Indian Stock Broking Industry

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Electronic Stock Broking
all set to bloom in India
                                         ver the last few centuries,      Principles of Internet Marketing
—Dr. Madan Bhasin                        human beings have experi-        beautifully sums up the real situa-
                                         enced two major revolu-          tion as: “The Internet is definitely a
                                 tions – industrial and electronic.       force with potential to change the
  Perhaps nowhere                “As we enter the 21st century, we        ways the world operates, though
                                 are seeing the beginning of a new        not overnight…It is slowly enter-
  else is the impact of          revolution, namely the network           ing our lives and becoming as ubiq-
  Internet felt as much          revolution. It interconnects differ-     uitous as electricity …It is improv-
                                 ent parts of the world, enabling the     ing cost-efficiencies, catalyzing
  as in marketing of             seamless flow of information. The        disintegration, and increasing con-
                                 Internet is the engine of this revolu-   venience for businesses and their
  services sector.               tion and electronic commerce (e-         consumers.”
                                 commerce) is its fuel,” observes              Perhaps nowhere else is the
  Internet stock-trad-           Turban (et al, 2000). In the mid-        impact of the Internet felt as much
  ing in India is a              1990s, the term “web economy”            as in the marketing of the services
                                                                          sector. The delivery of a service via
  recent phenomenon                                                         the Internet to consumers or other
                                                                             businesses can be referred to,
  but is set to expand                                                           using the generic term “e-ser-
                                                                                        vices” (Amor, 1999).
  tremendously in                                                                            There is a wide
                                                                                             range of e-ser-
  years to come in line
                                                                                             vices currently
  with advanced coun-                                                                        offered through
                                                                                             Internet and these
  tries. The article                                                                         include banking,
                                                                                             stock     trading,
  focuses on financial                                                                       jobs and career
                                                                                             sites, travel edu-
  service with special           had not yet been coined; it is now a     cation, consultancy advice, insur-
  emphasis on e-                 common phrase in business circles.       ance, real-estate, broker services,
                                      It was unfortunate that the         on-line publishing and on-line
  broking of stock.              media was as prompt in writing-off       delivery of media contents (such as,
                                 the Internet as it was in canvassing     video, computer games, etc).
                                 for it. However, the truth is that the        This list is by no means an
The author is the Head,          Internet is neither a sweeping           exhaustive one and it is growing all
Department of Accounting,        change that could change the face        the time. A research report by the
Maznoon College for              of business overnight, nor as banal      Tower Group in 2004 (visit
Management & Applied Sciences,   a force as the media would now  portrays an
Muscat. He can be reached at     have us believe. Professor Hanson,       optimistic forecast for the services      in his classic book (2001)               industry – “After steering through

THE CHARTERED ACCOUNTANT                         778                                         DECEMBER 2004
difficult years in a cost contain-      markets give the customer or cus-        strictly refers to the electronic exe-
ment mode, the financial services       tomer’s intermediary, easy access        cution of trade, an eco-system of e-
industry across the globe is selec-     to comparative data on prices, and       stock trading has three dimensions:
tively sparking a new wave of           other attributes of the goods or ser-    ● Electronic execution of the
innovations in 2004 … Strategic         vices on offer. E-markets are exem-         trade,
cost management efforts are pay-        plified by airline brooking systems.     ● Payment of transaction through
ing off, as banking, securities, and    They are also used in the financial         a payment gateway, and
insurance institutions are dedicat-     and commodity markets and again          ● Transfer of shares in electronic
ing an increasing portion of their      the dealing is done via intermedi-          form. Current developments are,
total technology investments to         aries – to buy stocks and shares a          essentially, converting off-line
new developments that deliver tan-      member of the public uses the ser-          practices to an online equivalent.
gible customer, as well as, bottom-     vices of a stockbroker.                       By examining the major devel-
line performance”.                           An electronic broker is an          opments in the sphere of Internet-
     The Internet has, in fact,         intermediary who:                        based share dealings in the new
opened new channels for service         ● May take an order from a cus-          global market place, as reported by
delivery, shortened turnaround             tomer and pass it on to a supplier    Peter Temple in his book The new
times, and offered unprecedented        ● May put a customer with spe-           Online Investor, we find that there
convenience to consumers. The              cific requirements in touch with      have been three distinct phases in
financial services sector has lever-       a supplier who can meet those         the development of e-broking.
