Project Report: "Research Analysis On Various Discount Brokerage and Full Time Brokerage Online Trading Firms"

Project Report
On
“Research Analysis on Various Discount Brokerage and Full

Time Brokerage Online Trading Firms”
Submitted by:
Jaydeep Ramesh Jadhav
Finance
Roll No. 75
IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES
BATCH 2017-18
UNDER THE GUIDANCE OF

Prof. Priyanka Chatta
PILLAI’S INSTITUTE OF MANAGEMENT STUDIES AND

RESEARCH
NEW PANVEL, NAVI MUMBAI – 410206
1
CERTIFICATE OF APPROVAL
This is to certify that the project titled “Research Analysis on Various

Discount Brokerage and Full Time Brokerage Online Trading
Firms” as a part of the curriculum of Master of Management Studies submitted
by Mr. Jaydeep Ramesh Jadhav, a student of Pillai Institute of Management
Studies and Research has been approved.
_____________ _______________
Prof. Priyanka ChattaDr. Satish Nair

Faculty Guide Director
2
DECLARATION
I declare that this project report titled “Research Analysis on Various

Discount Brokerage and Full Time Brokerage Online Trading
Firms” is my own original work, and that all sources that I have consulted have
been duly acknowledged.
Date: Signature:
Place: Name: Jaydeep Ramesh Jadhav
3
ACKNOWLEDGEMENT
Apart from my efforts, the success of any project depends largely on

the encouragement and guidelines of many others. I take this opportunity to
express my gratitude to the people who have been instrumental in the successful
completion of this project.
I am grateful to my project guide Prof. Priyanka Chatta for giving her

valuable guidance in design and the changes that were required to be made for
the proper implementation of the project. Without those efforts this project
would not have been successful.
I would also like to thank my college where I have gained plenty of

