Sip on Derivative market in india

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A

Project on

““A study on Investors’ preference towards

derivativesmarket in India and its future scope”

Undertaken”

At

(Conducted on behalf MARWADI share & finance limited, Amreli.)

nder the !uidance of (in Com"an#)

Mr. $arshil %aali#a

nder the 'uidance of Colle'e

Miss. Ri"al Madhani

Institution

%ubmitted to!ujarat echnolo'ical niersit# Ahmedabad

Pre"ared *#+ nrolment-o.

Dhaal P. !ohel /0//123/14

$ie5 P.Damani /0//123/116

M.*.A. %emester 7 III

1



DIRECTOR’S RECOMMENDATION

TO,

The Registrar

Gujarat Technological UniversitAh!e"a#a"

Su#ject$ M%A Su!!er Training &roject Re'ort

Respected Sir,

We are recommending the Summer Training Project entitled “A study

on Investors’ preference towards derivatives

market in India and its future scope” prepared by

Dhaval &( Gohel an" )ive* &( Da!ani at MAR+ADI SARE - .INANCE

/TD. As the partial fulfillment f the !ni"ersity re#uirement for the a$ard of

%&A degree of 'ujarat Technology !ni"ersity (Ahmadabad.

Date$ 0 Than*ing

1ou,

&lace$ 0 A!reli 1ours.aith2ull

Director

2



CERTI.ICATE O. TE .ACU/T1 GUIDE

This is certify that the Project Report entitled A studyon Investors’ preference towards derivativesmarket in India and its future scope” submitted inpartial fulfillment of the re#uirements for the a$ard of the degree of %aster of&usiness Administration to Gujarat Technological Universit is record ofresearch $or) carried out by Dhaval &( Gohel An" )ive* &( Da!ani !ndermy super"ision and guidance.

Signature Signature

%iss. Ripal %adhani

*+aculty *Project

'uide

3



%D- DC8ARAI9-

We the undersigned students DHAVAL P. !H"L A#D VIV"$ P.DA%A#I of $. $. Parek& Institute of %ana'ement (tudies )Amre*i %.+.A. II (emester, hereby declare that, the project on is

my own work.

In the partial fulfillment of Master egree of !usiness

"dministration, We had undergone project work at MARWADI

SHARE AND FINANCE LTD under the guidance of %iss. -ipa*

%ad&ani #. #. $arekh Institute of Management %tudies & "mreli

and submitted to 'ujarat (echnological )ni*ersity, "hmedabad.

(his project work is our original work and has not been submitted to

any where earlier.

-ha"al P. 'ohel i"e) P. -amani

signature signature

Place/0 Amreli -ate/ 0 1 1

+



&RE.ACE

2n this period fast de"eloping and changing $orld. We are proud for a study

of %.&.A. full time course offered by 'ujarat Technological !ni"ersity at

3(3(&are*h Institute o2 Manage!ent stu"ies, A!reli.

+inance is most important parts of economics acti"ities and rather $e can sat

that finance is &lood and heart for the any &usiness. Today the financial

management is branch of business administration. The firm or management

can accept or reject proposal on the basis of financial statement. So $e are

selecting the speciali3ed subject of +inance.

Today, financial mar)ets is more dynamic $ith changing the en"ironment and

changing in to S4&2 rules, regulation and structures and depend to the capital

mar)et 5 securities mar)et to S4&2. 6ence $ith a "ie$ to )no$ing more

about in"estment practice and to get practical )no$ledge of $hat $e learn in

the college and class, 2 ha"e decided to do my project $or) at of 7 %ar$adi

shares and +inance 8imited, Amreli9

6ere, 2n ur Project We are analy3ing gro$th of cash mar)et in 2ndia and its

future scope



AC3NO+/EDGEMENT

We $ould li)e to e:press our sincere appreciation to Assistant Professor

Miss( Ri'al Ma"hani for her )ind help, guidance, support and

encouragement throughout our project. This project $ill help us to cur"e our

personality in the best manner, $hich is needed for professional career. 2n

fact this project is the mirror of our aspiration. The "aluable aspect of this

project is that it sho$s $hat should be 2n"estor &eha"iors $hile in"esting in

the deri"ati"es %ar)et.

+inally, We also li)e to ta)e this opportunity to than)s to our parents, other

professors and friends $ho helped a lot completing this project successfully.

-





;o. Particular Pg ;o.

. I-D%R: %C-ARI9 1

4(4 ISTOR1 O. STOC3 MAR3ET O. INDIA 4(5 MU/T1 COMMODIT1 E6CANE /4(7 %OM%A1 STOC3 E6CANGE 04(8 NATIONA/ STOC3 E6CANGE 14(9 COM&ETITORS DETAI/ 2

/. C9MPA-: PR9;I8 9; MARWADI 585(4 &OTOS O. MAR+ADI 595(5 %OARD O. DIRECTORS 5:

5(7 COM&AN1 &RO.I/E 5;<5(8 ISTOR1 O. MAR+ADI SARES - .INANCE 5;5(9 )ISION - MISSION 7=5(: CORE COM&ETENC1 745(< +O +E ARE 755(; MI/ESTONES 775(> SUMMAR1?AS ON TO DA1@ 79/.1 C9RP9RA !9$R-A-C 7:

4. DPARM-% 7<

7(4 .INANCE DE&ARTMENT 7>7(5 UMAN RESOURCE MANAGEMENT 8:7(7 SER)ICES O. MAR+ADI 9=

<. C9-CP 9; DRI$AI$% 9<

2. I-R9DCI9- 9; ;R A-D 9PI9- 26 9(4 .UTURE 9>9(5 O&TION :49(7 O&TION T1&E :4

=. CA%> MAR? 13

0. R8AI9-%>IP *W- CA%> MAR?

A-D ;R A-D 9PI9- I- @I:

%9C? MAR?

:>

6. R%ARC> M>9D989!: 3

;(4 INTRODUCTION <5

;(5 RESEARC &RO%/EM <7;(7 RESEARC O%ECTI)ES <7

/



;(8 RATIONA/E O. STUD1 <7;(9 DATA CO//ECTION <8;(: DATA ANA/1SIS - INTER&RETATION <:;(< /IMITATION >;

3. C9-C8%I9- 4=4

1 *I*8I9!RAP>I 4=8

. @%I9--R 4=9

0



1



1.1 >I%9R: 9; %9C? MAR? 9; I-DIA

The Stoc) %ar)et of 2ndia $as set up in <=>?. At that time there $ere @@

bro)ers $ho met and established the &ombay Stoc) 4:change. +rom that

time on$ards the 2ndian Stoc) mar)et has gro$n in leaps and bounds, and

has become a forceful and competent stoc) mar)et in the continent. 2t is

e#ual to any international mar)et in the $orld. 2t has the same le"el of

efficiency and organi3ational ability. The mar)et caters to the huge population

of 2ndia and gi"es them in"estment opportunities. 2t also pro"ides the

institutions and organi3ations $ith funds. The unpredictable nature of the

2ndian stoc) mar)et has made it "ery difficult for the common man to

understand it. So prior to in"esting in the stoc) mar)et you ha"e to research it

properly.

When it $as started the &ombay Stoc) 4:change had only a fe$ hundred

people ta)ing membership in Stoc) &ro)er Association and ;ati"e Share. 2n

<B? &S4 $as recogni3ed permanently by the 'o"ernment of 2ndia, The

&S4 and ;ational stoc) e:change are both the main stoc) e:change of

2ndian stoc) mar)et. 'o"ernment of 2ndia ga"e permanent identification to

11



the &S4. &S4 along $ith ;ational Stoc) 4:change both are main part of

2ndian Share %ar)et and are the t$o national stoc) e:changes of 2ndia. &S4

has about ?CCC listings at the starting.

The stoc) and shares are issued to the public for in"esting in "arious

companies. The re"enue generated from the stoc)s and shares is used for

business e:pansion or any go"ernment projects. The profit of the company is

then shared by the public, $hich has in"ested in the company. The share

mar)et allo$s for public trading of companies and has become an important

source of raising fund for the companies. The go"ernment has also formed

the Securities and 4:change &oard of 2ndia *S4&2 $hich controls the

functioning of stoc) e:changes, in"estment ad"isors, portfolio managers,

bro)ers and sub0bro)ers. The sense: is made on the basis of the

performance of the stoc)s of DC sound financial companies

The 2ndian stoc) mar)et is basically di"ided in t$o partsE the first is the

primary part and the secondary part. 2n the primary mar)et the shares are

issued directly by the company are dealt by share bro)ers appointed by the

companies. 2n the secondary mar)et the stoc)s of "arious companies are

listed in the stoc) e:change and are represented by the share bro)ers, the

in"estors in"est in companies through these share bro)ers.

A stoc) bro)er or stoc)bro)er is a regulated professional bro)er $ho buys

and sells shares and other securities through mar)et ma)ers or Agency nly

+irms on behalf of in"estors. A bro)er may be employed by a bro)erage firm.

12

http://en.wikipedia.org/wiki/Broker

http://en.wikipedia.org/wiki/Share_(finance)

http://en.wikipedia.org/wiki/Security_(finance)

http://en.wikipedia.org/wiki/Market_maker

http://en.wikipedia.org/wiki/Investor


http://en.wikipedia.org/wiki/Brokerage_firm

http://en.wikipedia.org/wiki/Share_(finance)

http://en.wikipedia.org/wiki/Security_(finance)

http://en.wikipedia.org/wiki/Market_maker


http://en.wikipedia.org/wiki/Brokerage_firm

http://en.wikipedia.org/wiki/Broker



1.2 *% (*9M*A: %9C? C>A-!)

