stock market mechanism and services of hi

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ATraining Project Report on

Stock market mechanism and Services of Anandrathi

in capital market

PREPARED BY

Pawan Kumar

A Report submitted in partial fulfillment of therequirements of MBA

(2008 2010)

Dept. of Commerce & Management

University of Kota, Kota

Under Supervision of:Anand Rathi Financial Services Ltd.Jaipur

Date: 01/12/2009 Submitted to:Dept of Commerce &Mgmt University of Kota,

Kota (Raj.)

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DECLARATION

I hereby declare that this training program entitled Stock marketmechanism and Services of

Anandrathi

in capital market is my work, carried outunder the guidance of my guide Mr.Rajkumar Jain, Mr. Vinod Pandey &other employees of company. This reportneither full nor in part has ever beensubmitted for award of any other degreeof either this university or any otheruniversity.

(Pawan Kumar)

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CERTIFICATE

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ACKNOWLEDGME

NT

I gratefully acknowledge the expert

support and guidance extended to me by

ANANDRATHI and the guidance of Mr.

Rajkumar Jain AND Mr. Vinod pandey and

other employees of company as regards this

project and the subsequent report. There

impartial and enlightened guidance and the

sophisticated communication and the

commodities knowledge has been on immense

help and has been paramount in this project

and report maintaining and further meeting the

requisite standards and the dead lines.

.

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(Pawan Kumar)

COMPANY PROFILE

ORGANIZATION HISTORY

Company Profile

Milestones

AR Core Strengths

Management Team

About AnandRathi

AnandRathi (AR) is a leading full service securitiesfirm providing the entire gamut of financial services.

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The firm, founded in 1994 by Mr. AnandRathi,today has a pan India presence as well as aninternational presence through offices in Dubai andBangkok. AR provides a breadth of financial andadvisory services including wealth management,investment banking, corporate advisory, brokerage &distribution of equities, commodities, mutual fundsand insurance, structured products - all of which aresupported by powerful research teams.

The firm's philosophy is entirely client centric, witha clear focus on providing long term value additionto clients, while maintaining the highest standards ofexcellence, ethics and professionalism. The entire

firm activities are divided across distinct clientgroups: Individuals, Private Clients, Corporate andInstitutions and was recently ranked by Asia Money2006 poll amongst South Asia's top 5 wealthmanagers for the ultra-rich.

In year 2007 Citigroup Venture Capital Internationaljoined the group as a financial partner.

Equity & Derivatives Brokerage

AnandRathi provides end-to-end equity solutions to institutionaland individual investors. Consistent delivery of high quality

advice on individual stocks, sector trends and investment strategyhas established us a competent and reliable research unit acrossthe country.

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Clients can trade through us online on BSE and NSE for bothequities and derivatives. They are supported by dedicated sales &trading teams in our trading desks across the country. Researchand investment ideas can be accessed by clients either throughtheir designated dealers, email, web or SMS

Milestones

1994:

Started activities in consulting and Institutional equity sales withstaff of 15

1995:

Set up a research desk and empanelled with major institutionalinvestors

1997:

Introduced investment banking businesses

Retail brokerage services launched

1999:

Lead managed first IPO and executed first M & A deal

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2001:

Initiated Wealth Management Services

2002:

Retail business expansion recommences with ownership model

2003:

Wealth Management assets cross Rs1500 crores

Insurance broking launched

Launch of Wealth Management services in Dubai

Retail Branch network exceeds 50

2004:

Commodities brokerage and real estate services introduced

Wealth Management assets cross Rs3000crores

Institutional equities business re-launched and senior researchteam put in place

Retail Branch network expands across 100 locations within India

2005:

Real Estate Private Equity Fund Launched

Retail Branch network expands across 200 locations within India

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2006:

AR Middle East, WOS acquires membership of Dubai Gold &

Commodity Exchange (DGCX)

Ranked amongst South Asia's top 5 wealth managers for theultra-rich by Asia Money 2006 poll

Ranked 6th in FY2006 for All India Broker Performance inequity distribution in the High Net worth Individuals (HNI)Category

Ranked 9th in the Retail Category having more than 5% marketshare

Completes its presence in all States across the country withoffices at 300+ locations within India

2007:

Citigroup Venture Capital International picks up 19.9%equity stake

Retail customer base crosses 200 thousand

Establishes presence in over 450 locations

2009:

Started with Currency Derivativeswhich deals

only in USD & INR.

AR Core Strengths

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Breadth of Services

In line with its client-centric philosophy, the firm offers to itsclients the entire spectrum of financial services ranging from

brokerage services in equities and commodities, distribution ofmutual funds, IPOs and insurance products, real estate,investment banking, merger and acquisitions, corporate financeand corporate advisory.

Clients deal with a relationship manager who leveragesand brings together the product specialists from across thefirm to create an optimum solution to the client

Management Team

AR brings together a highly professional core managementteam that comprises of individuals with extensive business aswell as industry experience.

In-Depth Research

Our research expertise is at the core of the value proposition that we offer to our clients. Research teamsacross the firm continuously track various markets and

products. The aim is however common - to go far deeper

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than others, to deliver incisive insights and ideas and beaccountable for results.

Management Team

The senior Management comprises a diverse talentpool that brings together rich experience from acrossindustry as well as financial services.

