PROJECT REPORT

ON

MARKETING STRATEGIES OF RELIGARE SECURITIES LTD

BY

VANDANA CHANDRA

A0102208045

UNDER THE SUPERVISION OF

COL A.K.RAJPAL

PROFESSOR

DEPARTMENT OF COMMUNICATION, ABS

&

MR.VIPUL GUPTA

BRANCH MANAGER

RELIGARE SECURITIES LTD

NOIDA BRANCH

IN PARTIAL FULFILLMENT OF AWARD OF MASTER OF BUSINESS

ADMINISTRATION

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY UTTAR PRADESH

SECTOR 125, NOIDA-201301, UTTAR PRADESH, INDIA

AMITY UNIVERSITY UTTAR PRADESH

AMITY BUSINESS SCHOOL

DECLARATION

I, Vandana Chandra, student of Masters of Business Administration from Amity

Business School, Amity University Uttar Pradesh hereby declare that I have completed

Project on “MARKETING STRATEGIES OF RELIGARE SECURITIES LTD.” as

part of the course requirement.

I further declare that the information presented in this project is true and original to the

best of my knowledge.

Date:-………..

Name: - Vandana Chandra

Enrolment No.:- A0102208045

Program: - MBA (M&S)

AMITY UNIVERSITY UTTAR PRADESH

AMITY BUSINESS SCHOOL

CERTIFICATE

I Professor A.K. Rajpal hereby certify that Vandana Chandra student of Masters of

Business Administration at Amity Business School, Amity University Uttar Pradesh has

completed Project on “MARKETING STRATEGIES OF RELIGARE

SECURITIES LTD.”, under my guidance.

Professor A.K.Rajpal

Department Of Communication

ACKNOWLEDGEMENT

At the outset, Researcher expresses her sincere sense of regards and cordial thankfulness

to a great organization of excellence, Religare Securities Ltd for giving her a chance to

carry out study on the foresaid topic.

Researcher extends her sincere regards to Mr. Vipul Gupta (Branch Manager, Religare

Securities Ltd.) who gave her a chance to experience the real corporate life and undergo

her summer training in Religare Securities Ltd, Noida.

In particular, researcher owes a deep sense of gratitude to her project guide, Mr. Zahir

Abbas Ansari (Relationship Manager) for being a part of her learning process.Researcher

thanks him for his timely support, valuable support and the continuous efforts to guide

her in right direction. Researcher is also thankful to Mr. Amit Verma for his cooperation

and support.

Researcher is enormously grateful to Professor Col. A.K. Rajpal, Amity Business School,

Noida, for his constant support and precious inputs that added value to this project at

every step of it.

ABSTRACT

This report studies the Indian retail brokerage industry taking into consideration the

current market scenarios and the intensity of competition among the stock broking

companies in India. Much of attention is given to Religare Securities Ltd., India’s

topmost stock broking firm. A detailed comparative analysis, SWOT and Michael

Porter’s five forces analysis have been employed to present a reasonable portrait of

Religare Securities Ltd’s position in the market.

Stock market was badly hit last year in January and is still struggling to come up. Many

traders and investors have started searching for new investment strategies. In this kind of

struggling market scenario, Religare Securities still manages to attract many new

investors and traders through its highly competitive and effective marketing strategies

and offerings. This report shows marketing strategies adopted by Religare Securities

which helped it to grow without any limits. Thanks to its pioneering strategies, Religare

Securities has gained a good market share of more than , happy and satisfied, 2 lakhs

customers. Thus report also covers various important segments of the industry and

analysis market dynamics. The focused part of this report is a comparative assessment of

the top 7 retail brokers on various parameters like- product, price, services, technology

and their unique selling proposition.

This report also presents a SWOT analysis done on Religare Securities to indicate various

market facts and competitors offerings. This report has shown a complete marketing mix

employed by Religare Securities. This report contains all the P’s of marketing strategies.

As my work profile was to sell demat accounts, commodity accounts and currency

accounts so I got the chance to analyse all the offerings of Religare and customer’s

perception about those offerings.It really helped me in my research.Religare offers one of

the best products and services at reasonable prices and most importantly efficient

marketing strategies has helped Religare to gain supremacy in Indian retail brokerage

industry.Through its heavy advertising, company has been able to position itself in the

minds of people. Company has established its supremacy in products and

services.Religare provides best brokerage plans for traders from all income groups.

LITERATURE REVIEW

MARKETING STRATEGY

A marketing strategy serves as the foundation of a marketing plan. A marketing plan

consist a list of specific activities vital to successfully implement a definite marketing

strategy. An example of marketing strategy is as follows: "Use a low cost product to

attract consumers. Once our organization, via our low cost product, has established a

relationship with consumers, our organization will sell additional, higher-margin products

and services that enhance the consumer's interaction with the low-cost product or

service."

A strategy is different than an approach. While it is possible to write a premeditated

marketing plan without a sound, well-considered strategy, it is not recommended.

Without an effective marketing strategy, a marketing plan has no base. Marketing

strategies serve as the basic groundwork of marketing plans intended to reach marketing

objectives. It is important that these objectives have assessable results.

A good marketing strategy should combine an organization's marketing goals, policies,

and action sequences (tactics) into a interrelated whole. The objective of a marketing

strategy is to provide a foundation from which a tactical plan is developed. This allows

the organization to carry out its mission successfully and proficiently.

One used the following techniques to device the Marketing Strategy for the

product/service:

Segmentation

Targeting

Positioning

SEGMENTATION

Market segmentation is the process in marketing of grouping a market (i.e. customers)

into smaller subgroups. A market segment consists of a large identifiable group within a

market with similar wants, purchasing power, geographical location, buying attitudes, or

buying habits. Segmentation is an approach midway between mass marketing and

individual marketing. Each segment’s buyers are assumed to be quite similar in wants

and needs, yet no two buyers are really alike This is not something that is arbitrarily

imposed on society: it is derived from the recognition that the total market is often made

up of submarkets (called 'segments'). These segments are homogeneous within (i.e.

people in the segment are similar to each other in their attitudes about certain variables).

Because of this intra-group similarity, they are likely to respond somewhat similarly to a

specified marketing strategy. That is, they are likely to have similar feeling and thoughts

about a marketing mix comprised of a given product or service, sold at a given price,

distributed in a certain way, and promoted in a certain way. Market segmentation is

widely defined as being a complex process consisting in two main phases:

- identification of broad, large markets

- segmentation of these markets in order to select the most appropriate target markets and

develop Marketing mixes accordingly.

TARGETING

Target Marketing involves breaking a market into segments and then concentrating

your marketing efforts on one or a few key segments. Target marketing can be the key to

a small business’s success. The beauty of target marketing is that it makes the promotion,

pricing and distribution of your products and/or services easier and more cost-effective.

Target marketing provides a focus to all of your marketing activities. A target market

consists of a set of buyers who share common needs for characteristics that the company

decides to serve.

Generally, target marketing can be carried out at several different levels. Companies can

target very broadly (undifferentiated marketing), very narrowly (micromarketing), or

somewhere in between (differentiated or concentrated marketing).

POSITIONING

Simply, positioning is how your target market defines company in relation to its

competitors. A product’s position is the way the product is defined by consumer on

important attributes-the place the product occupy in consumers’ minds relative to

competing products. Positioning involves implanting the brands unique benefits and

differentiation in customers’ minds.

A good position is: 

1. What makes you unique 

2. This is considered a benefit by your target market 

Positioning is important because company is competing with all the noise out there

competing for its potential fans attention.  If it can stand out with a unique benefit, it will

have a chance at getting their attention. 

It is important to understand the product from the customers point of view relative to the

competition. 

POSITIONING STRATEGIES

There are seven positioning strategies that can be pursued: 

Product Attributes: What are the specific products attributes? 

Benefits: What are the benefits to the customers? 

Usage Occasions: When / how can the product be used? 

Users: Identify a class of users. 

Against a Competitor: Positioned directly against a competitor. 

Away from a Competitor: Positioned away from competitor. 

Product Classes: Compared to different classes of products. 

TABLE OF CONTENTS

1. The Introduction

1.1 About stock market

1.1 Indian Stock Market

1.2 Religare Enterprise Ltd.

1.3 Religare Securities Ltd.

2. Basic Products and Services

2.1 Products

2.2 Offerings of Religare Securities Ltd.

2.3 Research Services

3. Analysis Segment

3.1 Project Objective

3.2 Research Methodology

3.3 Comparative Analysis

3.4 SWOT Analysis

3.5 Michael Porter’s five forces analysis

3.6 Marketing Strategies adopted by Religare Securities Ltd

3.7 Marketing Mix Employed

3.8Analysis through Questionnaire

4. Conclusion and Recommendations.

5. Learning and limitations

REFERENCES

ANNEXURE

ABOUT STOCK MARKET

STOCK EXCHANGE

The Securities Contract (Regulation) Act, 1956 [SCRA] defines ‘Stock Exchange’ as any

body of individuals, whether incorporated or not, constituted for the purpose of assisting,

regulating or controlling the business of buying, selling or dealing in securities. Stock

exchange could be a regional stock exchange whose area of operation/jurisdiction is

specified at the time of its recognition or national exchanges, which are permitted to

have nationwide trading since inception. NSE was incorporated as a national

stock exchange.

In simple words, a stock exchange which was formerly known as securities exchange is a

corporation or mutual organization which provides trading facilities for stock brokers and

traders, to trade stocks and other securities. Stock exchanges also provide facilities for the

issue and redemption of securities as well as other financial instruments and capital

events including the payment of income and dividends. These securities include shares

issued by companies, unit trusts, derivatives, pooled investment products and bonds.

Security can be traded on stock exchange only when it is listed on it. As now security

market is completely electronically connected so trade is not associated with any specific

physical location.

SECURITIES

The definition of securities as per the Securities Contracts Regulation Act (SCRA), 1956,

includes instruments such as shares, bonds, scripts, stocks or other marketable securities

of similar nature in or of any incorporate company or body corporate, government

securities, derivatives of securities, units of collective investment scheme, interest and

rights in securities, security receipt or any other instruments so declared by the central

government.

STOCK

Stock is an instrument that signifies an ownership position called equity in a corporation,

and represents a claim on its proportional share in the corporation's assets and profits.

Ownership in the company is determined by the number of shares person owns divided

by the total number of shares outstanding. Most stock also provides voting rights, which

give shareholders a proportional vote in certain corporate decisions. Only a certain type

of company called a corporation has stock, other types of companies such as sole

proprietorships and limited partnerships do not issue stock, also called equity, equity

securities or corporate stock.

STOCK MARKET

A stock market is a public market for the trading of company stock and derivatives at an

agreed price; these securities are listed on a stock exchange as well as those only traded

privately.

The size of the world stock market was estimated at about $36.6 trillion US at the

beginning of October 2008.The total world derivatives market has been estimated at

about $791 trillion face or nominal value, 11 times the size of the entire world

economy. The stocks are listed and traded on stock exchanges which are entities of a

corporation or mutual organization specialized in the business of bringing buyers and

sellers of the organizations to a listing of stocks and securities together. Trading

Participants in the stock market range from small individual stock investors to large

hedge fund traders, who can be based anywhere. Their orders usually end up with a

professional at a stock exchange, who executes the order.

Some exchanges are physical locations where transactions are carried out on a trading

floor, by a method known as open outcry. This type of auction is used in stock exchanges

and commodity exchanges where traders may enter “verbal” bids and offers

simultaneously. The other type of stock exchange is a virtual kind, composed of a

network of computers where trades are made electronically via traders.

Actual traders are based on an auction market model where a potential buyer bids a

specific price for a stock and a potential seller asks a specific price for the stock. (Buying

or selling at market means you will accept any ask price or bid price for the stock,

respectively). When the bid and ask prices match, a sale takes place on a first come first

served basis if there are multiple bidders or askers at a given price.

The purpose of a stock exchange is to facilitate the exchange of securities between buyers

and sellers, thus providing a marketplace (virtual or real). The exchanges provide real

time trading information on the listed securities, facilitating price discovery.

