SUMMER INTERSHIP PROJECT REPORT ON

Financial management
In
IIFL Securities

Submitted by

CHANDER MAULI TRIPATHI

(Roll no.-2K18/BBA/026, Batch 2018-21)

University School of Management & Entrepreneurship

(Delhi Technological University)
 A cknowledgement

The spirit of summer internship program lies in not merely doing the project but to get a first-
hand experience of the industry and to prepare ourselves for tomorrow’s managerial needs.
The aim of this internship is to be familiar with the practical aspect and uses of theoretical
knowledge and clarifying the career goals. So, I have successfully completed the internship
and compiled this report as the summary and the conclusion that have drawn from the
internship experience.
I wish to express my appreciation and thanks to all those with whom I have had the
opportunity to work and whose thoughts and insights have helped me in furthering my
knowledge and understanding of the subject.
My sincere gratitude goes to Professor Amit Mookherji, Head of Department, and Mrs.
Varsha Seghal our internship coordinator for their valuable and constructive suggestions that
lead to the successful completion of this project.
Lastly, I would express my sincere of gratitude towards the entire Department of Bachelor of
Business Administration at Delhi Technological University and towards the Financial
management department of IIFL Securities for giving me valuable information during the
project.

Thank You.

1|Page
2|Page
 D eclaration

This is to certify that report entitled “Financial management at IIFL Securities” which is
submitted by me in practical fulfillment of the requirement for the award of degree Bachelor
of Business Administration from University School of Management & Entrepreneurship,
Delhi Technological University(DTU), New Delhi is uniquely prepared by me and due
acknowledgement has been made in the text to all other material used.

I also confirm that the report is only prepared for my academic requirement, not for any other
purpose. It might not be used with the interest of the opposite party of the corporation.

CHANDER MAULI TRIPATHI

2K18/BBA/026
 Chapter – 6

R esearch Methodology

The information contained in this report is evaluated on each primary and secondary analysis.
 Preliminary research involves interaction with suppliers, distributors and industry
experts of electrical switches.
 Annual secondary research includes a comprehensive search of the company's
annual reports, financial statements and related publications such as the
marketing database.
6.1 Approach
There were 3 major steps invoved to carry out this project report are- (Fig. 3)

Secondary
Research

Primary
Research

Data
Analysis

6.2 Activity wise flow

Secondary Research
Studying different reports and articles havng information about marketing strategies and marketinfg database of the company.

Primary Reasearch
identify various distributors and customers of the company and attain data based the interaction.
customer feedback data.

Data Analysis
data entry with data validation
data analysis with differet facts and figures.and making report

Figure.2
 Chapter – 7

C ritical Analysis of concepts and Limitations of Marketing

Department

Theoretical concepts are completely different from practical experiences. Theoretical

concepts give only knowledge of the subject matter, where in the practical field sometimes
deviation from theoretical rules and regulations is necessary to accommodate customers and
increase the business of enthusiastic industry. Not all theoretical concepts and theories are
applicable in their original form in practical life and some necessary amendments and
deviations are missing.
There is no freedom from market research bias. Research conclusions cannot be verified. The
reproduction of a single project on the same class of respondents yields different research
results. The results of market research are very unclear, as it is done on people, suppliers,
intermediaries, etc. Humans have a tendency to behave artificially when they know they are
being watched. Therefore, users and respondents conducting research should behave
artificially when they know that their attitudes, beliefs, opinions, etc. are being observed.
Marketing strategy and policies are also influenced by increasing competition, new modern
technologies, changing economic policies and changing political structure.
It does not conform to user behavior and does not produce 100% accurate results. The
availability of reliable data influences the marketing strategy.
 Table of Content
Sr. No. Content Page No.