aged the Internet and exploited its        requirements                          These are:
many benefits. “E-broking is the        ● May provide a service to a cus-             Phase 1: The open-outcry sys-
financial service most amenable to         tomer, such as a comparison           tem with the transactions taking
e-enablement. It has already wit-          between goods, with respect to        place manually in the ring.
nessed meteoric growth in the                                                         Phase 2: The electronic sys-
United States and is staging a simi-                                             tem, enabling brokers to place
lar show in other econo-                                                         orders online4.
mies,”(Kalakota, et al 1999).                                                         Phase 3: The e-broking sys-
Indian too, will not remain                                                      tem, empowering customers to
untouched by these changes. E-                                                   transact online.
broking also offers tremendous                                                        The mechanics of the e-trading
benefits to the Indian investor (such                                            system begins with the user logging
as more convenience, competitive                                                 onto the Electronic Communication
prices, customization of service,                                                Network (ECN) through the
portfolio, etc. and will probably           particular criteria such as price,   Internet. The user then accesses his
expand the market segment itself.           quality, etc.                        e-trading account with the help of a
                                             Thus, e-brokers provide com-        secure customer password. The
What is e-broking                       parison-shopping, order taking and       user is now connected directly with
In the words of Prof David              fulfillment, and services to a cus-      the exchange and any transactions
Whiteley (2000): “An electronic         tomer. That is the reason why they       would be instantaneous and irrevo-
market is an attempt t use informa-     are sometimes referred to as “elec-      cable. The user also has access to
tion and communication technolo-        tronic” intermediaries. Examples of      real-time price movements of vari-
gies to provide geographically dis-     e-brokers (or intermediaries) include    ous stocks, and other contextual
persed traders with the information, my and          information to assist him in his deci-
necessary for the fair operation of This class of e-        sion-making. Lee suggests in his
the market”. The e-market is, in        retailers is currently an extension of   book         ‘Doing          Business
effect, a brokering service to bring    the notion of a broker in the physical   Electronically:         A      Global
together suppliers and customers in     to the cyber world.                      Perspective of E-commerce’ that
a specific market segment. These             Although on-line trading            “an integrated e-broking system

THE CHARTERED ACCOUNTANT                                779                                         DECEMBER 2004
consists of not only a transaction          automatic processes account for a       phone and a representative of the
enabler but also a payment gateway          high proportion of costs (savings).     broker executes the order on behalf
for funds transfer and a ‘demat’                                                    of the client via the trading termi-
account for the transfer of stocks.         ● Corporate Banking: The cor-           nal”. The `skill-set’ used by the
Such a service enables smooth, con-         porate banking industry involves        representative is not highly spe-
venient and transparent operations”.        understanding client needs, analy-      cialized, as the action being consid-
     It is a healthy sign for the service   sis of the project proposal, evalua-    ered is merely the execution of the
industry that the number of e-trading       tion of various alternatives, and       order and usually not client advi-
sites and the usage of them are mush-       finally, recommendation of a suit-      sory. While other processes (such
rooming all over the globe. Several         able alternative. The task involves     as, risk, exposure and client moni-
companies, such as E*Trade,                 application of high-level skills, is    toring) are also involved, they are
                                            not highly standardized, and there-     typically automated for and easily
                                            fore, not amenable to automation.       repeatable. Although the fre-
                                            However, the number of corporate        quency of transactions by the cus-
                                            clients per entity and frequency of     tomers is moderate, if not high, the
                                            transactions is limited, even though    geographic span of the clients is
                                            the geographic spread may be            widespread, and so there is signifi-
                                            diverse. Thus, we can say that cor-     cant scope for a reduction in overall
                                            porate banking does not seem to be      costs through automation. All
                                            amenable to e-enablement.               these characteristics, therefore,
                                            ● Investment Banking: For        the    make broking highly amenable to
                                            reasons cited above regarding cor-      e-enablement.
Datek.on-line, American Express             porate banking, investment bank-
Financial Services, etc. allow you to       ing does not appear to be a suitable    Benefits and Problems of
trade stocks, bonds, mutual funds,          subject for e-enablement.               E-broking
etc. on the Internet. Figures for 2002-     ● Retail Banking:          The retail       In recent years, the use of the
03 show 17 million online traders in        banking industry (mainly compris-       Internet has spread among
the US alone, and a rapid growth in         ing credit cards, management of         investors in stocks and shares. The
the UK since the first site opened at       savings accounts, etc.) is character-   Internet can make up-to-the-minute
the start of 1998.                          ized by a large number of clients,      information available to a large
                                            spread geographically, and utiliz-      number of investors that until
Amenability for E-enable-                   ing simple, repeatable and stan-        recently had only been available to
ment of a service                           dardized services. For serving the      those working in financial institu-
First and foremost, we are endors-          customer base, specialized skills       tions. Komenar (1999) concludes:
ing the Six ‘S’ Model developed by          are not required, and automation        “The use of online brokerage ser-
Allgood (1999) to provide a con-            processes comprise a significant        vices automates the process of buy-
ceptual framework for analyzing             proportion of the overall costs of      ing and selling, and hence, allows a
the amenability of a service for e-         service. By using the above stated      reduction of commission charges.