Mr. Anand Rathi - Group ChairmanChartered AccountantPast President, BSEHeld several Senior Management positions with oneof India's largest industrial groups

Mr. Pradeep Gupta - Vice ChairmanPlus 17 years of experience in Financial Services

Mr. Amit Rathi - Managing DirectorChartered Accountant & MBAPlus 11 years of experience in Financial Services

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Board of Directors| Key Business Heads

Anand Rathi | Founder & Chairman

Prior to establishing his own company, Mr. Rathiheaded Indian Rayon & Industries, as SeniorPresident. He has held a series of responsiblepositions with the Birla group and was alsoinstrumental in setting up of Birla Global Finance. Inhis 40 years of being in the corporate world, Mr.Rathi has held several key positions on variousregulatory and professional boards, including,

President, Bombay Stock Exchange (BSE), andMember, Central Council of Institute of CharteredAccountants (ICAI). As President of BSE, Mr. Rathiplayed a key role in the expansion plan of BOLT,the online trading system of the Exchange andsetting up of the Trade Guarantee Fund. He wasthe moving force behind setting up of the CentralDepository Services (India) Ltd.He is a goldmedalist Chartered Accountant.

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Pradeep Gupta | Co-founder & Vice chairman

With over twenty years experience in the securitiesmarket. Cofounder and key driver of the Retail andInstitutional Equities business of the group.

Amit Rathi | Managing Director

A rank holder Chartered Accountant and an MBA

from Leonard N. Stern School of Business, NewYork University joined the group in 1998. He wasinstrumental in establishing the groups privatewealth management and investment bankingbusinesses. Calling him a financial guru, the Timesof India group, listed Amit in 2008 amongst the top51 young Marwaris in India (under the age of 40).

P G Kakodkar| Director

Former Chairman of State Bank of India. Director inFinancial Technologies (India). Director in SesaGoa Ltd. Director in SBI Funds Management PvtLtd & the Multi Commodity Exchange of India Ltdand a M. A. in Economics.

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Dr. S A Dave | Director

Former Chairman Securities & Exchange Board ofIndia (SEBI) and Deputy Director of the RBI.Former Chairman Unit Trust of India (UTI). Member

of General Committees of Government of India &Financial Reforms and Chairman CMIE 1998 tilldate. And a M. A. (USA) with Ph D in Economics.

C D Arha | Director

Formerly Secretary in the Union Ministry of Mines.Special Secretary & Additional Secretary in theMinistry of Coal. Resident Chief InformationCommissioner AP (Right to Information Act).Commissioner Civil Supplies (AP). Chairman & MD,APSEC. With a M .A. (History) and diplomaManagement & Administration of RuralDevelopment.

Ajit Bhushan | Director

Managing Director Citi Venture Capital London

Over 17 years experience with Citi. Joined CVCinternational in 2001. Worked on Strategy andbusiness development for Citibank in CEEMEAregion and managed Cash Management Businessfor Citi in Poland and India. B Tech (IIT Delhi) andan MBA (IIM Ahmedabad)

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Previously Head Investment Banking for India atBear Stearns (New York).He also was Global Headof IT Services and BPO investment bankingcoverage. He has also spent four years with ArthurAnderson in Bombay (India). An MBA (Finance and

International Business) from Stern School ofBusiness, New York University. He is also aqualified Chartered Accountant and CostAccountant.

Amandeep S Chahal | Head Retail

An MBA from Symbiosis, in his 14 years of workexperience Aman has worked with StandardChartered Bank National Sales Manager CapitalMarkets Retail and Regional Head Priority Banking.

He has also worked with illustrious organizations asCitibank and Yes Bank amongst others. Prior to

joining ARFSL in May 2006, he was the head ofYes Banks retail operations in the North.

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Our research expertise is at the core of the valueproposition that we offer to our clients. Researchteams across the firm continuously track variousmarkets and products. The aim is however common- to go far deeper than others, to deliver incisive

insights and ideas and be accountable for results.AR research processes incorporate quantitativeareas well as qualitative analyses. This multi-pronged approach helps us to provide superior risk-adjusted returns for our clients.

AR analysts provide objective and decisiveresearch that is designed to enable clients to makeinformed investment decisions.

The team covers entire spectrum of financialmarkets from equities, fixed income, andcommodities to currencies. They also cover theglobal markets, to give clients an unparalleledmacro-view of the investment opportunities acrossthe globe.

List Of DPs

28 ANAND RATHIFINANCIA LSERVICES LTD- A NDHERI

SEAGULL HOUSE 1STFLOOR, CHAKALAANDHERI EASTMUMBAIMAHARASHTRAINDIA 400099

MR.DURGAMISHRA

022-56983770

022-569837

29 ANAND RATHIFINANCIA LSERVICES LTD- C

OMMODITIES

SEAGULL HOUSE,PLOT NO.6 SHIVAJICOLONY CHAKALA,ANDHERI EAS T

MUMBAIMAHARASHTRAINDIA 400099

MR.RAJENDRAMANUDHAN E

022-56983770

022-269837

30 ANAND RATHIFINANCIA LSERVICES LTD- D EHRADUN

SH.SUDHIR SINGH 1-NASH VILLA ROADOPP.KUMAR DEPTSTORE S

MR. PUNEETDHINGRA

0135-3209603

0135-271237

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DEHRADOONUTTARANCHALINDIA 248001