&ombay Stoc) 4:change 8imited *the 4:change is the oldest stoc) e:change in

Asia $ith a rich heritage. Popularly )no$n as F&S4F, it $as established as FThe

;ati"e Share 5 Stoc) &ro)ers AssociationF in <=>?. 2t is the first stoc) e:change

in the country to obtain permanent recognition in <?B from the 'o"ernment of

2ndia under the Securities Gontracts *Regulation Act, <?B.

The 4:changeHs pi"otal and pre0eminent role in the de"elopment of the 2ndian

capital mar)et is $idely recogni3ed and its inde:, S4;S4I, is trac)ed $orld$ide.

4arlier an Association of Persons *AP, the 4:change is no$ a demutualised

and corporati3ed entity incorporated under the pro"isions of the Gompanies Act,

<?B, pursuant to the &S4 *Gorporati3ation and -emutuali3ation Scheme, @CC?

notified by the Securities and 4:change &oard of 2ndia *S4&2.

13



&o

mbay Stoc) 4:change 8imited recei"ed its Gertificate of 2ncorporation on =th

August, @CC? and Gertificate of Gommencement of &usiness on <@th August,

@CC?. The H-ue -ateH for ta)ing o"er the business and operations of the &S4, bythe 4:change $as fi:ed for <th August, @CC?, under the Scheme. The 4:change

has succeeded the business and operations of &S4 on going concern basis and

its recognition as an 4:change has been continued by S4&2

+or the premier Stoc) 4:change that pioneered the stoc) bro)ing acti"ity in

2ndia, <@? years of e:perience seem to be a proud milestone. A lot has changed

since <=>? $hen D<= persons became members of $hat today is called F&ombay

Stoc) 4:change 8imitedF by paying a princely amount of Re<.

The 4:change also disseminates the Price04arnings Ratio, the Price to &oo)

alue Ratio and the -i"idend Jield Percentage on day0to0day basis of all its

major indices.

1+



1.3 -% (-AI9-A8 %9C? C>A-!)

;S4 $as incorporated in <@ and $as gi"en recognition as a stoc)e:change in April <D. 2t started operations in Kune <L, $ith trading on the

$holesale debt mar)et segment. Subse#uently it launched Gapital mar)et

segment in ;o"ember <L as a trading platform for e#uities and the futures and

options segment in Kune @CCC for "arious deri"ati"e instrume

NSE Bas set u' Bith the o#jectives o2$

1



/04stablishing a nation$ide trading facility for all type of securities/

/04nsuring e#ual access to in"estors all o"er the country through an

appropriate communication net$or).

/0Pro"iding a fair, efficient and transparent securities mar)et using

electronic trading system

/04nabling shorter settlement cycles and boo) entry settlementsE

;S4 has been able to ta)e the stoc) mar)et to the doorsteps of the in"estors.

The technology has been harnessed to deli"er the ser"ices to the in"estors

across the country at the cheapest possible cost. 2t pro"ides a nation$ide,

screen0based, automated trading system, $ith a high degree of transparency and

e#ual access to in"estors irrespecti"e of geographical location. The high le"el of

information dissemination through online system has helped in integrating retail

in"estors on a nation$ide basis.

The standards set by the e:change in terms of mar)et practices, products,

technology and ser"ice standards ha"e become industry benchmar) and are

being replicated by other mar)et participants. Within a "ery short span of time,;S4 has been able to achie"e all the objecti"es for $hich it $as set up. 2t has

been playing a leading role as a change agent in transforming the 2ndian Gapital

%ar)ets to its present form. The 2ndian Gapital %ar)et are a far cry from $hat

they used to be a decade age in terms of mar)et practices, infrastructure,

technology, ris) management, clearing and settlement and in"estor ser"ice.

1.+ Multi Commodit# Bchan'e (MC)

1-



Multi Co!!o"it Echange *MC6 is an independent commodity

e:change based in 2ndia. 2t $as established in @CCD and is based in %umbai.

The turno"er of the e:change for the fiscal year @CC $as !SM <.@L trillion,

and in terms of contracts traded, it $as in @CC the $orldHs si:th largest

commodity e:change. %GI offers futures trading in bullion, ferrous and non0

ferrous metals, energy, and a number of agricultural commodities.

%GI has also set up in joint "enture the %GI Stoc) 4:change. 4arlier spin0

offs from the company include the ;ational Spot 4:change, an electronic

spot e:change for bullion and agricultural commodities, and ;ational &ul)

6andling Gorporation *;&6G 2ndiaHs largest collateral managementcompany $hich pro"ides bul) storage and handling of agricultural products.

2t is regulated by the +or$ard %ar)ets Gommission.

%GI is 2ndiaHs ;o. < commodity e:change $ith =DN mar)et share in @CC

The e:changeHs main competitor is ;ational Gommodity 5 -eri"ati"es

4:change 8td

As of early @C<C, the normal daily turno"er of %GI $as about !SM B to =

billion

%GI no$ reaches out to about =CC cities and to$ns in 2ndia $ith the help

of about <@B,CCC trading terminals

%GI G%-4I is 2ndiaHs first and only composite commodity futures price

inde:.

1.5 C9MPI9R% DAI8%

1

http://en.wikipedia.org/wiki/Commodity_exchange


http://en.wikipedia.org/wiki/India

http://en.wikipedia.org/wiki/Mumbai

http://en.wikipedia.org/wiki/National_Bulk_Handling_Corporation




http://en.wikipedia.org/wiki/India

http://en.wikipedia.org/wiki/Mumbai







2G2G2 &an) is 2ndiaHs second0largest ban). 2G2G2 &an) offers a $ide range

of ban)ing products and financial ser"ices to corporate and retail customers

through a "ariety of deli"ery channels and through its speciali3ed subsidiaries

and affiliates in the areas of in"estment ban)ing, life and non0life insurance,

"enture capital and asset management.

and representati"e offices in the !nited States, Ghina, !nited Arab 4mirates,

&angladesh and South Africa

24%>CI8 (%9C? >98DI-! C9RP9RAI9- 9; I-DIA 8IMID)

Stoc) 6olding Gorporation of 2ndia 8imited *S6G28 $as promoted by

public financial institutions and insurance majors li)e 2-&2, !T2, 2G2G2, 82G, '2G

and its subsidiaries, 2+G2 and 22&2. S6G28 $as incorporated as a public limited

company on Kuly @=, <=B.

S6G28 pro"ides depository, post trading, custodial ser"ices, securities

lending to institutional in"estors and retail in"estors.

34%>AR?>A-

10



Share)han is an e#uities focused organi3ation tracing its lineage to

SSO2, a "eteran e#uities solutions company $ith o"er = decades of

e:perience in the 2ndian stoc) mar)ets. 2n the stoc) mar)ets. Share)han

does not claim e:pertise in too many things. Share )han9s e:pertise lies in

stoc)s and thatHs $hat he tal)s about $ith authority. So $hen he says that

in"esting in stoc)s should not be confused $ith trading in stoc)s or aportfolio0based strategy is better than betting on a single horse, it is

something that is spo)en $ith years of focused learning and e:perience.

+4 I %CRII% +

!T2 &an) is a registered member *-epository Participant of ;S-8.

2ndia9s first depository. We can a"ail all of the depository0related ser"ices by

just opening an account $ith ;S-8 through !T2 &an).

!T2 &an) pro"ides ser"ices li)e demateriali3ation of shares, remateriliali3ation,

pledge06ypothecation, free3ing1 loc)ing f Accounts, transfer of shares and

settlements, receipt of corporate benefits, holdings 5 transaction statements on

email, telecom depository ser"ices.

4 >D;C %CRII%

2



6-+G Securities, a trusted financial ser"ice pro"ider promoted by 6-+G

&an) and KP %organ Partners and their associates, is a leading stoc) bro)ing

company in the country, ser"ing a di"erse customer base of institutional and retail

in"estors.

6-+Gsec.com pro"ides in"estors a robust platform to trade in 4#uities in

;S4 and &S4, and deri"ati"es in ;S4.

-4 ?9A? %CRII%

Oota) Securities, an affiliate of Oota) %ahindra &an), is the stoc)0bro)ingand distribution arm of the Oota) %ahindra 'roup. The institutional business

di"ision, $hich brings you AOS4SS, primarily co"ers secondary mar)et bro)ing. 2t

caters to the needs of foreign and 2ndian institutional in"estors in 2ndian e#uities

*both local shares and '-Rs, 'lobal -epository Receipts. The di"ision also has

a comprehensi"e research cell $ith sartorial analysts co"ering all the major areas

of the 2ndian economy.

4 ?AR$: %9C?*R9?I-! 8IMID

21



Oar"y offers a full range of financial ser"ices and products ranging from

4#uities to Research to enhance your $ealth and hence achie"e your financial

goals. 4#uities 5 -eri"ati"es Gomprehensi"e ser"ices for independent in"estors,

acti"e traders 5 ;on0Resident 2ndians. alue added ser"ices for seamless

deli"ery.

/4 R8IA-C M9-:

Reliance %oney is an 4ndea"our to change the $ay 2ndia trades in

financial mar)ets and a"ails of "arious financial ser"ices. Reliance %oney

ensures ma:imum security $ith a uni#ue security to)en to )eep your online

account safe.

04 A-!8 *R9?I-!

22



Angel 'roup has emerged as one of the top fi"e retail stoc) bro)ing

houses in 2ndia, ha"ing membership of &S4, ;S4 and the t$o leading

Gommodity 4:changes in the country i.e. ;G-4I 5 %GI. Angel &ro)ing is also

registered as a -epository Participant $ith G-S8.