enablement.                                 framework, it appears that retail       Also, the commodity being traded
     This model is based on the             banking sector would be highly          is intangible, the ownership of
proposition that a service which            amenable to e-enablement.               stocks and shares can be recorded
offers the best potential for e-            ● Stock Broking:           McAfee       electronically, so there is no
enablement does not require                 and McMillan (1997) suggest, “A         requirement for physical delivery”.
sophisticated skills, is standard-          stock broker basically collates         However, it should be noted that the
ized, has a wide geographic spread          orders from the various customers       supply chain for online share deal-
of clients, and a high number (sta-         and executes the same through a         ing remains unchanged, use of the
tistic) of clients who use the service      trading terminal. Customers typi-       Net just speeds up the whole
very frequently (scope) and whose           cally place orders over the tele-       process and that can be vital in some

THE CHARTERED ACCOUNTANT                                    780                                       DECEMBER 2004
share deals. Switching over to-e-         merely at the click of a button,        market horizon, thus resulting
broking results in several benefits,      in the comfort of home/office,          in better business for brokers in
both to the user and to the broker.       thus, making it much more con-          the long-term.
                                          venient for the customers to         3. Lower staff costs: Auto-
Benefits to Users                         trade anytime. Also, with               mation of the broking
1. Lower transaction costs:               `limit-based’ orders being              processes results in reduced
   Typical brokerage-rates in             allowed, customers can place            manpower requirements, flexi-
   India are in the range of 1.0 to       their orders even during the            bility of time, less infrastruc-
   1.5%, whereas the rates for e-         `non-trading’ hours, which are          ture cost, etc. offering signifi-
   broking are as low as 0.1%. In         executed at the earliest trading        cant cost-savings to the broker.
   the US, the brokerage costs,           possibility.
   before e-trading was intro-         4. Procedural benefits: Unlike               The major problem with e-stock
   duced, were as high as 7%. But         the earlier scenario, where the      trading is that it increases the temp-
                                          customers had to physically go       tation on the part of influential spec-
                                          to the broker to complete the        ulators & stockbrokers to indulge in
 The      Bombay        Stock             formalities of trade, under the      short-term speculation rather than
 Exchange and the National                e-trading paradigm, these pro-       long-term investment. The history
 Stock Exchange have                      cedures are doe away with. As        of stock markets (both NSE and
 recently developed `propri-              Chan (et al., 2001) in the book      BSE) in India is replete with at least
 etary’ trading engines’                  titled “E-Commerce: Funda-           a dozen cases of scams, where stock-
                                          mentals and Applications”            brokers and bankers joined hands to
 called `Webex’ and ‘Dotex’
                                          (2001) concludes: “The entire        squander the savings of millions of
 respectively.         These              cycle-of-trade (like placing the     small and institutional investors. As
 engines will obviate the                 order, transfer of funds, trans-     Dr. Lucas has rightly pointed out in
 need for a broker to develop             fer of securities, etc.) is done     his book (1997) Internet Trading
 his own engine.                          electronically, and it speeds up     and Its Threat to Traditional Stock
                                          the whole process.”                  Brokers – “Consumer and business
                                                                               concerns about Internet security are
   it has now come down to about       Benefits to Brokers                     well founded. Amid an explosive
   1%. E-broking, in addition, not     1. Easier risk management:              upsurge in scams, fraudsters con-
   only brings down the cost of the       Peter Temple sums it up as:          tinue to take advantage of the
   execution of the transaction but       “Under the online mechanism,         Internet’s anonymous transaction
   also speeds up the electronic          the system would first check the     environment – with everyone from
   transfer of securities.                status of funds available with the   one-time hackers to organized crime
2. Transparency:         E-broking        client in his bank account and       testing the market’s boundaries.”
   empowers the customers to              only then allow the trade to take    However, the problems are further
   transact directly on the stock         place. This process, thus, sub-      compounded by the different leg-
   exchange and delayers the              stantially reduces the exposure      islative frameworks, which are pre-
   whole process thereby improv-          of the broker to client-related      valent in countries across the globe.