31 ANAND RATHIFINANCIA L

SERVICES LTD- I NDORE

101, APOLLOAVENUE 1ST FLOOR,

30-B, OLD PALASIAINDORE MADHYAPRADESH INDIA452018

MR.NISHANTNYATI

07313015017

0731265837

32 ANAND RATHIFINANCIA LSERVICES LTD- J AIPUR

C-98 SANGHIUPASANA TOWERS1ST FLOOR,NEARASHIN SA CIRCLESUBHASH MARG, CSCHE ME JAIPURRAJASTHAN INDIA302001

MR.RAJKUMAR JAIN

0141-2370352

0141-236513

33 ANAND RATHIFINANCIA LSERVICES LTD- L UCKNOW

B - 2, SHUBHAMCENTR E, 5THFLOOR, C.G.ROAD,CHAKALA ,ANDHERI (E AST)MUMBAIMAHARASHTRAINDIA 400099

MR.RAKESHKUMAR

05224003168

0522391965

34 ANAND RATHI

FINANCIA LSERVICES LTD.

SHUBHAM CENTRE,

B-2, 5TH FLOORCARDINALGRACIOUS RO ADCHAKALA, ANDHERI(E) MUMBAIMAHARASHTRAINDIA 400099

MR. ANAND

RATHI

022-

40013871

022-

469837

35 ANAND RATHIFINANCIA LSERVICES LTD.- NAGPUR

S-1, SHRADHAHOUSE, 3RD FLOORKINGS WAY,OPP.BANK OF INDIA

NAGPURMAHARASHTRAINDIA 440018

MR. RAVINDRAMALOO

0712-2545625

0712-561270

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In India where ANANDRATHI is present in 21STATES:

Andhra Pradesh

AssamBiharChhattisgarhDelhiGoaGujratHaryana

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Jammu & KashmirJharkhandKarnatakaKeralaMadhya PradeshMaharashtraOrissaPunjabRajasthanTamil NaduUttar PradeshUttaranchalWest Bengal

LIST OF PRODUCTS :

Demat Accounts

Mutual Funds

Derivatives

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Commodities

Bonds

Trading Account

Insurance

SHARE MARKET

Definition

In economics, typically, the term market means theaggregate of possible buyers and sellers of a thingand the transactions between them.

The term "market" is sometimes used for what aremore strictly exchanges, organizations that facilitate

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the trade in financial securities, e.g., a stockexchange or commodity exchange. A stock market,or (equity market), is a private or public market forthe trading of company stock and derivatives ofcompany stock at an agreed price; these aresecurities listed on a stock exchange as well as thoseonly traded privately. The size of the world stockmarket is estimated at about $51 trillion. The stocksare listed and traded on stock exchanges which areentities a corporation or mutual organizationspecialized in the business of bringing buyers andsellers of stocks and securities together.

The role of stock exchanges

Stock exchanges have multiple roles in the economy,this may include the following:

Raising capital for businesses : The StockExchange provides companies with the facilityto raise capital for expansion through sellingshares to the investing public.

Mobilizing savings for investment: When peopledraw their savings and invest in shares, itleads to a more rational allocation ofresources because funds, which could have

been consumed, or kept in idle deposits withbanks, are mobilized and redirected to

promote business activity with benefits for

several economic sectors such as agriculture,commerce and industry, resulting in astronger economic growth and higherproductivity levels and firms.

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Facilitating company growth: Companies viewacquisitions as an opportunity to expandproduct lines, increase distribution channels,hedge against volatility, increase its marketshare, or acquire other necessary businessassets. A takeover bid or a merger agreementthrough the stock market is one of thesimplest and most common ways for acompany to grow by acquisition or fusion.

Redistribution of wealth: Stocks exchanges do notexist to redistribute wealth. However, both

casual and professional stock investors,through dividends and stock price increasesthat may result in capital gains, will share inthe wealth of profitable businesses.

Corporate governance: By having a wide andvaried scope of owners, companies generallytend to improve on their management

standards and efficiency in order to satisfy thedemands of these shareholders and the morestringent rules for public corporations imposed

by public stock exchanges and thegovernment. Consequently, it is alleged thatpublic companies (companies that are owned

by shareholders who are members of thegeneral public and trade shares on publicexchanges) tend to have better managementrecords than privately-held companies (thosecompanies where shares are not publiclytraded, often owned by the company foundersand/or their families and heirs, or otherwise bya small group of investors). However, somewell-documented cases are known where it isalleged that there has been considerable

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slippage in corporate governance on the partof some public companies. Example,Pets.com (2000), Enron Corporation (2001),One.Tel (2001), Sunbeam (2001), Webvan(2001), Adelphia (2002), MCI WorldCom(2002), or Parmalat (2003), are among themost widely scrutinized by the media.

Creating investment opportunities for small

investors: As opposed to other businesses thatrequire huge capital outlay, investing in sharesis open to both the large and small stock

investors because a person buys the numberof shares they can afford. Therefore the StockExchange provides the opportunity for smallinvestors to own shares of the same companiesas large investors.

Government capital-raising for development

projects: Governments at various levels may

decide to borrow money in order to financeinfrastructure projects such as sewage andwater treatment works or housing estates byselling another category of securities knownas bonds. These bonds can be raised throughthe Stock Exchange whereby members of the

public buy them, thus loaning money to thegovernment. The issuance of such bonds canobviate the need to directly tax the citizens inorder to finance development, although bysecuring such bonds with the full faith andcredit of the government instead of withcollateral, the result is that the governmentmust tax the citizens or otherwise raiseadditional funds to make any regular coupon

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payments and refund the principal when thebonds mature.

