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                        (BATCH OF 2009)


                                PROJECT FILE



COMPANY GUIDE:                                 SUBMITTED BY:
Amit Jaiswal (Branch Manager)                  Heena Sultan



            (BACTH OF 2009)

              PROJECT FILE






I , HEENA SULTAN , student of MBA (final year) of B.M.A.S Engineering
College Keethan, Agra hereby declare that I have completed this project on
COMPANIES‖ in the academic year 2009 – 2010. The information submitted
is true and original to the best of knowledge.

                                                 Signature of the student



It gives me pleasure to present this project report, which is an outcome of the study
―Comparative research analysis of the services provided by Religare securities Ltd. with
other broking houses‖.
Completing a task is a never a one-man effort. It is often the result of valuable contribution of
a number of individuals in a direct or indirect manner that helps on shaping and achieving an
I wish to express my sincere gratitude to innumerable number of people who have been
associated with me throughout this project. I feel blessed to have the opportunity of
expressing my hearty gratitude to the following personalities, without the help of whom my
project could not have been hatched.

I am grateful to my faculty guide MR. AMIT JAISWAL for the Summer Internship Project,
their regular guidance without which my project report would not have been completed.
I am also thankful to the other staff member of Religare securities ltd. for their continuous
motivation throughout this program, which really helped me in completing this project.






   What is a Stock Exchange?
    NSE Group

    BSE Group

        CHAPTER -1

                    Symbol

                    Profile

                    Board of directors

                    Key officials

                    Mission and Vision

          o Structure

          o Services

          o Organization structure

          o Products

          o D mat account


   o Difference between D mat and bank acc

   o Similarity

   o Benefits

   o Ways of trading

   o Mutual funds

   o Objectives and types of mutual funds

   o Software for trading


         o Comparison among broking houses

         o Major competitors

         o Briefly description

         o Comparison of brokerage

         o Comparison of services

                Analysis and interpretation

                o Findings and analysis

                o Awareness of online share trading

                o Religare as a brand

                o   Religare facilities

                o Awareness of D mat acc market

                o Satisfaction level

                o Frequency of trading

                o Percentage

                o Ratio analysis


       Research and methodology

              Conclusion and Bibliography



Religare Securities Limited (REL) is a global financial services group with a presence across
Asia, Africa, Middle East, Europe and the Americas. In India, REL‘s largest market, the
group offers a wide array of products and services ranging from insurance, asset
management, broking and lending solutions to investment banking and wealth management.
The group has also pioneered the concept of investments in alternative asset classes such as
arts and films .With 10,000 plus employees across multiple geographies, REL serves over a
million clients, including corporate and institutions, high net worth families and individuals,
and retail investors. Nowadays, it is said to be the number one company in the comparison of
the other broking houses.

In this project we are going to present a vivid description over RELIGARE SECURITIES
which is a Broking House, about all services functions and facilities and also the comparison
with other broking houses.



The main objective of the course is as follows:

   1. To familiar with broking houses in the economy.

   2. To analyze the working procedure of the company differ from the other broking
      companies in providing services and strong client maintenance.

   3. To analyze the career in security market and identifying the key factors for enhancing
      effectiveness of the company.


                          EXECUTIVE SUMMARY

The project titled ―RELIGARE and comparative study of services provided by Religare
securities ltd and

other broking houses‖has been carried out for ―Religare securities limited.‖

There is growing competition between brokerage firms in post reform India. For investor it is
always difficult to decide which brokerage firm to choose.

Research was carried out to find which brokerage house people prefer and to figure out what
people prefer while investing in stock market.

This study suggest that people are reluctant while investing in stock and commodity market
due to lack of knowledge Main purpose of investment is returns and liquidity, commodity
market is less preferred by investors due to lack of awareness. The major findings of this
study are that people are interested to invest in stock market but they lack knowledge.

Through this report we were also able to understand, what are our Company‘s (Religare
securities Ltd.) positive and strong points, on the basis of which we come to know what can
be the basis of pitching to a potential client. We also gave suggestions to the company, what
improvement can be done to our product.
I hope Religare securities Ltd. will recognize this as well as take more references from this
project report.



Before proceeding forward we need to understand briefly about ―market‖, what market is?
Basically market consist exchanges through which customer trades. There are different
exchanges as National Stock Exchange, Bombay Stock Exchange and Chennai Stock
Exchange in the market. Market is further divided into primary and secondary which takes
the market into different stages.

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. Its also named as
initial public offer (IPO). An Initial Public Offer (IPO) is the selling of securities to the public
in the primary market. It is when an unlisted company makes either a fresh issue
of securities or an offer for sale of its existing securities or both for the first
time to the public. This paves way for listing and trading of the issuer‘s
securities. The sale of securities can be either through book building or
through normal public issue. Is when an unlisted company makes either a
fresh issue of securities or an offer for sale of its existing securities or both
for the first time to the public. This paves way for listing and trading of the
issuer‘s securities. The price at which a company's shares are offered initially in the primary
market is called as the Issue price. When they begin to be traded, the
market price may be above or below the issue price.

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. For the general
investor, the secondary market provides an efficient
platform for trading of his securities. For the management of the company,
Secondary equity markets serve as a monitoring and control conduit—by
facilitating value-enhancing control activities, enabling implementation of
incentive-based management contracts, and aggregating information (via
price discovery) that guides management decisions.

What is a Stock Exchange?

The stock exchanges in India, under the overall supervision of the regulatory
authority, the Securities and Exchange Board of India (SEBI), provide a
trading platform, where buyers and sellers can meet to transact in
securities. The trading platform provided by NSE is an electronic one and
there is no need for buyers and sellers to meet at a physical location to
trade. They can trade through the computerized trading screens available
with the NSE trading members or the internet based trading facility provided
by the trading members of NSE.

The trading on stock exchanges in India used to take place through open
outcry without use of information technology for immediate matching or
recording of trades. This was time consuming and inefficient. This imposed
limits on trading volumes and efficiency. In order to provide efficiency,
liquidity and transparency, NSE introduced a nationwide, on-line, fully automated
screen based trading system (SBTS) where a member can punch
into the computer the quantities of a security and the price at which he
would like to transact, and the transaction is executed as soon as a
matching sale or buy order from a counter party is found.

