$n'es+

The numer of memers tr$d'n( on the e-"h$n(e h$s een on $ ste$d! 'n"re$se, he#%'n( 'nte(r$te

the n$t'on$# m$r*et $nd %ro'd'n( $ modern s!stem )'th $ "om%#ete $ud't tr$'# of $## tr$ns$"t'ons+

Or-ns

It )$s %romoted ! #e$d'n( 'n$n"'$# Inst'tut'ons $t the ehest of the Joernment of Ind'$ $nd

)$s 'n"or%or$ted 'n Noemer :992 $s $ t$-%$!'n( "om%$n!+ In A%r'# :99>, 't (ot the

re"o(n't'on $s $ Sto"* E-"h$n(e+ NSE "ommen"ed o%er$t'ons 'n the 6ho#es$#e Det M$r*et

/6DM0 se(ment 'n une :99?+ The C$%'t$# M$r*et /E1u't'es0 se(ment "ommen"ed o%er$t'ons 'n

Noemer :99? $nd o%er$t'ons 'n Der'$t'es se(ment "ommen"ed 'n une 2;;;+

Innoatons

NSE h$s rem$'ned 'n the forefront of modern'3$t'on of Ind'$s "$%'t$# $nd f'n$n"'$# m$r*ets, $nd

'ts %'oneer'n( efforts 'n"#ude

• Co%romot'n( $nd sett'n( u% of N$t'on$# Se"ur't'es De%os'tor! L'm'ted, f'rst de%os'tor!

'n Ind'$

• NSE %'oneered "ommen"ement of Internet Tr$d'n( 'n eru$r! 2;;;, )h'"h #ed to the

)'de %o%u#$r'3$t'on of the NSE 'n the ro*er "ommun't!+

http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Novemberhttp://en.wikipedia.org/wiki/1992http://en.wikipedia.org/wiki/Aprilhttp://en.wikipedia.org/wiki/1993http://en.wikipedia.org/wiki/Stock_Exchangehttp://en.wikipedia.org/wiki/1994http://en.wikipedia.org/wiki/Equityhttp://en.wikipedia.org/wiki/1994http://en.wikipedia.org/wiki/Derivativehttp://en.wikipedia.org/wiki/Junehttp://en.wikipedia.org/wiki/2000http://en.wikipedia.org/w/index.php?title=National_Securities_Depository_Limited&action=edithttp://en.wikipedia.org/wiki/2000http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Novemberhttp://en.wikipedia.org/wiki/1992http://en.wikipedia.org/wiki/Aprilhttp://en.wikipedia.org/wiki/1993http://en.wikipedia.org/wiki/Stock_Exchangehttp://en.wikipedia.org/wiki/1994http://en.wikipedia.org/wiki/Equityhttp://en.wikipedia.org/wiki/1994http://en.wikipedia.org/wiki/Derivativehttp://en.wikipedia.org/wiki/Junehttp://en.wikipedia.org/wiki/2000http://en.wikipedia.org/w/index.php?title=National_Securities_Depository_Limited&action=edithttp://en.wikipedia.org/wiki/2000


31/852

Mar6ets

Current#!, NSE h$s the fo##o)'n( m$&or se(ments of the "$%'t$# m$r*et

•

E1u't!

• utures $nd O%t'ons

• Ret$'# Det M$r*et

• 6ho#es$#e Det M$r*et

Me";ershp

• :;2@ tr$d'n( memers on the C$%'t$# M$r*et se(ment, of )h'"h $round @ $""ount for

"or%or$te, $nd the rem$'n'n( 'nd''du$#s $nd f'rms+

• ::> tr$d'n( memers on the 6ho#es$#e Det M$r*et se(ment, $## of )h'"h $""ount for

"or%or$te+ /Out of these ::> tr$d'n( memers, :;@ $re memers of the C$%'t$# M$r*et

se(ment $#so $nd $re 'n"#uded 'n the :;2@ memers 'nd'"$ted $oe0+


32/852

5eo-raphc Dstr;!ton

• Oer 2@;; tr$d'n( term'n$#s

• Oer ::st, :99=+

N!";er o, Co"panes

• On the C$%'t$# M$r*et se(ment, @;; se"ur't'es $re #'sted $nd =@2 se"ur't'es $re %erm'tted

to tr$de $s of De"emer >:st, :99=+

• On the 6ho#es$#e Det M$r*et se(ment, ?=; se"ur't'es $re #'sted $nd >@9 se"ur't'es $re

%erm'tted to tr$de $s of De"emer >:st, :99=+ Of the ?=; se"ur't'es #'sted, 2@= $re