Barometer of the economy: At the stock exchange,share prices rise and fall depending, largely,on market forces. Share prices tend to rise orremain stable when companies and theeconomy in general show signs of stabilityand growth. An economic recession,depression, or financial crisis couldeventually lead to a stock market crash.Therefore the movement of share prices and in

general of the stock indexes can be anindicator of the general trend in the economy.

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Role of stock exchanges

Raising capital

Investment opportunit

Corporate governance
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Bombay Stock Exchange

Limited (the Exchange) is the oldest stock

exchange in Asia with a rich heritage. Popularly

known as "BSE", it was established as "The Native

Share & Stock Brokers Association" in 1875. It is

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Mobilizing resources

Company growth

Redistribution of wealth

Barometer of economy

Govt. project developm


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the first stock exchange in the country to obtain

permanent recognition in 1956 from the

Government of India under the Securities Contracts

(Regulation) Act, 1956.The Exchange's pivotal and

pre-eminent role in the development of the Indian

capital market is widely recognized and its index,

SENSEX, is tracked worldwide

India's oldest and first stock exchange:

Mumbai (Bombay) Stock Exchange. Established

in 1875. More than 6,000 stocks listed.

Total number of stock exchanges in India:

22

They are in: Ahmedabad, Bangalore,

Calcutta, Chennai, Delhi etc.

There is also a National Stock Exchange

(NSE) which is located in Mumbai.

There is also an Over the Counter

Exchange of India (OTCEI) which allows listing of

small and medium sized companies.

The regulatory agency which oversees the

functioning of stock markets is the Securities and

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Exchange Board of India (SEBI), which is also

located in Bombay.

Today, BSE is the world's number 1

exchange in terms of the number of listed

companies and the world's 5th in transaction

numbers.

SERVICES

BSE also has a wide range of services to

empower investors and facilitate smooth

transactions:

Investor Services: The Department of Investor Services redressgrievances of investors. BSE was the first exchange in the country provide an amount of Rs.1 million towards the investor protection funit is an amount higher than that of any exchange in the country. BSlaunched a nationwide investor awareness programme - 'SaInvesting in the Stock Market' under which 264 programmes were hein more than 200 cities.

The BSE On-line Trading (BOLT):BSE On-line Tradin(BOLT) facilitates on-line screen based trading in securities. BOLT currently operating in 25,000 Trader Workstations located acroover 359 cities in India.

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BSEWEBX.com: In February 2001, BSE introduced the worldfirst centralized exchange-based Internet trading systeBSEWEBX.com. This initiative enables investors anywhere in tworld to trade on the BSE platform.

Surveillance: BSE's On-Line Surveillance System (BOSmonitors on a real-time basis the price movements, volume positionand members' positions and real-time measurement of default rismarket reconstruction and generation of cross market alerts.

BSE Training Institute:BTI imparts capital market traininand certification, in collaboration with reputed management instituteand universities. It offers over 40 courses on various aspects of thcapital market and financial sector. More than 20,000 people havattended the BTI programmes.

Awards

The World Council of Corporate Governance

has awarded the Golden Peacock GlobalCSR Award for BSE's initiatives in CorporateSocial Responsibility (CSR).

The Annual Reports and Accounts of BSE forthe year ended March 31, 2006 and March31 2007 have been awarded the ICAI awardsfor excellence in financial reporting.

The Human Resource Management at BSEhas won the Asia - Pacific HRM awards forits efforts in employer branding through talentmanagement at work, health management atwork and excellence in HR through

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technology Drawing from its rich past and itsequally robust performance in the recenttimes, BSE will continue to remain an icon inthe Indian capital market

Vision

"Emerge as the premier Indianstock exchange by establishing

global benchmarks"

The National Stock

Exchange (NSE) is India's leading stock exchange

covering various cities and towns across the

country. NSE was set up by leading institutions to

provide a modern, fully automated screen-based

trading system with national reach. The Exchange

has brought about unparalleled transparency,

speed & efficiency, safety and market integrity.

NSE has played a

catalytic role in reforming the Indian securities

market in terms of microstructure, market practices

and trading volumes. The market today uses state-

of-art information technology to provide an efficient

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and transparent trading, clearing and settlement

mechanism, and has witnessed several innovations

in products & services viz. demutualisation of stock

exchange governance, screen based trading,

compression of settlement cycles, dematerialisation

and electronic transfer of securities, securities

lending and borrowing, professionalisation of

trading members, fine-tuned risk management

systems.

Securities and Exchange Board of India

(SEBI):

The Securities andExchange Board of India (SEBI) is an autonomous bodyestablished by an act of parliament in 1992. SEBI is controlledby a statutory board consisting of one chairman and sixmembers. SEBIs main objective is to protect the interest ofinvestors, and to regulate all securities market particularly theshare market. SEBI is a market regulator whose major functionsinclude regulation, superintendence and control of all securities

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markets in India, overseeing the functioning of stock exchanges,framing rules for trading practices, attending to and removinginvestor grievances, framing rules for and regulating publicissues, training and education of investors, and all matterspertaining to market intermediaries.

DEMATERIALISEDACCOUNT

In India, a demat account, the

abbreviation for dematerialised account, isa type of banking account whichdematerializes paper-based physicalstock shares. The dematerialised accountis used to avoid holding physical shares:the shares are bought and sold through astock broker.