MARKET PARTICIPANTS

A few decades ago, worldwide, buyers and sellers were individual investors, such as rich

businessmen, with extensive family histories (and emotional ties) to particular

corporations. Over time, markets have become more “ institutionalized”; buyers and

sellers are mostly institutions (e.g., pension funds, insurance companies, mutual funds,

index funds, exchange-traded funds, hedge funds, investor groups, banks and various

other financial institutions).The rise of the institutional investor has brought with it some

improvements in market operations. Thus, the government was responsible for “fixed”

(and exorbitant) fees being markedly reduced for the ‘small’ investor, but only after the

large institutions had managed to break the brokers’ solid front on fees. They then went

to ‘negotiated ‘fees, but only for large institutions.

However, corporate governance (at least in the West) has been very much badly affected

by the rise of (largely ‘absentee’) institutional ‘owners’.

HISTORY OF STOCK MARKET

Historian Fernand Braudel suggests that in Cairo in the 11th century, Muslim and Jewish

merchants had already set up every form of trade association and had knowledge of many

methods of financial dealing, disproving the belief that these were originally invented

later by Italians. In 12th century France the courratiers de change were concerned with

managing and regulating the debts of agricultural communities on behalf of the banks.

Because these men also traded with debts, they could be called the first brokers. A

common misbelieve is that in late 13th century Bruges commodity trades gathered inside

the house of a man called Van Der Beurze, and in 1309 they became the “ Brugse

Beurse”, institutionalizing what had been, until then, an informal meeting, but actually ,

the family Van der Beurze had a building in Antwerp where thode gatherings occurred,

the Van der Beurze had Antwerp, as most of the merchants of that period, as their

primary place for trading. The idea quickly spread around Flanders and neighboring

counties and “Beurzen” soon opened in Ghent and Amsterdam.

In the middle of the 13th century, Venetian bankers began to trade in government

securtities.In 1351 the Venetian government outlawed spreading rumors intended to

lower the price of government funds.Bankers in Pisa , Verona, Genoa and Florence also

began trading in government securities during the 14th century. This was only possible

because these were independent city states not ruled by a duke but a council of influential

citizens. The Dutch later started joint stock companies, which let shareholders invest in

business ventures and get a share of their profits- or losses.In 1602, the Dutch East India

Company issued the first share on the Amsterdam Stock Exchange.It was the first

company to issue stocks and bonds.

The Amsterdam Stock Exchange ( or Amsterdam Beurs) is also said to have been the first

stock exchange to introduce continous trade in the early 17th century. The Dutch “

pioneered short selling, option trading, debt-equity swaps, merchant banking, unit trusts

and other speculative instruments, much as we know them” (Murray Sayle, “Japan Goes

Dutch”, London Review of Books XXIII.7, April 5, 2001). There are now stock markets

in virtually every developing ecnomies , with the world’s biggest markets being in the

United States, UK,Japan,China,Canada, Germany and France.

INDIAN STOCK MARKET

The working of stock exchanges in India started in 1875.BSE(Bombay Stock Exchange)

is the oldest stock market in India. The history of Indian stock trading starts with 318

persons taking membership in Native Share and Stock Brokers Association, which we

know by the name Bombay Stock Exchange or BSE in short. In 1965, BSE got

permanent recognition from the Government of India. National Stock Exchange comes

second to BSE in terms of popularity. NSE represents themselves as synonyms of Indian

stock market. The history of Indian stock market is almost the same as the history of

BSE.

The 30 stock sensitive index or sensex was first compiled in 1986. The sensex is

compiled based on the performance of the stocks of 30 financially sound benchmark

companies. In 1990 the BSE reason for such huge surge in the stock market was the

liberal financial policies announced by the then financial minister Dr. Manmohan Singh.

The up-beat mood of the market was suddenly lost with Harshad Mehta scam. it came to

public knowledge that Mr. Mehta also known as the big-bull of Indian stock market

diverted huge funds from banks through fraudulent means. He played with 270 million

shares of about 90 companies. Millions of small-scale investors became victims to the

fraud as the Sensex fell flat shedding 570 points.

To prevent such frauds, the Government formed The Securities and Exchange Board of

India, through an Act in 1992. SEBI is the statutory body that controls and regulates the

functioning of stock exchanges, brokers, sub-brokers, portfolio managers investment

advisors etc.SEBI oblige several rigid measures to protect the interest of investors. Now

with the inception of online trading and daily settlements the chances for a fraud is nil.

Sensex crossed the 5000 mark in 1999 and the 6000 mark in 2000. The 7000 mark was

crossed in June and the 8000 mark on September 8 in 2005. Many foreign institutional

investors (FII) are investing in Indian Stock markets on a very large scale. The liberal

economic policies pursued by successive Governments attracted foreign institutional

investors to a large scale.Experts now believe the sensex can soar part 14000 mark before

2010.

The unpredictable behavior of the market gave it a tag – ‘a volatile market.’ The factors

that affected the market in the past were good monsoon, Bharatiya Janatha Party’s rise to

power etc.The result of a cricket match between India and Pakistan also affected the

movements in Indian stock market. The National Demographic Alliance led by BJP,

during 2004 public elections unsuccessfully tried to ride on the market sentiments to

power and the sensex recorded the biggest fall in a day amidst fears that the Congress-

Communist coalition would stall economic reforms. Later Prime Minister Manmohan

Singh’s assurance of ‘reforms with a human face’ cast off the fears and market reacted

sharply to touch the highest ever mark of 8500.

After United States, India hosts the largest number of listed companies. Global investors

now ardently seek India as their preferred location for investment. Once viewed with

uncertainty, stock market now appeals to middle class Indians also. Many Indians

working in foreign countries now divert their savings to stocks. This recent phenomenon

is the result of opening up of online trading and diminished interest rates from banks. The

stockbrokers based in India are opening offices in different countries mainly to cater the

needs of Non Resident Indians. The time factor also works for the NRIs. They can buy or

sell stock online after returning from their work places.

The bullish run of the stock market can be associated with a steady growth of around 6%

in GDP, the growth of Indian companies to MNCs, large potential of growth in the fields

of telecommunication, mass media, education, tourism and IT sectors backed by

economic reforms ensure that Indian stock market continues its bull run.

RELIGARE ENTERPRISE LTD.

Religare is a diversified financial services group of India offering a multitude of

investment options. The diverse bouquet of financial services which religare offers can be

broadly clubbed across three key verticals – Retail, Institutional and Wealth spectrums.

The services extend from asset management, Life Insurance, wealth management to

equity broking, commodity broking, investment banking, lending services, private equity

and venture capital.Religare has also ventured into the alternative investments sphere

through its holistic arts initiative and Film fund. With a view to expand, diversify and

introduce offerings benchmarked against global best practices, Religare operates in the

life insurance space under 'AEGON Religare Life Insurance Company Limited' and

wealth management under the brand name 'Religare Macquarie Private Wealth'.

Religare has a pan India presence, 1837* locations across 498* cities and towns. It also

currently operates from nine international locations following its acquisition of London's

brokerage and investment firm, Hichens, Harrison & Co. plc.(Now Religare Hichens,

Harrison Plc).Religare is a latin word which means “ to bind together “.

The vision is to build Religare as a globally trusted brand in the financial services domain

and present it as the 'Investment Gateway of India'. All employees of the group guided by

an experienced and professional management team are committed to providing financial

care, backed by the core values of diligence, innovation, ambition and passion.

VISION AND MISSION

VISION: - To build Religare as a globally trusted brand in the financial services domain

and present it as the 'Investment Gateway of India'.

MISSION: - Providing complete financial care driven by the core values of diligence

and transparency.

BRAND ESSENCE: - Core brand essence is Diligence and Religare is driven by ethical

and dynamic processes for wealth creation.

GROUP STRUCTURE OF RELIGARE ENTERPRISES LIMITED

Religare Securities Limited

Equity Broking

Online Investment Portal

Portfolio Management Services

Depository Services

Religare Commodities Limited

Commodity Broking

Religare Capital Markets Limited

Investment Banking

Proposed Institutional Broking

Religare Realty Limited

In house Real Estate Management Company

Religare Hichens Harrison

Corporate Broking

Institutional Broking

Derivatives Sales

Corporate Finance

Religare Finvest Limited

Lending and Distribution business

Proposed Custodial business

Religare Insurance Broking Limited

Life Insurance

General Insurance

Reinsurance

Religare Arts Initiative Limited

Business of Art

Gallery Launched – arts-i

Religare Venture Capital Limited

Private Equity and Investment Management

Religare Asset Management

BRAND IDENTITY OF RELIGARE ENTERPRISES LIMITED

NAME

Religare is a Latin word that translates as 'to bind together'.This name has been chosen to

reflect the integrated nature of the financial services the company offers.

SYMBOL

The Religare name is paired with the symbol of a four-leaf clover. Traditionally, it is

considered good fortune to find a four-leaf clover as there is only four-leaf clover for

every 10,000 three-leaf clovers found. For Religare, each leaf of the clover has a special

meaning. It is a symbol of Hope, Trust, Care and Good Fortune. For the world, it is the

symbol of Religare.

The first leaf of the clover represents Hope. The aspirations to succeed. The dream of

becoming. Of new possibilities. It is the beginning of every step and the foundation on

which a person reaches for the stars.

The second leaf of the clover represents Trust. The ability to place one's own faith in

another. To have a relationship as partners in a team. To accomplish a given goal with the

balance that brings satisfaction to all, not in the binding, but in the bond that is built.

The third leaf of the clover represents Care. The secret ingredient that is the cement in

every relationship. The truth of feeling that underlines sincerity and the triumph of

diligence in every aspect. From it springs true warmth of service and the ability to adapt

to evolving environments with consideration to all.

The fourth and final leaf of the clover represents Good Fortune. Signifying that rare

ability to meld opportunity and planning with circumstance to generate those often

looked for remunerative moments of success.

Hope. Trust. Care. Good Fortune. All elements perfectly combine in the emblematic and

rare, four leaf clover to visually symbolize the values that bind together and form the core

of the Religare Vision.

RELIGARE SECURITIES LTD

Religare Securities Ltd (RSL), a 100% subsidiary of Religare Enterprises Limited is a

leading equity and securities firm in India. The company handles large volumes

traded on NSE and in the realm of online trading and investments; it currently handles

a reasonable share of the market. The major activities and offerings of the company

today are Equity Broking, Depository Participant Services, Portfolio Management

Services, International Advisory Fund Management Services, Institutional Broking

and Research Services. To broaden the range of services offered to its investors, the

company offers an online investment portal equipped with a host of innovative

features.

RSL is a member of the National Stock Exchange of India, Bombay Stock

Exchange of India, Depository Participant with National Securities Depository

Limited and Central Depository Services (I) Limited, and is a SEBI approved

Portfolio Manager.

Religare has been constantly innovating in terms of product and services and

to offer such incisive services to specific user segments it has also started the

NRI, FII, HNI and Corporate Servicing Groups. These groups take all the

portfolio investment decisions depending upon a client’s risk/return

parameter.

Religare has a very credible Research and Analysis division, which not only

caters to the need of our Institutional clientele, but also gives their valuable

inputs to investment dealers.

PRODUCTS AND SERVCIES

TRADING PLATFORMS PROVIDED BY RELIGARE

Religare provides both online share trading and offline share trading to its customer’s i.e.

R-ALLY and R-ACE.

R-ALLY: - R-ALLY provides offline share trading facility in which customers can trade

with the help of Religare.Customer can trade through phone or by coming personally in

the stock broker’s office. Customers who want to learn share trading properly without

losing their money can easily visit Religare centre and trade. R-ALLY provides only two

types of accounts.

A. R-ALLY Lite: - In R-ALLY lite customer can access trading platform by logging into

religare’s trading website. Customer can trade from his/her home as well

B. R-ALLY with Odin: - In this account customer have to pay Rs. 1800 extra to get

Odin software. Through this software customer can easily trade from his/her own pc.

Though every customer gets either trading facility but still many customers come

personally in the stock broking office and trade.