4omparative Ana*ysis5

etail etail Marwadi "ngel %harekh

an

Infoline India

!ull!rokerag

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eli*ery . .+ . .2 .+Intraday .1 ./ ./ . .1

567 ./ .1 .1 . .1

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3 3/ 3- 32

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2 3 2 ;I5<

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23





/./ *9ARD 9; DIRC9R%+

%A;A'2;' -2R4GTR / %r. Oetan %ar$adi

2



W684 T2%4 -2R4GTRS / %r. -e"en %ar$adi

%r. Sandeep %ar$adi

GT / %r. 8a)han &ambhania

SR. P0&usiness -e". 5 6R / %r. 6aresh %aniar P0Accounts 5 +inance / %r. Sanjay Tha)rar

Koint P ( -P / %r. Ar"ind 'amot

Koint P (System / %r. 8a:man Sonagara

Koint P (Gompliance / %r. Tushit %angu)iya

Koint P0+inance 5 Accounts / %r.Suresh inchhi

Koint P0+inance 5 Accounts / %r.Kayant ithlani

ASST. .P. / %r.&haratbhushan Arora

ASST. .P. / %r. 6asmu)h Pipalia

ASST. .P. / %r. &harga" Patha)

ASST. .P. / %r. Raj Ki"rajani

SR. %anager0Admin. 1'eneral 5 6R / %r. A)shay 'os$ami

SR. %anager0Audit 5 Gompliance / %r. Katin ora

Asst. %anager0Gommodity / %r. Rushi asu

SR. %anager0-P +ront1&ac) ffice / %r. Raji" &hatt

SR. %anager0Pay02n0Gollection / %r. Kayantilal Sardhara

SR. %anager0peration / %r. 6asmu)h Pipaliya

SR. %anager0%ar)eting / %r. %anoj %an)ad

%r. -igant Patel

SR. %anager0Training / %r. %ihir &himani

SR. %anager0 Ris) %anagement / %r. inod Rathod

%anager02P 5 %+ / %rs. 8eena Purohit

%anager02&T / %rs. Reena Ra"al

Asst. %anager04-P / %r. -ushyant Ra"al

Asst. %anager0 %+ / %r. Parag Ghangels

/.4 C9MPA-: PR9;I8+

2-



;A%4 / %ar$adi Share +inance 8td.

64A- ++2G4 A--R4SS / Sarathi comple:,

;r.Sa"aliya hospital,

8iliya road Amreli.

Amreli0DBC CC<.

TJP4 + &!S2;4SS / P"t. 8td.

P6;4 ;. / * C@>@@@>

40%A28 / 2n#uirymar$adionline.com

W4&S2T4 / $$$.mar$adionline.com

&RA;G6 ++2G4 / =C

+RA;G62S441S!&0 &RO4R / %ore than ?@? franchisee1sub0bro)eer

And authorised person net$or)

G824;T / %ore than D la)hs.

;A%4 + G%PA;J / %ar$adi shares and finance 8imited

/.< >I%9R: 9; MAR$ADI %>AR & ;I-A-C 8IMID

2



;ame/ %r. Oetan 6. %ar$adi

-esignation/ Ghairman and %anaging -irector

Qualification/ &.4. *Gi"il

Area o2 E'ertise$

Promote the company as a promoter director in the year <@ and thereafter

a"ailing the corporate membership &S4, ;S4 in cash and deri"ati"es

segment, membership of Saurashtra Outch Stoc) 4:change 8td., launching

of depository ser"ices of ;S-8 and G-S8. 6e is ha"ing o"er a decade9s

e:perience in the primary as $ell as secondary mar)et of Gapital %ar)et,

dealing $ith stoc) e:changes, regulatory and statutory bodies, monitoring of

o"erall compliances, focusing on research and de"elopment of capital

mar)ets and launch "arious ser"ices to the in"estors9 class as per their

re#uirements through better corporate ser"ices. "erall super"ision,

administration and control of %ar$adi 'roup as a $hole ha"ing )een and

e:pert "ision o"er stoc) mar)et and its intermediaries. 2n"ol"ed in strategic

decision ma)ings, o"erall gro$th and de"elopment of organi3ation, effecti"ely

implementing all tools of co0coordinating, ad"ising, staffing, communicating

etc. through sub0bro)ers and concentrating on effecti"e measures to$ards

best in"estor ser"ices in the organi3ation. %r. Oetan %ar$adi had been a

ice President of Saurashtra Outch Stoc) 4:change and a director on SOS4

Securities 8td. *$hich is a subsidiary of Saurashtra Outch Stoc) 4:change.

6e $as the 4:ecuti"e Gommittee member of TG42 and assisted ;S4 in

resol"ing many trade related matters as a member of Gommittee of Trade

related issues *GT2. 6e is the %ember of 4:ecuti"e Gommittee *+5

2/



Segment of ;S4 and -irector ( A;%2 &oard. 6e is the initiator and chief

strategist of the group.

%ar$adi p"t.ltd. 2s a member of The &ombay Stoc) 4:change 8td. *&S4 as

$ell as the ;ational Stoc) 4:change *;S4. %ar$adi 'roup $as

incorporated in <@ $ith the "ision of pro"iding superior standards of

+inancial Ser"ices focusing on professionalism, speed and ethics to a $ider

Gorporate Ser"ices in 2ndia and proposed to start its operations in the

subcontinent 5 o"erseas. The foundation is on FalueF Systems 0 FalueF

addition to Gorporate, Retails and 6;2 2ndi"iduals through superior Wealth

Greation Practices. All actions are based on stringent FaluesF 0 integrity,

confidentiality 5 commitment. FTrue alueF for money through a holistic

business practice. +inally, FalueF for client satisfaction, predominates our

relationship criteria.

he com"an# is 2th 8eadin' retail bro5in' house .*-5& “2ndia9s 8eadinge#uity &ro)ing 6ouses @CC=” Report. Ran)ed amongst top <C performers in

&S4 in the e#uity segments during the year @CC>0C=. 2n <> years, the

company has emerged as one of 2ndia9s fastest gro$ing retail bro)ing houses

$ith retail mar)et share at @.>DN. The company has >D branches and o"er

>?C channel partners operating o"er >CCC trading terminals spread across

<=L cities and ser"icing more than DCCC pin codes in 2ndia.

The company is ha"ing a ne$ state of the art $ith $orld class infrastructure

corporate office of C,CCC s#uare feet located in the prime location of the

Amreli,'ujarat.

The company is rated at P@ and &&&1stable by Grisil ratings for the ban)

facilities for @CC crores. The company has <CCC employees strength is "ery

talented, young and dynamic to ta)e on any challenges in future.F

2. $I%I9- & MI%%I9-

20



FTo be a $orld0class financial ser"ices pro"ider by arranging all

concei"able financial ser"ices under one0roof at affordable costs through

cost effecti"e deli"ery systems, and achie"e organic gro$th in business

by adding ne$er lines of business”

2.- C9R C9MPA-C:

3



MARWADI !R9P Adanta'e

&uilding &usiness Partnerships

We belie"e in building long0term relationships.

8asting association is directly proportional to client satisfaction rate.

We listen, $e lead and $e communicate $ith honesty and integrity.

&road Reach

We ha"e an e:tended $eb of e:perts from "arious domains li)e la$,

mar)eting, economics $hich $e dra$ upon from time0to0time, in order

to effecti"ely meet the specific re#uirements of clientsH assignments.

Our Strengths

• A Gut Abo"e the Rest alue for %oney ;o0compromise #uality ser"ice

and $e are cost effecti"e.

• -ri"e to -eli"er &eing <> years young, $e are optimistic enthusiasts

$ith a dri"e to gi"e better ser"ice e"ery day.

• When $e ta)e on the job, $e )no$ $e can deli"er.

• Total Transparency We are entirely transparent/ our associates as $ell

as our outsourced specialists deal directly $ith our clients.

2. Who We Are

31





The company crossed the follo$ing milestones to reach its present position

as the leading retail bro)ing house in 2ndia.

<@...%ar$adi Shares And +inance P"t. 8td. $as incorporated by first

generation 4ntrepreneurs Shri Oetan %ar$adi, Shri -e"en %ar$adi and Shri

Sandeep %ar$adi

<B...&ecame a corporate member of ;ational Stoc) 4:change of 2ndia 0

*;S4

<=...&ecame a member of Saurashtra Outch Stoc) 4:change *SOS4

<...8aunched -epository ser"ices of -epository Participant under

;ational -epository Security 8td. *;S-8

@CCC Gommenced -eri"ati"e Trading after obtaining registration asGlearing and Trading %ember in ;S4.

@CCD...%ar$adi commodity bro)er p"t ltd became a corporate member of the

;ational Gommodity and -eri"ati"es 4:change of 2ndia 8td. *;G-4I

33



@CCD...%ar$adi Gommodity bro)er p"t ltd became a corporate member of

The %ulti Gommodity 4:change of 2ndia 8td. *%GI

@CCL...&ecame a corporate member of &ombay Stoc) 4:change 8td. *&S4

@CCL...8aunched -epository Ser"ices of -epository Participant under Gentral

-epository Ser"ices *2ndia 8td.

@CC?...8aunched Portfolio %anagement Ser"ices

@CCB...%S+P8 con"erted to 8imited co. *%ar$adi Shares And +inance

8imited The Gompany raised pri"ate e#uity from 2G'! 8imited, a $holly

o$ned subsidiary of 2ndia Gapital 'ro$th +und.

@CC>Attracted Pri"ate 4#uity 2n"estment from Reputed 2n"estors Galedonia

5 2G'2

@CC=Adjudged the ?th 8argest &ro)ing 6ouse by -un 5 &radstreet

@CC 'ro$ing 2nstitutional &usiness

@CC %o"es in to <CCCCC S#uare +eet State of Art 2nfrastructure

@C<C Ran)ed Top <C &ro)ing Gompany by -5& in terms of sub0bro)ers

3+



/.3 %MMAR: (as on toda#)+

The company is ha"ing trading and clearing membership of

2 ;ational Stoc) 4:change of 2ndia 8td. *4#uity, -eri"ati"es, Gurrency-eri"ati"es 5 %utual +unds nline

3 &ombay Stoc) 4:change 8td. *4#uity, -eri"ati"es 5 Gurrency

-eri"ati"es

+ %GI Stoc) 4:change 8imited *Gurrency -eri"ati"es

%GI 5 ;G-4I *Gommodity +uture Trading Segment

- ;G-4I Spot 4:change

The co!'an is De'ositor &artici'ants o2

;ational Securities -epository 8imited

/ Gentral -epository Ser"ices of 2ndia 8imited

Other Services o2 co!'an$

0 %utual +und -istribution

1 -istribution of 8ife and 'eneral 2nsurance products

11 Portfolio %anagement ser"ices

12 ;PS -istribution

Trac* Recor" - Other strengths$

13 <CCN uninterrupted trading as our terminals has al$ays been on.