This account is popular in India. TheSecurities and Exchange Board of India

(SEBI) mandates a demat account forshare trading above 500 shares. As ofApril 2006, it became mandatory that anyperson holding a demat account shouldposses a Permanent Account Number(PAN), and the deadline for submission ofPAN details to the depository lapsed onJanuary 2007.

Procedure:

1. Fill demats request form (DRF)(obtained from a depository participant orDP with whom your depository account is

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opened).2. Deface the share certificate(s) you wantto dematerialise by writing acrossSurrendered for dematerialisation.3. Submit the DRF & share certificate(s) toDP. DP would forward them to the issuer /their R&T Agent.4. After dematerialisation, your depositoryaccount with your DP would be creditedwith the dematerialised securities.

Required Documents:

The extent of documentation required to

open a demat account may varyaccording to your relationship with theinstitution. If you plan to open a demataccount with a bank, a savings, currentand, or other account for which the holderhave been issued a check book, suchholder has an edge over the non-accountholder. In fact, banks usually offeradditional incentives to customers who

open a demat account with them. Alongwith the application form, yourphotographs (with co-applicants) andproof of identity/residence/date of birthhave to be submitted. The DPs also askfor a DP-client agreement to be executedon non-judicial stamp paper. Here is abroad list:

- A canceled check, preferably MICR

- Proof of Identification- Proof of Address- Proof of Pan Card (mandatory)- Recent photographs,

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For proof of identification and, or address

self-attested facsimile copies of PAN card,

Voters ID, Passport, Ration card, Drivers

license, Photo credit card, Employee ID card,

Bank attestation, latest IT returns and, or

latest Electricity/Landline phone bill are

sufficient. While they only ask for

photocopies of the documents, they will need

the originals for verification.

Dematerialization of shares:

Dematerialization as the name suggests,

is a term used for conversion of shares from

their physical form to electronic form. This

conversion is done by NSDL and CDSL. The

CDSL acts as a depository for BSE, whereas

the NSDL acts as a depository for NSE. After

dematerialization, shares cease to exist in

their physical form.

Merits of dematerialization:

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No risk of being fake or stolen shares.

No stamp duty while transfer of shares.

Free from tedious paperwork as it was in the

physical form.

Stock exchanges have now discarded the

concept of marketable lots, small lots and

odd lots.

Rematerialization:

Rematerialization is the reverse of

dematerialization. It means to convert the

electronically held shares back into physical form.

You have the complete freedom of conversion from

electronic form to physical form whenever you want

to do so.

The benefits:

- A safe and convenient way to holdsecurities;- Immediate transfer of securities;- No stamp duty on transfer of securities;- Elimination of risks associated withphysical certificates such as bad deliveryfake securities, delays, thefts etc.;

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- Reduction in paperwork involved intransfer of securities;- Reduction in transaction cost;- No odd lot problem, even one share canbe sold;- Nomination facility;- Change in address recorded with DPgets registered with all companies inwhich investor holds securitieselectronically eliminating the need tocorrespond with each of them separately;- Transmission of securities is done by DPeliminating correspondence withcompanies;

- Automatic credit into demat account ofshares, arising out of bonus/split/consolidation/merger etc.- Holding investments in equity and debtinstruments in a single account

THE BULL AND THE BEAR

Bull market

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The Charging Bull in Bowling Green, New Yorkis a symbol of the bull market. A bull markettends to be associated with increasing investorconfidence, motivating investors to buy inanticipation of furthercapital gains. The longestand most famous bull market was in the 1990swhen the U.S. and many other global financialmarkets grew at their fastest pace ever.

In describing financial market behavior, thelargest group of market participants is oftenreferred to, metaphorically, as a herd. This isespecially relevant to participants in bullmarkets since bulls are herding animals. A bull

market is also described as a bull run.

Example, the United States has been describedas being in a long-term bull market since about1983, with brief upsets including the Panic of1987 and the NASDAQ Crash in 2000.

Bear market

A bear market is described as being

accompanied by widespread pessimism.Investors anticipating further losses aremotivated to sell, with negative sentimentfeeding on itself in a vicious circle.

Example, The most famous bear market inhistory was 1930 to 1932, marking the start ofthe Great Depression. A milder, low-level long-term bear market occurred from about 1967 to

1983, encompassing the stagflation economy,energy crises in the 1970s, and highunemployment in the early 1980s.

Prices fluctuate constantly on the open market;a bear market is not a simple decline, but asubstantial drop in the prices of a range of

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issues over a defined period of time. By onecommon definition, a bear market is marked bya price decline of 20% or more in a key stockmarket index from a recent peak over a 12-month period. However, no consensualdefinition of a bear market exists to clearlydifferentiate a primary market trend from asecondary market trend.

Investors frequently confuse bear markets withcorrections. Corrections are much shorter lived,whereas bear markets occur over a longerperiod with typically a greater magnitude of lossfrom top to bottom.

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PRIVATE WEALTH MANAGMENT

Introduction

Affluent individuals need sophisticated

advice and strategic guidance to capitalize on

opportunities to preserve, grow and transfertheir wealth. In addition, a desire exists

within wealthy families to simplify the

management of multigenerational needs and

lessen the profound emotional impact of

wealth on family members. AR offers the

most extensive platform of customized

servicing, individual strategies and products

to help meet the requirements of the affluent

private investor. We provide comprehensive,

integrated investment strategies to address

your wealth management needs. Working

closely with specialists across firm PWM

offers an array of products & services, which

includes AR's highly-rated research.