knowledge which helped me in turning this project a success. I would also
extend my thanks to our Director for the support and facilities provided to me
for the same.
I would like to thank all those who directly and indirectly helped me in
completion of this project.
4
Executive Summary
With the increase in number of stock broker, people have a lot of option to choose from, but still
it is not easy to choose. A brokerage firm, or simply brokerage, is a financial institution that
facilitates the buying and selling of financial securities between a buyer and a seller.
Brokerage firms serve a clientele of investors who trade public stocks and other securities,
usually through the firm's agent stockbrokers. A traditional, or "full service", brokerage firm
usually undertakes more than simply carrying out a stock or bondtrade. The staff of this type of
brokerage firm is entrusted with the responsibility of researching the markets to provide
appropriate recommendations, and in doing so they direct the actions of pension fund managers
and portfolio managers alike. These firms also offer margin loans for certain approved clients to
purchase investments on credit, subject to agreed terms and conditions.
Traditional brokerage firms have also become a source of up-to-date stock prices and quotes.[2]
When a brokerage firm, in addition to buying and selling for clients, transacts for its own
account, it is known as a broker-dealer.
Now there is a transformation in the dealing with the brokerage the brokerage is going down and
down just to be in the competitive stock brokering business environment. Now we will do the
Research and analysis on the type of stock broking firm full time or discount brokerage if a
person selects full time than which is the best full time stock broking firm and which is the best
discount stock broking firm for online trading .
This Analysis will be done on the different parameter like profit, active clients, brokerage plan,
pricing policy, account charges etc. first we will have a over view of Indian stock brokering firm
and then do the individual company analysis and then comparative company analysis.
Online trading vsOffline : Most of the brokers have started to provide online trading services to
their customers. Some of them also provide trading on phone or even physically at their location.
Decide what would be a good fit for you. If you are comfortable trading online from your
laptop/desktop, you will find that most of the major brokers are providing that services. There
are some people who prefer to trade on brokers terminal, make sure that you check with your
broker if he have a terminal near your place.
Full-Service Broker :-full-service broker is a licensed financial broker-dealer firm that provides
a large variety of services to its clients, including research and advice, retirement planning, tax
tips, and much more. Of course, this all comes at a price, as commissions at full-service
brokerages are much higher than those at discount brokers.
Full-service brokers can provide expertise for people who don't have the time to stay up-to-date
on complicated issues such as tax or estate planning; however for those who just want to execute
trades without the extra services, discount brokers are the way to go.
5
Discount broker Firm :-A discount broker is a stockbroker who carries out buy and sell orders
at a reduced commission compared to a full-service broker but provides no investment advice.
Before the emergence of technology, only the wealthy could afford a broker and get access to the
stock market. However, the internet has brought an explosion of discount brokers that let
individuals with smaller capital to trade at a smaller fee.
Unlike full-service brokers, discount brokers do not provide personal consultations, advice,
research, tax planning, and estate planning services for customers.
Discount broking has picked up as a segment in India with brokerages offering execution
services only on a flat fee model. The number of discount brokers in India is up from single digit
to now 20-30. However, the industry is stuck at offering a base model only. Consumers have the
option to transact online by opting for a pay-per trade model, however that's a complete no frills
model. No demat services, advisory services or working capital being blocked by the broker.
6
INDEX
Topic “Research Analysis on Various Discount Brokerage and Full
Time Brokerage Online Trading Firms”
Chapter 1. Introduction
 Overview of Stock Brokering Industry
 Objectives of the study
 Research methodology - Primary /secondary data
 Literature Review
Chapter 2.
Company profile
Chapter 3.  Company & Data Analysis and Interpretation Part - I
(Discount Brokerage Firms )
 Company & Data Analysis and Interpretation Part - II
(Full Time Brokerage Firms )
Findings
Conclusion
Suggestions and recommendations
References (includes books and websites)
7
Chapter 1.Introduction
8
Overview of Stock Brokering Industry
The stockbrokers are the members of the stock exchange. The exchange executes its various
functions through the members and the members have no existence in isolation from stock
exchanges. It is highly desirable that the organ station and management of exchanges are brought
to study. The stock exchanges have organized themselves either in the form of public limited
company or a company limited by guarantee or as a voluntary non-profit milking association.
The recognized stock exchanges are administered through governing body comprising of
elected and nominated members. The governing body has jurisdiction over the members of the
exchange, the committees and subcommittees. It has an absolute power to interpret rules, bye-
laws and regulations of the exchange and to decide all points, questions and disputes relating to
the affair:; of the stock exchange; and the conduct of the members towards each other or towards
third parties.
Any interpretation or decision taken by the governing body is final, conclusive and
binding on all members, their partners, employees and on all persons dealing with them. The
governing body is responsible for managing the properties of finances of the exchange. Under
the constituter’s of the exchange, the governing body Has the power to elect office bearers and
appoint committees. It has also the right to admit and expel members.
The committees appointed by the governing body are normally empowered to approve
and regulate the formation and dissolution of partnerships of members, appoint attorneys, agents,
authorized clerks and employees of members. It can also examine and investigate the financial
position and the dealings of the members
The (Securities Contract Regulation) Act, 1956, empowers the Central Government to
nominate outsiders not exceeding three in number on the boards of recognized stock exchanges.
In addition, the government can direct the stock exchanges to appoint an executive director on
their boards.
- We wil further see what are Discount and full time brokerage firm in Details
Discount brokerage
Advantages Of Discount Broker /Disadvantage of Discount Broker.
Full time Brokerage

Advantages Of Full service Broker / Disadvantage of Full Service Broker.
1.) Discount brokerage

9
Discount broker is a stockbroker who carries out buy and sell orders at a reduced
commission compared to a full-service broker but provides no investment advice. Before the
emergence of technology, only the wealthy could afford a broker and get access to the stock
market. However, the internet has brought an explosion of discount brokers that let individuals
with smaller capital to trade at a smaller fee.
Unlike full-service brokers, discount brokers do not provide personal consultations,

advice, research, tax planning, and estate planning services for customers.
The discount broking is a concept where a broker charges relatively lower commissions as
compared to market norms and attract the existing clients of other firms in the field. Since the
rates are significantly lower, they usually resort to automated servicing- mainly online. Discount
brokers typically do not charge an annual service fee or maintenance fees on their customer’s
account.
Discount Brokers in India

The discount broking is a concept where a broker charges relatively lower commissions as
compared to market norms and attract the existing clients of other firms in the field. Since the
rates are significantly lower, they usually resort to automated servicing- mainly online. Discount
brokers typically do not charge an annual service fee or maintenance fees on their customer’s
account.
Advantages Of Discount Broker

1) Discount Broker offers very low brokerage plan.
2) Discount Brokers offers monthly brokerage plan, per trade plan, each segment plan. so u can
select best plan as per your requirement.
3) Discount Broker is useful for intraday traders.
Disadvantage of Discount Broker.