1. Declaration 1

2. Certificate of Company 2

3. Certificate of College 3

4. Acknowledgement 4

5. Table of Contents 5

6. Executive Summary 6–7

7. Part A 8

I. Industry Profile 9 - 12

II. Company Profile 13 - 16

III. Background of the company 17

IV. Vision, Mission of Company 18 - 19

V. Products & Services 20

VI. Awards & Recognition 21

8. Part B 22

I. Work Flow Model 23

II. SWOT Analysis & Competitors 24 - 25

III. Research and Analysis 26 - 29

IV. Learning Experience 30

9. Suggestions 31

10. Conclusion 32

11. Bibliography 33

7
 Executive Summary

The India Info line group, comprising the holding company, India Info line Limited and its
wholly-owned subsidiaries, straddle the entire financial services space with offerings ranging
from Equity research, Equities and derivatives trading, Commodities trading, Portfolio
management Services, Mutual Funds, Life Insurance, Fixed deposits, Govt. bonds and other
small savings instruments to loan products and Investment banking. India Info line also owns
and manages the websites www.indiainfoline. Command www.5paisa.com The Company has
a network of 976 business locations (branches and sub-brokers) spread across 365 cities and
towns. It has more than 800,000 customers.

In today’s competitive world there are many goods chasing few customers some are trying it
expands their size and share of existing market. As a result, there are loser and winners.
Winners are those who carefully analyse needs identify opportunities and create aloe rich
offers for target customer.

The objective of the market research to determine the demand and supply and use of the
product and competitors study so as to get the total market scenario of the product for
analysing market problem research is needed. A firm can have obtained market research in a
number of ways. It can hire market research firm or it can ask student to design and carry out
market research project.

The Objective of the Project Are Following: -

 To determine the growth and future of online trading industry in India

 To understand the customer perception of online trading.
 To see the type of technology used by stock exchanges and by the Indian customer in
online trading

These marketing problems and opportunities if entrust to the student of marketing. Especially
when they seek the same during the project gives opportunities to apply their theoretical
knowledge and managerial knowledge.

India infoline.com/5paisa.com is related to share market, it is equity to caused organization

tracing its lineage to SSKL, a veteran solution company with over 8 decades of experience in
the lead in stock market.

8
Sources of Data:

Two types of data are collected in this study

1. Primary Data

2. Secondary Data

1. Primary Data:

It involves collection of data from sources from which the researcher directly collect data
that have not been previously collected. In this study, primary data are collected by the taking
the interview of the technical analysis of the company.

2. Secondary Data

These are the data collected from various sources, used in addition to the primary data in the
research. The various sources are the government publications, research organizations,
journals, newspapers, websites etc.
Some of the websites are as follows:
www.sharekahn.com
www.investing.com
www.motilaloswal.com
www.iifl.com

9
PART A

Industry Profile

10
The Indian broking industry is one of the oldest trading industries that have been around even
before the establishment of the BSE in 1875. Despite passing through number of changes in
the post liberalization period, the industry has found its way onwards sustainable growth.
With the purpose of gaining a deeper understanding about the role of the Indian stock
broking industry in the country’s economy, we present in this section some of the industry
insights gleaned from analysis of data received through primary research.

• A BRIEF HISTORY

India Infoline was originally incorporated on October 18, 1995 as Probity

Research and Services Private Limited at Mumbai under the Companies Act, 1956 with
Registration No. 11 93797. India Infoline commenced operations as an independent provider
of information, analysis and research covering Indian businesses, financial markets and
economy, to institutional customers. India Infoline became a public limited company on
April 28, 2000 and the name of the Company was changed to Probity Research and Services
Limited. The name of the Company was changed to India Infoline.com Limited on May 23,
2000 and later to India Infoline Limited on March 23, 2001.

India Infoline broking services was launched under the brand name of 5paisa.com through
our subsidiary, India Infoline Securities Private Limited and www.5paisa.com, the e-broking
portal, was launched for online trading in July 2000.

• Facilities

India Infoline’s main offices are located in approximately 4,000 square feet of office space
located in Mumbai, India. India Infoline Branches collectively occupy an additional 10,000
square feet of office space located throughout India, as on March 31, 2005, India Infoline has
73 branches across 36 locations in India.

• Terminals

11
Almost 52% of the terminals in the sample are based in the Western region of India, followed
by 25% in the North, 13% in the South and 10% in the East.

Mumbai has got the maximum representation from the West, Chennai from the South, New
Delhi from the North and Kolkata from the East.

• Branches & Sub-Brokers

The maximum concentration of branches is in the North, with as many as 40% of all
branches located there, followed by the Western region, with 31% branches. Around 24%
branches are located in the South and East constitutes for 5% of the total branches of the total
sample.

In case of sub-brokers, almost 55% of them are based in the South. West and

North follow, with 30% and 11% sub-brokers respectively, whereas East has around 4% of
total sub-brokers.