Joernment Se"ur't'es, TB'##s $nd the $#$n"e $""ount for other se"ur't'es+

Co"pan/ Na"e In3!str/

ABB Ltd+ ELECTRICAL EUI.MENT

Asso"'$ted Cement Com%$n'es Ltd+ CEMENT AND CEMENT .RODUCTS

B$&$& Auto Ltd+ AUTOMOBILES 2 AND > 6HEELERS

Bh$rt' Te#eVentures Ltd+ TELECOMMUNICATION SERVICES


33/85


34/852

Re#'$n"e Ener(! Ltd+ .O6ER

Re#'$n"e Industr'es Ltd+ REINERIES

Stee# Author't! of Ind'$ Ltd+ STEEL AND STEEL .RODUCTS

S$t!$m Com%uter Ser'"es Ltd+ COM.UTERS SOT6ARE

St$te B$n* of Ind'$ BANKS

Sh'%%'n( Cor%or$t'on of Ind'$ Ltd+ SHI..INJ

Sun .h$rm$"eut'"$# Industr'es Ltd+ .HARMACEUTICALS

T$t$ Chem'"$#s Ltd+ CHEMICALS INORJANIC

T$t$ Motors Ltd+ AUTOMOBILES ? 6HEELERS

T$t$ .o)er Co+ Ltd+ .O6ER

T$t$ Stee# Ltd+ STEEL AND STEEL .RODUCTS

T$t$ Te$ Ltd+ TEA AND COEE

T$t$ Consu#t$n"! Ser'"es Ltd+ COM.UTERS SOT6ARE

V'desh S$n"h$r N'($m Ltd+ TELECOMMUNICATION SERVICES

6'%ro Ltd+ COM.UTERS SOT6ARE

ee Te#ef'#ms Ltd+ MEDIA ENTERTAINMENT

Capta% Mar6et Operatons

• NSE 's )or*'n( to 'n"re$se the "$%$"'t! of the tr$d'n( s!stem from the %resent ?, ;;,;;;

tr$des %er d$! to more th$n :;, ;;,;;; tr$des %er d$!+

• The $er$(e d$'#! numers of tr$des h$e (one u% from oer 9> tr$des 'n Noemer9?

to oer :, ?,=> tr$des 'n Noemer 9=+ On Au(ust =, 49= the numer of tr$des re$"hed

$ re"ord h'(h of 2, >@,?:: )h'"h m$*es NSE one of the #$r(est sto"* e-"h$n(es 'n the

)or#d+


35/852

• Aer$(e d$'#! tr$ded $#ue h$s 'n"re$sed from Rs+= "rores 'n Noemer9? to more th$n

Rs+ :?; "rores 'n De"emer9= )'th $ h'(h of Rs+>,;;+@: "rores re"orded on 2@th une

9=+

• Numer of sh$res tr$ded h$s 'n"re$sed from =@+:; #$*hs 'n Noemer9? to ::,:?+2:

#$*hs 'n De"emer9=+

• Net tr$ded $#ue h$s 'n"re$sed from Rs+:2< "rores 'n Noemer 9? to Rs+ >2,


36/85


37/852

• Current#!, the E-"h$n(e h$s = re('stered %$rt'"'%$nts on the 6DM se(ment )h'"h

'n"#udes 2? .u#'" se"tor $n*s, : ore'(n $n*s, :< .r'$te se"tor $n*s, @ .r'm$r!

de$#ers, < 'n$n"'$# 'nst'tut'ons, the others e'n( "or%or$te od'es, mutu$# funds $nd

fore'(n det fund+

• Aer$(e d$'#! $#ue 'n the 6DM se(ment 'n"re$sed from Rs+ 2+? "rores 'n une9? to Rs+

29+:= "rores 'n De"emer 9= )'th $ h'(h of Rs+ :>:+2= "rores re"orded on :2Au(9=+

• Net tr$ded $#ue 'n the 6DM se(ment 'n"re$sed from Rs+ :;9@+2< "rores 'n u#! 9? to

Rs+ =,=


38/852

• CN N'ft! un'or +

• CN IT

• S. CN


39/852

It 's "$#"u#$ted $s $ )e'(hted $er$(e, so "h$n(es 'n the sh$re %r'"e of #$r(er "om%$n'es h$e

more effe"t+ The $se 's def'ned $s :;;; $t the %r'"e #ee# of Noemer >, :99;9 the! 'nst'tut'on$#'3ed th's unt'# no) 'nform$# meet'n( $nd e"$me the

FBru(es BourseF+ The Ide$ 1u'"*#! s%re$d $round #$nders $nd ne'(hor'n( "ount'es $nd