1) May be there is no office or branches in your city.
2) You have to contact on customer care number for all query.
3) No information about stock markets prices, News, IPOS, Mutual fund on Websites.
4) client cant visit the branch or office for Trading.
2.) Full time Brokerage

10
Traditional “full-service” brokers do more than just facilitate the buying and selling of
a stock or bond. These brokers tend to offer a wide array of services and products, including
financial and retirement planning, investing and tax advice and regular portfolio updates.
Since you are getting personalized recommendations and service, traditional brokerages
often come with higher fees, generally charging 1-2% on the assets managed. For instance, a
$100,000 portfolio would cost $1,000 to $2,000 in fees annually. That could dig into your profits
over the long run.
Traditional brokerage fees are something to carefully consider, especially if you are
investing and planning for your retirement. But if you really don’t want to invest on your own—
instead preferring personalized advice and guidance—then a traditional brokerage could be the
right choice.
Traditional “full-service” brokers do more than just facilitate the buying and selling of a stock or
bond. These brokers tend to offer a wide array of services and products, including financial and
retirement planning, investing and tax advice and regular portfolio updates.
1.Full serviced broker is who provides all kind of service to its client like Research & Advice,
Tax tips, Retirement planning & much more.
2.Full service broker commission are much higher than Discount Broker.
Advantages Of Full service Broker

1) Full service broker provides other service like Research, Tips, Portfolio management, etc.
2) Full service brokers provides Relationship managers to all customers.
3) having huge branches network.
4) Best for delivery based trading.
5) Client can visit the branch or office for Trading.
Disadvantage of Full Service Broker.

1) Non affordable Brokerage For intraday trading.
2) Brokerage are negotiable only when you shows trading volume to them.
3) Relationship managers are only interested to generate brokerage from client
11
STOCK BROKERING FIRMS
Full TimeStock Brokering FirmsDiscountStock Brokering Firms
ANGEL BROKING ZERODHA
ICICI DIRECT UPSTOX
MOTILAL OSWAL TRADE SMART ONLINE
SHAREKHAN SASONLINE
HDFC SECURITY PROSTOCK
KOTAK SECURITIES TRADEJINI
RELIANCE MONEY MY VALUE TRADE
IIFL WISDOM CAPITAL
Objective of study
12
 To know the increase / Decrease in the percentage of clients and profit for the year 2014-
15 and 2015-16.

 To know there different brokerage plans and pricing policy of full time brokerage and
zerodiscount brokerage firms.
 To Know the advantages and disadvantages of brokerage Firms.
 “To know the best stock broking firm in full time and discount brokerage firm by
the rating of the five parameter”
 Brokerageplan (low)
 Active Clients (high)
 Profit for the year 2015-16
 Play store rating for their online trading app
 Account Maintain charges
Research Methodology
13
Methodology Of The Study:
 The data collection methods include secondary collection methods.
 Secondary method : The secondary data collection method includes:
 -The lecturers delivered by the superintendents of respective departments of Asit C.