The National Stock Exchange of India Limited is a Mumbai-based stock exchange. It is the
largest stock exchange in India in terms of daily turnover and number of trades, for both
equities and derivative trading. NSE has a market capitalization of around Rs 47,01,923 crore


(7 August 2009) and is expected to become the biggest stock exchange in India in terms of
market capitalization by 2009 end. Through a number of other exchanges exist, NSE and the
Bombay Stock Exchange are the two most significant stock exchanges in India, and between
them are responsible for the vast majority of share transactions. The NSE's key index is the
S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market

NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies
and other financial intermediaries in India but its ownership and management operate as
separate entitiesH:\abhi\National_Stock_Exchange_of_India.htm - cite_note-2. There are at least 2
foreign investors NYSE Euro next and Goldman Sachs who have taken a stake in the NSE.
As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India
H:\abhi\National_Stock_Exchange_of_India.htm - cite_note-4. In October 2007, the equity market
capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second
largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in
terms of the number of trades in equities. It is the second fastest growing stock exchange in
the world with a recorded growth of 16.6%.
The National Stock Exchange of India Limited has genesis in the report of the High Powered
Study Group on Establishment of New Stock Exchanges, which recommended promotion of
a National Stock Exchange by financial institutions (FIs) to provide access to investors from
all across the country on an equal footing. Based on the recommendations, NSE was
promoted by leading Financial Institutions at the behest of the Government of India and was
incorporated in November 1992 as a tax-paying company unlike other stock exchanges in the

NSE Group:
1. India Index Services & Products Ltd. (IISL)
2. National Securities Clearing Corporation Ltd. (NSCCL)
3. NSE.IT Ltd.
4. National Securities Depository Ltd. (NSDL)


5. DotEx International Limited

NSE consist 50 companies and it has a index named ―NIFTY‖ which is a weighted average
of 50 companies. These 50 companies namely

Reliance Indus     Hero Honda        ITC               HDFC               HDFC Bank

Infosys tech       Reliance power    ONGC              BHEL               Tata consult

L&T                Bhartia Airtel    Axis bank         Hind universe      Tata steel

ICICI Bank         M&m               Jindal STEEL      IDFC               Tata Motors

SBI                Sterlite          Tata power        Gail               Wipro

Maruti Suzuki      Jaiprakash        Kotak Mahindra                       Suzlon energy
                   association                         Idea cellular

Reliance intra     Punjab national   Sail              Ambuja cement      Power grid
Hindaco            Sun pharma        Seimens           ABB                Ranbaxy

NTPC               CIPLA             Unitech           Reliance capital   HCL

Cairn              Reliance comm.    DLF               Acc                BPCL

Currently, NSE has the following major segments of the capital market:

       Equity
       Futures and Options
       Retail Debt Market
       Wholesale Debt Market
       Currency futures

August 2008 Currency derivatives were introduced in India with the launch of Currency
Futures in USD INR by NSE. Currently it has also launched currency futures in EURO,


POUND & YEN. Interest Rate Futures was introduced for the first time in India by NSE on
31st August 2009, exactly after one year of the launch of Currency Futures.
NSE became the first stock exchange to get approval for Interest rate futures as recommended
by SEBI-RBI committee, on 31 August,2009, a futures contract based on 7% 10 Year GOI
bond (NOTIONAL) was launched with quarterly maturities.

Trading on the NSE market has the following advantages

• NSE brings an integrated share market trading network across the nation
• Investors can trade at the same price from anywhere in the country since inter-market
operations are streamlined coupled with the
 countrywide access to the NSE share market
• Delays in communication, late payments and the malpractice‘s prevailing in the traditional
trading mechanism can be done away with
 greater operational efficiency and informational transparency in the share market operations,
with the support of total computerized

The Bombay Stock Exchange (BSE) was established in 1875.The BSE India Stock
Exchange serves as the most important for companies to raise money. The chief function of
the Stock Market of India is to help raise money as capital for the growth and expansion of
various private and public sector enterprises. Besides, the Stock Market of India provides
able assistance to the individual investors through daily updates on current position of the
stocks of the respective companies that are enlisted in the Stock Index in which the
movement of prices in a section of the market are captured in price indices. The popular
acronym for Stock Index is Sensitive index or sensex. Moreover, the liquidity provided by the
exchange enables the investors to sell securities owned by them easily and quickly. Hence a
person, who is subjected to sudden dearth of funds, can immediately sell his shares for cash
in India Stock Market.
The BSE Sensex, also known as ―BSE 30‖ is a widely used market index not only in India
but across Asia. In terms of volume of transactions, it is ranked among the top five stock
exchanges in the world.


Reliance Indus   HDFC Bamk       Hind universe    Tata power       NTPC
Infosys tech     SBI             Tata steel       Wipro            CIPLA

L&T              ONGC            M&M              Maruti Suzuki    Jaiprakash
ICICI Bank       BHEL            Jindal steels    Reliance intra   Relince comm
ITC              Tata consult    Tata motars      Hero Honda       DLF
HDFC             Bharti airtel   Sterlite inds    hindalco         ACC




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. Religare provide its
service in three different segments including Retail, Wealth management and the Institutional
spectrum. Religare retail network has more than 900 locations in 300 cities and towns in
India. Religare Securities Limited (RSL) is a subsidiary company of Religare Enterprises
Ltd and involve in equity related services include online trading at BSE and NSE,
Derivatives, commodities, IPO, Mutual fund, Investment banking and institutional broking

Religare Enterprises Limited (REL) is a global financial services group with a presence
across Asia, Africa, Middle East, Europe and the Americas. In India, REL‘s largest market,
the group offers a wide array of products and services ranging from insurance, asset
management, broking and lending solutions to investment banking and wealth management.
The group has also pioneered the concept of investments in alternative asset classes such as
arts and films .With 10,000 plus employees across multiple geographies, REL serves over a
million clients, including corporate and institutions, high net worth families and individuals,
and retail investors.



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 one four-leaf clover for
every 10,000 three-leaf clovers found. For us, each leaf of the clover has a special meaning. It
is a symbol of Hope, Trust, Care & 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.