• Financial Markets

12
The financial markets have been classified as cash market, derivatives market, debt market
and commodities market. Cash market, also known as spot market, is the most sought after
amongst investors.

derivatives and commodities market. Firms that are into cash, derivatives and debt are 7%.
On the other hand, firms into cash and commodities are 3%, cash & debt market and
commodities alone are 2%. 4% firms trade in all the markets.

In the cash market, around 34% firms trade at NSE, 14% at BSE and 52% trade at both
exchanges. In the equity derivative market, 48% of the sampled broking houses are members
of NSE and 7% trade at BSE, while 45% of the sample operate in both stock exchanges.
Around 43% of the broking houses operating in the debt market, trade at both exchanges
with 31% and 26% firms uniquely at NSE and BSE respectively.

 Products

13
The survey also revealed that in the past couple of years, apart from trading, the firms have
started offering various investment related value added services. The sustained growth of the
economy in the past couple of years has resulted in broking firms offering many diversified
services related to IPOs, mutual funds, company research etc.

More than 50% of the sample broking houses deal in mutual fund investment services. The
average growth in assets under management in the last two years is almost 48%. Company
research is another lucrative area where the broking firms offer their services; more than 33%
of the firms are engaged in providing company research services.

Of the total sample of broking houses providing trading services, 52% are based in the West,
followed by 25% from North, 13% from South and 10% from the East. Around 50% of the
firms offering IPO related services are based in the West as compared to 27% in North, 13%
in South and 10% in East. In providing mutual funds services, the Western region was
dominant amounting to 49% followed by 27% from North; The South and the East are almost
at par with 13% and 11% Respectively.

Company Profile
14
India Infoline is a one-stop financial services shop, most respected for quality of its advice,
personalized service and cutting-edge technology.

The IIFL (India Infoline) group, comprising the holding company, India Infoline Ltd (NSE:
INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian
financial services space. IIFL offers advice and execution platform for the entire range of
financial services covering products ranging from Equities and derivatives, Commodities,
Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment
Banking, Gold bonds and other small savings instruments.
A network of over 2,500 business locations spread over more than 500 cities and towns
across India facilitates the smooth acquisition and servicing of a large customer base.

 India Infoline Pvt Ltd

IIFL has been awarded the ‘Best Broker, India’ by Finance Asia and the ‘Most improved
brokerage, India’ in the Asia Money polls. India Infoline was also adjudged as ‘Fastest
Growing Equity Broking House - Large firms’ by Dun & Bradstreet. A forerunner in the
field of equity research, IIFL’s research is acknowledged by none other than Forbes as ‘Best
of the Web’ and ‘…a must read for investors in Asia’. Our research is available not just over
the Internet but also on international wire services like Bloomberg, Thomson First Call and
Internet Securities where it is amongst one of the most read Indian brokers. India
Infoline Limited is listed on both the leading stock exchanges in India,

15
  India Infoline Group:

The India Infoline group, comprising the holding company, India Infoline

Limited and its wholly-owned subsidiaries, straddle the entire financial services space with
offerings ranging from Equity research, Equities and derivatives trading, Commodities
trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits, GoId
bonds and other small savings instruments to loan products and Investment banking. India
Infoline also owns and manages the websites www.indiainfoline.com and www.5paisa.com
The company has a network of 596 branches spread across 345 cities and towns. It has more
than 500,000 customers.

16
  India Infoline Ltd
India Infoline Limited is listed on both the leading stock exchanges in India, viz. the
Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is also a
member of both the exchanges. It is engaged in the businesses of Equities broking,
Wealth Advisory Services and Portfolio
Management Services. It offers broking services in the Cash and Derivatives segments of the
NSE as well as the Cash segment of the BSE. It is registered with NSDL as well as CDSL as
a depository participant, providing a one-stop solution for clients trading in the equities
market.

 India Infoline Media and Research Services Limited:

The content services represent a strong support that drives the broking, commodities, mutual
fund and portfolio management services businesses. Revenue generation is through the sale
of content to financial and media houses, Indian as well as global.
It undertakes equities research which is acknowledged by none other than

Forbes as 'Best of the Web' and '…a must read for investors in Asia'. India Infoline's research
is available not just over the internet but also on international wire services like Bloomberg
(Code: IILL), Thomson First Call and Internet Securities where India Infoline is amongst the
most read Indian brokers

 India Infoline Commodities Limited:

India Infoline Commodities Pvt Limited is engaged in the business of commodities broking.
Our experience in securities broking empowered us with the requisite skills and technologies
to allow us offer commodities broking as a contra-cyclical alternative to equities broking. We
enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges,
and recently acquired membership of DGCX.