Mehta
 -The brochures and material of various online stock broking firm .
 -The data collected from the magazines of the NSE, economic times, etc.
 -Various books relating to the investments, capital market and other related topics
 -Marjor Quantative Data is taken from websites.
 -Articles from Economics times and Business Standard.
Literature Review
14
1.) Laveena M, Jindal S and Dhiman M
“Online Trading: The Future of Stock Market”
- The stock business of online trading business have been increasing since its existence in India,
at the start it has an gradual improve but later on it has have expanded a lot much and even
market share of online traders is increasing. Proposals of joint ventures with the MNC’s from
other big countries are being approached on a higher level and value of online traders in India
keep on increasing as you can see the whole scenarios of past and present at the earliest written
report. Stock exchange business is now rightfully going to take peace place in the business world
as it has been lowered with its substantive costs, various expenditures, etc. As per the last years
records being seen after the magazines, newspapers, google searches, scale measures by different
commentator agencies, this world of business has been shown a greater expansion of success in
terms of money, infrastructure, global expansions, tie ups, name fame and almost all other
aspects. Online business entities are growing day by day and as per commentators, these firms
shall grow all the lifetime of the world.
2.)Dr.PrabhakarRajkumar, LakshmiKavitha
“Relevance of Stock Broking Industry in Capital Market with Special Reference to BSE,
Mumbai”
- The stock brokers have seen an increase in the investment potential of the investors and there
are many people who are entering the stock market trade and the last few years has seen and
exponential increase in the people entering the stock broking trade. Hence in such a scenario, it is
the duty of the stock broker to make the small investor aware of the situation to see to it that the
small investor is not affected by such a withdrawal.
3.)S.Sankar andDr .K.Maran
“Market Trading in India - Customer Perception”
- They mainly chose online mode of trading and make decision to purchase shares based on their
own research or broker's advice. This research work can also be used by the broking firms to
enhance their customer service as well as brand image. They can utilize these findings to
understand the actual need of their customers and predict their behavior.
15
Chapter 2.Company Profile
16
Company History & Background
Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL) was established in the year 1986 with
a view to offer a one stop solution to Indian entities for their needs in financial services. Over the
last two decades it has achieved the distinction of being amongst the most trusted and reputed
brokerage houses in India. It provides a complete bouquet of products in equity, debt,
commodities, forex, depository, derivatives and allied services in India.
The company is jointly promoted by noted stock market professionals, Mr. Asit C. Mehta
and Mrs. Deena A. Mehta, and is a part of the Mumbai-based Nucleus Group of Companies. The
other group companies are engaged in IT and IT related services such as development of
databases, back-office applications for banks, corporate document management solutions and
geographical information systems (GIS).
- “Investmentz” is the vision by Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL),