1+ 6igh compliance standards and clean records among regulatory.

1 Speed of e:ecution of trades is the major strength

1- A"erage @, @?,CCC trades, e"eryday.

1 Personali3ed ser"ices.

3



/.1 C9RP9RA !9$R-A-C+

At %ar$adi 'roup $e consider your reputation, confidentiality and our

esteemed status of paramount importance. This is $hy $e design and

deli"er our ser"ices on a foundation of best0in0class compliance

procedures and established internationally recogni3ed jurisdictional

regulation.

OvervieB

+ounded on the belief that fiduciary ser"ices are not simply a product, but

rather a uni#ue opportunity to $or) $ith our clients and build long0term

relationships, $e, the companies $hich collecti"ely form the %ARWA-2

'R!P of Gompanies, understand the #ualities our clients are loo)ing for

in their fiduciary ser"ice pro"ider. And it is on our commitment to those

#ualities that our business no$ stands. %ar$adi 'roup is a for$ard

loo)ing company and encourages associations $ith efficacious people.

Accordingly, it in"ites entrepreneurs $ho ha"e a positi"e approach and

attitude to culminate success. %ar$adi 'roup offers you a gamut of

products, ser"ices and support to help you meet client needs, shape a

more profitable business and e:ecute your goals.

%ro*ing Services

Trading in 4#uities, Gommodities 5 Gurrency -eri"ati"es Trading $ith

%ar$adi 'roup truly empo$ers you for your in"estment needs. Pro"ide

hassle free and bro)ing parentage of Trading and Ser"ices of 4#uity,

Gommodity and Gurrency -eri"ati"es through Participation in the

domestic e:changes li)e ;S4, &S4, %GI, ;G-4I, ;%G4, %GI0SI,

;S40+I, &S40 G-S, and ;AT2;A8 SPT 4IG6A;'4S 4TG. We

ensure you ha"e a superlati"e trading e:perience through 0 A highly

3-



process dri"en, diligent approach Po$erful Research 5 Analytics and ne

of the Fbest0in0classF dealing rooms.

7 DE&ARTMENTS$

2n the Gompany, a number of acti"ities and transactions are done on daily

basis. +or the smooth running of business acti"ities, the acti"ities and $or)

3



are di"ided into "arious separate departments. The Acti"ities and $or) done

by departments are such as follo$s/

1. +inance -epartment2. 6uman resource management

3. peration -epartment

;o$ $e $ill study them in detail and $e $ill also consider the "arious sub

departments to study broad aspects.

3/



4. ;I-A-C DPARM-+

De"ositor# Partici"ants (DP) De"artment.

There are t$o main departmental acti"ities are done in this department.

• -P +ront ffice.

• -P &ac) ffice.

a. -P +ront ffice.

2t9s main acti"ity is to pro"ide account opening application form to the client

and to collect the charges of account opening along $ith the fully filled

application form and the re#uired identification proofs. 2t has to "erify the filled

form and if any correction is re#uired then it is to be done. Gash collection

details are to be entered into the system and cash collection receipt is to be

issued to the client. After the abo"e process, the forms are to be sent to the

compliance and audit department for the further processing. 2t also perform

30



other acti"ities li)e pro"iding Trade &oo) to the client after the "erification,

&alance 2n#uiry, processing re#uest for changing address or signature of the

client.

b. -P &ac) ffice.

The account opening form comes from the front office after passing through

the first stage of audit. The officer "erifies the form and puts his signature

after the "erification and then account is opened on the name of beneficial

o$ner1s. The signature of the client1s is captured in the system and no$ the

account is released and ready to operate. The batch is created for all the

accounts opened in a day by the officer and client master is created for the

beneficial o$ner sho$ing all the details of the account holder. &ac) ffice

also sent the account opening )it to the client. &ac) ffice also do the act of

closing an account. 4"ery month, all the R 5 T agents are sent the reminder

for pending as $ell as for rejected share certificates $hich are not recei"ed.

The softcopy of the same is being sent to S4&2 and ;S-8. 'rie"ance report

is sent to ;S-8 e"ery month $ithout failure before the deadline gi"en by

;S-8.

Com"liance & Audit De"artment.

The -epartment do the Pre0Audit of Account pening +orms, "erification of

completeness of the +orms $ith respect to its Proofs, Signatures, &an) 5 -P

details and Agreements etc. 2t opens1release the client account for trading in

Gapital, Gommodity and Gurrency -eri"ati"e %ar)et and Allotment of !ni#ue

Glient Gode and for$arding the same for mapping thereto. 2t also does

acti"ities relating to OJG *)no$ Jour Glient, sub0bro)er registration acti"ities,

ne$ terminal acti"ation and cancellation.

+



Account De"artment.

4ach and e"ery e:pense is mentioned under specific head only. As far asboo)s of account are concerned mainly t$o statements are prepared i.e.

receipt and payment account and ban) reconciliation statement. !nder

receipt and payment statement smallest e:pense is being mentioned and

rele"ant proof has been attached. &an) Reconciliation Statement is prepared

and accordingly shortfalls are fulfilled.

2n account department -ifferent margins are also decided for different typesof slabs decided for bro)ers and margin for s#uare up is also decided here

only. +or preparing an account they use in house soft$are that is &4ATS.

Clearin' & %ettlement De"artment.

This -epartment do the settlement process of sold or purchased shares by

Pay02n and Pay0ut process as per T@ method for the client. 2f it9s the

matter of auction then auction is done on Thursday and the settlement of

shares or closeout is done. Sometimes it happens that client is not able to

pay for his purchase till ne:t day closing, at that time it $ould not be transfer

to -emate Account but the department )eep it in %argin Account *Pool

Account and after the payment by client, the shares are transferred to

client9s account.

Ris5 Mana'ement De"artment.

This -epartment mainly manages three types of Ris)s, They are/

+1



• Gompliance Ris).

- Gompliance by S4&2.

- Gompliance by 4:change.• Technology ris).

- Gonnecti"ity +ailure.

- Po$er +ailure.

- 4:change +ailure.

• -efault ris).

- Glient fails to accept the contract.

- Glient fails to pay.

a). Com"liance Ris5.

+or curtailing such ris) they ha"e pro"ided -2; systems $here to trade a

client needs to be mapped and before mapping all the rele"ant information is

chec)ed. 6ence to curtail such ris) they "erify that the client is trading only

through -2; terminal and &8T and ;4AT, if gi"en, should be used only onoccasions of a system failure. Remissers ha"e to "erify documents properly

and then to release the bro)erage pass out che#ues.

There is another compliance re#uirement by e:change that there should be

upfront margin before trading in futures and options. The shortfall abo"e a

certain limit may cause of penalty and suspensions. To curtail such ris) they

allo$ futures and options only $hen margins are sufficient.

b). echnolo'# Ris5.

2n Technology ris), there are primarily t$o types of connecti"ity "i3. -2;

Terminal to -2; %anager and -2; %anager to 4:change. Glient Terminal

+2



to %anager Gonnecti"ity can be chec)ed from time to time and the main

reason of failure may be un$anted traffic generated by 2R!S, $eather

effect on outdoor e#uipments. They )eep 2nternet and -2; Trading net$or)

separate, update 2R!S pattern minimum once in a $ee), "erify connecti"ity$ell in ad"ance before mar)et starts, arrange for regular maintenance, chec)

A%G contracts to a"oid delay in ser"ices are good practices to reduce

technology ris).

c@( De2ault Ris*(

-efault Ris) may arise in t$o $ays. +irstly, at times $hen client is trading and

some of the trades he may deny accepting. This may be genuine as the

dealer may ha"e punched $rong trade, say client has as)ed to sell and he

buys that scrip or "ice a "ersa, or the client has instructed orally to trade on

behalf of him and the trading ends up in losses. At times it may be in genuine

as the client changes his mind once the trade has ended up in losses. 2n

such scenario, they ta)e necessary actions, li)e/

- Gonfirmation on phone at the time of trade and phone

recorders.

- Sign on the confirmation slip printable from -2;.

- Gontract deli"ery and ac)no$ledgment.

- Trades should be sufficiently bac)ed by margins hence if the

client disputes, the company should not suffer any loss of in

genuine defaults.

And Secondly, ris) arise $hen Glient fails to pay for his debits. This is the

basic Ris) ta)en by any bro)ing company into the mar)et. -ifferent

procedures are carried out by different bro)ing houses to address the ris).

+3



6ere main role of ris) management systems comes into action. To a"oid such

ris)s and losses occur due to ris)s, the company pro"ides DCN e:tra trading

margin on client9s total in"estment.

Collection De"artment.

4"ery -ay, Gollection -epartment has to "ie$ a collection sheet and an aging

summary report $hich are sent from 6ead ffice on +TP in the e"ening. fficer has

to chec) and "erify the Ghe#ue Receipt 4ntries in the ledger account of branch

client. 2t also inform the clients $hose holding balance is in0sufficient. 2t is thedepartmental duty to "ie$ Ghe#ue Return and !nclear Amount entries e"ery day

and to ta)e immediate follo$0up $ith the party under intimation to the Gollection.