   ing transparency. “The user            credit and payment risks”.
   does not need to rely on the bro-   2. Greater business potential:          Security Concerns for E-
   ker’s `word-of-mouth’ or               The new paradigm of e-               broking
   `transaction’ slip for confirma-       broking, which allows simple,             Some leading technology com-
   tion of the price at which his         convenient, and transparent          panies have already developed
   trade was conducted, observes          transactions, may encourage          “online transaction processing” and
   Dr. Lucas (1999).                      more participants to trade. It is    “straight-through processing” appli-
3. Convenience:          Online           expected that the introduction       cations that allow real-time transac-
   share trading is available             of e-broking will expand the         tion execution. Both allow the user

THE CHARTERED ACCOUNTANT                               781                                        DECEMBER 2004
to directly interact with the central        application software should
system of any market place, without          demonstrate intelligence in             Although there are
any manual intervention.           As        optimizing the available band-          more than 40 e-bro-
Professor David Whiteley (2000)              width by deploying advanced             kers in India, the
suggests: “Straight-through pro-             technologies like streaming.            industry is still in a
cessing technology permits finan-        ●   Integration with third-party            nascent stage as
cial software products to directly           systems:       On the Net, with         online trades account
interact with the stock exchange sys-        information feeds available             for merely Rs.700 mil-
tem by communicating with the                from multiple points, it is pru-        lion, which is a negli-
exchange market structures. This is          dent to deploy applications that        gible percentage of
achieved by developing application           are built on open architecture          the total stock trade.
programming interfaces (APIs) that           methodology for interfacing
talk to the exchange server. “One of         with third party systems.           broking was pioneered in by the
the leading technology providers for     ●   For any e-trading system to be      E*Trade           Securities     (visit
online trading in India is Financial         successful, it should provide, which first
Technologies         India      (visit       security, reliability and confi-    started operations and offered with a product              dentiality of data (Chan, et al.,   online investing services through
called “FT Engine”.                          2001). This can be achieved         America Online, CompuServe, and
     It would suffice to say that the        through the use of `encryption’     even launching its own Website in
cycle of e-broking has to pass               technology before the online        1996. Charles Schwab, now the
through three layers; (a) The Client         trading begins. The major secu-     largest in the US with 2.24 million
Interface Layer: the front-end, (b)          rity requirements of e-broking      online accounts and $174 billion
The Middle Layer: risk manage-               are: (a) trusted means of authen-   under management via the Internet,
ment systems that access data from           tication over open networks, (b)    also launched its online trading
banks and depository participants,           confidentiality of the transac-     ( venture
calculate client exposure at the             tion, (c) means to ensure           in 1996. In addition, there are now
instant, and give `Go/No go’ advice          integrity of data in-transit, and   over 112 on-line brokerage firms in
on the trade, and (c) The End-               (d) means to ensure non-repudi-     the US offering e-broking services
Layer, the back-end, where the               ation’ of payment or its receipt    to consumers. Today, about half of
accounting modules, pay in or pay            (visit         all transactions made by US retail
out schedules etc. operate.              ●   Various security models are         investors are done through the
     It must be noted at the outset by       adopted to ensure safe and reli-    Internet.        International Data
the readers that from a technical            able e-broking transactions. The    Croporation, for example, predicts
perspective, there are three key suc-        commonly employed security          that “the number of US households
cess factors for e-broking. They are         models in e-Broking are: pass-      using on-line brokerages to meet
briefly described below:                     words, Secure Sockets Layer         their financial needs will grow from
                                             (SSL), Kerberos, Pretty Good        the 2000 figure of over 7 million to
●   Scalability and robustness of            Privacy (PGP), Public Key           19 million in 2004, with over $2.5
    the trading system:It becomes            Infrastructure (PKI), Custom        trillion of assets managed online.”
    imperative for any Net-based             Implementations, Linux, etc.              It is heartening to note that the
    application to have a proven                                                 number of US online brokerage
    capability for scalability and       E-broking Scenario                      accounts continues to grow consis-
    robustness of a trading system       E-Broking in US: The ECN,               tently. After an initial period of
    that ensures the ability to handle   Instinet ( was         astounding growth, the number of
    and process requests from mul-       first used in 1969 by institutions to   online brokerage accounts is still
    tiple users at any given point in    transact with each other but today it   steadily increasing. Tower Group
    time.                                also includes a select group of         estimates show that by 2005, there
●   Bandwidth optimization: The          smaller brokers. However, e-            will be more than $30.5 million
                                                                                 online brokerage accounts in the US.