 INDUSTRY                                      FINANCE GENERAL
 GROUP                                         RELIGARE
 ISIN NO                                       INE621H01010
 BSE CODE                                      532915
 NSE CODE                                      RELIGARE
 MARKET LOT                                    1
 BOOK CLOSURE                                  2519109
 MARKET CAPITAL                                5,482.92CR
 Face Value                                    RS.10


Board of directors

     Mr. Sunil Godhwani
      Chairman and Managing Director
     Mr Shachindra Nath
      Group CEO
     Mr. Anil Saxena
      Group CFO
     Mr. Harpal Singh
      Non Executive Director
     Mr. Deepak Ramchand Sabnani
      Independent Director
     Mr. Padam Bahl
      Independent Director
     Mr. J. W. Balani
      Independent Director
     Ms. Sunita Naidoo
      Independent Director
     Mr. R. K. Shetty
      Alternate to Mr. J. W. Balani
     Capt. G. P. S. Bhalla
      Alternate to Mr. Deepak Sabnani



Sunil Godhwani                       Chairman & Managing Director
Rajesh Doshi                         Co. secretary
Ravi Batra                           Sr. Vice President
Amit Jaiswal                         Branch Head



To be India's first Multinational providing complete financial services
solution across the globe

Providing integrated financial care driven by the relationship of trust
and confidence.






                                           Arts Initiative





      Services                     REL



                                                    Mutual Fund



Organisation Structure



In religare there are two types of major product rally and race, under both of
them they have three individual products.

Rally                                        Race
R-ALLY                                       R-ACE (Basic)

R-ALLY Lite (Browser Based)                  R-ACE Lite (Advanced)

R-ALLY Pro (Application Based)               R-ACE Pro (Professional)


Introduction to Demat account

Definition :

Demat account is a safe and convenient means of holding securities just like a
bank account is for funds. Today, practically 99.9% settlement (of shares) takes
place on demat mode only. Thus, it is advisable to have a Beneficiary Owner
(BO) account to trade at the exchanges.

Difference between bank account and Dmat

        BASIS OF                      BANK                       DMAT

Form of                     Funds                      Securities

Used for                    Safekeeping of money       Safekeeping of shares

Facilitates                 Transfer of money          Transfer of shares
                            (without actually          (without actually
                            handling money)            handling shares)

Where to                    A bank of choice
open                                                   A DP of choice (can be
                                                       a bank)


Requirement       Not Mandatory           Mandatory (effective
of PAN                                    from April 01, 2006)

Interest          Interest income is      No interest accruals on
accrual on        subject to the          securities held in demat
holdings          applicable rate of      account

Minimum           AQB* maintainance is    No such requirement
balance           specified for certain
requirement       bank accounts

Either or         Available               Not available

*AQB - Average Quarterly Balance


Bases of similarity:

Security and                                       Both are very safe and convenient means of
Convenience                                        holding deposits/securities

Number of                                          No legal barrier on the number of bank or
accounts                                           demat accounts that can be opened

Transfer of                                        Funds/securities are transferred only at the
deposits (funds or                                 instruction of the account holder

Physical transfer                                  Physical transfer of money/securities is not
of                                                 involved

Nomination                                         Available

Benefits Of Demat Account :

    A safe and convenient way of holding securities (equity and debt instruments both).

    Transactions involving physical securities are costlier than those involving
      dematerialised securities (just like the transactions through a bank teller are costlier


   than ATM transactions). Therefore, charges applicable to an investor are lesser for
   each transaction.
 Securities can be transferred at an instruction immediately.
 Increased liquidity, as securities can be sold at any time during the trading hours
   (between 9:55 AM to 3:30 PM on all working days), and payment can be received in
   very short period of time.
 No stamp duty charges.
 Risks like forgery, thefts, bad delivery, delays in transfer etc, associated with physical
 certificates, are eliminated.
   7. Pledging of securities in a short period of time.
   8. Reduced paper work and transaction cost.
   9. Odd-lot shares can also be traded (can be even 1 share).
   10. Nomination facility available.
   11. Any change in address or bank account details can be electronically intimated to
 companies in which investor holds any securities, without having to inform each of
 them separately.
 12. Securities are transferred by the DP itself, so no need to correspond with the
 companies



EQUITY: When you buy a share of a company you become a shareholder in that
company. Shares are also known as Equities. Equities have the potential to

increase in value over time. It also provides your portfolio with the growth
necessary to reach your long term investment goals. Research studies have
proved that the equities have outperformed most other forms of
investments in the long term. This may be illustrated with the help of
following examples:
a) Over a 15 year period between 1990 to 2005, Nifty has given an
annualized return of 17%.
b) Mr. Raja invests in Nifty on January 1, 2000 (index value 1592.90).
The Nifty value as of end December 2005 was 2836.55. Holding this
investment over this period Jan 2000 to Dec 2005 he gets a return of
78.07%. Investment in shares of ONGC Ltd for the same period


gave a return of 465.86%, SBI 301.17% and Reliance 281.42%.
Equities are considered the most challenging and the rewarding,
when compared to other investment options.
Research studies have proved that investments in some shares with
a longer tenure of investment have yielded far superior returns than
any other investment.
However, this does not mean all equity investments would guarantee similar
high returns. Equities are high risk investments. One needs to study them
carefully before investing.

In equity there are 3 ways of trade

Cash, future and option (call and put)

Cash: A method of buying or selling securities by providing the capital needed to fund the
transaction without relying on the use of margin. Cash trading is achieved by using a cash
account, which is a type of brokerage account that requires the investor to pay for securities
within two days from when the purchase is made.

Futures: A futures contract is an agreement between two parties to buy or
sell an asset at a certain time in the future at a certain price. Futures
contracts are special types of forward contracts in the sense that the former
are standardized exchange-traded contracts, such as futures of the Nifty

Options: An Option is a contract which gives the right, but not an
obligation, to buy or sell the underlying at a stated date and at a stated
price. While a buyer of an option pays the premium and buys the right to
exercise his option, the writer of an option is the one who receives the
option premium and therefore obliged to sell/buy the asset if the buyer
exercises it on him. Options are of two types - Calls and Puts options:
‗Calls’ give the buyer the right but not the obligation to buy a given
quantity of the underlying asset, at a given price on or before a given
future date.
‗Puts‘ give the buyer the right, but not the obligation to sell a given


quantity of underlying asset at a given price on or before a given
future date.