Presently, they are charging <=N interest on outstanding in the a1c of client on

monthly basis. The said interest is payable by the client if he1she fails to clear their

debit $ithin stipulated T@ pattern.

Dis"atch De"artment.

2n this department they are dispatching information related to all mo"ement of

mar$adi to clients and clients all mo"ements in mar$adi related to their shares.

2nformation $hich is dispatching in printed form and then sent to clients by courier

ser"ices. They ta)e P- means Proof f -eli"ery from courier ser"ices so they can

confirm that client9s document reach successfully.

This department undergoes many acti"ities but some of these are as follo$ing /

• Total Glient -ispatch

• -R+ -ocument -ispatch

• %onthly Statement

• &ro)er Statement

++



• 2P 2ntimation -isplay

• Rene$ Glient Account

• Account pening Oit *-R+, trade boo), letter etc

+



4./ >MA- R%9RC MA-A!M-

6uman Resource %anagement is a strategic approach to manage

employment relations. Gharacteristics of 6R% include line

responsibility for people managementE an integrating, Hbusiness0basedH

approach to human resource processesE indi"idualism rather than

collecti"ismE and proacti"e people strategies aiming, for e:ample, to

de"elop increased employee commitment and morale.

6uman resource management is responsible for ho$ people are traded in an

organi3ation, they deal $ith

<. &ringing people together in an organi3ation

@. 6elping them perform their $or)

D. Gompensating them for their $or)

L. Sol"ing problem that arise

RECRUITMENT

+-



• Recruit!ent refers to the process of attracting, screening, and

selecting #ualified people for a job. +or some components of the

recruitment process, mid0 and large0si3e organi3ations often

retain professional recruiters or outsource some of the processto recruitment agencies.

TRAINING$0

Angel has underta)en a campaign to strengthen the staff9s Gustomer

Relationship %anagement s)ills across the organi3ation, by planning highly

2nteracti"e training sessions $ith the aim pro"ide effecti"e ser"ices to the

clients.

The programs $ill be conducted by the 6R team $ith assistance from an

outsourced Trainer 5 $ill be held at the in house training centre. The training

programs $ill ha"e sessions li)eE 4ffecti"e Gustomer Ser"ice S)ills, 4ffecti"e

&usiness Gommunication, Telephone 4ti#uette, 40%ail 4ti#uette, Time

%anagement, 2nterpersonal S)ills, 4ffecti"e Selling S)ills, 6andling Gustomer

Gomplaints effecti"ely. 4tc. They e:pect serious commitment and

participation from the staff members for all the training initiati"es. These

people de"elopment programmes are an integral part of the performance

appraisal process and those e:celling in these programs can loo) for$ard to

be suitably re$arded.

+

http://en.wikipedia.org/wiki/Employment

http://en.wikipedia.org/wiki/Recruiter

http://en.wikipedia.org/wiki/Employment_agency

http://en.wikipedia.org/wiki/Employment

http://en.wikipedia.org/wiki/Recruiter

http://en.wikipedia.org/wiki/Employment_agency



EM&/O1EE MANAGEMENT

• 4mployee management is your first concern if you are a super"isor

or manager at $or). 4ffecti"e management and leadership of

employees allo$ you to accomplish your goals at $or). 4ffecti"e

employee management and leadership allo$ you to capitali3e on

the strengths of other employees and their ability to contribute to

the accomplishment of $or) goals. Successful employee

management and leadership promote employee engagement,

employee moti"ation, employee de"elopment, and employee

retention.

&ARO// MANAGEMENT

+/



• Payroll is defined as a method of administrating employees9

salaries in the organi3ations. The process consists of calculation of

salaries and ta: deductions of the employees, administrating the

retirement benefits and disbursements of salaries to employees. 2t can

also be called as an accounts acti"ity $hich underta)es the salaryadministration of employees in the organi3ation

4.4 %R$IC% 9; MARWADI+

4#uity and deri"ati"es

Gommodity

+0



2nternet Trading

-epository Participant

2P

%utual +und

P%S

Research

Euities - Derivatives

8oo)ing for an easy and con"enient $ay to in"est in e#uity and ta)e positions

in the futures and options mar)et using our research and tools. To start

trading in 4#uity, all you need to do is open an online trading account. Jou



can call us and $e $ill ha"e our representati"e meet you. Jou can get help

opening the account and get guidance on

ho$ to trade in 4#uity.

Co!!o"it$

%ar$adi Gommodity &ro)er P"t. 8td.

*%G&P8 is a member of both the e:change

*%GI1;G-4I that allo$s you to trade in all the

commodities traded at both the e:change. At %G&P8, $e not only ha"e

sound global information 5 )no$ledge base but also combine this $ith

e:cellent local )no$ledge $hen it comes to commodities. With our e:tensi"e

nation$ide presence and net$or), our product and mar)et )no$ledge

encompasses di"erse commodities and

mar)ets. ur specialists are armed $ith

e:tensi"e domain )no$ledge. We

understand the pricing dynamics dri"ing

these mar)ets and can help you to

design trading and hedging solutions

that allo$ you to achie"e your targets.

ur institutional lineage ensures that $e

al$ays maintain the highest possible

form of regulatory, professional and ser"icing standards in the business.

Internet Tra"ing$

%a)ing the right trade at the right timeU Welcome to our 40&ro)ing ser"ice

$hich brings you a e:perience of online buying and selling of shares $ith just

a clic).

A detail resource li)e li"e #uotes, charts, research and ad"ice helps you ta)e

proper decisions. ur robust ris) management system and <@= bit encryption

1



gi"es you a complete security about money, shares, and transaction

documents.

De'ositor &artici'ant$

2n the times of T@ ha"ing a -emat account lin)ed to your trading account

becomes more con"enient. The

non0trading members also can

a"ail of our -epository ser"ices.

Jou recei"e regular account

reports and an efficient ser"ice at

all times. %ar$adi is a member ofboth ;S-8 and G-S8.

6ighlights

<. Qualitati"e Ser"ice Standards

@. Gustomer +ocus

D. Speedy Ser"ice -eli"ery

L. +acilities of Trade 4:ecution at customers -oor Step

?. arious alerts through S%SB. All information related to transactions at the clic) of mouse

>. Tailor made Schemes to meet Gustomers ;eeds

=. 4:ecution of Trades through Speed0e 5 2deas

. Gompetiti"e ser"ice tariff in the industry

I&O$

2P or 2nitial Public ffer presents good opportunities

for netting high returns on your in"estments in arelati"ely short period of time 0 if you in"est early. 'et

information on 2P ne$s , +orthcoming 2Ps and a lot

more.

Mutual .un"$

2



A mutual fund is a pool of money that is in"ested according to a common

in"estment objecti"e by an asset management

company *A%G. The A%G offers to in"est the

money of hundreds of in"estors according to acertain objecti"es ( to )eep money li#uid or

gi"e a regular income or gro$ the money long

term. 2n"estors buy a sheme if it fits in $ith their

in"estment goals, li)e getting a regular income

no$ or letting the money accumulate o"er the long term. 2n"estors pay a

small fraction of their total fund to the A%G each year as in"estment

management fees.

&MS$

3



+or those $ho are too busy to trac) the mar)et, you can rela: and still profit

from the stoc) mar)et by in"esting in ur “ &A'6&AA;” series of three P%S

schemes/

&AR%AS2/ +or lo$ ris) lo$ return

%AR2'8-/ +or lo$ to medium ris) $ith stable to medium return

S!; +8W4R/ +or medium to high ris) high returns

Research$

%ar$adi nline Research 76abit9 0 the special research cell $here some of

2ndiaHs finest financial analysts bring you intensi"e research reports on ho$

the stoc) mar)et is faring, $hen is the right time to in"est, $hen to e:ecute

+



your order and more. Study reports on Gapital

%ar)et, Gommodity %ar)et, %utual +unds, 2Ps

and 4conomy on daily, $ee)ly or monthly basis.

And last, but not the least, you can get thesee:pert tips and recommendations as S%S on to

your mobile phone.

<.1 C9-CP 9; DRI$AI$%+

The term of deri"ati"es refer to the board class of financial instrument $hich

manly include option and future. These instruments deri"e their "alue from

the price and other related "ariable of the underlying asset. They do not ha"e

$orth of their o$n and deri"e their "alue from the claim they gi"e to their

o$ners to o$n some other financial assets or security. A simple e:ample of

deri"ates is butter, $hich are deri"ati"es of mil). The price depends upon

price of mil), $hich in turn depends demand and supply of mil). The generaldefinition of deri"ati"es means to dri"e something from something else.

D;I-II9- 9; ;I-A-CIA8 DRI$AI$%

“A security deri"ed from a debt instrument, share, loan $hether secured or

unsecured, ris) instrument or contract from difference or any other form of

security”

C8A%%I;ICAI9- 9; DRI$AI$%

&roadly deri"ati"es can be classified in t$o categories

a4Gommodity deri"ati"es



2n case of commodity deri"ati"es, underlying assets can be commodity

li)e $heat, gold, sil"er etc.

b4+inancial deri"ati"es2n case financial deri"ati"es underlying assets are stoc)s, currency,

bond and other interest rate bearing security etc.

2. I-R9DCI9- 9; ;R A-D 9PI9-

+hat "oes .uture - O'tions !eans in ter!s o2 Euit

Stoc* !ar*etF

Intro"uction$

+utures and options represent t$o of the most common form of F-eri"ati"esF.

-eri"ati"es are financial instruments that deri"e their "alue from an

HunderlyingH. The underlying can be a stoc) issued by a company, a currency,

'old etc., The deri"ati"e instrument can be traded independently of the

underlying asset.

The "alue of the deri"ati"e instrument changes according to the changes in

the "alue of the underlying. -eri"ati"es are of t$o types 00 e:change

traded and o"er the counter.