THE CHARTERED ACCOUNTANT                                 782                                        DECEMBER 2004
     According to the above study,        total investors in the country. The         recently developed `proprietary’
Japan has the necessary traits for E-     remaining 20% of retail investors,          trading engines called `Webex’ and
brokerage to thrive. These traits         the focus segment of e-brokers, do          ‘Dotex’, respectively.         These
include high personal wealth and          not contribute significantly to the         engines will obviate the need for a
rising Internet usage rates.              overall stock-turnover of the coun-         broker to develop his own engine,
     E-broking in India: Internet         try. Thus, there is a theoretical limit     and thus, result in capital invest-
stock-trading in India is a recent        to the overall penetration of e-            ment savings. However, a user can
phenomenon and began as recently          broking, Last but not least, the con-       log on to these engines using the
as January 2000. Although there are       cept of trading on computers                website of the broker and trade
more than 40 e-brokers, the industry      through the Internet requires a             electronically. These developments
is still in a nascent stage as online     change in the habits of people;             are, therefore, expected to give a
trades account for merely Rs.700          enhancing trust in these techniques         strong fillip to the e-broking indus-
million, which is a negligible per-       may take more time.                         try in India. Application of superior
centage of the total stock trade. It is                                               technology and establishing inte-
estimated that the customer-base for      Prospects for E-broking                     grated systems to provide a one-
all the portals put together is a mere                                                stop solution to clients will be a key
120,000 compared to 2.5 million
                                          Industry                                    determinant of success.
                                          It is heartening to note that efforts are
customers in Japan and 14.4 million
                                          being made by the leading interna-
in the US. The leading e-brokers in the
                                          tional stock exchanges across the
Indian markets are ICICIDirect,
                                          globe to realize their cherished
India Bulls, MotilalOswal, 5Paisa, etc.
                                          dream of `consolidation’ in the
    Hindrances to the growth of e-        Global Equity Markets. The Tokyo
broking in India can be summed up         that Stock Exchange reported in
as: First, the low density of tele-       June 2000 (visit
phones, low Internet penetration,         “stock exchanges across the globe
and low installed base of computers       are exploring an alliance that will
are responsible for the poor avail-       create a 24-hour Global Equity
ability of the Internet. Second, very     Market. The New York Stock
few online payment gateways are           Exchange and exchanges from three
available, hindering the smooth           main time zones – Australia, Tokyo               The business intelligence
growth of the industry. Integrated        and Hong Kong in the Asia-Pacific;          major,      International      Data
service         providers       (like     Sao paulo, Mexico and Toronto in            Corporation, has predicted that:, which provide           the Americas; and Euronext, the             “The IT-enabled services market
combined banking, broking and             combined Amsterdam, Brussels and            globally will account for revenues
‘demat’ services, have an advan-          Paris exchanges in the world’s              of US $1.2 trillion by 2006. Despite
tage over other non-integrated ser-       global companies.                           the adverse global economic condi-
vice providers, who have to scout               E-broking is still an evolving        tions, Indian players logged in high
for partners for providing gateway        industry in India and the survivors         growth rates. Overall, this sector
services. Third, data privacy can be      are likely to be those brokers who          grew at over 65%, upping from
ensured through server side certifi-      offer integrated/consolidated ser-          Rs.71 billion in 2001-02 to touch
cation and here the situation             vices and are financially resilient.        Rs.117 billion in 2002-03,” con-
appears to be satisfactory.               The future of the e-broking indus-          cludes NASSCOM. In yet another
However, most of the sites restrict       try, thus, largely depends on the           study, titled “e-Commerce and
access through passwords and              extent of the penetration of the            Development Report 2002” con-
identification numbers, but these         Internet in the near future.                ducted by UNCTAD, it was
are not considered adequate and           Moreover, the Bombay Stock                  revealed that the global e-com-
foolproof. Fourth, Institutional          Exchange (BSE) and the National             merce market was worth around US
investors comprise over 80% of the        Stock Exchange (NSE) have                   $615.3 billion and expected to

THE CHARTERED ACCOUNTANT                                    783                                          DECEMBER 2004
grow to US $4,600 billion                                                         consumer confidence. A research
by 2005. Another esti-              Various security models                       report from the Tower Group, 2004
mate      by       Forrester         are adopted to ensure                        (visit, for
Research indicates that                                                            example, very strongly asserts
global online sales                    safe and reliable e-                          that these challenges may
accounted           for      broking transactions. The com-                          change not just the way broker-
approximately US            monly employed security models in                       age firms conduct their day-to-
$2,291.5 billion of            e-Broking are – ‘passwords’,                         day business, but may begin to
world trade during                                                                  re-define the e-broking industry
                                    ‘Secure Sockets Layer’,
2002 (as reported                                                                 as a whole. They must make tough
by                  ‘Kerberos’ and ‘Pretty                      decisions as to where to deploy
Despite the development                   Good Privacy’.                          their IT dollars, as well as what
of Internet e-commerce                                                            strategies and what customers to
and the hype that sur-                                                            pursue. They must re-invent them-
rounds it, the amount of                tinues to be battered by several          selves in a real-life world where
business done online as a propor- complex challenges, such as, col-               `service’ is the key differentiator.