FBoursesF soon o%ened 'n Jhent $nd Amsterd$m+

In the m'dd#e of the :>th Centur! Ven'"e B$n*ers e($n to tr$de )'th (oernment se"ur't'es+ In

:>


40/852

The Dut"h #$ter st$rted &o'nt sto"* "om%$n'es, )h'"h #et sh$reho#ders 'nest 'n us'ness entures

$nd (et $ sh$re of the'r %rof'ts or #osses+ In :@;2, the Dut"h E$st Ind'$ Com%$n! 'ssued the f'rst

sh$res on the Amsterd$m Sto"* E-"h$n(e+ It )$s the f'rst "om%$n! to 'ssue sto"*s $nd onds+

Stoc6 Mar6et

The m$r*et 'n )h'"h sh$res $re 'ssued $nd tr$ded e'ther throu(h e-"h$n(es or oerthe"ounter

m$r*ets+ A#so *no)n $s the e1u't! m$r*et, 't 's one of the most 't$# $re$s of $ m$r*et e"onom!

$s 't %ro'des "om%$n'es )'th $""ess to "$%'t$# $nd 'nestors )'th $ s#'"e of o)nersh'% 'n the

"om%$n! $nd the %otent'$# of ($'ns $sed on the "om%$n!s future %erform$n"e+

Th's m$r*et "$n e s%#'t 'nto t)o m$'n se"t'ons the %r'm$r! $nd se"ond$r! m$r*et+ The %r'm$r!

m$r*et 's )here ne) 'ssues $re f'rst offered, )'th $n! suse1uent tr$d'n( (o'n( on 'n the

se"ond$r! m$r*et+

http://en.wikipedia.org/wiki/Joint_stock_companyhttp://en.wikipedia.org/wiki/Shareholderhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Joint_stock_companyhttp://en.wikipedia.org/wiki/Shareholderhttp://en.wikipedia.org/wiki/Dutch_East_India_Company


41/852

Pr"ar/ "ar6et IPOsF

In f'n$n"'$# m$r*ets, $n nta% p!;%c o,,ern- IPOF 's the f'rst s$#e of $ "om%$n!s "ommon

sh$res to %u#'" 'nestors+ The "om%$n! )'## usu$##! 'ssue on#! %r'm$r! sh$res, ut m$! $#so se##

se"ond$r! sh$res+ T!%'"$##!, $ "om%$n! )'## h're $n 'nestment $n*er to under)r'te the offer'n(

$nd $ "or%or$te #$)!er to $ss'st 'n the dr$ft'n( of the %ros%e"tus+

The s$#e of sto"* 's re(u#$ted ! $uthor't'es of f'n$n"'$# su%er's'on $nd )here re#e$nt ! $

sto"* e-"h$n(e+ It 's usu$##! $ re1u'rement th$t d's"#osure of the f'n$n"'$# s'tu$t'on $nd %ros%e"ts

of $ "om%$n! e m$de to %ros%e"t'e 'nestors+

The eder$# Se"ur't'es $nd E-"h$n(e Comm'ss'on /SEC0 re(u#$tes the se"ur't'es m$r*ets of the

Un'ted St$tes $nd, ! e-tens'on, the #e($# %ro"edures (oern'n( I.Os+ The #$) (oern'n( I.Os

'n the Un'ted St$tes 'n"#udes %r'm$r'#! the Se"ur't'es A"t of :9>>, the re(u#$t'ons 'ssued ! the

SEC, $nd the $r'ous st$te FB#ue S*! L$)sF+

Secon3ar/ "ar6et


42/852

The secon3ar/ "ar6et /$#so "$##ed F$fterm$r*etF0 's the f'n$n"'$# m$r*et for tr$d'n( of

se"ur't'es th$t h$e $#re$d! een 'ssued 'n 'ts 'n't'$# %r'$te or %u#'" offer'n(+ Sto"* e-"h$n(es

$re e-$m%#es of se"ond$r! m$r*ets+ A#tern$t'e#!, se"ond$r! m$r*et "$n refer to the m$r*et for

$n! *'nd of used (oods+

Se"ond$r! m$r*ets h$e $ #on( h'stor!, e('nn'n( %erh$%s )'th $ f#our'sh'n( tr$de 'n "ommer"'$#

'##s of e-"h$n(e 'n :2th $nd :>th "entur! r$n"e+ It )$s the ren"h K'n( .h'#'% the $'r )ho

"re$ted the %rofess'on of ro*er, or F"our$t'er de "h$n(e,F 'n order to re(u#$r'3e th's m$r*et+