ACCOUNT OPENING CHARGES: - Rs. 500(including AMC for one year)

BROKERAGE:-

Intraday: - 0.02 %( Minimum Brokerage)

Delivery Charges: - 0.20 %( Minimum)

Religare provides only two types of accounts in offline trading.

R-ACE: - R-ACE is an online trading service in which Religare provides three types of

accounts.

A. R-ACE (Basic):- It’s the basic online trading account provided by Religare. Investor

can trade and access their account information online and over the phone as well.This

account comes with a browser based online trading platform and no additional software

installation needed.

This account also provided Lifetime free DP account with no annual maintenance

charges.

B. R-ACE Lite (Advanced):- It’s the advanced account option for the investor with

Religare.This trading account provides the entire feature of R-ACE (Basic) account. In

addition it also provides real-time streaming stock quotes and alerts. This trading

platform is also browser based and no software installation is needed.

C. R-ACE Pro (Professional):- As the name indicates this account is for high volume

traders. Along with the features from above 2 accounts, this account also comes with a

Trading Terminal, software which needs to install on your computer. This terminal

directly connects the investor to stock market and having all industry standards. Trading

terminal features including technical charting (intra-day and EOD), multiple watch lists.

Advanced hot-key functions for faster trading, derivative chains, futures & options

calculator.

SPECIAL FEATURE: - As in basic and advance account, trading is available online

through internet and offline through phone.

BROKERAGE AND ACCOUNT OPENING FEES:-

Religare offers three kinds of account as above. Below are detail about fees and

activation charges for each account:

1. R-ACE: - Account Activation charges Rs. 299/-. Minimum margin of Rs. 5000/-

required.

2. R-ACE Pro: - Account activation charges Rs. 999/-.Minimum margin of Rs.

10000/- required.

SPECIAL FEATURES: - All the account comes with free annual maintenance charge

and also these accounts get free DP account.

BROKERAGE OF R-ACE ACCOUNTS:-

On the basis of volume and frequency of trading, Religare provide different options for

brokerages. On the broader way they divided into three categories:-

CLASSIC ACCOUNT

Intraday brokerage varies from 0.3% to 0.5%.

Delivery brokerage varies from 0.30% to 0.50%

Derivatives brokerage varies from 0.3% to 0.5%.

FREEDOM ACCOUNT

In this payment scheme, investor has to pay a fix amount in advance for Monthly

(Rs 500/-), Quarterly (Rs. 1400), Half-yearly (Rs. 2500) or Annual Subscription

(Rs. 4000). This one time payment enable account holder to trade for Rs. 3 lakhs

intraday & derivative trading and Rs. 40,000 of delivery based trading for zero

brokerage.

TRUMP ACCOUNT:- Trump account has two payment options, Trump Plus

and Trump Super plan:-

a. Trump Plus has annual subscription fees of Rs 2,500, Brokerage on Delivery

Trades of 0.25% and Brokerage on Intraday Trades & F&O Trades of 0.015%.

OFFERINGS OF RELIGARE SECURITIES LTD.

EQUITY & DERIVATIVES: - Religare provides trading in Equities and Derivatives

through offline/online delivery models. Traders can use single window for all investment

needs through your unique CRN.

DEPOSITORY: - RSL provides depository services to investors as a Depository

Participant with NSDL and CDSL. The Depository system in India links issuers,

Depository Participants, Depositories National Securities Depository Limited (NSDL)

and Central Depository Services (India) Limited (CDSL) and clearing houses/clearing

Corporation of Stock Exchanges. These facilitate holding of securities in dematerialized

form and securities transactions are processed by means of account transfers.

PORTFOLIO MANAGEMENT SERVICES (PMS):- Religare offers PMS to address

varying investment preferences. As a focused service, PMS pays attention to details, and

portfolios are customized to suit the unique requirements of investors.

Religare PMS currently extends six portfolio management schemes.

MONARQUE: - Monarque is a portfolio structured to provide higher returns by taking

aggressive positions across sectors and market capitalizations.Monarque is ideally

suitable for investors with “High Risk High Return” appetite.

PANTHER

The Panther portfolio aims to achieve higher returns by taking aggressive positions across

sectors and market capitalizations. It is suitable for the “High Risk High Return” investor

with a strategy to invest across sectors and take advantage of various market conditions.

TORTOISE

The Tortoise portfolio aims to achieve growth in the portfolio value over a period of time

by way of careful and judicious investment in fundamentally sound companies having

good prospects. The scheme is suitable for the “Medium Risk Medium Return” investor

with a strategy to invest in companies which have consistency in earnings, growth and

financial performance.

ELEPHANT

The Elephant portfolio aims to generate steady returns over a longer period by investing

in Securities selected only from BSE 100 and NSE 100 index. This plan is suitable for the

“Low Risk Low Return” investor with a strategy to invest in blue chip companies, as

these companies have steady performance and reduce liquidity risk in the market.

CATERPILLAR

The Caterpillar portfolio aims to achieve capital appreciation overe a long period of time

by investing in a diversified portfolio. This scheme is suitable for investors with a high

risk appetite. The investment strategy would be to invest in scripts which are poised to

get a re-rating either because of change in business, potential fancy for a particular sector

in the coming years/months, business diversification leading to a better operating

performance, stocks in their early stages of an upturn or for those which are in sectors

currently ignored by the market.

LEO

Leo is aimed at retail customers and structured to provide medium to long-term capital

appreciation by investing in stocks across the market capitalization range.This scheme is

a mix of moderate and aggressive investment strategied.Its aim is to have a balanced

portfolio comprising selected investments from both Tortoise and Panther. Exposure to

Derivatives is taken within permissible regulatory limits.

CURRENCY FUTURES:-Religare provides currency accounts to trade in currency in

the future market. Traders can put money on dollars for future. There is a high liquidity in

currency trading in comparison with stocks trading. Traders get opportunity to reap

benefits owing to a highly dynamic market. The lot size is of only US $1000 with low

exchange specified margins.

COMMODITIES: - Religare offers commodities trading as well. Traders can trade in

MCX and NCDEX in around 147 commodities. They can put bids for future and earn

huge profits. Religare provide facility for delivery of commodities as well.

RESEARCH SERVICES

Religare believes in providing independent research for clients to make investment

decisions, with strict emphasis on self-regulation, avoiding possible conflict of interest in

objectivity. Backed by a strong pool of highly skilled research analysts, Religare offers

varied research products and services.

Our Research Products

Fundamental Research

Technical Research

Daily Reports

Intraday trading tech calls

Intraday Derivative call

Directional F&O calls

Structured Products

Index Arbitrage

-Arbitraging between index (NIFTY) futures and its constituents (Underlying Stock

Futures)

Volatility Trading

(Arbitrage between volatilities i.e. between implied volatility of options and

forecasted volatility of underlying stock futures.

COMPARATIVE ADVANTAGES OF PRODUCTS

Fixed brokerage and exposure

Call centre support is provided for trading, back office and IT support.

Fully automated processes

Feature-rich software

Interest on cash margin deposited with Religare

Target group- Mass Market

UNIQUE SELLING PROPOSITION

Interest on cash margin deposited with Religare

Better quality product at competitive brokerage.

ANALYSIS SEGMENT

PROJECT OBJECTIVE

Researcher was assigned with the task of conducting a market research of different stock

broking companies and finding out the various marketing strategies adopted by Religare

as a part of the summer training curriculum. In addition to this, researcher worked to

increase the customer base of Religare Securities Ltd.Her entire project proceedings can

be divided into following four parts.

Gathering data about the leading stock broking houses and compare the main

points and find the strengths of Religare Securities Ltd compared to them.

Conducting a market research in various parts of the city in order to get

statistical data for finding out the effectiveness of various marketing strategies

adopted by Religare Securities Ltd.

Sales of Trading/demat accounts, commodities accounts and currency

accounts in order to get a deep insight as to how the organization actually

perform these functions and what factors are kept in mind by the customers

while buying financial products.

To find out how Religare identifies, maintains and fabricate a network with

individual customers and employees & constantly strengthen the network for

the manual benefits for both sides and what are the challenges in front of

Religare.

RESEARCH METHODOLOGY USED

RESEARCH DESIGN: - Research design is the detailed blueprint used to guide the

research study towards its objective. The presentation of such a design facilitates research

to be as efficient as possible yielding maximum information.

TYPE OF RESEARCH

Researcher did a descriptive type of research. She had a rough idea about various

marketing strategies employed by Religare Securities. This helped her to directly go for

descriptive research. In this type of research problem identification includes surveys and

fact-finding, inquiries of different kinds. The major purpose of such research is

description of the state of affairs, as it exists at present.

DATA SOURCES

There are two types of data. They are

a. Primary Data

b. Secondary Data

Primary data is the data which is collected afresh and for the first time and thus happen

to be original and genuine. Primary data will not only be relevant for research project but

it is also reliable, accurate and dependable.

Secondary data is the data which has already been collected by someone else and which

has already been collected by someone else and which has already been passed through

the statistical process.

Research data has been processed from both primary and secondary sources. Dealers,

customers and organization constituted the primary sources. Newspaper, magazines and

websites constituted the secondary data.

RESEARCH APPROACH:-

There are two basic types of approaches to research.

They are,

a. Quantitative Approach

b. Qualitative Approach

Quantitative Approach involves the generation of data, which cannot be subjected to

rigorous quantitative analysis in a formal and rigid fashion. This approach can be further

sub classified into inferential, experimental and simulation approaches to research. The

purpose of inferential approach to research. The purpose of inferential approach to

research is to form a database to infer characteristics or relationship of population.

Qualitative Approach to research is concerned with subjective assessment of attitudes,

opinions and behavior. In this research a quantitative as well as Qualitative approach was

used.

RESEARCH INSTRUMENTS:-

Various research instruments used by researcher are as follows:-

Observations: - Under this the information is sought by way of investigators, own

direct observation without asking the respondents.

Interviews: - It involves presentation, oral-verbal stimuli and reply in terms of

oral-verbal responses. This method can be used through personal interviews and if

possible, through telephone interviews

Questionnaire: - It consists of number of questions printed or typed in a definite

form or a set of forms. The respondents have to answer the questions themselves.

The questionnaire used by me is attached at the last of this report.

SAMPLE SIZE: - Researcher completed his survey with a sample size of 100 traders

and investors.

COMPARATIVE ANALYSIS

Comparative Analysis of the company as done so as to find out where the company

actually stands in the market. There are various companies having their own ways to

attract or lure the customers. Comparison helps to differentiate and finds out various

areas where a company is leading or lagging from its competitors.

Here we can see how the companies stand in the market, based on their market share.

Product, price and service are what mainly distinguish one company from other. So a

comparative analysis, on the basis of product, price and services, of Religare Securities

Ltd with its six competitors is done.

Major competitors of Religare Securities Ltd. are

1. ICICI Direct

2. India Infoline

3. Kotak Securities

4. Sharekhan

5. India Bulls

6. Reliance Capital

ICICI DIRECT

ICICI Direct is stock trading company of ICICI Bank. Along with stock trading and

trading in derivatives in BSE and NSE, it also provides facility to invest in IPO, Mutual

Funds and Bonds. Trading is available in BSE and NSE.ICICI Direct offer three different

trading platforms to its customers.

SHARE TRADING ACCOUNT:- Share Trading Account by ICICI Direct is primarily

for buying and selling of stocks in BSE and NSE. This account allows Cash Trading,

Margin Trading, Margin plus Trading, Spot Trading, Buy Today Sell Tomorrow and Call

and Trade on phone.

ICICIDirect.com website is the primary trading platform for this trading account.They

also provides installable application terminal based application for high volume trader.

WISE INVESTMENT ACCOUNT: - Along with stock trading and IPO investing in

BSE and NSE, wise investment account also provide options to invest in Mutual Funds

and Bonds online.

Online Mutual Funds investment allows investors to invest online in around 19 mutual

fund companies. ICICI Direct offers various options while investing in Mutual Funds like

Purchase Mutual Fund, Redemption and switch between different schemes, Systematic

Investment Plans, Systematic Withdrawal Plan and transferring existing Mutual Funds

into electronic mode. This account also provides facility to invest in Government of India

Bonds and ICICI Bank Tax Saving Bonds. ICICIDirect.com website is the primary tool

to invest in Mutual Funds, IPOs, Bonds and Stock Trading.