Philosophy

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We at AnandRathi try and understand your

financial needs; to offer you personal advice

and expert analysis that you need to make

your assets go the Xtra mile. Our ability to

think far ahead and formulate a long-term

strategy, coupled with long hours of practice

and research are the key drivers, which make

your wealth work harder for you.

We believe that the key to build wealth lies

in allocating assets across various markets,

financial instruments and industry sectors.

Keeping this in mind we leverage our

expertise in scientific asset allocation, to help

you maximize returns and minimize risks.

Process: We realize the need to simplify the

complexities of the investment strategies andwe achieve this by offering highly

customized wealth management product -

LaXmi TM (let your Assets go the Xtra Mile

TM). Our Personalized Relationship

Managers along with the expert team of

analysts and advisors will assist you in

analyzing all your investment needs and

advice you on specialized solutions created

exclusively for you. We have a dedicated

research team who constantly screens the

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market for investment prospects. The team

provides support in fine-tuning the

investment strategy & suggests how to

capitalize on these opportunities.

Research: Our research expertise is at the

core of the value proposition that we offer to

our clients. Research teams across the firm

continuously track various markets and

products. The aim is however common - to

go far deeper than others, to deliver incisive

insights and ideas and be accountable for

results. AR research processes incorporate

quantitative areas well as qualitative

analyses. This multi-pronged approach helps

us to provide superior risk- adjusted returns

for our clients. AR analysts provide objective

and decisive research that is designed to

enable clients to make informed investment

decisions. The team covers entire spectrum

of financial markets from equities, fixed

income, and commodities to currencies. They

also cover the global markets, to give clients

an unparalleled macro-view of the

investment opportunities across the globe.

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BROKERAGE & DISTRIBUTION SERVICES

1 Equity & Derivatives Brokerage:

AnandRathi provides end-to-end equity

solutions to institutional and individual

investors. Consistent delivery of high quality

advice on individual stocks, sector trends and

investment strategy has established us a

competent and reliable research unit across

the country. Clients can trade through us

online on BSE and NSE for both equities and

derivatives. They are supported by dedicated

sales & trading teams in our trading desks

across the country. Research and investment

ideas can be accessed by clients either

through their designated dealers, email, web

or SMS.

2. Mutual Funds: AR is one of India's top

mutual fund distribution houses. Our success

lies in our philosophy of providing

consistently superior, independent and

unbiased advice to our clients backed by in-

depth research. We firmly believe in the

importance of selecting appropriate asset

allocations based on the client's risk profile.

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We have a dedicated mutual fund research

cell for mutual funds that consistently churns

out superior investment ideas, picking best

performing funds across asset classes and

providing insights into performances of

select funds.

3. Depository Services: AR Depository

Services provides you with a secure and

convenient way for holding your securities

on both CDSL and NSDL. Our depository

services include settlement, clearing and

custody of securities, registration of shares

and dematerialization. We offer you daily

updated internet access to your holding

statement and transaction summary.

4. Commodities: Commodities broking - awhole new opportunity to hedge business

risk and an attractive investment opportunity

to deliver superior returns for investors. Our

commodities broking services include online

futures trading through NCDEX and MCX

and depository services through CDSL.

Commodities broking is supported by a

dedicated research cell that provides both

technical as well as fundamental research.

Our research covers a broad range of traded

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commodities including precious and base

metals, Oils and Oilseeds, agri-commodities

such as wheat, chana, guar, guar gum and

spices such as sugar, jeera and cotton. In

addition to transaction execution, we provide

our clients customized advice on hedging

strategies, investment ideas and arbitrage

opportunities.

5. Insurance Broking: As an insurance

broker, we provide to our clients

comprehensive risk management techniques,

both within the business as well as on the

personal front. Risk management includes

identification, measurement and assessment

of the risk and handling of the risk, of which

insurance is an integral part. The firm deals

with both life insurance and general

insurance products across all insurance

companies. Our guiding philosophy is to

manage the clients' entire risk set by

providing the optimal level of cover at the

least possible cost. The entire sales process

and product selection is research oriented

and customized to the client's needs. We lay

strong emphasis on timely claim settlement

and post sales services.

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INSTITUTIONAL SERVICES

Institutional Equities: The Institutional

sales and trading team provides cutting edgemarket information and investment advice to

clients, coupled with excellent execution

capabilities. A highly experienced and

reputed team of equity analysts supports the

sales team. There is an extensive focus on

research on companies, sectors and macro-

economy. The institutional equity team

tracks nearly 250 large and mid-sized

companies to give clients an unparalleled

breadth of ideas. We also provide Investment

Advisory Services for institutional clients in

India and overseas for investment in the

Indian equity markets.

Research: Our research expertise is at the

core of the value proposition that we offer to

our clients. Research teams across the firm

continuously track various markets and

products. The aim is however common - to

go far deeper than others, to deliver incisive

insights and ideas and be accountable for


quantitative areas well as qualitative

analyses. This multi-pronged approach helps

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us to provide superior risk- adjusted returns

for our clients. AR analysts provide objective

and decisive research that is designed to

enable clients to make informed investment

decisions. The team covers entire spectrum

of financial markets from equities, fixed

income, and commodities to currencies. They

also cover the global markets, to give clients

an unparalleled macro-view of the

investment opportunities across the globe.