Amsterd$ms Bourse, )h'"h e($n o%er$t'ons 'n :@::, )$s the f'rst true sto"* e-"h$n(e, $nd th's

ref#e"ted the 'm%ort$n"e of Ho##$nd 'n )or#d tr$de $t th$t t'me+

4!ncton

In the se"ond$r! m$r*et, se"ur't'es $re so#d ! $nd tr$nsferred from one s%e"u#$tor to $nother+ It

's therefore 'm%ort$nt th$t the se"ond$r! m$r*et e h'(h#! #'1u'd $nd tr$ns%$rent+ The e#'(''#'t!

of sto"*s $nd onds for tr$d'n( 'n the se"ond$r! m$r*et 's re(u#$ted throu(h f'n$n"'$#

su%er'sor! $uthor't'es $nd the ru#es of the m$r*et %#$"e 'n 1uest'on, )h'"h "ou#d e $ sto"*

e-"h$n(e+

Means o, ,nancn-


43/852

'n$n"'n( $ "om%$n! throu(h the s$#e of sto"* 'n $ "om%$n! 's *no)n $s e1u't! f'n$n"'n(+

A#tern$t'e#! det f'n$n"'n( /for e-$m%#e 'ssu'n( onds0 "$n e done to $o'd (''n( u% sh$res

of o)nersh'% of the "om%$n!+

Tra3n-

Sh$res of sto"* $re usu$##! tr$ded on $ sto"* e-"h$n(e, )here %eo%#e $nd or($n'3$t'ons m$! u!

$nd se## sh$res 'n $ )'de r$n(e of "om%$n'es+ A ('en "om%$n! )'## usu$##! on#! tr$de 'ts sh$res

'n one m$r*et, $nd 't 's s$'d to e 1uoted, or #'sted, on th$t sto"* e-"h$n(e+


44/852

Ho)eer, some #$r(e, mu#t'n$t'on$# "or%or$t'ons $re #'sted on more th$n one e-"h$n(e+ The! $re

referred to $s 'nter#'sted sh$res+

$!/n-

There $re $r'ous methods of u!'n( $nd f'n$n"'n( sto"*s+ The most "ommon me$ns 's throu(h $

sto"* ro*er+ 6hether the! $re $ fu## ser'"e or d's"ount ro*er, the! $re $## do'n( one th'n(

$rr$n('n( the tr$nsfer of sto"* from $ se##er to $ u!er+ Most of the tr$des $re $"tu$##! done

throu(h ro*ers #'sted )'th $ sto"* e-"h$n(e su"h $s the Ne) or* Sto"* E-"h$n(e+

There $re m$n! d'fferent sto"* ro*ers to "hoose from su"h $s fu## ser'"e ro*ers or d's"ount

ro*ers+ The fu## ser'"e ro*ers usu$##! "h$r(e more %er tr$de, ut ('e 'nestment $d'"e or

more %erson$# ser'"e5 the d's"ount ro*ers offer #'tt#e or no 'nestment $d'"e ut "h$r(e #ess

for tr$des+ Another t!%e of ro*er )ou#d e $ $n* or "red't un'on th$t m$! h$e $ de$# set u%

)'th e'ther $ fu## ser'"e or d's"ount ro*er+

There $re other )$!s of u!'n( sto"* es'des throu(h $ ro*er+ One )$! 's d're"t#! from the

"om%$n! 'tse#f+ If $t #e$st one sh$re 's o)ned, most "om%$n'es )'## $##o) the %ur"h$se of sh$res

d're"t#! from the "om%$n! throu(h the'r 'nestors re#$t'ons de%$rtments+ Ho)eer, the 'n't'$#

sh$re of sto"* 'n the "om%$n! )'## h$e to e ot$'ned throu(h $ re(u#$r sto"* ro*er+ Another

)$! to u! sto"* 'n "om%$n'es 's throu(h D're"t .u#'" Offer'n(s )h'"h $re usu$##! so#d ! the

"om%$n! 'tse#f+ A d're"t %u#'" offer'n( 's $n 'n't'$# %u#'" offer'n( $ "om%$n! 'n )h'"h the sto"*

's %ur"h$sed d're"t#! from the "om%$n!, usu$##! )'thout the $'d of ro*ers+


45/852

6hen 't "omes to f'n$n"'n( $ %ur"h$se of sto"*s there $re t)o )$!s %ur"h$s'n( sto"* )'th

mone! th$t 's "urrent#! 'n the u!ers o)nersh'% or ! u!'n( sto"* on m$r('n+ Bu!'n( sto"* on

m$r('n me$ns u!'n( sto"* )'th mone! orro)ed $($'nst the sto"*s 'n the s$me $""ount+ These

sto"*s, or "o##$ter$#, (u$r$ntee th$t the u!er "$n re%$! the #o$n5 other)'se, the sto"*ro*er h$s

the r'(ht to se## the sto"*s /"o##$ter$#0 to re%$! the orro)ed mone!+ He "$n se## 'f the sh$re %r'"e

dro%s e#o) the m$r('n re1u'rement, $t #e$st


46/852

Techno%o-/s on Tra3n-

Sto"* tr$d'n( h$s eo#ed tremendous#!+ S'n"e the er! f'rst In't'$# .u#'" Offer'n( /I.O0 'n the