Commodity markets are markets where raw or primary products are exchanged. These raw
commodities are traded on regulated commodity exchange in which they are bought and sold
in standardized contracts.

This article focuses on the history and current debates regarding global commodity markets.
It covers physical product (food, metals, electricity) markets but not the ways that services,
including those of governments, nor investment, nor debt, can be seen as a commodity.
Articles on reinsurance markets, stock markets, bond markets and currency markets cover
those concerns separately and in more depth. One focus of this article is the relationship
between simple commodity money and the more complex instruments offered in the
commodity markets


Currency trading is the largest market on the planet. It is estimated that in excess of $2 trillion
US Dollars (USD) is traded every day. Compare this to the New York Stock Exchange's daily
transactions of approximately $50 billion USD, and one can see that the magnitude of the
currency trading market exceeds all other equity markets in the world combined.The practice
of currency trading is also commonly referred to as foreign exchange, For ex or FX for short.
All currency has a value relative to other currencies on the planet. Currency trading uses the
purchase and sale of large quantities of currency to leverage the shifts in relative value into



 LIMIT                 Intraday-4times,delivery-10times
 PERSON                Relationship manager and dealer
 WAY OF                Online, Branch walk in and call n trade through local
 TRADING               branch and call center both
 CHARGES FOR           `1800 and also refundable if same price of brokerage is
 ONLINE DIET           generated in a yr.(free in commodity)
 CRN                   Online Back office support on clients end
 GUIDENCE              Calls by R.M. Dealer, sms and E mail
 BROKERAGE             .4% and .04% (flexible as per turnover)

For opening an account in any broking company few formalities are there,in religare for an
equity and commodity account the following are the formalities to go with.

 Commodity                                        Equity
 Pan card                                         Pan card
 Bank proof                                       Bank proof
 Address proof                                    Address proof
 2 photos                                         3 photos
 Cancelled cheque                                 Cancelled cheque
 Free account                                     Rs.500 cheque


                             Mutual funds

Securities Exchange Board of India (SEBI) is the regulatory body for all the
mutual funds. All the mutual funds must get registered with SEBI.

What are the benefits of investing in Mutual Funds?

There are several benefits from investing in a Mutual Fund:
Small investments:
Mutual funds help you to reap the benefit of
Return by a portfolio spread across a wide spectrum of companies
with small investments.

Professional Fund Management: Professionals having
Considerable expertise, experience and resources manage the pool of
Money collected by a mutual fund. They thoroughly analyse the
markets and economy to pick good investment opportunities.
Spreading Risk: An investor with limited funds might be able to
invest in only one or two stocks/bonds, thus increasing his or her
risk. However, a mutual fund will spread its risk by investing a
number of sound stocks or bonds. A fund normally invests in
companies across a wide range of industries, so the risk is
Transparency: Mutual Funds regularly provide investors with
information on the value of their investments. Mutual Funds also
provide complete portfolio disclosure of the investments made by
various schemes and also the proportion invested in each asset type.
Choice: The large amount of Mutual Funds offer the investor a wide
variety to choose from. An investor can pick up a scheme depending


upon his risk/ return profile.
Regulations: All the mutual funds are registered with SEBI and they
function within the provisions of strict regulation designed to protect
the interests of the investor.

NAV or Net Asset Value of the fund is the cumulative market value of the
assets of the fund net of its liabilities. NAV per unit is simply the net value of
assets divided by the number of units outstanding. Buying and selling into
funds is done on the basis of NAV-related prices.
The NAV of a mutual fund are required to be published in newspapers. The
NAV of an open end scheme should be disclosed on a daily basis and the
NAV of a close end scheme should be disclosed at least on a weekly basis

Are there any risks involved in investing in Mutual Funds?

Mutual Funds do not provide assured returns. Their returns are linked to
their performance. They invest in shares, debentures, bonds etc. All these
investments involve an element of risk. The unit value may vary depending
upon the performance of the company and if a company defaults in payment
of interest/principal on their debentures/bonds the performance of the fund
may get affected. Besides incase there is a sudden downturn in an industry
or the government comes up with new a re gulation which affects a particular
industry or company the fund can again be adversely affected. All these
factors influence the performance of Mutual Funds.

Some of the Risk to which Mutual Funds are exposed to is given below:
Market risk
If the overall stock or bond markets fall on account of overall
economic factors, the value of stock or bond holdings in the fund's
portfolio can drop, thereby impacting the fund performance.
Non-market risk
Bad news about an individual company can pull down its stock price,
which can negatively affect fund holdings. This risk can be reduced
by having a diversified portfolio that consists of a wide variety of
stocks drawn from different industries.


Interest rate risk
Bond prices and interest rates move in opposite directions. When
interest rates rise, bond prices fall and this decline in underlying
securities affects the fund negatively.
Credit risk
Bonds are debt obligations. So when the funds invest in corporate
bonds, they run the risk of the corporate defaulting on their interest
and principal payment obligations and when that risk crystallizes, it
leads to a fall in the value of the bond causing the NAV of the fund to
take a beating.

What are the different types of Mutual funds?
Mutual funds are classified in the following manner:

(a) On the basis of Objective

Equity Funds/ Growth Funds
Funds that invest in equity shares are called equity funds. They carry
the principal objective of capital appreciation of the investment over
the medium to long-term. They are best suited for investors who are
seeking capital appreciation. There are different types of equity funds
such as Diversified funds, Sector specific funds and Index based

Diversified funds
These funds invest in companies spread across sectors. These
funds are generally meant for risk-averse investors who want
a diversified portfolio across sectors.
Sector funds
These funds invest primarily in equity shares of companies in
a particular business sector or industry. These funds are
targeted at investors who are bullish or fancy the prospects of
a particular sector.