17
  India Infoline Marketing & Services:

India Infoline Marketing and Services Limited is the holding company of India Infoline
Insurance Services Limited and India Infoline Insurance Brokers Limited. India Infoline
Insurance Brokers Limited India Infoline Insurance Brokers Limited is a newly formed
subsidiary which will carry out the business of Insurance broking.

 India Infoline Investment Services Limited:

Consolidated shareholdings of all the subsidiary companies engaged in loans and financing
activities under one subsidiary. India Infoline Investment Services Private Limited consists
of the following step-down subsidiaries.

Ø India Infoline Distribution Company Limited (distribution of retail loan products)

Ø Money line Credit Limited (consumer finance)

Ø India Infoline Housing Finance Limited (housing finance)

 IIFL (Asia) Private Limited:

IIFL (Asia) Private Limited is wholly owned subsidiary which has been incorporated in
Singapore to pursue financial sector activities in other Asian markets. Further to obtaining
the necessary regulatory approvals, the company has been initially capitalized at 1 million
Singapore dollars.

18
 Background of the company

IIFL was founded on Oct 17, 1995 by Nirmal Jain, a 1986 graduate from University of
Mumbai and an alumnus of Indian Institute of Management, Ahmedabad. Jain is among the
few successful entrepreneurs post the economic liberalisation era in India ushered by PV
Narasimha Rao. Jain was previously employed with Hindustan Lever Limited. The company
was founded as Probity Research and Services Private Limited which provided research on
the Indian economy, businesses and corporates. The name was later changed to India Infoline
Limited.

A few years into the business, the organisation found itself with clients which included
research organisations, banks and corporates. They then began launching their research
products to become more noticeable in the market. In the meanwhile, the dotcom revolution
was beginning to take place in India. The website was created in 1999.

Taking the business one step ahead this group of consultants opened a trading portal
(www.5paisa.com) in 2000 thus moved into the business of being a full service broking
agency. During this time, they widened their distribution network.

In 2001, the Indian dotcom industry saw a downfall. During this time, sustaining became
tough. The organisation then decided to tie-up with leading Life Insurance company ICICI
Prudential, thus putting to use its distribution network and becoming India's first corporate
agent for insurance.

Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is
India’s leading integrated financial services group with diverse operating businesses, mainly
Non-Banking and Housing Finance, Wealth and Asset Management, Broking, Financial
Product Distribution, Investment Banking, Institutional Equities, Realty and Property
Advisory Services.

IIFL Holdings has a consolidated net-worth of over Rs.45 billion; global presence in
Canada, United States, UK, Singapore, Hong Kong, Switzerland, Mauritius, and UAE; An
employee workforce of over 10,500, a strong network of over 2,250 service locations spread
across India, over Rs. 233 billion loan assets under management; over Rs. 1,250 billion
wealth assets under advice, management and distribution; over 500 stocks under research and
more than 300 of the world’s top institutional investors relying on IIFL's research.

19
 Vision & Mission

Vision:

 To be the most respected financial services company in India.

 Not necessarily the largest or most profitable

Mission 2020:

From an entrepreneurial start-up in 1995, we have steadily grown to emerge as one of

India’s leading financial services group. Ever since our inception, our strategy has
been to align our capabilities and market insights to the country’s rapidly changing
business environment. Our growth trajectory has only served to reinforce our focus on
our domain of financial services.