ACTIVE TRADER ACCOUNT: - Active trader account gives more personalized

investment options to the investors. It allows investor to use online and offline stock

trading. It also provides with independent market expertise and support through a

dedicated Relationship Manager from ICICI.Active trader also provides commodity

trading.

BROKERAGE AND FEES:-

Account opening fees: - Rs. 750/- (One time non-refundable)

Brokerage: - ICICIDirect.com brokerages vary on volume of trade and inclusive of

demat transaction charges, service taxes and courier charges for contact notes. It ranges

from 0.1% to 0.15% for margin trades, 0.2 % to 0.425% for squared off trades and 0.4%

to 0.85% on delivery based trades.

ADVANTAGES OF ICICI DIRECT

3-in-1 account integrates your banking, broking and demat account. All accounts

are from ICICI and very well integrated. This feature makes ICICI the most

interesting player in Online trading facility. There is absolutely no manual

interface require. This is truly online trading environment.

Unlike most of the online trading companies in India which require transferring

money to the broker’s pool or toward deposits, at ICICIDirect you can manage

your own demat and bank accounts through ICICIDirect.com. Money from selling

stock is available in ICICI Bank Account as soon as the ICICIDirect receive it.

Investment online in IPO’s, Mutual Funds, GOI Bonds and Postal Saving

Schemes all from one website. General Insurance is also available from ICICI

Lombard.

DISADVANTAGES OF ICICI DIRECT

Getting access to ICICIDirect.com website during market session can be

frustrating.

ICICIDirect brokerage is high and not negotiable.

Not all stocks are available under Margin Plus.

UNIQUE SELLING PROPOSITION: - Brand Name

COMPARISON OF ICICI DIRECT WITH RELIGARE SECURITIES LTD.

ICICIDirect has a big brand name associated with it.This helps to attract

beginners.

It is not considered to be good option for regular trading as brokerage is very high

i.e. 0.75%.

There is less flexibility as compared to Religare Securities Ltd.

Sometimes in intraday trades they square off trader’s positions before 03.00 pm

and sometimes accidently it is kept open and settled on next day.

Whenever there is huge unpredictability in the market , the site stops working

most of the time.

Considered safe for long term investments.

The choice of bank is restricted to ICICI Bank only

For intra-day trading, exposure is restricted to four times only.

RELIANCE MONEY

Reliance money.com offers most dynamic web based trading environment to its

customers .The new trading platform has many new features which basically fill up

the gap between old online trading companies in India and their customers. The

Reliance Money Stock trading websites uses special security features ‘Security

Token’ which makes your online trading experience more secure without complexity.

Stock trading is available in BSE and NSE.Offline trading is also available through

Reliance Money partners in your city and through phone by dialing 022-39886000.

Reliance money is offering 3 types of accounts to its customers

a. Account for beginners

b. For middlers

c. For experts

Reliance money offers lowest brokerage rates in today’s online stock trading industry in

India. The brokerages are as low as 0.075% for delivery based trading and 0.02 for now

delivery.

ADVANTAGES OF RELIANCE MONEY

Extra security features with ‘Security Token’, which is the most secure and tested

technology in computer world.

Simple, easy and fast online stock trading.

Almost all investment options are available under one account including Equity

Trading, Derivatives, Forex, Commodity, IPO, Mutual Funds and Insurance.

Branches are available in all major cities and the number is growing.

As an introductory offer, Reliance money charges flat fee of Rs. 500/-.This fee is

valid for two months or a specified transaction value.

Validity (whichever is

earlier)

Turnover Limit

Access Fee(Rs) Time

Validity

Turnover

Validity

Non+Delivery

Turnover

Delivery

Turnover

500 2 months Rs. 1 Cr Rs. 90 Lac Rs. 10 Lac

1350 6 months Rs. 3 Cr Rs. 2.7 Cr Rs. 30 Lac

2500 12 months Rs. 6 Cr Rs. 5.4 Cr Rs. 60 Lac

UNIQUE SELLING PROPOSITION: - Brand name and low brokerage.

COMPARISON OF RELIANCE MONEY WITH RELIGARE SECURITIES LTD.

Brokerage Rates: Flat 500 Rs. For two months. This gives the edge to reliance

money.

Concept of RSA: secure ID provides good security to customers. It’s also

frustrating for some regular traders.

Reliance money is not so good in providing customer care service

INDIABULLS

Indiabulls is India’s leading financial services and Real Estate Company having presence

over 414 locations in more than 124 cities. Indiabulls financial services Ltd. is listed on

the NSE, BSE, Luxembourg Stock Exchange and London Stock Exchange.

INDIABULLS EQUITY TRADING ACCOUNT: - Indiabulls Equity Trading Account

is a standard online trading account from India Bulls and along with online trading it also

provides priority telephone access that gives you direct access to your Relationship

Manager and full access to “Indiabulls Equity Analysis”.

POWER INDIABULLS: - Power Indiabulls Trading terminal is the most advanced new

generation trading platform with great speed. This trading terminal is built in java. Power

Indiabulls is extremely rich in features including Live Streaming Quotes, Fast Order

Trading and execution, Tie by Tie Live Charts, Technical Analysis, Live News and

Alerts, Extensive Reports for Real time accounting.

BROKERAGE AND FEES:

Rs. 1200/- (one time non-refundable ) which includes Rs. 250/- Equity Trading Account

opening charges, Rs. 200/- Demat Account Opening charge and Rs. 750/- Software

charges.

ADANTAGES OF INDIABULLS

Brokerage is less compare to other online trading companies.

Provide trading terminal ‘power bulls’, a java based software. Its very fast in

terms of speed and execution

UNIQUE SELLING PROPOSITION: - Relationship manager facility to every client.

COMPARISON OF INDIABULLS WITH RELIGARE SECURITIES LTD

Indiabulls charges extra for research reports.

Provides high exposure on intraday trading.

Provides relationship manager facility to every client.

Provides a good exposure on securities also.

KOTAK SECURITIES

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, was set up in

1994.Kotak Securities is a corporate member of both Bombay Stock Exchange and

National Stock Exchange. Currently, Kotak Securities is one of the largest broking

houses in India with wide geographical reach.

Kotak Securities online trading is the online trading portal of the Kotak Securities Ltd,

the leading stock broking house of India. The online division of Kotak Securities Limited

provides services like internet broking services, online IPO and mutual fund investments.

Trade In:- BSE and NSE

ACCOUNT TYPES:

Kotak offers different account types according to users’ requirement.

KOTAK GATEWAY:- Kotak securities gateway account opens the gateway to a world

of investing opportunities for beginners.Kotak gateway user can trade anywhere ,

anytime using internet.Kotak also offers call and trade facility.

They provide sms alert, research report, free news and market updates. Best feature of

Kotak gateway is call and trade facility. Anybody can activate kotak securities gateway

account with any amount between Rs. 20,000 to 5, 00,000.This can be in form of cash

deposit or the value of the shares you buy. Brokerage will be charged based on the

account type. For intraday trading brokerage will be charged based on the account type.

For intraday trading brokerage is .06% both sides for less then 25 lakhs and .023% for

more then 25 crores.

KOTAK PRIVILEGE CIRCLE: - This is the premium account for its users. Along

with kotak gateway account benefits they provides independent market expertise and

support through a dedicated relationship manager and a dedicated customer service desk

which provides assistance in opening accounts, handling day-to-day problems, and more.

They provides KEAT premium which is an exclusive online tool that lets you monitor

what is happening in the market and view your gains and losses in real-time.

One can activate kotak securities privilege circle account with any amount more than Rs.

10, 00,000/- as margin, by way of cash or stock. For intraday trading brokerage is .06&

both sides for less than 25 lakhs and .03% for more then 25 crores.

KOTAK HIGH TRADER: - This is the best offer for daily trader or intraday traders.

This is an Auto Square Off product where you can enjoy the benefits of intra-day trading.

Trader can get the 6 times exposure on the margin. They provide all the benefits which

kotak gateway and privilege account provides. Trader can apply paper free order for IPO.

One can activate Kotak securities high trader with any amount less than Rs. 5, 00,000/- as

margin, by way of cash or stock. The minimum brokerage that is applicable in the kotak

high trader account is 4 paisa on delivery and 4 paisa in the cash segment.

KOTAK FREEWAY: - Frequent traders use this account type because freeway account

enables it’s users to trade as many times as they like-at a fixed brokerage.

One can activate Kotak securities freeway with any amount less than Rs. 1, 25, 000/- as

margin, by way of cash or stock. They charge fixed brokerage of Rs. 999/- a month and

on delivery transaction brokerage is .59% on less then 1 lakhs and .18% on more than 2

crores.

KOTAK FLAT: - This product is best suited for the needs of the Indian retail investor

who actively invests through the internet.Kotak flat introduces the international trend of

charging brokerages on per trade basis. Brokerage rate works upto 0.18% on delivery

trades and 0.018% for intraday trades.

KOTAK ASSIST: - This account most suits to long term investors. This account

provides Complete assistance on all your financial investment.

BROKERAGE AND ACCOUNT OPENING FEES:-

A trading account in Kotak requires you to have a minimum of Rs. 1000 to start with, the

bank account to have a minimum of Rs. 2500.

BROKERAGE:-

1. For intra-day trading, kotak brokerage is around 0.05%.

2. For delivery trading, Kotak brokerage is around 0.45%

ADVANTAGES OF KOTAK SECURITIES LIMITED

1. Kotak provides a Call & Trade facility to its customers wherein they can place

and track their orders through phone when they are away from home.

2. They provide daily SMS alerts, market pointers, periodical research reports, stock

recommendations etc.

3. Kotak providers exclusive online tool to monitor what is happening in the market

and also investor can view gains/losses in real-time.

DISADVANTAGES OF KOTAK SECURITIES LIMITED

In online trading sometimes delay comes. So it can be frustrating.

UNIQUE SELLING PROPOSITION: - Brand Name

COMPARISON OF KOTAK SECURITIES WITH RELIGARE SECURITIES

LTD.

The brokerage provided is one of the best in the country. They have come

with the new scheme of high trader in which the brokerage is flat.

They provide the Software based trading also with their KEAT. Customers

can customize KEAT as per your requirement which is basically what is

provided by all the Software based trading platform.

They start the auto square off time of around 3:15 and the limit they give is

around 15 times of your value.

SHAREKHAN

Sharekhan’s equity related services include trade execution on BSE, NSE, Derivatives,

Commodities, Depository Services, Online trading and Investment advice. Trading is

available in BSE and NSE.Along with Sharekhan.com website, Sharekhan has around

510 offices (share shops) in 170 cities around the country.

Sharekhan has one of the best states of art web portal provide fundamental and statistical

information across equity, mutual funds and IPOs. You can surf across 5,500 companies

for in-depth information, details about more than 1,500 mutual fund schemes and IPO

data. You can also access other market related details such as board meetings, result

announcements, FII transactions, buying/selling by mutual funds and much more.

TYPE OF ACCOUNT

SHAREKHAN CLASSIC ACCOUNT

Allow investor to buy and sell stocks online along with the following features like

multiple watch lists, Integrated Banking, demat and digital contracts, Real-time portfolio

tracking with price alerts and Instant credit & transfer.

a. Online trading account for investing in Equities and Derivatives

b. Free trading through phone (Dial-n-Trade)

c. Integration of Online trading + Bank + Demat Account

d. Instant cash transfer facility against purchase & sale of shares.

e. IPO investments

f. Instant order and trade confirmations by e-mail

g. Single screen interface for cash and derivatives.

SHAREKHAN SPEEDTRADE ACCOUNT: - This account is for active traders who

trade frequently during the day’s trading session. Following are few popular features of

Speed Trade Account

a. Single screen interface for cash and derivatives

B.Real-time streaming quotes with instant order Execution & Confirmation

c. Hot keys similar to a traditional broker terminal.

d. Alerts and reminders

e. Back-up facility to place trades on Direct Phone lines

BROKERAGE

Some stock trading companies charge direct percentage while others charge a fixed

amount per Rs. 100.Sharekhan charges 0.5% for inter day shares and 0.1 % for intra day.