Index funds
These funds invest in the same pattern as popular market
indices like S&P CNX Nifty or CNX Midcap 200. The money
collected from the investors is invested only in the stocks,
which represent the index. For e.g. a Nifty index fund will
invest only in the Nifty 50 stocks. The objective of such funds
is not to beat the market but to give a return equivalent to
the market returns.
Tax Saving Funds
These funds offer tax benefits to investors under the Income Tax Act.
Opportunities provided under this scheme are in the form of tax
rebates under the Income Tax act.
Debt/Income Funds
These funds invest predominantly in high-rated fixed-income-bearing
instruments like bonds, debentures, government securities,
commercial paper and other money market instruments. They are
best suited for the medium to long-term investors who are averse to
risk and seek capital preservation. They provide a regular income to
the investor.
Liquid Funds/Money Market Funds
These funds invest in highly liquid money market instruments. The
period of investment could be as short as a day. They provide easy
liquidity. They have emerged as an alternative for savings and shortterm
fixed deposit accounts with comparatively higher returns. These
funds are ideal for corporates, institutional investors and business
houses that invest their funds for very short periods.

Gilt Funds
These funds invest in Central and State Government securities. Since
they are Government backed bonds they give a secured return and
also ensure safety of the principal amount. They are best suited for
the medium to long-term investors who are averse to risk.
Balanced Funds
These funds invest both in equity shares and fixed-income-bearing

instruments (debt) in some proportion. They provide a steady return
and reduce the volatility of the fund while providing some upside for
capital appreciation. They are ideal for medium to long-term
investors who are willing to take moderate risks.
b) On the basis of Flexibility
Open-ended Funds
These funds do not have a fixed date of redemption. Generally they
are open for subscription and redemption throughout the year. Their
prices are linked to the daily net asset value (NAV). From the
investors' perspective, they are much more liquid than closed-ended
Close-ended Funds
These funds are open initially for entry during the Initial Public
Offering (IPO) and thereafter closed for entry as well as exit. These
funds have a fixed date of redemption. One of the characteristics of
the close-ended schemes is that they are generally traded at a
discount to NAV; but the discount narrows as maturity nears. These
funds are open for subscription only once and can be redeemed only
on the fixed date of redemption. The units of these funds are listed
on stock exchanges (with certain exceptions), are tradable and the
subscribers to the fund would be able to exit from the fund at any
time through the secondary market.

What are the different investment plans that Mutual Funds
The term ‘investment plans‘ generally refers to the services that the funds
provide to investors offering different ways to invest or reinvest. The
different investment plans are an important consideration in the investment
decision, because they determine the flexibility available to the investor.
Some of the investment pla ns offered by mutual funds in India are:

Growth Plan and Dividend Plan
A growth plan is a plan under a scheme wherein the returns from


investments are reinvested and very few income distributions, if any,
are made. The investor thus only realizes capital appreciation on the
investment. Under the dividend plan, income is distributed from time
to time. This plan is ideal to those investors requiring regular income.

Dividend Reinvestment Plan
Dividend plans of schemes carry an additional option for
reinvestment of income distribution. This is referred to as the
dividend reinvestment plan. Under this plan, dividends declared by a
fund are reinvested in the scheme on behalf of the investor, thus
increasing the number of units held by the investors.


In law and economics, insurance is a form of risk management primarily used to hedge
against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer
of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a
company selling the insurance; an insured or policyholder is the person or entity buying the
insurance policy. The insurance rate is a factor used to determine the amount to be charged
for a certain amount of insurance coverage, called the premium. Risk management, the
practice of appraising and controlling risk, has evolved as a discrete field of study and

The transaction involves the insured assuming a guaranteed and known relatively small loss
in the form of payment to the insurer in exchange for the insurer's promise to compensate


(indemnify) the insured in the case of a large, possibly devastating loss. The insured receives
a contract called the insurance policy which details the conditions and circumstances under
which the insured will be compensated.

                               LIFE INSURANCE PLANS

AEGON Religare Life Insurance offers insurance and pension plans specifically designed to
help you plan your life better. Select a plan based on your need – protection, saving, child or

                                            PROTECTION PLANS

                   Protection plans are Term Plans which provide only life cover. These
                   plans can help you get adequately covered and secure your family
                   financially in case of unfortunate event. These are low cost life insurance




Unit Linked Insurance Plans or ULIPs as they are commonly called are a
form of Savings Plans that help you save and grow your money. ULIPs
are a category of goal-based financial solutions that combine the safety of
life insurance protection with wealth creation opportunities

                            CHILD PLANS

AEGON Religare Child Plans are life insurance plans that can help you
save for your child‘s future goals. This plan comes with a Waiver of
premium feature, which guarantees to waive all future premiums in event
of your demise, and ensures that your child receives full sum assured
immediately and 100% of fund value on maturity of policy.



ODIN™ Program Trading is a special trading application that facilitates auto-execution of
the trades based on the selected strategies. Program Trading can be used to take advantage of
arbitrage/spread opportunities that exist across the Cash and Futures or Calendar Spread in
various Exchanges like MCX, MCX Stock Exchange to cater the segments like Commodities,
Currency, Equities and Derivatives. The application has a built-in intelligence to search for
the opportunities that exist in the market as per the yield and other criteria defined by the

             Option to select touchline or weighted average price for calculation of Spread
             Option to specify the Tick size by which the order should be modified
             Option to activate Square Off mode with a Timer that has an inbuilt logic to
                square off all option positions by the end of the trading day
             Option to specify whether user want to do a Reverse only after a Forward
                execution and vice versa


          Choose from the list of built-in Arbitrage, Quote drive Arbitrage (Bidding
               Model) as well as Calendar Strategies (Spread IOC) that can be applied across
               selected stocks/contracts


  Enables automatic calculation and execution of complex arbitrage/spread strategies
     without the need for any form of human intervention.

     Application performs complex calculations based on the predefined parameters on a
     continual and real-time basis

  Eliminates any opportunity loss that arises if the same actions are to be performed

  Enables Members to execute strategies for Proprietary Trades or on behalf of their

  Enables Members to run multiple strategies in a single application

  Exploit the arbitrage opportunities arise in the markets automatically



Basic screenshot of odin


Odin screen shot while order equity(purchase)


Odin screen shot while order equity(selling)


Apperance of all transactions




RELIGARE consist of some of the major competitors in comparison to

There are several financial security companies playing their roles in Indian equity market.
But Religare faces competitions from these few companies.