:>th "entur!, o)n'n( sh$res of $ "om%$n! h$s een $ er! $ttr$"t'e 'n"ent'e+ Een thou(h the

or'('ns of sto"* tr$d'n( (o $"* to the :>th "entur!, the m$r*et $s )e *no) 't tod$! d'd not "$t"h

on stron(#! unt'# the #$te :;;s+

Co%rodu"t'on et)een te"hno#o(! $nd so"'et! h$s #ed the %ush for effe"t'e $nd eff'"'ent )$!s

of tr$d'n(+ Te"hno#o(! h$s $##o)ed the sto"* m$r*et to (ro) tremendous#!, $nd $## the )h'#e

so"'et! h$s en"our$(ed the (ro)th+ 6'th'n se"onds of $n order for $ sto"*, the tr$ns$"t'on "$n

no) t$*e %#$"e+ Most of the re"ent $d$n"ements )'th the tr$d'n( h$e een due to the Internet+

The Internet h$s $##o)ed on#'ne tr$d'n(+ In "ontr$st to the %$st )here on#! those )ho "ou#d

$fford the e-%ens'e sto"* ro*ers, $n!one )ho )'shes to e $"t'e 'n the sto"* m$r*et "$n no)

do so $t $ er! #o) "ost %er tr$ns$"t'on+ Tr$d'n( "$n een e done throu(h Com%uterMed'$ted

Commun'"$t'on /CMC0 use of mo'#e de'"es su"h $s h$nd "om%uters $nd "e##u#$r %hones+

These $d$n"es 'n te"hno#o(! h$e m$de d$! tr$d'n( %oss'#e+


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The sto"* m$r*et h$s (ro)n so th$t some $r(ue th$t 't re%resents $ "ountr!s e"onom!+ Th's

(ro)th h$s een en&o!ed #$r(e#! to the "red''#'t! $nd re%ut$t'on th$t the sto"* m$r*et h$s e$rned

O$GECTIVES

The %ro&e"t “E"prca% st!3/ o, In3an stoc6 "ar6et” $'ms $t fu#f'##'n( the fo##o)'n(

o&e"t'es

:+ To underst$nd )h$t $re Sto"*sG 6h$t $re d'fferent t!%es of sto"* $$'#$#e 'n the m$r*et

$nd ho) the! $re tr$dedG

2+ To Underst$nd'n( Sto"* m$r*et 'n Ind'$+

>+ To underst$nd d'fferent *'nd of 'nterest r$tes $nd the hed('n( "on"e%t+

?+ To *no) )h$t $re Interest r$te futures $nd s)$%sG Ho) the! $re %r'"edG And ho)

hed('n( 's done us'n( themG


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C0EPTER=:

Co"pan/ Pro,%e>Research

Metho3o%o-/


49/852

COMPANY PRO4ILE

Sh$re*h$n 's Ind'$s #e$d'n( ret$'# f'n$n"'$# ser'"es "om%$n! )'th oer 2


50/852

Sh$re*h$n C#'ent Re#$t'onsh'% M$n$(ers $re $$'#$#e to !ou to he#% )'th !our f'n$n"'$#

%#$nn'n( $nd 'nestment needs+ To %ro'de the h'(hest %oss'#e 1u$#'t! of ser'"e, Ind'$ u##s

%ro'des fu## $""ess to $## our %rodu"ts $nd ser'"es throu(h mu#t'"h$nne#s +

Serces pro3e3 ;/ the S0AREK0AN9==

E

Ind'$ns+

:# Share6han e

U%d$ted d$'#!