ADVANTAGES OF SHAREKHAN

Online trading is very user affable and one doesn’t need any software to access.

They provide good quality of services like daily SMS alerts, mail alerts, stock

recommendations etc.

Sharekhan has ability to transfer funds from most banks. Unlike ICICI Direct,

HDFC Securities etc., so investor not really needs to open an account with a

particular bank as it can establish link with most modern banks.

DISADVANTAGES OF SHAREKHAN

They charge minimum brokerage of 10 paisa per stock would not let you trade

stocks below 2oRs.(If you trade, you will loose majority of your money in

brokerage).

Lots of hidden rules and charges.

They do not provide facility to book limit order trades during after-hours.

Classis account holders cannot trade commodities.

Cannot purchase mutual funds online.

UNIQUE SELLING PROPOSITION: - Information Driven Content

COMPARISON OF SHAREKHAN WITH RELIGARE SECURITIES LTD.

Sharekhan is a well known brand for equity trading.

Trading through Sharekhan involves hidden charges.

Sharekhan doesn’t provide much transparency to its customers.

INDIA INFOLINE

5paisa is online Stock Trading Company of Indi Infoline Securities Private Ltd, Owner of

popular business portal Indiainfoline.com.Besides high quality investment advice from an

experienced research team, the site offers real time stock quotes, market news and

multiple tools for technical analysis.

TRADING TERMINALS:-

5paisa offers 2 different online trading terminals to its customers:

INVESTOR TERMINAL (IT):- Investor Terminal is 5Paisa’s equity trading terminal

for low volume trader. This is web based terminal and could access from anywhere.This

product provide limited features in comparison of Trader Terminal, which is another

product provided by 5Paisa.

TRADER TERMINAL (TT):- Trader terminal is design for high volume equity traders

or day traders. Trader Terminal provides high volume trading with powerful interface and

fast order execution.

BROKERAGE AND ACCOUNT OPENING FEES:-

1. Account opening fees: Rs 500/- one time non refundable.

2. 5 Paisa offer competitive rates. They charge only 5 paisa for Rs. 100 of trade

done, which is 0.05%. Brokerage. In case of trade that result in delivery, they

charge an additional 0.20% for back office and securities handling

ADVANTAGES OF 5Paisa

1. Very fast execution speed.

2. Rates are very competitive then other providers.

3. Easy online fund transfer facility from leading Banks including ICICI, HDFC,

CITI and UTI banks.

4. Free facility of subscribing to mutual funds, equity IPOs and other investment

products.

DISADVANTAGES OF 5PAISA

1. No intra-day tick by tick charts in Investor Terminal (IT).

2. Investing in IPO and Mutual Funds is not so easy like in ICICIDirect.

3. Learning 5paisa Trading Terminal is little hard.

UNIQUE SELLING PROPOSITION: - Trading terminal with specific features

COMPARISON OF INDIA INFOLINE WITH RELIGARE SECURITIES LTD

Though account opening charges are same but brokerage is high in 5paisa.com

It provides trading terminal with all new features which are not available in any

other stock broker’s terminal.

SWOT ANALYSIS OF RELIGARE SECURITIES LTD.

Now on the basis of following research researcher will present a SWOT (Strength,

Weakness, Opportunities and Threats) Analysis of Religare Securities Ltd.

STRENGTHS

1. It is the Ranbaxy group promoter

company.

2. No annual maintenance charges for

their online broking services.

3. Diverse portfolio and a lot of

products under one roof.

4. It has one of the best brokerage

plans.

5. Its brand name creates attention

easily.

6. Relationship managers attached to

customers.

7. Efficient equity research team

WEAKNESSES1. It has changed its name from Fortis to

Religare where many customers don’t know

about this.

2. Many customers reported that website

doesn’t function properly.

3. Customer care service is non-satisfactory

and unprofessional.

OPPORTUNITIES

1. Financial services sector is growing

by leaps and bounds.

2. As share market is again getting

stronger so many people are starting

to invest in equities again.

THREATS1. Cutthroat competition from many big

stock broking companies like Indiabulls and

Reliance.

2. Brand awareness is less in comparison

with other stock broking companies.

PORTER FIVE-FORCES ANALYSIS

One important component of industry and competitive analysis involves delving into the

industry’s competitive process to discover what the main sources of competitive pressure

are and how strong each competitive force is. This analytical step is essential because

managers cannot devise a successful strategy without in-depth understanding of the

industry’s competitive character.

Even though competitive pressures in various industries are never precisely the same, the

competitive process works similarly enough to use a common analytical framework in

gauging the nature and intensity of competitive forces.

The state of competition in an industry is a composite of five competitive forces.

1. The rivalry among competing sellers in the industry.

2. The potential entry of new competitors.

3. The market attempts of companies in other industries to win customers over to

their own substitute products.

4. The competitive pressures stemming from supplier-seller collaboration and

bargaining.

5. The competitive pressures stemming from seller-supplier collaboration and

bargaining.

Figure shows porter’s five-force model of competition

The five force model developed by porter in 1980, guides the analysis of an

organization’s, Environment and attractiveness of the stock broking industry. The nature

and degree of competition in an industry hinge on five forces , which include the threat of

substitute , bargaining power of buyers , the bargaining power of suppliers , the threat of

new entrants and degree of rivalry between existing competitors.

Firms in other industry offering substitute products

Rivalry among competing sellers

Suppliers of Raw materials input

Buyers

Firms in other industries offering substitute products

THREAT NEW ENTRANTS:-

a. The Indian market is highly brand oriented; it is difficult to introduce a new

brand. Acceptability of new brand is also very low. But still new stock broking

firms can enter and do business properly because they give more flexibility to

traders in terms of margin.

b. Tax exemption on long term capital gain makes the industry attractive

c. High profit in equities and derivatives trading in stock broking firms act as a

magnet to firms outside the industry motivating potential entrants to overcome the

barriers involved in this industry.

d. SEBI has ensured that the rights of traders protected from stock brokers. Due to

this new entrants might face development problems.

BARGAINING POWER OF BUYER:-

a. Now a day’s competition is increasing in the each and every sector, and as a

competition in the market increase the bargaining power of the buyer will get

increase. So buyers bargaining power is high.

b. Market is highly segmented.

c. Buyers in this industry are very return oriented and it switches easily.

BARGAINING POWER OF SELLERS:-

a. Suppliers bargaining power increase if they provide best brokerage plans, flexible

exposure and useful research service.

b. Strong players gain more because they have achieved a level trust among their

customers.

THREAT FROM SUBSTITUTES:-

Equity trading is known for its higher risk and higher gain factor. Though there are

many investment substitutes but still traders can earn more in shares trading in

comparison with any other investment option. So there is a minimum threat from

substitutes.

MARKETING OBJECTIVES OF RELIGARE SECURITIES LTD.

Religare Securities Ltd is a well known stock broking company which offers various

products and services as per the requirement of different customers.Religare focuses on

following points for its marketing strategies implementation:-

Needs to cover mass market including people from all occupations and

income level.

Creating brand awareness as well as products and services awareness among

people.

Positioning it as a complete investment solution and wealth care management

Services Company which provides investment plans for every individual as

per unique needs and income level.

MARKET SEGMENTATION

Religare Securities Ltd. divides potential customers into four categories:

Potential New Customers

Existing traders

Present customers who are not trading presently.

Regular traders who switch brands for less brokerage and charges.

Corporate Clients

TARGET MARKET

Corporate Clients

People involved in their own business

People from high middle class

POSITIONING

Religare positioned itself as a complete investment solution and wealth care

management Services Company which provides investment plans for every

individual as per unique needs and income level.

A stock broker who provides equity, commodity and currency trading altogether

in minimum charges.

A stock broker who provides a strong bond between its customers and

relationship manager.

MARKETING STRATEGIES ADOPTED BY RELIGARE

SECURITIES LTD

INCREASE GEOGRAPHICAL PRESENCE

Religare intend to further expand the scale of its operations, look at new distribution

channels and increase its reach and client base domestically and

internationally.Religare is focused on increasing the number of its client relationships

through its network of offices across India. Its emphasis is on expanding the scale of

operations as well as growing the network in the smaller Indian cities, which Religare

believes present attractive opportunities to grow our client base and revenues.

Religare also intend to establish offices in key overseas markets, including the Middle

East and Western Europe. As the global profile of the Indian financial markets

improves, it expects to experience significant interest from overseas institutional and

non-resident Indian investors in Indian financial services. The initial emphasis will be

on using our proposed international offices as supplementary distribution channels of

our offerings in the Indian markets and on channeling Indian investments in the

international financial markets. Religare’s long term international strategy includes

our participation in overseas financial markets by setting up regulated financial

services companies in such jurisdictions

EXPAND INTERNET BASED DELIVERY

Religare plan to significantly enhance our on-line trading capabilities and have

established the online trading system to complement its other products and services

offerings. Religare also established a dedicated advisory desk for on-line services and

a force of direct marketers that expect in the next several months to increase to 2,500

covering 100 cities. Religare believes that it has the technological platform and

systems in place to accommodate and service significant increases in on-line trading

accounts and clients .It also believe that an Internet-based, easily scalable product

delivery model will enable to respond effectively to the competitive challenges of

discount equity brokerages and eventually move into delivering a wider range of

products and services on-line.

GROW EXISTING PRODUCT LINES AND EXPAND PRODUCTS AND

SERVCIES PORTFOLIO

Religare seek continually to introduce new products that provide clients access to a

range of financial products and services to suit their varied needs. In addition to

growing its traditional equity brokerage business, Religare intend to develop its recent

initiatives such as commodities and insurance brokerage and personal credit services.

They are establishing separate subsidiaries to handle different product lines which

they expect will form significant parts of their business going forward. In particular,

they intend that wealth management services will be located in Religare Wealth

Management Services Limited; investment banking and transaction advisory services

will be located in Religare Capital Markets Limited; and PLS and other consumer

lending will be located in Religare Finance Limited. They believe this recognition

will enable them to better develop these businesses, possibly in conjunction with

Indian and international partners.

CONTINUE TO DEVELOP CLIENT RELATIONSHIPS

Religare plans to grow its business primarily by growing the number of client

relationships, as they believe that increased client relationships will add stability to

their business. They seek to build on existing relationships and also focus on bringing

into portfolio major, multi-national corporations, large profitable public sector

corporations and middle market companies. They also believe that the rapid growth in

the middle market company sector offers us a significant opportunity to provide a

wide variety of financial services and products to this segment. They also seek to

offer their clients diversified products and services to increase their revenues per

client by selling different products to the same client.

PURSUE STRATEGIC ACQUISITIONS AND ALLIANCES

Religare seek to pursue strategic acquisition opportunities to enhance its capabilities,

address specific industry opportunities to enhance further industry and technical

expertise, grow its operations geographically and benefit from an expanded client

base. The Indian brokerage industry is experiencing significant consolidation

involving the growth of corporate brokerage houses and increasing marginalization of

small and regional brokers. Stricter regulatory and higher capital requirements have

hastened this process, which provides opportunities for well-capitalized,

professionally-managed corporate brokers, such as us, to acquire smaller participants

and brokers associated with regional exchanges.Religare intend to target selectively

such brokers for acquisition to expand its retail business.

MARKETING MIX OF RELIGARE SECURITIES LTD

Religare Securities is one of the topmost stock broking companies, which provides

various products and services for equity, derivative, commodities and currency trading.

The marketing mix is the combination of marketing activities that an organization

engages in so as to meet the needs of its targeted market. The stock broking business

deals in selling services and therefore due weightage in the formation of marketing mix

for the stock broking business is needed. The marketing mix includes sub-mixes of the 7

p’s of marketing i.e. the product, its price, place, promotion, people, process and physical

attraction. The above mentioned 7 p’s can be described for Religare Securities in the

following manner:-

Product: - Religare Securities Ltd. sell trading accounts through which people can trade

into equities, currency, derivatives and commodities. With this Religare also provide

research services to its customers for decision making regarding trading. When a

customer opens a trading account with Religare, he gets research and consulting service

in the form of relationship manager as well. Relationship manager personally guides the

person for trading and make sure that customer should not loose his money because of

high volatility.