    Share Khan (SSKI)

    Kotak

    India Bulls

    HDFC Securities


    Motital Oswal

    IL&FS

    Karvy




Indiabulls Securities Limited (ISL) is the pioneer in Retail Broking Industry having a pan
India presence and providing services to a customer base exceeding half a million. ISL is in
the business of providing securities broking and advisory services and is a corporate member
of capital market, wholesale debt market and derivative segment of NSE and of the capital
market and derivative segment of BSE. ISL is the first and only brokerage house to be
assigned the highest rating BQ-1 by CRISIL.

The company through various types of brokerage accounts provides product and services
related to purchase and sale of securities listed in NSE and BSE. It also provides depository
services, equity research services, mutual fund, IPO distribution to its clients. The company
provides these services through on-line and off-line distribution channel.


●Equity & Debt Stock Broking
●Commodity trading
●Depository Services
●Derivatives Broking Services
●Equity Research Services
●Mutual Fund Distribution



Sharekhan Securities is one of the leading retail brokerage of Citi Venture which is running
successfully since 1922 in the country. Earlier it was the retail broking arm of the Mumbai-
based SSKI Group, which has over eight decades of experience in the stock broking business.
Sharekhan offers its customers a wide range of equity related services including trade
execution on BSE, NSE, Derivatives, depository services, online trading, investment advice

Product and services of sahrekhan

●Equity Trading Platform (Online/Offline).
●Commodities Trading Platform (Online/Offline).
●Portfolio Management Service.
●Mutual Fund Advisory and Distribution.
●Mutual Fund Advisory and Distribution.



Anand Rathi is a leading full service investment bank founded in 1994 offering a wide
range of financial services and wealth management solutions to institutions, corporations,
high–net worth individuals and families. The firm has rapidly expanded its footprint to over
350 locations across India with international presence in Dubai & New York. Founded by
Mr. Anand Rathi and Mr. Pradeep Gupta, the group today employs over 2,500 professionals
throughout India and its international offices.


HDFC Securities, a trusted financial service provider promoted by HDFC Bank and JP
Morgan Partners and their associates, is a leading stock broking company in the country,
serving a diverse customer base of institutional and retail investors. provides investors a robust platform to trade in Equities in NSE and BSE , and
derivatives in NSE. Our website will support you with the highest standards of service,
convenience and hassle-free trading tools.



The Company was established in the right momentum during the growth of stock exchange
era. Since the commencement in 1993 and joining with the Reliance Group in 2003, the
Company continues to grow becoming one of securities brokerage and financial services
company that is getting more and more recognition from the stock market industry in

In 2005, the Company broadened its financial activities by forming a newly subsidiary
company PT Reliance Asset Management, to provide investment and wealth management
services. In July 13th, 2005 Reliance has become a listed company by registering in Jakarta
Stock Exchange (now ―Indonesia Stock Exchange‖), with stock code of ―RELI‖, making the
Company as the first joint venture publicly listed securities company in Indonesia, and since
October 2007, RELI has noted in the main board of Indonesia Stock Exchange.

In accordance with its mission, the Company continues to focusv on the development of
human resources. Supported by about 126 employees, the Company gives high appreciation
to the power of process, willingness to learn, a self-drive to go forward, and hard work.
Empowered by those qualities, the company is ready to face competitive challenges by giving
a comprehensive financial solutions, keeps providing and improving its financial service
products of investment banking and stock market services, and to develop a strong foundation
for a sustainable and continuous

Comparison between brokerage of different Broking Houses:-


Name of firm   Intraday(paisa)   Delivery(paisa)   client   Dmat in   Margin
                                                            rs.       money
               2                 20                1000     750       5000
               1.5               75                4000     950       0
               5                 2.5               1000     850       10000
               7.5               75                400      499       5000
               3                 30                400      300       5000
               3                 30                2000     700       0
               3                 20                500      700       0
               2                 2.5               1700     500       0
               3                 1.5               200      650       7000


Comparision between services:

Services     Mutual   Insurance   Pms            Back   e-        Advisory   Fund       Loan   So
             fund                                off    broking   investmen investmen          wa
                                                                  t          t
             Yes      yes         Yes            Yes    Yes       Yes        Yes        Yes    yes
             yes      Yes         Yes            Yes    Yes       no         Yes        Yes    Ye
             Yes      yes         Yes            Yes    Yes       no         Yes        Yes    yes
             no       no          No             Yes    Yes       no         No         Yes    Ye
             Yes      Yes         Yes            Yes    Yes       Yes        no         Yes    Ye
             Yes      Yes         no             Yes    Yes       no         no         no     Ye
             No       no          no             Yes    Yes       no         no         no     Ye
             no       no          no             Yes    Yes       no         No         no     Ye
             no       no          no             Yes    Yes       no         no         no     Ye





                      Preference of Investment

                      7% 2%
                                                                Only shares
                                    75%                         Mutual funds



Interpretation: This shows that although the mutual funds market is on the rise yet, the most
favored investment continues to be in the Share Market. So, with a more transparent system,
investment in the Stock Market can definitely be increased.


                      Awareness Of Online Share Trading



Interpretation: With the increase in cyber education, the awareness towards online share
trading has increased by leaps and bounds. This awareness is expected to increase further
with the increase in Internet education.




Interpretation: This pie chart shows that Religare has a reasonable amount of Brand
awareness in terms of a premier Retail stock broking company. The company to increase its
market share over its competitors should further leverage this brand image.


                   Awareness of Religare's facilities

                             83%                                                 No

Interpretation: Although there is sufficiently low brand equity among the target audience
yet, it is to be noted that the customers are not aware of the facilities provided by the
company meaning thereby, that, the company should concentrate more towards promotional
tools and increase its focus on product awareness rather than brand awareness.