part of Mumbai based Nucleus Group, jointly promoted by two market Veterans, Mr.Asit
C. Mehta and Mrs. Deena A. Mehta.
- ACMIIL is one of the most trusted names of broking services in India. It is a corporate
member of the Bombay Stock Exchange (BSE) and National Stock Exchange of India
(NSE) and a DP with central depository of India (CDSL).
Vision:-
17
We envision to be a "Most Trusted Financial Intermediary". Our group has etched out the
following specific corporate purpose - "To reach appropriate financial products, services, and
solutions to every Indian entity."
 Credits that we are proud about
 The first broker in India to convert from a proprietary model of business to a company model
to bring professionalism & quality of service to our customers.
 The first proprietary broker to convert as a limited liability company on the Bombay Stock
Exchange (BSE)
 One of the first multiple seat holders in multiple exchanges so that our customers always get
everything under one roof.
 One of the first users to adopt the VSAT technology of network so that our customers always
get the fastest information first.
 The first to utilize ‘franchisee business model’ for Associates
 The first to achieve the ISO quality certification for business processes from SGS. Currently,
we are "ISO 9001:2008" certified company.
o Company’s Managing Director, Mrs. Deena A. Mehta was the first woman elected to the
governing board of the BSE and the first and only woman to be the President of BSE (Before
Corporatization).
Research Expertise
o With over 25 years of rich experience in providing the highest levels of research to
institutional and retail clients. Our research desk is constantly involved in providing the best
investment ideas to our investors, from sectoral / stock recommendation to economic outlook
from short, medium to long term perspective. Our team of highly trained professional
research analyst leaves no stone unturned to bring out profitable ideas for our customers.
o We also provide Product Research and Advisory Services for financial planning, Asset
Allocation, Mutual Funds, Industry Experts’ opinions, and complete Investment Advisory
Services through this website.
Our Services
18
Equity and Derivatives Trading: Equity trading is offered to retail clients through different
channels in the Bombay Stock Exchange (BSE) & the National Stock Exchange of India (NSE),
for the cash and the derivatives segments.Investors are serviced through a PAN India network of
over 650 associates / locations comprising of 585 franchisee and 65 company branches. (as on
July 2009)
Online Trading: Investmentz.com is our trading portal that offers online trading to retail
investors in the BSE and NSE cash and derivatives segments. The investors can do their own
trading through a browser-based interface as well as a streamer-based solution called Live
eXchange. This service is also available through an Interactive Voice Response (IVR) facility for
those clients who are unable to access the Internet service at any time. The company has tied up
with leading nationalized, private and co-operative banks to offer share trading services to the
banks' customers. A seamless gateway has been established between the banking and depository
softwares of the bank.
Institutional Desk: Equity trade execution services are provided to institutional investors both
domestic and FII by our institutional desk. Research and market information is provided to
mutual funds and banks to support them in making investment decisions. These services are
provided with seamless connectivity to custodians.
Portfolio Advisory Service: ACMIIL holds a portfolio management license issued by SEBI. It
service is available to Resident Indian and Non-Resident India (NRI), for managing their equity
& mutual fund portfolio.
Investment Banking: ACMIIL has been granted a Category I Merchant Banking license by
SEBI. It offers services in mergers, amalgamations, private equity, public offerings and a full
gamut of investment banking services.
Commodity trading service are provided through our associate, Asit C. Mehta Commodity
Services Pvt. Ltd. The company is member of India’s premier commodity exchanges, namely,
the Multi Commodity Exchange of India Ltd. (MCX), the National Commodity & Derivatives
Exchange, India (NCDEX) and the East India Cotton Exchange Association (EICA). The online
trading portal also provides facility to trade on NCDEX. One of the group company is a member
of Dubai Gold & Commodity Exchange (DGCX).
Mutual Fund and IPO distribution service are provided to retail investors directly and
indirectly through our Branch/Business Associate network. Seminars are conducted regularly to
highlight the importance of investment in mutual funds, especially through Systemic Income
Plans (SIP). Advice is provided on initial public offerings and only public issues that have merit
are marketed to retail investors.
Debt Market Desk: We are members of the Wholesale Debt Market (WDM) segment of the
National Stock Exchange of India (NSE). The service involves providing quotes and executing
trades in government securities (G-Sec), treasury bills and other state-guaranteed bonds. We are
empaneled with most nationalized, foreign, private and major co-operative banks. We are also
empaneled with most primary dealers, mutual funds, insurance companies and institutions for
19
trading in debt market instruments.
Inter-bank Forex Desk: Our associate company, Asit C Mehta Forex Pvt. Ltd., undertakes
inter-bank forex order execution. Accredited by the Foreign Exchange Dealers’ Association of
India (FEDAI), the company is empaneled with approximately 60 banks and has a reasonable
presence in the market.
Depository services are provided to investors. The company is a depository participant with the
Central Depository Service of India Ltd. (CDSL). We are also authorized to provide depository
services for commodity trades.
Support Services
Research: Investors are provided with extensive information on markets and companies through
hourly market reviews, periodic market commentary and recommendations, which enable them
to make informed decisions. The company firmly believes that providing continuous and
accurate decision making tools can add substantial value to its investors.
Advisory services are provided as a value-added service to all retail and institutional clients.
This service is delivered through the hourly, daily, weekly, fortnightly and monthly publication
of fundamental and technical research. Calls are made through broadcast services on our private
VSAT network, SMS and e-mail.
Accounts information to the retail clients is provided through access on our website. This
assists clients in knowing details about their trading accounts and their resultant obligations
through various reports like Bill, Contract, Financial Ledger, Transaction Register, Stock
Register, Portfolio Tracker, Stock holding position, etc. E-contracts are generated for investors
giving trade details.
20
Chapter 3.
Company & Data Analysis and

Interpretation Part - I
(Discount Brokerage Firms )
ZERODHA
Zerodha is a Bangalore, India based Flat Fee Share Broker (Also known as Budget
Broker / Discount Broker / Pay Per Order Brokerage) for trading in Stock, Commodity and
21
Currency Derivative. It charges brokerage of 0.01% or Rs 20 per executed order, whichever is
lower, irrespective to number of shares or their prices (Except equity delivery trades which is
free). With Zerodha maximum brokerage you pay for any transition is Rs 20 for an order (of any
size and in any segment). Zerodha doesn't have minimum brokerage.
Incorporated in 2010; Zerodha is first and No. 1 discount broker in India by volume, number of
customers and growth. In short span of 3+ years, Zerodha contributes to over 2% (Rs 4 to 6k Cr)
of the NSE total turnover; among 10,000+ brokers offering services to retail investors and
traders.
Zerodha Trades In: BSE, NSE, MCX-SX, MCX
Zerodha's Trading Platforms

A customer can trade with Zerodha in following ways:
1. Zerodha Trader [Installable Application.