Pricing: - In stock broking company pricing is concerned with:

a. Account opening charges (one time)

b. Annual maintenance charges

c. Brokerage for trading

d. Delivery charges

Religare offers a competitive brokerage plan in comparison with other stock broking

companies. Brokerage depends on the turnover and it is negotiable.

Place: - Religare Securities ltd has its branches in more than 1550 locations across more

than 460 towns and cities. Customers can walk into any centre and avail all services

through qualified and experienced relationship managers. For online trading customers

can open online accounts on religare’s website as well.

Promotion: - Religare pays attention to its effective promotions to compete with its

strong competitors like Indiabulls, ICICIDirect, and Sharekhan etc.Religare give

advertisements in the newspapers and magazines to create more awareness for its brand.

People: - Understanding the customer better allows designing appropriate products. In

stock broking companies there is a maximum interaction with customers. So it is very

important to satisfy these customers with an efficient customer care service. Training,

development and strong relationships with intermediaries are the key areas to be kept

under consideration. Training the employees, use of IT for efficiency, both at the staff

and agent level, is one of the important areas to look into.

Process: - The process should be customer friendly in stock broking company. The speed

and accuracy of transfer of funds is of great importance. There should not be delay in

fund transfers otherwise customer might suffer a great loss. There should be transparency

in the system so that customer will not make any kind of mistake from his end.

Physical Distribution:- Share traders can easily approach any Religare branch to solve

their problems or to open any type of trading account. Religare provides service in which

Religare executive can visit customer’s place to solve his query or to collect any

document.

ANALYSIS THROUGH QUESTIONNAIRES

Question 1. According to you which is the most beneficial way of investment?

a. Fixed Deposit

b. Share Trading

c. Mutual Funds

d. Saving Bank Account

e. Government Bonds

f. Others

22%20%

22%

10%

18%

8%

0%

5%

10%

15%

20%

25%

Fixed D

eposit

Share

Tra

ding

Mut

ual F

unds

Savin

g Ban

k Acc

ount

Gover

nmen

t Bon

ds

Other

s

Fixed Deposit

Share Trading

Mutual Funds

Saving Bank Account

Government Bonds

Others

RESPONSES

Fixed Deposit: - 22 out of 100

Share Trading: - 20 out of 100

Mutual Funds: - 22 out of 100

Saving Bank Account: - 10 out of 100

Government Bonds: - 18 out of 100

Others: - 8 out of 100

Interpretation: - As per this analysis 20% out of 100 respondents prefer share trading.

But still more people prefer Fixed Deposits and Mutual Funds because there is less

chances of loosing money in mutual funds and there are no chances of loosing money in

fixed deposits. People are still unsure about putting money into the market since last

year’s market crash.

Question 2. Shares trading give maximum return though it involves high risk. Do

you agree?

a. Yes

b. No

c. Can’t Say

HIGH RISK HIGH RETURNS

82%

4%

14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

YES NO CAN'T SAY

RESPONSES

PE

RC

EN

TA

GE

YES

NO

CAN'T SAY

RESPONSES

YES: - 82 out of 100

NO: - 4 out of 100

CAN’T SAY: - 14 out of 100

Interpretation: - As per this analysis 82% people agree that though share trading

involves high risk but it mostly gives high returns.

Question 3. Which is your most preferred share trading broker as per your

requirement?

a. ICICI Direct

b. India Bulls

c. Sharekhan Ltd

d. Religare Securities Ltd

e. Kotak securities

f. India Infoline

g. Reliance Capital

h. None of these

MOST PREFERRED STOCK BROKER

6%

18%

8%

22% 22%

8% 8%

0%5%

10%15%20%25%

ICIC

I DIR

ECT

INDIA

BULLS

SHAREKHAN

RELIGARE

KOTAK

INDIA

INFOLIN

E

RELIANCE C

APITAL

STOCK BROKERS

PE

RC

EN

TA

GE

OF

R

ES

PO

NS

ES

ICICI DIRECT

INDIA BULLS

SHAREKHAN

RELIGARE

KOTAK

INDIA INFOLINE

RELIANCE CAPITAL

RESPONSES

ICICI DIRECT: - 6 out of 100 respondents

INDIA BULLS: - 18 out of 100 respondents

SHAREKHAN: - 8 out of 100 respondents

RELIGARE: - 22 out of 100 respondents

KOTAK: - 22 out of 100 respondents

INDIA INFOLINE: - 8 out of 100 respondents

RELIANCE CAPITAL: - 8 out of 100 respondents

Interpretation: - As per this analysis 22% people prefer Religare and kotak

securities.Indiabulls comes as their third preference. This analysis shows that customers

are satisfied with Religare’s brokerage plans and transparent system.

Question 4. Since how many years, you have been involved in share trading?

a. 0-5 Years

b. 5-10 Years

c. 10-15 Years

d. 15-20 years

e. 20 and above

Involvement in Trading

68%

20%

4% 4% 2%0%

10%

20%

30%

40%

50%

60%

70%

80%

0-5 Years 5-10years

10-15years

15-20Years

20 andabove

Years

Per

cen

tag

e o

f cu

sto

mer

s

0-5 Years

5-10 years

10-15 years

15-20 Years

20 and above

RESPONSES

0-5 years: - 68 out of 100 respondents

5-10 years: - 20 out of 100 respondents

10-15 years: - 4 out of 100 respondents

15-20 years: - 4 out of 100 respondents

20 and above: - 2 out of 100 respondents

Interpretation: - As per this analysis 68% respondents are doing shares trading from last

0-5 years. So we can say here that people are now investing in shares more because of

more awareness about shares trading and dematerialization of shares.

Question 5:- Are you aware about various new account opening schemes offered by

Religare Securities Ltd?

a. Yes

b. No

c. Can’t Say

Awareness about new account opening schemes

48%

42%

10%

0%

10%

20%

30%

40%

50%

60%

YES NO CAN'T SAY

RE

SP

ON

DE

NT

S %

YES

NO

CAN'T SAY

RESPONSES

YES: - 48 out of 100 respondents

NO: - 42 out of 100 respondents

CAN’T SAY: - 10 out of 100 respondents

Interpretation: - As per this analysis we can see that Religare has created good

awareness about its new account opening schemes as 48 out of 100 respondents are aware

about it.

Question 6. What are the account opening charges in your broking firm where you

trade?

d. Rs. 100 – Rs. 300

e. Rs. 300 – Rs. 500

f. Rs. 500 – Rs 700

g. Rs. 700 and above

ACCOUNT OPENING CHARGES

32%28%

14%

26%

0%

5%

10%

15%

20%

25%

30%

35%

Rs. 100- Rs.300

Rs. 300 - Rs.500

Rs. 500 - Rs.700

Rs. 700 andabove

CHARGES

PE

RC

EN

TA

GE

OF

R

ES

PO

NS

ES Rs. 100- Rs. 300

Rs. 300 - Rs. 500

Rs. 500 - Rs. 700

Rs. 700 and above

RESPONSES

Rs. 100 – Rs. 300:- 32 out of 100 respondents

Rs. 300 – Rs. 500:- 28 out of 100 respondents

Rs. 500 – Rs. 700:- 14 out of 100 respondents

Rs. 700 and above: - 26 out of 100 respondents

Interpretation: - This analysis shows that stock broking companies are offering trading

accounts in less charge. This is also a means of attraction for traders.

Question 7. Giving rating to brokers on the scale of 1 to 4 on following parameters.

(1 –Poor, 2-Average, 3- Good, 4- Excellent)

Products & Services 1 2 3 4

Customer Care Services 1 2 3 4

Transparency 1 2 3 4

Analysis of Offerings

4%

18%

38% 40%

26%

20%

28%26%

12%

18%

34% 36%

0%

5%10%

15%

20%25%

30%

35%40%

45%

POOR

AVERAGE

GOOD

EXCELLENT

RESPONSE

PE

RC

EN

TA

GE

PRODUCTS &SERVICES

CUSTOMER CARESERVICES

TRANSPARENCY

RESPONSES

PRODUCTS & SERVICES:-

(i) 4 out of 100 respondents marked them as poor

(ii) 18 out of 100 respondents marked them as average

(iii) 38 out of 100 respondents marked them as good.

(iv) 40 out of 100 respondents marked them as excellent

CUSTOMER CARE SERVICES:-

(i) 26 out of 100 respondents marked it as poor.

(ii) 20 out of 100 respondents marked it as average.

(iii) 28 out of 100 respondents marked it as good.

(iv) 26 out of 100 respondents marked it as excellent

TRANSPARENCY:-

(i) 12 out of 100 respondents marked it as poor

(ii) 18 out of 100 respondents marked it as average

(iii) 34 out of 100 respondents marked it as good.

(iv) 36 out of 100 respondents marked it as execellent.

Interpretation: - This analysis shows most of the customers are 40% out of 100

respondents who are satisfied with the products and services provided by their stock

broking companies. It also shows that only 26% respondents marked customer service as

poor which is a serious issue. So stock broking companies need to pay attention to their

customer service.

Question 8. Rank the following factors according to the influence they have on you

for share trading. Please rate from 1 to 5. (Here 1 is from least influence and 5 is for

maximum influence i.e. 1=20%, 2=40%,3=60%,4=80%,5=100%)

Brokerage 1 2 3 4 5

Exposure 1 2 3 4 5

Brand Value 1 2 3 4 5

Research Reports 1 2 3 4 5

Account opening and maintenance charges 1 2 3 4 5

RESPONSES

BROKERAGE: - (i) 4 out of 100 respondents give 20% importance to brokerage

(ii) 2 out of 100 respondents give 40% importance to brokerage

(iii) 12 out of 100 respondents give 60% importance to brokerage

(iv) 34 out of 100 respondents give 80% importance to brokerage

(v) 50 out of 100 respondents give 100% importance to brokerage

EXPOSURE: - (i) 4 out of 100 respondents give 20% importance to Exposure

(ii) 10 out of 100 respondents give 40% importance to Exposure

Analysis of Following Factors

4% 4%8% 6%

4%2%

10%

22%

8%

2%

12%

24%

38%

26%

6%

34%

42%

20%

46%44%

50%

20%

12% 14%

42%

0%

10%

20%

30%

40%

50%

60%

Brokerage Exposure Brand Value Research

Reports

AMC

Factors

Influence in %

20%

40%

60%

80%

100%

(iii) 24 out of 100 respondents give 60% importance to Exposure

(iv) 42 out of 100 respondents give 80% importance to Exposure

(v) 20 out of 100 respondents give 100% importance to Exposure

BRAND VALUE: - (i) 8 out of 100 respondents give 20% importance to Brand Value

(ii) 22 out of 100 respondents give 40% importance to Brand Value

(iii) 38 out of 100 respondents give 60% importance to Brand Value

(iv) 20 out of 100 respondents give 80% importance to Brand Value

(v) 12 out of 100 respondents give 100% importance to Brand Value

RESEARCH REPORTS:-

(i) 6 out of 100 respondents give 20% importance to Research Reports

(ii) 8 out of 100 respondents give 40% importance to Research Reports

(iii) 26 out of 100 respondents give 60% importance to Research Reports

(iv) 46 out of 100 respondents give 80% importance to Research Reports

(v) 14 out of 100 respondents give 100% importance to Research Reports

AMC: - (i) 4 out of 100 respondents give 20% importance to Research Reports

(ii) 2 out of 100 respondents give 40% importance to Research Reports

(iii) 6 out of 100 respondents give 60% importance to Research Reports

(iv) 44 out of 100 respondents give 80% importance to Research Reports

(v) 42 out of 100 respondents give 100% importance to Research Reports

Interpretation: This analysis shows many important facts:-

b. 50 out of 100 respondents give 100% importance to brokerage plans

before starting share trading.

c. 44 out of 100 respondents give 80% importance to annual maintenance

charges.

d. 42 out of 100 respondents give 80% importance to exposure and 46 out of

100 respondents give 80% importance to research reports.

e. Only 12 out of 100 respondents give 100% importance to the brand name.