'# Depostor/ Serces 9 V$#ue $dded ser'"es for se$m#ess

De#'er!+

E

Our Ret$'# E1u't! Bus'ness "$ters to the needs of 'nd''du$# Ind'$n $nd NonRes'dent Ind'$n

/NRI0 'nestors+ Sh$re*h$n offers ro*er $ss'sted tr$de e-e"ut'on, $utom$ted on#'ne

'nest'n( $nd $""ess to $## I.Os+

Throu(h $r'ous t!%es of ro*er$(e $""ounts, Ind'$ u##s offers the %ur"h$se $nd s$#e of


51/852

se"ur't'es )h'"h 'n"#udes E1u't!, Der'$t'es $nd Commod't'es Instruments #'sted on N$t'on$#

Sto"* E-"h$n(e of Ind'$ Ltd /NSEIL0, The Sto"* E-"h$n(e, Mum$' /BSE0 $nd NCDE+

Choose the serce optons that ,t /o!r ;est#

• Share6han C%assc acco!nt Com%rehens'e ser'"es 'n"#ud'n( rese$r"h $nd 'nest'n(

(u'd$n"e for 'nde%endent 'nestors+

• Share6han 4ast tra3e Sh$re*h$n 's ded'"$ted to em%o)er A"t'e Tr$ders throu(h

%erson$# ser'"e $nd $d$n"ed tr$d'n( te"hno#o(!+

• Share6han Spee3 tra3e p%!s 6'th $n e-tens'e r$n(e of 'nestment %rodu"ts, !ou )'##

d's"oer $n un)$er'n( "omm'tment to he#%'n( !ou 'nest 'n Ind'$+

On%ne tra3n- acco!nt

Sh$re*h$n %ro'de t)o t!%es of tr$d'n( $""ount

:+ C#$ss'" $""ount /or e('nners $nd med'um 'nestor0

2+ S%eed Tr$de /or he$! 'nestor0

C%assc Acco!nt9==

The CLASSIC ACCOUNT 's $ Sh$re*h$n on#'ne tr$d'n( $""ount, throu(h )h'"h !ou "$n u!


52/852

$nd se## sh$res throu(h our )es'te )))+sh$re*h$n+"om 'n $n 'nst$nt+

A#on( )'th en$#'n( $""ess for !ou to tr$de on#'ne, the CLASSIC ACCOUNT $#so ('es !ou our

D'$#nTr$de ser'"e+ 6'th th's ser'"e, $## !ou h$e to do 's d'$# :@;;22=;


53/85


54/852

Doc!"ents re

:+ Proo, o, 3entt/ ou "$n sum't $ "o%! of .$ss%ort, Voters ID "$rd,

Dr''n( #'"ense or .AN "$rd )'th %hoto(r$%h+

2+ Proo, o, a33ress ou "$n sum't $ "o%! of .$ss%ort, Voters ID "$rd,

Dr''n( #'"ense, .AN "$rd )'th %hoto(r$%h, R$t'on "$rd or B$n*

.$ssoo* $s %roof of $ddress+ ou must rememer to t$*e or'('n$#

Do"uments to the D. for er'f'"$t'on+

>+ Passport=se photo-raph+

The $oe $re m$nd$tor! re1u'rements $s %er Se"ur't'es $nd E-"h$n(e

Bo$rd of Ind'$+


55/852

1#: Co"p!ter 0ar37are an3 So,t7are re


56/852

Prcn- ,or Reta% C!sto"ers


57/852

C%assc> App%et

• A""ount o%en'n( Rs =


58/85


59/852

Rese$r"h Methodo#o(! 's $ s!stem$t'" )$! )h'"h "ons'sts of ser'es of $"t'ons or ste%s ne"ess$r!

to effe"t'e#! "$rr! out rese$r"h $nd the des'red se1uen"'n( of these ste%s+ The m$r*et'n(

rese$r"h 's $ %ro"ess of 'no#es $ numer of 'nterre#$ted $"t''t'es )h'"h oer#$% $nd do r'('d#!

fo##o) $ %$rt'"u#$r se1uen"e+ It "ons'sts of the fo##o)'n( ste%s 9

:+ ormu#$t'n( the o&e"t'e of the stud!

2+ Des'(n'n( the methods of d$t$ "o##e"t'on

>+ Se#e"t'n( the s$m%#e %#$n

?+ Co##e"t'n( the d$t$


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RESEARC0 DESI5N

Rese$r"h Des'(n s%e"'f'es the methods $nd %ro"edures for "ondu"t'n( $ %$rt'"u#$r stud!+ A

Rese$r"h Des'(n 's the $rr$n(ement of "ond't'ons for "o##e"t'on $nd $n$#!s's of the d$t$ 'n $

m$nner th$t $'ms to "om'ne re#e$n"e to the rese$r"h %ur%ose )'th e"onom! 'n %ro"edure+

Rese$r"h Des'(n 's ro$d#! "#$ss'f'ed 'nto three t!%es $s 9

• E-%#or$tor! Rese$r"h Des'(n

• Des"r'%t'e Rese$r"h Des'(n

• H!%othes's test'n( Rese$r"h Des'(n

On the $s's of the o&e"t'e of stud!, the stud'es )h'"h $re "on"erned )'th des"r''n( the