4:change traded deri"ati"es, as the name signifies are traded through

organi3ed e:changes around the $orld. These instruments can be bought

and sold through these e:changes, just li)e the stoc) mar)et. Some of the

common e:change traded deri"ati"e instruments are futures and

options.

-



"er the counter *popularly )no$n as TG deri"ati"es are not traded

through the e:changes. They are not standardi3ed and ha"e "aried features.

Some of the popular TG instruments are for$ards, s$aps, s$aptionsetc.

2. Futures

A H+utureH is a contract to buy or sell the underlying asset for a specific price

at a pre0determined time. 2f you buy a futures contract, it means that you

promise to pay the price of the asset at a specified time. 2f you sell a future,

you effecti"ely ma)e a promise to transfer the asset to the buyer of the future

at a specified price at a particular time. The Gontractual terms of the futures

contracts are "ery clear. The +utures mar)et $as designed to sol"e the

shortcomings in the for$ards contracts. !nli)e for$ards, futures are traded inorgani3ed e:changes. They also use a clearing house that pro"ides the

necessary protection to both the buyer and the seller. The price of the futures

contract can change prior to deli"ery. 6ence, both participants must settle

daily price changes as per the contract "alues.

4"ery futures contract has the follo$ing features/

• &uyer

• Seller

• Price

• 4:piry

Characteristics o2 .utures contract$

<. They are traded in organi3ed e:changes

@. Gredit ris) is eliminated $ith the margin system. &oth parties deposit a

portion of the contract $ith the clearing house.



D. &oth the buyer and seller are bound by the contract terms and are

e:pected to honour their end of the contract.

Some of the most popular assets on $hich futures contracts are

a"ailable are e#uity stoc)s, indices, commodities and currency.

+hat are stoc* !arginsF

F%arginF is borro$ing money from your bro)er to buy a stoc) and using your

in"estment as collateral. 2n"estors generally use margin to increase their

purchasing po$er so that they can o$n more stoc) $ithout fully paying for it.

&ut margin e:poses in"estors to the potential for higher losses.

8etHs say you buy a stoc) for Re?C and the price of the stoc) rises to Re>?. 2fyou bought the stoc) in cash account and paid for it in full, youHll earn a ?C

percent return on your in"estment. &ut if you bought the stoc) on margin 0

paying Re.@? in cash and borro$ing Re.@? from your bro)er 0 youHll earn a

<CC percent return on the money you in"ested. f course, youHll still o$e your

firm Re.@? plus interest.

The do$nside to using margin is that if the stoc) price decreases, substantial

losses can mount #uic)ly. +or e:ample, letHs say the stoc) you bought forRe.?C falls to Re.@?. 2f you fully paid for the stoc), youHll lose ?C percent of

your money. &ut if you bought on margin, youHll lose <CC percent, and you still

must come up $ith the interest you o$e on the loan.

%argin accounts can be "ery ris)y and they are not suitable for e"eryone.

&efore opening a margin account, you should fully understand that/

• Jou can lose more money than you ha"e in"estedE

• Jou may ha"e to deposit additional cash or securities in your accounton short notice to co"er mar)et lossesE

• Jou may be forced to sell some or all of your securities $hen falling

stoc) prices reduce the "alue of your securitiesE and

• Jour bro)erage firm may sell some or all of your securities $ithout

consulting you to pay off the loan it made to you.

/



5.2 Options:

An options contract is nothing but the right to buy or sell something at a

specified price $ithin a period of time. The feature of the options contract for

a buyer is that, the buyer has the right to buy, but he may choose to buy or

may e"en choose to cancel the contract. 6ence the buyers ma:imum loss is

only the initial amount that $as paid to gain the rights. !nli)e buyers, the

options contracts for sellers are an obligation. 2f a seller enters into an

agreement, he has to deli"er the asset on the specified date and the price

agreed upon. Thus the loss for a seller could be much $orse.

2.4 9"tion #"es+

There are t$o types of option contracts/ Gall ptions and Put ptions.

Gall ptions gi"e the option buyer the right to buy the underlying asset.

Put ptions gi"e the option buyer the right the sell the underlying asset.

The simple e:amples so far ha"e only been call options i.e. gi"ing you the

right to buy the underlying asset. JouHre probably already thin)ing F$hat

about if 2 $ant to sell the shares instead of buy them at Re.@?CV” That is $hy

these t$o types of option contracts *Galls and Puts e:ist.

2n our pre"ious e:ample, Peter bought a call option from Sarah. Peter also

could ha"e bought a put option from Sarah. &uying a put option means that

Peter buys the right to sell Tata steel shares at Rs.@?C on the ?th of %ay.

Therefore Peter $ill ma)e a profit if the mar)et is belo$ Rs@?C on the day of

e:piration.

&uying put options enables in"estors to profit $hen the mar)ets fall $ithout

ha"ing to sell short stoc).

&uyers of put options ha"e unlimited profit potential if mar)ets begin to sell

off. Put option holders also ha"e limited ris) if the mar)et goes against them

i.e. up.

0



To get a better understanding of the payoff of a put option, ta)e a loo) at the

follo$ing option strategy graphs/

8ong Put ption *&uying a Put ptionShort Put ption *Sell a Put ption

And then compare put option graphs to the follo$ing call option graphs/

8ong Gall ption *&uying a Gall ption

Short Gall ption *Sell a Gall ption

/ong &ut

Co!'onents A long put is simply the purchase of one put option.

Ris* ReBar"%a:imum 8oss/ 8imited to the net premium paid for the option.

%a:imum 'ain/ !nlimited as the mar)et sells off.

Short &ut

Co!'onents

A short put is simply the sale of a put option(

Ris* ReBar"

-



%a:imum 8oss/ !nlimited in a falling mar)et.

%a:imum 'ain/ 8imited to the premium recei"ed for selling the put option.

/ong Call

Co!'onents A long call is simply the purchase of one call option.

Ris* ReBar"%a:imum 8oss/ 8imited to the premium paid up front for the option.

%a:imum 'ain/ !nlimited as the mar)et rallies.

;ot only $ill your losses be limited on the do$nside, you $ill still benefit

infinitely if the mar)et stages a strong rally. A long call has unlimited profit

potential on the upside.

Short Call$

Co!'onents

A short call is simply the sale of one call option. Selling options is also )no$n

as F$ritingF an option.

Ris* ReBar"

%a:imum 8oss/ !nlimited as the mar)et rises.

%a:imum 'ain/ 8imited to the premium recei"ed for selling the option.

REASONS .OR USING O&TIONS$

ptions differ considerably from futures. When used prudently, options can

be of immense importance, especially in attempting to preser"e the "alue of

an e:isting fi:ed0income portfolio.

-1



To many in the financial mar)ets, options are considered FinsuranceF against

ad"erse price mo"ements $hile offering the fle:ibility to benefit from possible

fa"orable price mo"ement.

The reasons for using options on futures are reflected in the structure of an

option contract.

The decision to e:ercise the option is entirely that of the buyer .

The purchaser of the option can lose no more than the initial amount

of money in"ested *premium. That is not the case, ho$e"er, for the

buyer of a futures contract.

An option buyer is ne"er subject to margin calls. This enables the

purchaser to maintain a mar)et position, despite any ad"erse mo"es

$ithout putting up additional funds.

STRATEGIES O. TRADING$

.UTURE O&TION

Share &uy Put &uy

Share Sell Gall &uy

Share buy Gall Sell

Share Sell Put Sell

Mar*et +atch .or Call an" &ut O'tion$

CA// O&TION$

-2





bet$een t$o or more parties to e:change stream of cash flo$ o"er a period

of time in the future the parties they agree to s$ap are )no$n as counter

parties.

TBo co!!onl use" sBa's are14Interest rate sBa's$

Which entail s$apping only the interest related cash flo$

bet$een the parties in the same currencyV

24currenc sBa's$

These entail s$apping both principal and interest bet$een

the parties, $ith the cash flo$ in one direction being in a different

currency than the cash flo$ in the opposite direction.

-+



;(= RESEARC METODO/OG1

6. I-R9DCI9-

Research is an academic acti"ity and as such the term should be used in a

technical sense. Research is the search for the )no$ledge. nce can also

define research as a scientific and systematic search for rele"ant information

on a specific topic. 2n fact, research is an art of scientific in"estigation. “a

careful in"estigation or in#uiry specially through search for ne$ facts in any

branch of )no$ledge.” is also called research. -efine and redefine problems,

formulating hypothesis or suggested solutionE collecting, organi3ing and

e"aluating dataE ma)ing deductions and reaching conclusions and at last

carefully testing the conclusions to determine $hether they fit the formulating

hypothesis. “The manipulating of things, concept or symbols for the purpose

of generali3ing to e:tend. Gorrect or "erify )no$ledge, $hether that

)no$ledge aids in construction of theory or in the practice of an art.”

&asic research is also called 7fundamental9,9 theoretical9 or 7pure9 research.

-



The methodology follo$ed in the research is e:plained here in the form of

distinguished steps/

6./ D;I- R%ARC> PR9*8M

" research problem in general refers to some difficulty which aresearcher e=periencein the conte=t of either a theoretical or practical situation or wants toobtain a solutionfor the same. 7ur research problem is the eri*ati*e market in India in>marwadi groupltd.

6.4 R%ARC> 9*CI$%

(he research objecti*e of deri*ati*es market in India is?1. (o study the history of deri*ati*e market in India

2. (o study the *arious product a*ailable under deri*ati*es in India3. (o study the in*estor preference towards deri*ati*es market in India+. (o study the *olume and turno*er of in*estors towards deri*ati*esmarket inIndia

6.< RAI9-A8 9; %D:

• 2dentifying and defining opportunity and problem.

--

"nalysisof ata

$reparationof $roject

@esearchobjecti*e

$roblemIdentify

@esearchdesign



• 2mpro"ing our understanding of the "arious field of management.