DOUBLING

 Revenue - 2X
 Net Profit - 2.5X
 Over FY16 - FY20
 FY16 to FY20 - Doubling of revenue and 2.5x profit and target to raise ROE from
17.3% to 24%
 Adequately capitalized to sustain volume growth

Margin improvement to be driven by:

 Rating upgrade to help lower cost of funds

 Circle Cost optimization

DURABILITY

 Reducing volatility and cyclicality of earnings in all businesses

 NBFC: Retail Lending, Digital Delivery
 Wealth: Focus on advisory mandate for customer stickiness
 Broking: Online retail. Research driven Institutional

20
DE-RISKING

 Diversifying revenue sources with focus on financial services

 Diversified asset mix, geographically well spread
 Broadening service offerings
 Best-in-class risk management framework
 Scale & digitization to bring costs down

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 Products & Services

Products:

 Demat Account
 Home Loan
 Personal Loan
 Gold Loan
 Business Loan
 Mutual Funds
 Equity Funds
 Trading Platforms
 Loan Against Property
 NRI Services
 Wealth Management
 Realty
 Institutional Equities
 Asset Management
 Investment Banking

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 Awards & Recognition

 “Best Broker in India” by Finance Asia in 2008.

 Awarded “Fastest Growing Equity Broking House Large Firms in India” for the year
2008 By Dun & Bradstreet.
 Awarded “Most Improved brokerage in India” by Asia money in 2008.
 “Best Private Banking Services” Overall in India 2017 by Euro money.
 ET “Best BFSI Brands” Recognition.
 “Digital Innovation Champion Award” By CIO Crown in 2016.

23
Part B

24
Work Flow Model

25
 SWOT Analysis

Strengths:

1.Wide range of financial products 

2. Successful implementation of “Insurance broking” model

3. Online portal’s successful branding as “5paisa.com”

4. Have over 2500 offices in India in over 500 cities

5. First Indian brokerage house to get membership of Singapore Exchange

6. IIFL has been awarded the ‘Best Broker, India’, ‘Most improved brokerage, India’,
‘Fastest Growing Equity Broking House’

Weaknesses:

1.  High risk exposure as seen by conservative population

2.  Less emphasis on advertising causes lack of brand visibility

Opportunities:

1. Income Urban Families

2. More penetration into the growing cities

Threats:

1. Stringent Economic measures by Government and RBI

2.  Entry of foreign finance firms in Indian Market

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 Competitors
Broker Name Opening Fees Yearly Brokerage Intraday
Maintenance
Angel Broking 350 300 .50% .06%

AXIS Direct 999 400 .5% .05%

Brokerage
Bonanza 600 275 .50% .05%
Can money 200 200 .35% .01%
Geojit BNP 800 400 .30% .03%
Paribas
HDFC Security 999 550 Higher of 25 or . Higher of 25 or .
5% 05%
ICICI Direct 975 500 .55% .05%
IDBI Paisa 700 350 .50% .08%
Builder
Indiabulls 1350 450 .30% .05%
IIFL 750 450 .50% .05%
Kotak Securities 750 50 .50% .06%

Reliance Money 950 210 .30% 0.35%

Motilal Oswal 550 900 .50% - 0.90% Buy – Nil Sell-

0.25% to .4%
Religare 499 300 .3% .06%
SBI 500 386 .75% .05%
Sharekhan 750 441 .5% .1%
SMC India 499 Nil .30% .03%
Ventura 1000 400 .45% .05%

Research & Analysis

27
  Stochastic RSI (Relative strength Index): -

The Stochastic RSI (Stoch RSI) is an indicator used in technical analysis that ranges between
zero and one (or zero and 100 on some charting platforms) and is created by applying
the Stochastic oscillator formula to a set of relative strength index (RSI) values rather than to
standard price data.

The relative strength index (RSI) is a momentum indicator that measures the magnitude of
recent price changes to evaluate overbought or oversold conditions in the price of a stock or
other asset. The RSI is displayed as an oscillator (a line graph that moves between two
extremes) and can have a reading from 0 to 100. The indicator was originally developed by J.
Welles Wilder Jr. and introduced in his seminal 1978 book, New Concepts in Technical
Trading Systems.

Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a
security is becoming overbought or overvalued and may be primed for a trend reversal or
corrective pullback in price. An RSI reading of 30 or below indicates an oversold
or undervalued condition.

 Exponential Moving Average: -

28
 The exponential moving average (EMA) is a weighted moving average (WMA) that
gives more weighting, or importance, to recent price data than the simple moving
average (SMA) does. The EMA responds more quickly to recent price changes than the
SMA.
Calculating SMA and EMA

The three steps to calculating the EMA are:

1. Calculate the SMA

2. Calculate the multiplier for weighting the EMA
3. Calculate the current EMA

The calculation for the SMA is very straightforward. The SMA for any given number of time
periods is simply the sum of the stock's closing prices for that number of time periods,
divided by that same number. So, for example, a 10-day SMA is just the sum of the closing
prices for the past 10 days, divided by 10.