Question:- 9 Have you ever seen any advertisement of Religare Securities Ltd.? If

yes then where?

f. On Internet

g. Television

h. Banners

i. Newspaper

j. Radio

k. Never seen any ad

ADVERTISMENT ANALYSIS

10% 10%

16%

34%

0%

30%

0%

5%

10%

15%

20%

25%

30%

35%

40%

On In

tern

et

Televis

ion

Banne

rs

Newspap

er

Radio

Never S

een a

ny a

d

MEANS OF ADVERTISEMENTS

RE

SP

ON

DE

NT

S % On Internet

Television

Banners

Newspaper

Radio

Never Seen any ad

RESPONSES

On Internet: - 10 out of 100 respondents

On Television: - 10 out of 100 respondents

Banners: - 16 out of 100 respondents

Newspaper: - 34 out 100 respondents

Radio: - 0%

Never Seen any ad: - 30 out of 100 respondents

Interpretation:-This analysis shows a very important fact:-

a. Only 34 out of 100 respondents have seen religare’s advertisement in

newspaper.

b. And 30 out of 100 respondents have never seen any ad of Religare.

c. So Religare need to work on the brand awareness activities by putting

more advertisements on television, newspaper, internet etc.

Question 10. This logo reminds you of which brand

d. Sharekhan

e. Reliance Money

f. India bulls

g. Kotak Securities

h. Religare Securities Ltd.

i. ICICI Direct

j. Indiainfoline

k. Can’t say

Analysis of awareness of Religare's logo

60%

8%

32%

0%

10%

20%

30%

40%

50%

60%

70%

RELIGARE OTHERS CAN'T SAY

RE

SP

ON

DE

NT

S

RELIGARE

OTHERS

CAN'T SAY

RESPONSES

RELIGARE: - 60 out of 100 respondents

OTHERS: - 8 out of 100 respondents

CAN’T SAY: - 32 out of 100 respondents

Interpretation: - In this analysis only 60 out of 100 respondents have recognized the

religare’s logo whereas 32 out of 100 respondents cannot recognize its logo.

Question. 11 “Values that bind” this tagline is of which brand

a. Sharekhan

b. Reliance Money

c. India bulls

d. Kotak Securities

e. Religare Securities Ltd.

f. ICICI Direct

g. Indiainfoline

h. Can’t Say

Analysis of awareness of Religare's Tagline

58%

4%

38%

0%

10%

20%

30%

40%

50%

60%

70%

RELIGARE'S OTHERS CAN'T SAY

RE

SP

ON

SE

RELIGARE'S

OTHERS

CAN'T SAY

RESPONSES

RELIGARE: - 58 out of 100 respondents

OTHERS: - 4 out of 100 respondents

CAN’T SAY: - 38 out of 100 respondents

Interpretation: - In this analysis only 58 out of 100 respondents can recognize the

tagline of Religare. So Religare needs to work more on creating awareness for its brand

and products.

Question. 12 Are you aware about trading in commodities and currency through

Religare Securities Ltd.?

a. Yes

b. No

AWARENESS REGARDING COMMODITY AND CURRENCY TRADING IN RELIGARE

56%

44%

0%

10%

20%

30%

40%

50%

60%

YES NO

RE

SP

ON

DE

NT

S I

N %

YES

NO

RESPONSES

YES: - 56 out of 100 respondents

NO: - 44 out of 100 respondents

Interpretation:-In this analysis 56 out of 100 respondents are aware about commodity

and currency trading. It’s a good result but still Religare needs to work on it.

Question 13. From the following for which investment option do you prefer Religare

a. Shares

b. Commodities

c. Currency

d. Insurance

e. Mutual Funds

f. None

INVESTMENT PREFERENCE IN RELIGARE

42%

8%

0

10%

24%

12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

SHARES

COMM

ODITIE

S

CURRENCY

INSURANCE

MUTUAL

FUNDS

NONE

INVESTMENT OPTIONS

RE

SP

ON

DE

NT

S

SHARES

COMMODITIES

CURRENCY

INSURANCE

MUTUAL FUNDS

NONE

RESPONSES

SHARES: - 42 out of 100 respondents

COMMODITIES: - 8 out of 100 respondents

CURRENCY: - 0

INSURANCE: - 10 out of 100 respondents

MUTUAL FUNDS: - 24 out of 100 respondents

NONE: - 12 out of 100 respondents

Interpretation: - In this analysis 42 out of 100 respondents are interested in shares

trading through Religare and 24 out of 100 respondents are interested in mutual funds.

This tells us that Religare has a strong image of stock broker in customers minds but

many are not aware about other investment options provided by Religare.

Question 14. What is your annual household income?

a. 50,000 to 2,00,000

b. 2,00,000 to 4,00,000

c. 4,00,000 to 6,00,000

d. 6,00,000 and above

Analysis of Income level of share traders

12% 12%

52%

18%

0%

10%

20%

30%

40%

50%

60%

50k - 2Lakhs

2 Lakhs - 4Lakhs

4 Lakhs- 6Lakhs

6 Lakhs &Above

Income Level

RE

SP

ON

DE

NT

S

50k - 2 Lakhs

2 Lakhs - 4 Lakhs

4 Lakhs- 6 Lakhs

6 Lakhs & Above

RESPONSES

50,000- 2 Lakhs: - 12 out of 100 respondents

2 Lakhs – 4 Lakhs: - 12 out of 100 respondents

4 Lakhs – 6 Lakhs: - 52 out of 100 respondents

6 Lakhs & above: - 18 out of above

Interpretation: - In this analysis we can see that 52 out of 100 respondents are from 4

laks-6 lakhs income group. It shows that people with high earning are putting their

money into shares to increase their wealth.

CONCLUSIONS AND RECOMMENDATIONS

Through this research researcher has reached to this conclusion:-

1. Religare Securities Ltd is one of the topmost stock broking companies in India.

2. Religare Securities Ltd. has acquired 5% market share of shares trading customers.

3. Religare Securities Ltd. provides a competitive brokerage plan which is negotiable as

per the trading turnover of customer.

4. Religare Securities Ltd provides competitive products and services as per the

requirement of current economic condition, but still it lacks in customer care service.

To attract maximum customers its very important to give them satisfying customer

service.

5. In stock broking companies word of mouth spreads quickly which affects the

customer’s decision regarding shares trading mostly.

6. Religare Securities Ltd. is working on increasing client base through networking. It

pays special attention to its corporate clients through which they increase their client

and earn revenue.

7. Religare Securities Ltd. focuses on technically strong online trading service to

compete with topmost stock broking companies like India Bulls, ICICIDirect and

Sharekhan.

8. Religare Securities Ltd. focuses on more strategic acquisition opportunities to

enhance its capabilities, address specific industry opportunities to enhance further

industry and technical expertise, grow its operations geographically and benefit from

an expanded client base.

9. Through the analysis we can understand that Religare needs to create more brand

awareness as many people are only aware that it’s a just stock broking company. But

they are not aware about its specific products and services and beneficial brokerage

plans.

RECOMMENDATIONS:-

1. Religare needs to pay more attention to its customer care service to keep existing

customers and to attract new customers as well.

2. Religare should provide more effective and professional training to its employees

so that they can handle customers proficiently.

3. Religare needs to create more brand awareness by putting advertisements on

internet, newspapers, television and through banners.

4. Religare should highlight the difference between its products and competitors

products. So that customers will not just think of it as a just stock broking

company.

LEARNING AND LIMITATIONS

Researcher has learnt a lot during two months summer intership.Learning achieved

through two means:-

1. Through selling and marketing of products and services provided by Religare

Securities Ltd.

2. Through conducting research on marketing strategies of Religare Securities Ltd.

So the learning from this project is as follows:-

a. Researcher learnt about stock market, stock exchange, stocks, securities,

derivatives, commodities, currency etc.

b. Researcher has also learnt the complete procedure of opening demat,

commodity and currency account.

c. During selling researcher interacted with new customers and existing

customers which gave her detailed information regarding customer

preference for stock broking company.

d. During survey researcher found out that people are aware about Religare’s

brand but still they are clear about the difference between Religare’s

products & services and other stock broking company’s products &

services.

e. Many customers accuse stock broking companies for cheating them or not

giving a clear picture of trading. Sometimes due to less transparency or

technical difficulties during trading hours stock brokers loose customer’s

money into shares.

f. Stock broking companies give more importance to their big clients which

give them high turnover on daily basis. Due to this they mostly ignore

small traders. This could be the main reason of losing existing customers

easily. So they should pay more attention in retaining existing customers

no matter whether they are big traders or small traders.

LIMITATIONS:-

Researcher was assigned with the work of selling demat, commodities and

currency accounts to existing and new customers through phone. And then if the

client is interested can visit client personally or send someone else to get the

paperwork done. So in this work profile didn’t get much opportunity to take part

in marketing activities like in marketing campaigns and canopy.

Due to time limitation it was not possible to cover all stock broking companies

present in ncr.Thats why researcher only took topmost seven stock broking

companies for comparative study.

REFERENCES

Kotler & Keller, “Marketing Management”,12th edition, Prentice Hall,2006

Philip Kotker, “Marketing Management”, 10th edition, Prentice Hall, 2001

www.nseindia.com

www.bse.com

www.nsdl.com

www.thehindubusinessline.com

www.religaresecurities.com

www.religareonline.com

ANNEXURE

ABOUT SECURITUES MARKET

The securities markets in India have witnessed several policy initiatives, which have

refined the market micro-structure, modernized operations and broadened investment

choices for the investors. The irregularities in the securities transactions in the last quarter

of 2000-01, hastened the introduction and execution of numerous reforms. While a Joint

Parliamentary Committee was constituted to go into the irregularities and manipulations

in all their ramifications in all transactions relating to securities, decisions were taken to

complete the process of demutualization and corporatization of stock exchanges to

separate ownership, management and trading rights on stock exchanges and to effect

legislative changes for investor protection, and to enhance the effectiveness of SEBI as

the capital market regulator. Rolling settlement on T+5 basis was introduced in respect of

most active 251 securities from July 2, 2001 and in respect of balance securities from 31st

December 2001. Rolling settlement on T+3 basis commenced for all listed securities

from April 1, 2002 and subsequently on T+2 basis from April 1, 2003. All deferral

products such as carry forward were banned from July 2, 2002.At the end of March 2008,

there were 1,381 companies listed at NSE and 1,236 companies were available for

trading. The Capital Market segment of NSE reported a trading volume of Rs.35,51,038

crore during 2007-08 and at the end of March 2008, the NSE Market Capitalization was

Rs.48,58,122 crore.The derivatives trading on the NSE commenced with the S&P CNX

Nifty Index Futures on June 12, 2000. The trading in index options commenced on June

4, 2001 and trading in options on individual securities commenced on July 2,2001. Single

stock futures were launched on November 9, 2001. Thereafter, a wide range of products

have been introduced in the derivatives segment on the NSE. The Index futures and

options are available on Indices - S&P CNX Nifty, CNX Nifty Junior, CNX 100, CNX

IT, Bank Nifty and Nifty Midcap 50.Single stock futures are available on more than 250

stocks. The mini derivative contracts (futures and options) on S&P CNX Nifty were

introduced for trading on January 1, 2008 while the Long term Options Contracts on S&P

CNX Nifty were launched on March 3, 2008.Due to rapid changes in volatility in the

securities market from time to time, there was a need felt for a measure of market

volatility in the form of an index that would help the market participants. NSE launched

the India VIX, a volatility index based on the S&P CNX Nifty Index Option prices.

Volatility Index is a measure of market’s expectation of volatility over the near

term.Other than the introduction of new products in the Indian stock markets, the Indian

Stock Market Regulator, Securities & Exchange Board of India (SEBI) allowed the direct

market access (DMA) facility to investors in India on April 3, 2008. To begin with, DMA

was extended to the institutional investors. In addition to the DMA facility, SEBI also

decided to permit all classes of investors to short sell and the facility for securities

lending and borrowing scheme was operationalised on April 21, 2008.The Debt markets

in India have also witnessed a series of reforms, beginning in the year 2001-02 which was

quite eventful for debt markets in India, with implementation of several important

decisions like setting up of a clearing corporation for government securities, a negotiated

dealing system to facilitate transparent electronic bidding in auctions and secondary

market transactions on a real time basis and dematerialization of debt instruments.