tion of all retail sales remains stub- lapse in pricing structures, reduced       Despite all the challenges, e-
bornly small.                           return on IT investments, shaken          broking industry seems like a sec-
    The e-brokerage industry con- value propositions, and crisis in               tor set to grow day-by-day.       ■

  National Conference on ‘Adding Values - Gaining Competence’
    Organised by Fiscal Laws Committee of The Institute of Chartered Accountants of India
    Supported by Central India Regional Council and Western India Regional Council of the ICAI          CPE CREDIT
      Venue    Anand Mohan Mathur Auditorium, Opp. : Hotel Fortune Landmark, Suklia, Indore
                                                                                                 9 HOURS
     Hosted by Indore Branch of the ICAI       Date            January 7th & 8th 2005
     DAY ONE            Technical Session I: 5.30 p.m to 7.30 p.m                     Conference Committee
     Registration               Chairman: Shri N.D. Gupta, Past President, ICAI                Chairman: Shri Harish
                                                                                           Motiwalla; Co-Chairman: Shri
      03 to 4 p.m      (a) Emerging Opportunities in BPO- Speaker: Shri Jai Kumar
                                                                                           Anil K. Khandelwal; Secretary:
   Inaugural session   Accounting and Taxation Services   Mansharamani, FCA, Noida         Shri Hitesh J. Mehta; Director:
    4 p.m. to 5 p.m.   (b) Conversion of Local Body Accounts Speaker: Dr. B.               Shri Manoj Fadnis; Co-Directo-
      Tea Break                                              Chakravarty, ICAI               rs: Shri Ashok Mangal, Shri
         5 p.m                                                                             Nihar Jambusaria; Coordinator:
                                       Dinner and Entertainment: 7.30 p.m                        Shri Ashok Sodhani
     DAY TWO            Technical session II : 9.30 a.m to 12.30 a.m Technical session III : 1.30 p.m to 3 p.m
       Breakfast        Chairman: Shri Subhash Deshpande, FCA, Indore            Chairman: Shri Harish Motiwalla, FCA,
   09 a.m. to 9.30 a.m. (a) Business Income -      Speaker: Shri Sunil Talati, Mumbai, Member, Central Council, ICAI
         Lunch               Recent Issues         FCA, Ahmedabad                                         Speaker: Shri
                                                                                 International taxation
   12.30 p.m-1.30 p.m (b) Recent Judgments in Speaker: Shri Ved Jain,                                     Pinakin Desai,
                                                                                 - Bird's Eye-view
      Valedictory            Direct Taxes          FCA, New Delhi                                        FCA, Mumbai
    Shri Kamlesh. S. Technical Session IV : 3.30 p.m to 6.00 p.m                                Delegate Fees
    Vikamsey, Vice      Chairman: Shri Kamlesh S. Vikamsey, Vice President, ICAI     Up to 27.12.2004    After 27.12.204
        President       (a) E-Filing in Direct      Speaker: Shri Manish
      ofInstituteof                                                                   FCAs Rs. 1050             Rs. 1150
                            Taxes                   Dafaria, FCA, Indore
        Chartered                                                                     ACAs Rs. 950              Rs. 1050
     Accountants of      (b) Practical Issues under Speaker: Shri Harish Students Rs. 750                       Rs. 850
                         Survey                     Motiwalla, FCA., Mumbai           Non- Rs. 1250             Rs. 1350

THE CHARTERED ACCOUNTANT                                  784                                         DECEMBER 2004

Description: Indian Stock Broking Industry document sample