"h$r$"ter t'"s of $ %$rt'"u#$r 'nd''du$#, or of $ (rou% of 'nd''du$# under stud! "omes under

Des"r'%t'e Rese$r"h Des'(n+

Descrpte Research Des-n9

In th's rese$r"h des'(n the o&e"t'e of stud! 's "#e$r#! def'ned $nd h$s $""ur$te method of

me$surement )'th $ "#e$r "ut def'n't'on of %o%u#$t'on )h'"h 's to e stud'ed+

SAMPLIN5 DESI5N

A S$m%#e Des'(n 's $ def'n'te %#$n for ot$'n'n( $ s$m%#e from $ ('en


61/852

.o%u#$t'on+ It refers to the te"hn'1ue or the %ro"edure $do%ted 'n se#e"t'n( 'tems for the s$m%#e+

The m$'n "onst'tuents of the s$m%#'n( des'(n $re $s e#o)

:+ S$m%#'n( Un't

2+ S$m%#e S'3e

>+ S$m%#'n( .ro"edure

SAMPLIN5 UNIT9

A s$m%#'n( fr$me)or* '+e+ dee#o%ed for the t$r(et %o%u#$t'on )'## e s$m%#ed '+e+ )ho 's to e

sure!ed+

• Respon3ent o, Share Khan

SAMPLE SIJE9

It 's the sust$nt'$# %ort'on of the t$r(et %o%u#$t'on th$t $re s$m%#ed to $"h'ee re#'$#e resu#ts+

C%ents o, Share6han 1(


62/852

SAMPLIN5 PROCEDURE9=

The %ro"edure to "hoose the res%ondents to ot$'n $ re%resent$t'e s$m%#e, $ %ro$'#'t!

s$m%#'n( te"hn'1ue 's $%%#'ed for the t$r(et m$r*et+

NON=PRO$A$ILITY SAMPLIN59=

It 's $ %ur%os'e s$m%#'n( )h'"h de#'er$te#! "hooses the %$rt'"u#$r un'ts of the un'erse for

"onst'tut'n( $ s$m%#e on the $s's th$t the sm$## m$ss th$t the! so se#e"t out of $ hu(e one )'## e

t!%'"$# or re%resent$t'e of the )ho#e+ Non.ro$'#'t! s$m%#'n( te"hn'1ue 's used 'n the stud!

e"$use the r$ndom se#e"t'on of the un'erse '+e $## "#'ents "$n4t e $$'#$#e r$ndom#!+

DATA COLLECTION

PRIMARY DATA9=

The %r'm$r! d$t$ $re those d$t$ )h'"h $re "o##e"ted $fresh $nd for the f'rst t'me $nd h$%%en to e

or'('n$# 'n "h$r$"ter+ The %r'm$r! d$t$ to e "o##e"ted for the stud! $re=

• B! Inter'e)'n( the Res%ondents of Sh$re*h$n+

• B! Stru"tured uest'onn$'re


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• B! Te#e "$##'n(+

SECONDARY DATA9=

Se"ond$r! d$t$ $re those d$t$ )h'"h h$e $#re$d! een "o##e"ted ! someone e#se $nd )h'"h

$#re$d! h$d een %$ssed throu(h the st$t'"$##! %ro"ess+ The se"ond$r! d$t$ to e "o##e"ted for the

stud! $re=

• .u#'"$t'on of the "om%$n!

• .er'od'"$# of the "om%$n!

• B! Com%$n'es 6es'tes

RESEARC0 INSTRUMENT

STRUCTURED UESTIONNAIRE9=

A uest'onn$'re "ons'sts of $ numer of 1uest'ons %r'nted or t!%ed In $ def'n'te order on $ form

or set of forms+ It 's the set of 1uest'ons %resented to the res%ondents for the'r $ns)ers+ 6hen the

1uest'ons h$e on#! t)o $#tern$t'es or of mu#t'%#e "ho'"e, then 't 's *no)n $s "#osedend

1uest'onn$'re, )h'"h 's hen"e used the ('en stud!+


64/852

Chapter='


65/852

DATA ANALYSIS . 4INDIN5S

SA5E 5ROUP O4 RESPONDENTS O4 ONLINE TRADIN5

:>; :<>;?< 2;?


66/852

Ana%/ss rom the $oe t$u#$t'on $nd "h$rts 't h$s een $n$#!3ed th$t m$-'mum on#'netr$ders $re from the $(e (rou% >;?