Further, there was adoption of modified Delivery-versus-Payment mode of settlement

(DvP III in March 2004). The settlement system for transaction in government securities

was standardized to T+1 cycle on May 11, 2005. To provide banks and other institutions

with a more advanced and more efficient trading platform, an anonymous order matching

trading platform (NDS-OM) was introduced in August 2005. Short sale was permitted in

G-secs in 2006 to provide an opportunity to market participants to manage their interest

rate risk more effectively and to improve liquidity in the market. ‘When issued’ (WI)

trading in Central Government Securities was introduced in 2006.As a result of the

gradual reform process undertaken over the years, the Indian G-Sec market has become

increasingly broad-based and characterized by an efficient auction process, an active

secondary market, electronic trading and settlement technology that ensures safe

settlement with Straight through Processing (STP).This chapter, however, takes a review

of the stock market developments since 1990. These developments in the securities

market, which support corporate initiatives, finance the exploitation of new ideas and

facilitate management of financial risks, hold out necessary impetus for growth,

development and strength of the emerging market economy of India.

SECURITIES MARKET AND FINANCIAL SYSTEM

The securities market has two interdependent and inseparable segments, the new issues

(primary market) and the stock (secondary) market.

PRIMARY MARKET

The primary market provides the channel for sale of new securities. Primary market

provides opportunity to issuers of securities; government as well as corporate, to raise

resources to meet their requirements of investment and/or discharge some obligation.

They may issue the securities at face value, or at a discount/premium and these securities

may take a variety of forms such as equity, debt etc. They may issue the securities in

domestic market and/or international market. The primary market issuance is done either

through public issues or private placement. A public issue does not limit any entity in

investing while in private placement, the issuance is done to select people. In terms of the

Companies Act, 1956, an issue becomes public if it results in allotment to more than 50

persons. This means an issue resulting in allotment to less than 50 persons is private

placement. There are two major types of issuers who issue securities. The corporate

entities issue mainly debt and equity instruments (shares, debentures, etc.), while the

governments (central and state governments) issue debt securities (dated securities,

treasury bills).The price signals, which subsume all information about the issuer and his

business including associated risk, generated in the secondary market, help the primary

market in allocation of funds.

SECONDARY MARKET

Secondary market refers to a market where securities are traded after being initially

offered to the public in the primary market and/or listed on the Stock Exchange. Majority

of the trading is done in the secondary market. Secondary market comprises of equity

markets and the debt markets. The secondary market enables participants who hold

securities to adjust their holdings in response to changes in their assessment of risk and

return. They also sell securities for cash to meet their liquidity needs. The secondary

market has further two components, namely the over-the-counter (OTC) market and the

exchange-traded market. OTC is different from the market place provided by the Over

The Counter Exchange of India Limited. OTC markets are essentially informal markets

where trades are negotiated. Most of the trades in government securities are in the OTC

market. All the spot trades where securities are traded for immediate delivery and

payment take place in the OTC market. The exchanges do not provide facility for spot

trades in a strict sense. Closest to spot market is the cash market where settlement

takes place after some time. Trades taking place over a trading cycle, i.e. a day under

rolling settlement, are settled together after a certain time (currently 2 working days).

Trades executed on the leading exchange (National Stock Exchange of India Limited

(NSE) are cleared and settled by a clearing corporation which provides notation and

settlement guarantee. Nearly 100% of the trades settled by delivery are settled in demat

form. NSE also provides a formal trading platform for trading of a wide range of debt

securities including government securities. A variant of secondary market is the forward

market, where securities are traded for future delivery and payment. Pure forward is out

side the formal market. The versions of forward in formal market are futures and options.

In futures market, standardized securities are traded for future delivery and settlement.

These futures can be on a basket of securities like an index or an individual security. In

case of options, securities are traded for conditional future delivery. There are two types

of options–a put option permits the owner to sell a security to the writer of options at a

predetermined price while a call option permits the owner to purchase a security from the

writer of the option at a predetermined price. These options can also be on individual

stocks or basket of stocks like index. Two exchanges, namely NSE and the Bombay

Stock Exchange, (BSE) provide trading of derivatives of securities. The past few years in

many ways have been remarkable for securities market in India. It has grown

exponentially as measured in terms of amount raised from the market, number of stock

exchanges and other intermediaries, the number of listed stocks, market capitalization,

trading volumes and turnover on stock exchanges, and investor population. Along with

this growth, the profiles of the investors, issuers and intermediaries have changed

significantly. The market has witnessed fundamental institutional changes resulting in

drastic reduction in transaction costs and significant improvements in efficiency,

transparency and safety.

SECURITIES MARKET & ECONOMIC DEVELOPMENT

Three main sets of entities depend on securities market. While the corporates and

governments raise resources from the securities market to meet their obligations, the

households invest their savings in the securities.

Corporate Sector: The 1990s witnessed emergence of the securities market as a major

source of finance for trade and industry. A growing number of companies are accessing

the securities market rather than depending on loans from FIs/banks. The corporate sector

is increasingly depending on external sources for meeting its funding requirements. There

appears to be growing preference for direct financing (equity and debt) to indirect

financing (bank loan) within the external sources. The listing agreements have been

amended recently requiring the companies to disclose shareholding pattern on a quarterly

basis. As per the shareholding pattern of companies listed on NSE at end of March 2008,

it is observed that on an average the promoters hold about 56.12% of total shares. Though

the non-promoter holding is about 41.91%, Individuals held only 13.07% and the

Institutional holding (FIIs, MFs, VCFs-Indian and Foreign) accounted for 19.37%.

Governments: Along with increase in fiscal deficits of the governments, the dependence

on market borrowings to finance fiscal deficits has increased over the years. During the

year 1990-91, the state governments and the central government financed nearly 14% and

18% respectively of their fiscal deficit by market borrowing. In percentage terms,

dependence of the state governments on market borrowing did not increase much during

the decade 1991-2001. However, their dependence on market borrowing has been

increasing since then to reach 38% during 2003-04. In case of central government, it

increased to 73% by 2007-08, The central government and the state governments now-a-

days finance about three fourth and one fourth of their fiscal deficits respectively through

borrowings fro m the securities market.

Households: According to RBI data, household sector accounted for 84.8% of gross

domestic savings in Fixed Income Investment instruments during 2006-07. They invested

55.7% of financial savings in deposits, 24.2 % in insurance/provident funds, and 6.5% in

securities market including government securities, units of mutual funds and other

securities (out of which investment in Gilts has been 0.2%). Thus, the fixed income

bearing instruments are the most preferred assets of the household sector. Though there

was a major shift in the saving pattern of the household sector from physical assets to

financial assets and within financial assets, from bank deposits to securities, the trend got

reversed in the recent past due to high real interest rates, prolonged subdued conditions in

the secondary market, lack of confidence by the issuers in the success of issue process as

well as of investors in the credibility of the issuers and the systems and poor performance

of mutual funds. The portfolio of household sector remains heavily weighted in favor of

physical assets and fixed income bearing instruments.

DERIVATIVES MARKET

Trading in derivatives of securities commenced in June 2000 with the enactment of

enabling legislation in early 2000. Derivatives are formally defined to include: (a) a

security derived from a debt instrument, share, loan whether secured or unsecured, risk

instrument or contract for differences or any other form of security, and (b) a contract

which derives its value from the prices, or index of prices, or underlying securities.

Derivatives trading in India are legal and valid only if such contracts are traded on a

recognized stock exchange, thus precluding OTC derivatives. Derivatives trading

commenced in India in June 2000 after SEBI granted the approval to this effect in May

2000. SEBI permitted the derivative segment of two stock exchanges, i.e. NSE and BSE,

and their clearing house/corporation to commence trading and settlement in approved

derivative contracts. To begin with, SEBI approved trading in index futures contracts

based on S&P CNX Nifty Index and BSE-30 (Sensex) Index. This was followed by

approval for trading in options based on these two indices and options on individual

Securities. The derivatives trading on the NSE commenced with S&P CNX Nifty

Index futures on June 12, 2000. The trading in S&P CNX Nifty Index options

commenced on June 4, 2001 and trading in options on individual securities commenced

on July 2, 2001. Single stock futures were launched on November 9, 2001. In June 2003,

SEBI-RBI approved the trading on interest rate derivative instruments. At NSE, Index

futures and options are available on Indices-S&P CNX Nifty, CNX IT Index, Bank Nifty

Index, CNX Nifty Junior, CNX 100, Nifty Midcap 50.Single stock futures and options

are available on more than 200 stocks. India is one of the largest markets in the world for

single stock futures. The Mini derivative Futures & Options contract on S&P CNX Nifty

was introduced for trading on January 1, 2008 while the long term option contracts on

S&P CNX Nifty were introduced for trading on March 3, 2008.

QUESTIONNAIRE

This survey is for research purpose regarding marketing strategies of Religare Securities Ltd. and the data provided by you will be not disclosed. Please read questions carefully and select one option for every question.

Name: - ___ ______________Age: - ___ ______________Gender: - __________________Occupation: - __________________Email-Id:- __________________Phone no.:- __________________Address:- __________________

1. According to you which is the most beneficial way of investment?

a. Fixed Deposit b. Share Trading c. Mutual Funds

d.. Saving Bank Account e. Government Bonds f. None of these

2. Shares trading give maximum return though it is risky. Do you agree? a. Yes b. No c. Can’t say

3. Which is your most preferred share trading broker as per your requirement? a. ICICI Direct b. India Bulls c. Sharekhan Ltd. d. Religare Securities Ltd. e. Kotak Securities f. India Infoline g. Reliance Capital h. None of these

4. Since how many years, you have been doing Share trading?

a. 0-5 years b. 5-10 years c. 10-15 years d. 15-20 years e. 20 and more

5. Are you aware about various new account opening schemes offered by Religare Securities Ltd?

a. Yes b.No c. Can’t say

6. What are the account opening charges in your broking firm where you trade?

a. Rs. 100 – Rs. 300 b.Rs. 300- Rs. 500 c. Rs. 500- Rs.700 d. Rs. 700 and above

7. Giving rating to brokers on the scale of 1 to 4 on following parameters.

( 1 –Poor, 2-Average, 3- Good, 4- Excellent)

Products & Services Offered 1 2 3 4Customer Care Services 1 2 3 4Transparency 1 2 3 4

8. Rank the following factors according to the influence they have on you for share

trading. Please rate from 1 to 5. (Here 1 is from least influence and 5 is for maximum

influence i.e. 1=20%, 2=40%, 3=60%, 4=80%, 5=100%)

Brokerage 1 2 3 4 5Exposure 1 2 3 4 5Brand Value 1 2 3 4 5Research Reports 1 2 3 4 5Account opening and maintenance charges 1 2 3 4 5

9. Have you ever seen any advertisement of Religare Securities Ltd? If yes then where?

a. On Internet b. Television c. Banners d. Newspaper e. Radio f. Never seen any ad

10. This logo reminds you of which brand

a. Sharekhan b. Reliance Money c. India bulls d. Kotak Securities e. Religare Securities Ltd f. ICICI Direct

g. IndiaInfoline h. None of these

11. “Values that bind” this tagline is of which brand

a. Sharekhan b. Reliance Money c. India bulls d. Kotak Securities e. Religare Securities Ltd f. ICICI Direct g. India Infoline h. None of these

12. Are aware about trading in commodities and currency through Religare Securities Ltd?

a. Yes b. No

13. From the following for which investment option do you prefer Religare?

a. Shares b. Commodities c. Currency d. Insurance e. Mutual Funds f. None

14. What is your annual household income?

a. 50,000 to 2, 00,000 b. 200,000 to 4, 00,000

c. 4, 00,000 to 6, 00,000 d. 6, 00,000 and above