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MANAGED INVESTMENT SERVICES

1. Portfolio Management Services (PMS):

AR Portfolio Management Service is a

discretionary investment service created to

meet the demand for more targeted

investment styles and opportunities. It offers

a range of specialized investment strategies

designed to capture opportunities across the

market spectrum. The range of products

varies from the highly defensive, capital-

protected to the most aggressive strategies in

the equities and derivatives markets. Our

investment process ensures that your strategy

and portfolio are built on solid foundations.

Together you and your relationship manager

select the strategy in line with your

individual goals. AR investment specialiststhen construct and manage your portfolio in

accordance with the chosen investment

strategy.

2. Real Estate Opportunities Fund: AR

Real Estate Opportunities Fund is a private

equity fund for high net-worth individuals,

corporates and institutions, to invest in

equity-linked instruments in the Indian real

estate and infrastructure sectors. As part of

the structural reforms to further boost India's

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recognized the need for institutional finance

in the real estate sector. In early 2005, the

government has relaxed the FDI guidelines

in real estate and also allowed the setting upof real estate investment funds under SEBI

guidelines. These developments are expected

to provide much needed capital to provide

for the increasing demand for quality real

estate in major urban centers across the

country. To capture this opportunity, AR has

brought together a team of specialists and

advisors to guide the fund's investments who

bring together expertise in the areas of real

estate consulting, development, legal and

financial structuring.

INSTITUTIONAL WEALTH

MANAGEMNET

Introduction

Corporate and Institutional treasuries need

ever more sophisticated advice that is backed

by serious and credible research. AR IWM

provides its institutional clients integrated

wealth management solutions across globalmarkets, which are backed by proprietary

global economic & investment research.

We understand that your needs could range

from finding short-term surplus management


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strategies to higher yielding and long term

investments. The IWM team brings together

the highly-rated AR research across fixed

income, currencies and equities markets to

provide investment solutions that meet your

complex needs - from simple money-market

mutual funds to complex arbitrage strategies

in the equities or commodities markets.

Products

Equity & Derivatives

Mutual Funds

Depository Services

Commodities

Insurance

IPOs


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Client List

ACC

Baye

rCent

ury

Texti

les

Clari

ant

CRIS

IL

Crom

pton

Grea

ves

Dabu

r

Data

matic

s

GE

Ship

ping

Godr

ej

Good

lass

Nerol

ac

Grasim

Gujar

at

Amb

uja

Cem

ents

Gujar

at

Pipav

av

Port

Hein

z

India

Hind

alco

Hind

ustan

Leve

r

H&R

Johns

on

IDFC

India

n

Rayon

Jinda

l

Grou

p

Larse

n &

Toub

ro

Mast

ek

Mahi

ndra

&

Mahi

ndra

Ray

mond

s

Sterli

te

Grou

p

Syng

enta


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Tata

Iron

&

Steel

Trent

VSN

L

Wart

sila

Research: Our research expertise is at the core of

the value proposition that we offer to our clients.

Research teams across the firm continuously track

various markets and products. The aim is however

common - to go far deeper than others, to deliver

incisive insights and ideas and be accountable for


quantitative areas well as qualitative analyses. This

multi-pronged approach helps us to provide superior

risk- adjusted returns for our clients. AR analysts

provide objective and decisive research that is

designed to enable clients to make informed

investment decisions. The team covers entire

spectrum of financial markets from equities, fixed

income, and commodities to currencies. They also

cover the global markets, to give clients an

unparalleled macro-view of the investment

opportunities across the globe.

CORPORATE ADVISORY SERVICES:

Introduction: AnandRathi Advisors assists

companies in realizing tangible

improvements in various facets of their

businesses by providing a range of corporate

advisory services that includes the entire


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gamut from financial, organisational and

operational restructuring, to profit

improvement and business turnaround

strategies. Highly qualified and thoroughly

professional, our specialists, experts and

associates assist you in conceptualising

problems and devising effective solutions,

whatever be your need.

Successful assignments undertaken for

leading organisations in India as well as

overseas bear ample testimony to our wide-

ranging capabilities, utilising our

unparalleled business know-how to give you

the competitive edge. We have successfully

handled various assignments under industry

segments like refinery, cement, mining,

power, paper, metals, airlines and optic fibre.

Services

1. Performance Improvement and Cost

Reduction

2. Business Strategy and Re-engineering

3. Financial, Business & Organizational

restructuring

4. Business Turn-around Strategies


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5. Management Systems: MIS, Review &

Control Mechanism


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Our services :

Risk Management

Due diligence and research on policiesavailable

Recommendation on a comprehensive

insurance cover based on clients needs

Maintain proper records of client

policies

Assist client in paying premiums

Continuous monitoring of client

account

Assist client in claim negotiation and

settlement

6. IPO: We are a leading primary market

distributor across the country. Our strong

performance in IPOs has been a result of our

vast experience in the Primary Market, a

wide network of branches across India,

strong distribution capabilities and a

dedicated research team. We have been

consistently ranked among the top 10

distributors of IPOs on all major offerings.