The mathematical formula looks like this:

Simple moving average=N / (N−period sum)

where: N=number of days in a given period

sum=sum of stock closing prices in that period

The formula for calculating the weighting multiplier looks like this:

Weighted multiplier =2÷ (selected time period+1)

29
 =2÷ (10+1)

=0.1818

=18.18%

(In both cases, we're assuming a 10-day SMA.)

So, when it comes to calculating the EMA of a stock:

EMA=Price(t)×k+EMA(y)×(1−k)

where:

t =today

y=yesterday

N=number of days in EMA

k=2÷(N+1)

The weighting given to the most recent price is greater for a shorter-period EMA than for a
longer-period EMA. For example, an 18.18% multiplier is applied to the most recent price
data for a 10-day EMA, as we did above, whereas for a 20-day EMA, only a 9.52% multiplier
weighting is used. There are also slight variations of the EMA arrived at by using the open,
high, low, or median price instead of using the closing price.

 Supertrend: -

30
 A ‘Supertrend’ indicator is one, which can give you precise buy or sell signal in a trending
market. As the name suggests, ‘Supertrend’ is a trend-following indicator just like moving
averages and MACD (moving average convergence divergence).

The indicator is easy to use and gives an accurate reading about an ongoing trend. It is
constructed with two parameters, namely period and multiplier. The default values used while
constructing a super indicator are 10 for average true range or trading period and three for its
multiplier.

Learning Experience

31
This Project in short was a package of lots of learning as it was so executed that it covers
most of the topic which was familiar in the books. Project was not only restricted to particular
domain in the management but was covering many important aspects in management. Some
of the key learning’s of this project are:

 During the internship, Technical Analyst of India Infoline Finance Limited took the
session on What Is Share Market, Technical Analysis and Basics of Derivatives.

Share Market:

 Global Indices
 Art of Investing
 How to invest in mutual fund

Technical Analysis:

 Candle stick Pattern:

 Single candle stick pattern
 Double candle stick pattern
 Three candle stick pattern
 Indicators:
 Volume
 RSI (Relative Strength Index)
 Bollinger Bands
 Stochastics RSI
 Exponential Moving Average
 Super Trend
 Moving Average

Basics of Derivatives:

 Future
 Option

Suggestions
32
I recommend the exchange authorities to take steps to educate Investors about their rights
and duties. I suggest to the exchange authorities to increase the investors’ confidences.
• I recommend the exchange authorities to be vigilant to curb wide fluctuations of
prices.

• The speculative pressures are responsible for the wide changes in the price, not
attracting the genuine investors to the greater extent towards the market.

• Genuine investors are not at all interested in the speculative gain as their investment
is based on the future profits, therefore the authorities of the exchange should be
more vigilant to curb the speculation.

• Necessary steps should be taken by the exchange to deal with the situations arising
due to break down in online trading.

• Effective monitoring of transaction has to be done in avoid uncertainties.

• Internet cost have to be reduced in order attract online trading users.

• Transparency has to maintain in the Share Markets.

Conclusion

33
Things have changed for the better with the ZERODHA & SHAREKHAN going on-line
coupled with endeavour to stream line the whole trading system, things have changed
dramatically over the last 3 to 4 years. New and advanced technologies have breached
geographical and cultural barriers, and have brought the countrywide market to doorstep.
• In the present scenario to compete with the Broker’s would require sound
infrastructure and trading as per international standards.

• The introduction of on-line trading would influence the investors resulting in an

increase in the business of the exchange. It has helped the brokers handling a vast
amount of transactions and this can be an efficient trading, delivering, settlement
system with adequate protection to investors.

• Due to invention of online trading there has been greater benefit to the investors as
they could sell / buy shares as and when required and that to with online trading.

• The brokers have a greater scope than compared to the earlier times because of
invention of online trading.

• The concept of business has changed today; this is a service oriented industry hence
the survival would require them to provide the best possible service to the clients.

Bibliography

34
Websites:

1. www.iifl.com
2. www.moneycontrol.com
3. www.quora.com
4. www.nseindia.com
5. www.scribd.com
6. www.sebi.com

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