67/852

Ana%/ss rom the $oe t$u#$t'on 't h$s een $n$#!3ed th$t m$-'mum no+ of tr$ders th$t $re$)$re $out the on#'ne tr$d'n(+ M$&or't! of tr$ders of Sh$re*h$n $re $)$re $out On#'ne Tr$d'n(+


68/852

CUSTOMER PERCEPTION RE5ARDIN5 $ROKIN5 0OUSE.er"e%t'on Sh$re*h$n

E-e##ent ><

Jood :;

.oor ;<

rom the $oe d$t$ $nd t$u#$t'on 't h$s een $n$#!3ed th$t =; Sh$re*h$n Res%ondents $reh$'n( e-"e##ent %er"e%t'on re($rd'n( 't, )h'"h 'nd'"$tes (ood "ustomer re#$t'ons 'n Sh$re*h$n+


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PRE4ERENCE 4OR ONLINE VS O44LINE TRADIN5

ONLINE ?;

OLINE :;

Ana%/ss9

rom the $oe d$t$ $nd t$u#$t'on 't h$s een $n$#!3ed th$t m$-'mum no+ of res%ondents of $##the ro*er houses %refer on#'ne tr$d'n( r$ther th$n off#'ne+


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SATIS4ACTION 4ROM MARKET REPORTS PROVIDED

VER MUCH SATISIED ><

SATISIED :;

LESS SATISIED ;<

Ana%/ss9rom the $oe d$t$ $nd t$u#$t'on 't h$s een $n$#!3ed th$t m$-'mum s$t'sf$"t'on #ee# from

m$r*et re%orts 's from res%ondents of sh$re*h$n )'th =; er! mu"h s$t'sf$"t'on #ee# +


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SATIS4ACTION 4ROM $ROKERA5E

VER MUCH SATISIED ><SATISIED :;SOME 6HAT SATISIED ;<

Ana%/ss9

rom the $oe d$t$ $nd t$u#$t'on 't h$s een $n$#!3ed th$t the m$-'mum no+ of

res%ondents er! mu"h s$t'sf'ed from ro*er$(e 's from sh$re*h$n+


72/85


73/852

SATIS4ACTION 4ROM SERVER SPEED

VER MUCH SATISIED ><SATISIED :;LESS SATISIED ;<

Ana%/ss9 rom the $oe d$t$ $nd t$u#$t'on 't 's "#e$r th$t most of the "#'ents of sh$re*h$n $res$t'sf'ed )'th the serer s%eed, ut 't h$s to further stren(then 'ts serer s%eed to 'n"re$se the"ustomer s$t'sf$"t'on #ee# to e "om%etent 'n the m$r*et+

SATIS4ACTION 4ROM SERVER AVAILI$ILITY


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VER MUCH SATISIED ><SATISIED :;LESS SATISIED ;<

An$#!s's The d$t$ $nd "h$rt de%'"ts th$t most of the "ustomers of Sh$re*h$n $re s$t'sf'ed )'ththe $$'#$'#'t! of serer+ The "h$rt 'nd'"$tes th$t 't h$s to further 'm%roe the "$%$'#'t! of theserer $nd $nd)'dth so th$t the t$r(et #ee# of 9; "ou#d e $"h'eed+


75/852

C0EPTER=?

CONCLUSION


76/852

Conc%!son

There $re "urrent#! "#ose to


77/85


78/852

LIMITATIONS

There $re $ fe) "onstr$'nts 'n $"h'e'n( the t$r(ets $ss'(ned ! the "om%$n!

off'"'$#s

• Jener$# %u#'" 's not $)$re of the "om%$n! e"$use of no %romot'on$#

$"t''t'es undert$*en ! the "om%$n!+

• .eo%#e $re re#u"t$nt 'n enter'n( 'nto sh$re m$r*et $s the! th'n* 't4s $ ($m#e to

'nest 'n sh$res+

• Somet'mes the d$t$$se 's not %ro'ded then 't e"omes d'ff'"u#t to "ont$"t to

%eo%#e $s our )or* 's most#! throu(h te#e%hon'" "oners$t'on+

• In #$st d$!s of the %re'ous 't e"$me more d'ff'"u#t to $""om%#'sh the t$r(et

e"$use of the ne)s of I.O s"$m 'n the sh$re m$r*et+

• De#h' e'n( ne) to me there $re er! fe) %ersons )hom I *no) so 't 's er!

d'ff'"u#t (et referen"es from %eo%#e st$!'n( here+


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RECOMMENDATIONS

or re"t'f!'n( $oe "onstr$'nts I found some su((est'ons+ These $re

• Com%$n! shou#d %ro'de $)$reness to the %u#'" $out the "om%$n! ! $r'ous

form of $dert's'n( #'*e %r'nt med'$ $nd $s )e## $s e#e"tron'" med'$+

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