• Research helps the management to discharge its managerial function

of planning forecasting, co0ordination, moti"ating, controlling, and

e"aluating effecti"ely.

• Research helps de"eloping ne$ products or modifying e:iting product,

ne$ mar)et etc., is continuous process in business.

/.6 H7P!8H"(I(

" hypothesis is a specific, testable prediction about what you e=pect tohappen inyour study. 5or e=ample, a study designed to look at the relationshipbetween sleep

depri*ation and test performance might ha*e a hypothesis that states,A(his study isdesigned to assess the hypothesis that sleep depri*ed people willperform worse on a testthan indi*iduals who are not sleep depri*ed.A)nless you are creating a study that is e=ploratory in nature, yourhypothesis shouldalways e=plain what you expect to happen during the course of youre=periment orresearch.@emember, a hypothesis does not ha*e to be right. While the

hypothesis predicts

-



what the researchers e=pect to see, the goal of research is todetermine whether thisguess is right or wrong. When conducting an e=periment, researchersmight e=plore anumber of different factors to determine which ones might contribute

to the ultimateoutcome.In many cases, researchers may find that the results of an e=perimentdo not supportthe original hypothesis. When writing up these results, the researchersmight suggestother options that should be e=plored in future studies.Ho5 while in*esting in *arious deri*ati*es instrument considered*arious factors areuniformly distributedH5 while in*esting in *arious deri*ati*es instrument considered

*arious factors are notuniformly distributed

6.= DAA C988CI9-

Sources of -ata

Gollection of the data is an essential part of the $hole project $or), only the

data collection is not sufficient but to analy3ed and interpret and present them

in meaningful manner. The data may be either primary or secondary.

&ri!ar "ata$

The data, Which is collected directly from the respondent to the base of

)no$ledge and belief of the research, is called primary data.

2 ha"e collected all primary data through obser"ation and sur"ey through the

#uestionnaire.

-/



Secon"ar "ata$

When the data is already a"ailable in form of published or unpublished data

use for research called secondary data.

• Internet

• %oo*s

• MagaHines

Sa!'ling &rocess$

2t is "ery true that to do the research $ith the $hole uni"erse. As $e )no$

that it is feasible to go to the population sur"ey because of n number of

customers and their scattered location. so for this purpose sample si3e has to

be determined $ell in ad"ance and selection of sample is base on non

probabilistic sampling.

So far as our research is concerned, $e ha"e ta)en sample si3e of <CC

respondents. We ha"e selected sample from Amreli city for the data

collection about trading strategies of customers in cash mar)et and future

and option in financial mar)et.

!ni"erse A%R482 GitySampling techni#ue ;on Random SamplingSample Si3e <CC

Research 2nstrument A structured 5 formatted #uestionnaireSampling !nit &usiness man non random

6ouse$ife non random

+armer non random

Ser"ice non random

ther non random

-0



/IMITATIONS O. TE STUD1

The limitations of this study are as follo$s/

• &ersonal %ias$

So!e res'on"ents !a have ha" 'ersonal #ias "ue to Bhich the

!a not have given the correct in2or!ation an" "ue to Bhich the

right conclusion !a not have #een "erive" at(

• Area$

The area Bas li!ite" onl to A!reli cit( The result !a have varie",

i2 it Bas con"ucte" so!eBhere else(

• Sa!'le SiHe$

The Sa!'le siHe ta*en is onl 4== "ue to ti!e constraint Bhich !a

not result in ver accurate results(

• Ti!e /i!it$

The time limit ta)en for conducting the research $as "ery less $hich

could also be one of the limitations of the study.





(he pie chart shows that out of total sample siFe 1+ C are

female and /- C are male

A'e 5

"ge of respondents ?

5reBuency1/92 +29+ ++

"bo*e + 1- (otal 1

D(able92E

(he pie chart represent that out of total sample siFe 1- C

people are of 1/ to 2 years old while 3+ C people are of 2 to

+ years old and remaining C people are abo*e + years.

"ducation of respondents5

2



5reBuency $ercentage$rimary + +Gigh %econdary 2 2

'raduate 3- 3-$ost 'raduate 3 37ther 1 1 (otal 1 1

D(able93E

7ut of the total sample siFe + respondents are studied below

1th standard, 2 respondents are studied between 1th and

12th standard, 3- respondents are studied up to graduation

le*el, 3 respondent are studied up to post graduation le*el, 1

respondents are studied other courses

!ccupation of respondents?

5reBuency!usiness person 13%er*ices +5armer 2+Gousewife 0

7ther 0 (otal 1

D(able9+E

7ut of the total sample siFe 13 C are

businessmen8businesswomen, + C are %er*ices "nd 2+C are

3



farmers, 0 C are housewife and remaining 0 C are doing other

occupation.

Income 9%ont&*y:5

5reBuency $ercentage

9 2 2

91 2+ 2+192 2- 2-29 21 21"bo*e 0 0 (otal 1 1 D(able9E

7ut to the total sample siFe 2C respondents ha*e less than

@s. Income, 2+C respondents ha*e @s. to 1 @s. Income,

2-C respondents ha*e 1 @s. to 2 @s. Income, 21C

respondents ha*e 2 @s. to @s. Income while 0C

respondents has more than @s. Income.

Are you aware a;out s&are market<

Particu*ar =re>uency :es -0Ho 31

D(able9-E

+



In my 1 sample siFe there are only -0C of respondent are

aware about market and in*ested in stock market. 7ther 31C

respondents are not aware about market.

If yes, &ave you ever invested in stock market<

Particu*ar =re>uency :es 3/Ho 31

D(able9E

In total respondent -0C are aware about the market but amongthem only 3/ respondent are made in*estment in stock market,

and other 31 respondent ha*e not tried to in*est in stock

market.



7ear of Investment5

:ears 5reBuency $ercentages

9 1 :ear / 2119 3 :ears 12 3239 :ears 11 20"bo*e :ears 1/ (otal 3/ 1

D(able9/E

(he bar graph represent that out of total sample siFe 21C $eople

are in*esting in stock market for o to 1 :ears, 32C people are

in*esting in stock market for 1 to 3 years, 20 C people are

in*esting in stock market for 3 to years while 1/ C people are

in*esting in stock market for more than :ears.

?&at is t&e appropriate instrument for your

investment<

5reBuency $ercentage<Buity 23 1+.3/Mutual fund 21 13.13$ost 7ffice 3 21.//%a*ings 1 -.2!ank eposit 3/ 23.@eal <state 12 .

$$5 / 7ther 13 /.13 (otal 1- 1 D(able90E

$eople in*est their money in different in*estment instruments.

1+.3/C $eople in*est their money in eBuity, 13.13C $eople in*est

their money in mutual fund, 21.2/ C $eople in*est their money in

$ost 7ffice, -.2 C $eople in*est their money in %a*ings, 23.C$eople in*est their money in !ank deposits, .C $eople in*est

-



their money in real estate, C $eople in*est their money in $$5,

/.13 C $eople in*est their money in 7ther in*estment instruments.

Accordin' to you w&ic& instrument 'ive you more

return<

Particu*ar =re>uency">uity @%utua* fund 6Post !ffice B

(avin's @+ank Deposit @-ea* "state 2PP= 6!t&er 8ota* 1

D(able91E

7ut of total 2 respondents belie*e that eBuity gi*e more to than

while 1 respondents belie*e that mutual fund gi*e more to return,

10 respondents belie*e that $ost office is best instrument for gi*ing

more return to them. 2 respondents belie*e that as per the

in*estment objecti*e sa*ing gi*e them safe return 21 respondents

belie*e that real bank deposit pro*ide better return on their

in*estment and / respondent belie*e that estate gi*e more return.

While respondents belie*e that $$5 gi*e more return and 1

respondents belie*e that other instrument gi*e them more return

like insurance, business.

?&at are your investment o;Cectives<



5reBuencyGigh risk and high return 3Gigh risk and low return ;ow risk, high return 3;ow risk, low return 33

(otal 1 D(able911E

3 respondents belie*e that they want high return bearing a high

le*el of risk. (hese people mostly in*est their money in eBuity and

mutual fund. Ho one want bear high risk to achie*e low return while

3 respondents belie*e that they want high return bearing a lowle*el of risk and these people in*est in different instrument like

eBuity, mutual fund, $ost office etc. 10 respondents want low

return because they dont want to bear high risk mostly they in*est

their money in bank deposit, post office and in debenture or bond.

?&ic& type of tradin' you prefer in financia*market<

$articular 5reBuency $ercentageJash market 13 3+.21future and option 1+ 3-./+!oth 11 2/.0 D(able912E

"mong all in*estors in share market 3+C respondent in*est or

trade in share market with cash market or deli*ery market, their

/



main focus to earn money with safe hand. "nd 3C respondent

in*est money in market with future and option (heir main moti*e

is to earn more money from market changes in short period of time.

"nd 20 C respondents in*est their money through both way cashand 567 in financial share market.

If you are investing in cash market what is the reason behind it?

-eason =re>uency Percenta'e

safe tradin' + 3.

*on' term

investment

3 23./

market trend 3/.+-

!t&er 1 .-0

8ota* 13 1

[Table-13]

Most of the people of the cash market investor believe that cash market is safest way

of trading. So 31 select this tool for the safe trading and !3 select this tool

for long term investment in financial market. "nd 3# select this tool

beca$se they don%t know how to trade in f$t$re market with safety and in

other # reason cash market is done for p$nishment or penalty.

If you are invest in =! on*y ?&at is t&e reason

;e&ind invest in future and option market on*y<

-easons =re>uency Percenta'e

=or s&ort term 'ain 3 21.+3

Lack of money + 2/.