                             Demat Account Market

                                                 31%                       ICICI Direct
                                                                           Kotak Securities

                                     7%                                    IndiaBulls


Interpretation: This shows that even with sufficiently high Brand Equity, Religare ranks
only 3rd amongst the Demat account providers. This is probably because of two main reasons:

Lack of promotion and unfocussed approach towards Product awareness

   1. Non – transparent marketing policies of the company

Hence, the company should crystallize its products and should indulge in aggressive
marketing and promotion.


              Satisfaction level among Customers with
                            current broker

                                                                             Yes - 92%   No- 8%

Interpretation: This pie chart accentuates the fact that Strategic marketing, today, has gone
beyond only meeting Sales targets and generating profit volumes. It shows that all the
competitors are striving hard not only to woo the customers but also to make them Brand
loyal by generating customer satisfaction.


                 Frequency of Trading

                                                                           Daily- 9%
                                                                           Weekly- 27%

Interpretation: In spite of the huge returns that the share market promises, we see that there
is still a dearth of active traders and investors. This is because of the non – transparent
structure of the Indian share market and the skepticism of the target audience that is
generated by the volatility of the stock market. It requires efficient bureaucratic intervention
on the part of the Government.


                Percentage of earnings
                      invested in
                    Share trading
                                                                           Upto 10%-

                                                                           Upto 25%-

                                                                           Upto 50%-
                                                                           - 7%


Interpretation: This shows that people invest only upto 10% of their earnings in the
stock market, again reiterating the volatile and non-transparent structure of the Indian stock
market. Hence, effective and efficient steps should be undertaken to woo the customers to
invest more in the lucrative stock market.


                       RATIO ANALYSIS

Mere statistics/data presented in the different financial statements do not
reveal the true picture of a financial position of a firm. Properly analyzed and
interpreted financial statements can provide valuable insights into a firm‘s
performance. To extract the information from the financial statements, a
number of tools are used to analyse such statements. The most popular tool
is the Ratio Analysis.
Financial ratios can be broadly classified into three groups: (I) Liquidity
ratios, (II) Leverage/Capital structure ratio, and (III) Profitability ratios.

    (I)        Liquidity ratios:

Liquidity refers to the ability of a firm to meet its financial obligations in the
short-term which is less than a year. Certain ratios, which indicate the
liquidity of a firm, are (i) Current Ratio, (ii) Acid Test Ratio, (iii) Turnover
Ratios. It is based upon the relationship between current assets and current
(i) Current ratio =Current Liabilities/Current Assets

The current ratio measures the ability of the firm to meet its current
liabilities from the current assets. Higher the current ratio, greater the


short-term solvency (i.e. larger is the amount of rupees available per rupee
of liability).
(ii) Acid-test Ratio =Current Liabilities/Quick Assets

Quick assets are defined as current assets excluding inventories and prepaid
expenses. The acid-test ratio is a measurement of firm‘s ability to convert
its current assets quickly into cash in order to meet its current liabilities.
Generally speaking 1:1 ratio is considered to be satisfactory.

(iii) Turnover Ratios:
Turnover ratios measure how quickly certain current assets are converted
into cash or how efficiently the assets are employed by a firm. The
important turnover ratios are:
Inventory Turnover Ratio, Debtors Turnover Ratio, Average Collection
Period, Fixed Assets Turnover and Total Assets Turnover
Inventory Turnover Ratio =Average Inventory/Cost of Goods Sold
Where, the cost of goods sold means sales minus gross profit. ‗Average
Inventory‘ refers to simple average of opening and closing inventory. The
inventory turnover ratio tells the efficiency of inventory management.
Higher the ratio, more the efficient of inventory management.
Debtors‘ Turnover Ratio =Average Accounts Receivable(Debtors)/NetCreditSales
The ratio shows how many times accounts receivable (debtors) turn over
during the year. If the figure for net credit sales is not available, then net
sales figure is to be used. Higher the debtors turnover, the greater the
efficiency of credit management.
Average Collection Period =AverageDailyCreditSales/AverageDebtors
Average Collection Period represents the number of days‘ worth credit sales
that is locked in debtors (accounts receivable).
Please note that the Average Collection Period and the Accounts Receivable
(Debtors) Turnover are related as follows:
Average Collection Period =DebtorsTurnover/365 Days

Fixed Assets turnover ratio measures sales per rupee of investment in fixed

assets. In other words, how efficiently fixed assets are employed. Higher
ratio is preferred. It is calculated as follows:
Fixed Assets turnover ratio =NetFixedAssets/Net.Sales
Total Assets turnover ratio measures how efficiently all types of assets are
Total Assets turnover ratio =AverageTotalAssets/Net.Sales

    (II)       Leverage/Capital structure Ratios:

Long term financial strength or soundness of a firm is measured in terms of
its ability to pay interest regularly or repay principal on due dates or at the
time of maturity. Such long term solvency of a firm can be judged by using
leverage or capital structure ratios. Broadly there are two sets of ratios:
First, the ratios based on the relationship between borrowed funds and
owner‘s capital which are computed from the balance sheet. Some such
ratios are: Debt to Equity and Debt to Asset ratios. The second set of ratios
which are calculated from Profit and Loss Account are: The interest coverage
ratio and debt service coverage ratio are coverage ratio to leverage risk.
(i) Debt-Equity ratio reflects relative contributions of creditors and owners to
finance the business.
Debt-Equity ratio =Total Equity/Total Debt
The desirable/ideal proportion of the two components (high or low ratio)
varies from industry to industry.
(ii) Debt-Asset Ratio: Total debt comprises of long term debt plus current
liabilities. The total assets comprise of permanent capital plus current
Debt-Asset Ratio =Total Assets/Total Debt

The second set or the coverage ratios measure the relationship between
proceeds from the operations of the firm and the claims of outsiders.
(iii) Interest Coverage ratio =Interest /Earnings Before Interest and Taxes
Higher the interest coverage ratio better is the firm‘s ability to meet its
interest burden. The lenders use this ratio to assess debt servicing capacity
of a firm.