Our IPO research team provides clients with

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indepth overviews of forthcoming IPOs as

well as investment recommendations. Online

filling of forms is also available

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INVESTMENT BANKING AND

CORPORATE FINANCE

Investment Banking: AR Investment

Banking provides comprehensive services to

clients including raising money in the equity

capital markets to identifying strategic

alliances, mergers and acquisition

opportunities and debt financing &

restructuring advisory.

Corporate Finance: The AR Corporate

Finance team helps clients manage their

debt-financing needs by profiling business

and cash-flow risks, defining the alternative

sources of funding , building in multiple

variables such as currencies, fixed-floating,

tenure, collateral etc. in a comprehensive

manner and finally negotiating with the

prospective lenders / buyers. The team has

also built an impressive track-record in debt

restructuring based on its superior

understanding of business needs and

relationships with key lenders. TheCorporate Finance team has handled

assignments in businesses like paper,

hospitality, telecom, textiles and sugar.

Services

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Investment Banking :

Merchant Banking

A highly experienced equity capital markets

team, a pan-India distribution presence and a

high level of quality and integrity in

executing client's transactions has enabled us

to provide tangible value to our clients'

businesses.

We bring quality independent advice and

excellent execution capabilities to create

landmark transactions for clients. Our track

record of successfully lead managed IPOs

includes Tips Industries, Emami, HCL

Infosystems and Provogue.

M&A, Private Equity

Our Mergers & Acquisition team works with

clients in creating lasting stakeholder value

through advice on mergers, acquisitions,

divestitures and private equity financing. The

team leverages on the firm's superior

understanding of businesses and tax and

regulatory environments as well as a deep

network of relationships across the

professional and corporate world. We have

worked extensively with clients in industries

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like cement, sugar, chemicals, power and

textiles for mergers and acquisition deals,

valuation and business restructuring.

Corporate Finance :

Raising Cost-effective debt resources

in Rupee and Foreign Currency for Projects,

Working Capital and Specific needs.

Financial Restructuring, CDR, OTS,

Interest Cost Reduction, Long-term Corporate

Loans for Working Capital Margins.

Financial products and services in

hedging of interest and currency risks.

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Distribution Capabilities

1. Strong pan- India distribution network,

with presence at over 130 locations across India.

2. Leading distributor of equity related

products including IPOs & mutual fund

3. Have been consistently amongst the top 8

brokers, inspite of not being a lead manager.

4. 50000 plus captive Institutional clients

and HNIs

5. Strong after market support

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SWOT ANALYSIS

STRENGTHS

1. The Company has a good reputation with

the bulk of financial services under its arm to

offer to the customers at large.

2. The firm offers to its clients the entire

spectrum of financial services ranging from

brokerage services in equities and commodities,

distribution of mutual funds, IPOs and insurance

products, real estate, investment banking, merger

and acquisitions, corporate finance and corporate

advisory.

3. The management of the company is

consisting of highly trained and skilled

professionals

WEAKNESSES

1. Since the company is reaping the benefits

of its high level performance still due to the low

network there is a low customer base being

foreseen as compare to other competing

companies in Indian stock and security market.

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investment since rising finance sector is

attracting them a lot.

CONCLUSION

At the conclusion of the summer training project in

ANAND RATHI Securities Ltd., I would like to

conclude my opinion that there is a vast untapped

potential for a emerging and rising company like

ANAND RATHI to grow in business of securities

with other supporting financial services being

provided by the company.

Since a highly enriched corporate environment is

being provided in the company I gained a

tremendous knowledge and experience in respect to

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learning the concept of Dematerlisation and its

significance to the shareholders and every new

prospects applying for the existing shares and/or any

new public offer (NPO) without any hesitation and

with all legal procedures so that the amount invested

could be remain secure and safe legally.

Thereby I came to realize the growth of the financial

sector as it is reaping success since the major rising

sector being notified as per my knowledge is finance

since company are establishing their business entities

in securities, mutual fund, insurance and many

others.

The experience of summer training was indeed a

worth in utilizing my professional approaches under

the prestigious like company ANAND RATHI

Securities Ltd.

RECOMMENDATIONS & SUGGESTION

1. This is recommended that there shouldbe an aggressive promotional measures need to

be adopted for capturing the market nation wide.

2. Further, it is suggested that knowledge

base campaign be organized near various

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corporate offices so that young professionals

may be educated the benefit of investing via

ANAND RATHI Securities and the future

benefits which may be conducive for strengthen

their financial positions.

3. The Company should locate more

offices in the time to come so that the customers

living at different areas and not reachable to the

main areas would be able to access through sub

offices or centres.

4. Since investors are sometimes find

them selves in the position to Demat their

account, ANAND RATHI should pave measures

for such investors to ease them in dealing and

opening DEMAT account at their comfort

charging reasonable brokerage and commission.

BIBLIOGRAPHY

1. BOOKS & MAGZINES: -

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a) India Today

b) Business World

2. NEWSPAPER: -

a) The Times of India

b) The Hindu

WEBSITES: -

a) www.rathi.com

b) www.sebi.gov.in

c) www.thehindubusinessonline.com

d) www.capitalmarket.com

e) www.theeconomicstimes.com
http://www.rathi.com/http://www.sebi.gov.in/http://www.thehindubusinessonline.com/http://www.capitalmarket.com/http://www.theeconomicstimes.com/http://www.rathi.com/http://www.sebi.gov.in/http://www.thehindubusinessonline.com/http://www.capitalmarket.com/http://www.theeconomicstimes.com/