0





?&y do you use ca** and put option in future

tradin'<

Particu*ar =re>uency Percenta'e

8o cover *oss - 2+C

=or tradin' 2/C

=or safety 1 +C

ot&er 2 /C

8ota* 2 1C

D(able91-E

Jall and $ut option are useful to co*er loss and make it limited

according to 2+C respondent "nd 2/C respondent think that it is

*ery useful tool for trading in market and +C think that it pro*ide

safety against market trend and other /C people belie*e that this

tool is useful to earn money in different situation with low margin.

E@ 8est

H ? (here is no any difference between cash market and future

and option trading in financial market.

Ha ? (here is significant difference between cash market and

future and option trading in financial market.

/1



!;served=re>uency9=o:

"Fpected=re>uency9=e:

9=oG=e: 9=oG=e:@

=e

cas&

market

13 2 912 .-

=uture !ption

1+ 2 911 +./+

+ot& 11 2 91+ ./+

#one -2 2 3 +.-

8ota* 1 3.2

D(able91-E

Jalculated *alue K 3.2

(able *alueat Cle*el of significance4 K +914K 3

Lalue is ./1

Jalculated *alue (able *alue

3.2 ./1 %o Hull Gypothesis is reCected.

It means there is a significant difference between the cash market

and future and option trading.

.in"ings$

2n this study $e found that most of people $ant to in"est in share

mar)et because they belie"e that it is safe for trading.

%ost of &usinessman are in"ested in stoc) mar)et and farmers and

$omen are "ery less in"estors in stoc) mar)et

/2



+uture and option trading is based on the lot si3e of the share mar)et

and lot for the share mar)et is high so small in"estors are not ready for

the trading because ris) is more than in"estment.

There are less person $ho in"est their money from last fi"e or more

years in share mar)et.

%argin for the trading is high amount so small in"estors $ho ha"e

small amount of money for in"estment they cannot in"est in the stoc)

mar)et.

%ostly graduate people in"est their money in stoc) mar)et an

especially in both the mar)et.

Suggestions$

There is lac) in"estment in stoc) mar)et in Amreli because a$areness

for the in"estment in mar)et is "ery lo$ so more focus on the

promotion and ad"ertisement is re#uired to ma)e a$are to the public.

/3



2rregularity of the moc) round trading in the stoc) mar)et so it is most

re#uired to ma)e it regular and definite time and date li)e e:am time

table.

Wrong image of share mar)et in public mind so remo"e it though the

any e"ent or programme.

Whate"er tips is gi"en to the client and customer should be on the

basis of the proper research and data analysis.

+uture and option trading is based on the lot si3e of the share mar)et,so lot si3e for the share mar)et should be lo$ so small in"estors can

in"est their money in future and option.

%argin is for trading should be lo$ so it is possible to ma)e small

amount as in"estment for small in"estors.

Conclusion+

2n share mar)et there are lots of bro)erage houses among $hich pro"ide all

the facility regarding trading and other facility to the in"estors so it is possible

to ma)e trading easily for the in"estor or client. There are mainly t$o type of

/+



trading online trading and offline trading but most of the in"estor prefer offline

trading because lac) of )no$ledge of technology used in stoc) mar)et.

-uring my training time 2 found that people in"est their money in safe 3one sothey do not prefer share mar)et especially future and option mar)et for the

trading.

!89%%AR:

There are se"eral important terms the $ould0be user of options on futures

should understand. They include/

Call o'tion/

/



'i"es the buyer the right, but not the obligation, to buy a specific futures

contract at a predetermined price $ithin a limited period of time.

&ut o'tion/'i"es the buyer the right, but not the obligation, to sell a specific

futures contract at a predetermined price $ithin a limited period of

time.

ol"er /

The buyer of the option.

&re!iu!$

The amount paid by the buyer of the option to the seller.

+riter$

The option seller.

Stri*e 'rice$

The predetermined price at $hich a gi"en futures contract can be

bought or sold. Also called the eBercise "rice, these le"els are set at

regular inter"als. +or e:ample, if Treasury bond futures $ere at >0CC,

T0bond option stri)e prices $ould be at >L, >B, >=, =C, =@, and =L.

At0the0!one/

An option is at0the0money $hen the underlying futures price e#uals, or

nearly e#uals, the stri)e price. +or e:ample, a T0bond put or call option

is at0the0money if the option stri)e price is >= and the price of the

Treasury bond futures contract is at, or near, >=0CC.

In0the0!one$

A call option is in0the0money $hen the underlying futures price is

greater than the stri)e price. +or e:ample, if Treasury bond futures are

at =C0CC and the T0bond call option stri)e price is >=, the call is in0the0

/-



money. The put option is in0the0money $hen the stri)e price of the

option is greater then the price of the underlying futures contract. +or

e:ample, if the stri)e price of the put option is =C and T0bond futures

are trading at >>0CC, the put option is in0the0money.Out0o20the0!one$

A call option is out0of0the0money if the stri)e price is greater than the

underlying futures price. +or e:ample, if T0bond futures are at =C0CC

and the T0bond call option has an =@ stri)e price, the option is out0of0

the0money. The put option is out0of0the0money if the underlying futures

price is greater then the stri)e price. +or e:ample, if T0bond futures areat >>0CC, and the T0bond put option stri)e price is >B, the put option is

out0of0the0money.

Con"ition Call O'tion &ut O'tionIn0the0!one +utures X Stri)e +utures Y Stri)eAt0the !one +utures Stri)e +utures Stri)e

Out0o20the0!one +utures Y Stri)e +utures X Stri)e

*I*8I9!RAP>:+

%OO3S$

1. G.R.Oothari, <C Research %ethodology @nd edition i)as publishing

house P"t. 8td. ;e$ -elhi.

2. Prasanna Ghandra, 2n"estment Analysis and Portfolio %anagement @nd

edition, Tata %c 'ro$ hill Publishing Gompany 8td. ;e$ -elhi

Internet$

$$$.mar$adionline.com

/

http://www.marwadionline.com/

http://www.marwadionline.com/



$$$.nseindia.com

$$$.bseindia.com

MagaHines$Equities Magazine

Financial Times

Stock Market Digital

Stock Price Today

NeBs'a'er$

+inancial 4:presses4conomic Times of 2ndia

&usiness Standard

@uestionnaire+

-ear Sir1%adam,

The aim of the present sur"ey is to )no$ about in"estors9 a$areness to$ardsshare mar)et and in"esting ratio in share mar)et. We assure you thatinformation gi"en by you $ill be used as the data of the sur"ey, all theinformation $ill be )ept confidential.

&ERSONA/ DETAI/$

//

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http://www.stockpricetoday.com/

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http://www.ft.com/

http://www.stockmarketdigital.com/

http://www.stockpricetoday.com/



Na!e $A""ress $

Se / %ale Z [ +emale Z [

Age / <=0@? Z [ @?0LC Z [ LC or more Z [

E"ucation $ Primary Z [ 6igh Secondary Z [ 'raduate Z [

Post 'raduate Z [ ther *Please specify Z [

Occu'ation $&usinessman Z [ Ser"ices Z [ +armer Z [

6ouse$ife Z [ ther*Please specify Z [

Inco!e ?Monthl@$ C0?CCC Z [ ?CCC0<CCCC Z [ <CCCC0@?CCCZ [

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Please tic) bo: $here gi"en.

1. Do #ou inest #our mone# in arious financial instruments

:es ( ) -o ( )

2. If #es, Ehere do #ou inest #our mone#

Insurance ( ) *an5 De"osit ( )

Stoc* Mar*et ? @ Co!!o"it Mar*et ? @

Mutual .un" ? @ Real Estate ? @

Others ? @

/0



3. .ro! hoB !an ears "o ou invest in stoc* !ar*etF

=04 ? @ 405 ? @

507 ? @ 709 ? @

9 or !ore ? @

+. +hat are our invest!ent o#jectivesF

igh ris* an" high return? @ igh ris* an" loB return ? @

/oB ris*, high return ? @ /oB ris*, loB return ? @

. Ti!e "uration o2 our invest!ent

/ong ti!e ? @ short ti!e ? @

%oth ?long - short@ ? @

-. Do ou invest in Euit Mar*etF

1es ? @ No ? @

. I2 es, Bhich 2actor !otivate ou to invests in the Euit !ar*etF

Sa2et tra"e ? @ A"visor Reco!!en"ation ? @

igher return ? @ .rien"s - Relatives ? @

/. +hen "o ou ta*e "ecision to invest in euit !ar*etF

igh In"e ? @ /oB In"e ? @

Accor"ing to convince ? @

0. +hat is the !o"e o2 our Invest!entF

Intra"a ? @ %u To"a - Sell To!orroB ? @

Deliver ? @ .uture, o'tion ? @

1. Do ou Regular chec* !ar*et 'riceF

1es ? @ No ? @

11. +hich t'e o2 tra"ing ou 're2er in 2inancial !ar*etF

Cash !ar*et ? @ 2uture an" o'tion ? @

0



%oth ? @

45( I2 ou are investing in cash !ar*et Bhat is the reason

#ehin" itFSa2e tra"ing ? @ /ong ter! invest!ent ? @

Mar*et tren" ?ris* avoi"ance@ ? @ other((((((( ? @

13. I2 ou are invest in .-O onl Bhat the reason is #ehin"

invest in 2uture an" o'tion !ar*et onlF

.or short ter! gain ? @ /ac* o2 !one ? @

Mar*et tren" ? @ other(((((((((((( ? @

1+. ave ou ever trie" 2or call an" 'ut o'tionF

1es ? @ No ? @

1. +h "o ou use call an" 'ut o'tion in 2uture tra"ingF

To cover loss ? @ 2or tra"ing ? @

.or sa2et ? @ other ?s'eci2@(((((((((((((((((( ? @

1-. Do #ou earn handsome return from stoc5 mar5et

:es ( ) -o ( )

Suggestions$

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Than* ou

Sip on Derivative market in india

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