(iv) Debt Service Coverage Ratio (DSCR) is a more comprehensive and apt
to compute debt service capacity of a firm. Financial institutions calculate
the average DSCR for the period during which the term loan for the project
is repayable. The Debt Service Coverage Ratio is defined as follows:
Interest onTerm loan payment of term loan
ofit after tax Depreciation OtherNoncashExpenditure Interest on term loan

   (III)   Profitability ratios:

Profitability and operating/management efficiency of a firm is judged mainly
by the following profitability ratios:
(i) Gross Profit Ratio (%) =Net Sales/Gross Profit * 100
(ii) Net Profit Ratio (%) =Net Sales/Net Profit * 100
Some of the profitability ratios related to investments are:
(iii) Return on Total Assets =FixedAssets /CurrentAssets
ofit Before Interest And Tax

(iv) Return on Capital Employed =TotalCapital Employed/Net ProfitAfterTax
(Here, Total Capital Employed = Total Fixed Assets + Current Assets -
Current Liabilities)

(v) Return on Shareholders‘ Equity=
AverageTotal Shareholders Equity or NetWorth/Net ofit AfterTax

(Net worth includes Shareholders‘ equity capital plus reserves and surplus)
A common (equity) shareholder has only a residual claim on profits and
assets of a firm, i.e., only after claims of creditors and preference
shareholders are fully met, the equity shareholders receive a distribution of
profits or assets on liquidation. A measure of his well being is reflected by
return on equity. There are several other measures to calculate return on
shareholders‘ equity of which the following are the stock market related

(i) Earnings Per Share (EPS): EPS measures the profit available to the equity
shareholders per share, that is, the amount that they can get on every share
held. It is calculated by dividing the profits available to the shareholders by
number of outstanding shares. The profits available to the ordinary
shareholders are arrived at as net profits after taxes minus preference
It indicates the value of equity in the market.
Numberof Ordinary Shares Outs ding/Net ofit AvailableToThe Shareholder
(ii) Price-earnings ratios = P/E Ratio =
EPS/Market Pr ice per Share





Research can be defined as systemized effort to gain new knowledge. A research is carried
out by different methodologies which have their own pros and cons. Research methodology is
a way to solve research in studying and solving research problem along with logic behind
them are defined through research methodology. Thus while talking about research
methodology we are not only talking of research methods but also considered the logic
behind the methods. We are in context of our research studies and explain why it is being
used a particular method or technique and why the others are not used. So that research result
is capable of being evaluated either by researcher himself or by others
Research has its special significance in solving various operational and planning problems of
business and industry. Research methodology is the way to systematically solve the research
Execution of the project: -
It is the very important step in the research process accuracy findings depends on how
systematically the study has been carried out in time so that it can make some sense when
required. I have executed the project after prior discussion with the guide and structured in
following steps:
a. Preparation of questionnaire.
b. Collection of list of some of the broking houses so that more interaction is
 possible and the variety of responses can be registered to have a good data for
c. Visiting and asking about their feedback on the financial services like share
broking, mutual fund, etc.
1. Data requirements --


a. Name, address and phone number of individual broking houses
b. Services provided by broking houses
2. Primary data –
a.Primary data has been collected by conducting Personal interview of the respondents.
b. Data collected through the questionnaire.

3. Secondary data –

a. Data collected official website of Religare securities ltd..

b. Data collected by referring to the database already maintained in the company.

4. Data Collection Instruments:-

1. Questionnaire
2.Telephonic communication.
3. E-mail.


A finite subset of population, selected from it with the objective of investigating its properties
called a sample. A sample is a representative part of the population. A sample of 11
respondents in total has been randomly selected. The response to various elements under each
questions were totaled for the purpose of various statistical testing.
Presentation of Data.
The data are presented through charts and tables.
Tools and Techniques for Analysis.
MS EXCEL is used to for analysis and interpretation of data





In the current scenario, investing is very important and investing in stock
markets is a major challenge ever for professionals.
The young people should start investing earlier so that they can reap the
benefits of investing in future.
People should keep their eye open and keep updating themselves about
various investment avenues so that they can get safe returns.

Through this study we get through all the differences between different broking houses and
their benefits of investing individually. From this we have also understand the point of view
of investors to invest their money with the right company at the right time.



 Commitment should be equalized for every person

 Improvement in the opening of Demat & contract notice procedure is required

 There should be a limited number of clients under the relationship manger. So that he
   can handle new as well as old customer properly

 Some promotional activities are required for the awareness of the customer

 People at young age should be encouraged to invest in stock market

       a. Seminars should be more held for providing information to prospective and
          present customers

 In the organization, There must me be co-operation with other department and other

 Company should make more promotional activities by giving advertisements and


 Give more demonstration to customers so that they can get complete knowledge

   about online trading

 Give the complete information about products and services offered by the company to
   the customers.

 The number of branches it has at present should be increased all over the country,
   which will attract a large number of customers.

 Company should educate about the rules and regulations of SEBI to its customers.




3. News paper-the economics times


5. Reference from Religare‘s documents



Name                                                   Age

Gender                                                 Annual income


1. How much income are you able to save or invest?

       a) 0 to 10%

       b) 10% to 25%

       c) 20% to 30%

       d) 30% to 40%

2. You invest in which of the financial instruments?

a) Securities

b) Mutual funds

c) Commodities

d) Insurance

e) Other instrument


3. Do you invest/are u interested in stock market?

a) Yes

b) No

4. Do you have d-mat account?

a) Yes

b) No

5. If you have a d-mat account, then to which kind does it belong ?

a) Online

b) Offline

6. Which company owns your d-mat account ?




d) ICICI direct


f) Others

7. Do you trade in future and options?

a) Yes

b) No


8 .How often do you trade in stock market?

a) Everyday

b) 2-3 days a week

c) 12-18 days a week

d) 2-3 days a month

9. Do you pay AMC (annual maintenance charge)?

a) Yes

b) No

10. How much brokerage do you pay on intraday?

a) 0.01% to 0.02%

b) 0.02% to 0.03%

c) 0.03% to 0.004%

d) 0.04% to 0.05%

e) 0.05% or more

11. How much brokerage do you pay on delivery?

a) 0.1% to 0.2%

b) 0.2% to 0.3%

c) 0.3% to 0.4%

d) 0.4% to 0.5%

e) 0.5% or more

12 .Are you satisfied with the services?

a) Yes

b) No



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