2. Web based trading platform - Kite
3. Zerodha Mobile -
Zerodha Advantages
 Zerodha offer equity delivery trades for free. This mean you don't pay any brokerage
when you buy shares using cash-and-carry (CNC).
 Zerodha is among the cheapest share broker in India. They offer trades under a simple
model where they charge 0.01% or Rs 20 per executed order, whichever is lower,
regardless of the trade size.
 No minimum amount balance required to open a Zerodha trading account.
 There is 'No Minimum Brokerage' with Zerodha. This is helpful with small trades
where 0.01% brokerage [one side] is applied. Brokers like ICICIDirect charge minimum
brokerage of Rs 35 if your calculated brokerage is less than that.
 Zerodha gives facility to invest in Mutual fund which generally doesn't offer by any
discount broker.
Zerodha Disadvantages
 3-in-1 trading account is not available as Zerodha doesn't provide banking. Any online
bank can be linked to Zerodha trading account.
 Zerodha doesn't provide facility to invest in IPO, FPO and Offer For Sale (OFS).
 Call & Trade is available at additional Rs 20 per executed order.
 Additional charge of Rs 20 per executed order for MIS/BO/CO positions which are not
square off
by the
Data Analysis And Interpretations customer.
Aspect Parameter Result
22
-Trade Volume 0.1 %
-Trade Base 20Rs.

1. Brokerage plan
-Monthly 0
-Yearly 0
-Profit After Tax FY 14/15 19.4 Cr.

2. Profit
-Profit After Tax FY 15/16 44.2Cr.
-Active Clients - 2015 61970

3. Active clients
-Active Clients - 2016 128736
-Demat 100
-Demat (AMC) 300

4. Account charges
-Trading 300
-Trading (AMC) 0
5. Customer review Play Store Review 4.2
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.1 % on
trade volumeAnd 20 Rs. 20 Per exchangeand which will ease the need of the customer.
2.) Profit :- of the company has Increase from FY 14-15 19.4 Cr. to 44.2Cr.inFY 15-16 It is
showing the Increase of 56% in Profit.
3.)Active Clients :- of the company has Increase from 2015 - 61970 to 128736in 2016 It is
showing the Increase of 51.86% in Active Client.
4.)Customer Review :-The company has a rate of 4.2out of 5 on play store for the online
trading app which shows the positive review of the app.
UPSTOX
Upstox is the trading platform offered by RKSV, the popular discount broker offering Equity,
Commodity and Currency Derivatives trading services at BSE, NSE and MCX. It is built on top
23
of Omnisys NEST OMS (Order Management System). Upstox makes it easy to place orders
through mobile phones and web browser.
Upstox trading platform offers trading, analysis, charting and many more rich trading features.
Upstox offers absolutely free trading account and free trading in Equity Delivery segment.
Trading in Equity F&O, Equity Indra-day, Commodities and Currency Derivatives is available
through Upstox Pro. UpStox Pro is the paid service of UpStox for traders.
Upstox's Trading Platforms :-

Upstox Mobile App :-The mobile application follows a similar design scheme as the web
version.But there were some quirky things we noticed in the mobile app.
Upstox Pro Web :-Upstox Pro is a web trading platform which was custom developed in-house.
Upstox Advantages
1. Upstox offers brokerage free trading in Equity Delivery segment (Only Equity Delivery
Segment).
2. They have both Android App and iOS Mobile Trading App available for free of charge to
all its customer.
3. After Market Order (AMO), Cover Order and BO are available on both web and mobile.
4. Trailing-Stop/Stop-Loss (SL) is available in both web and mobile.
Upstox Disadvantages
1. Brokerage free trading not available for Eq Intraday, Eq F&O, Commodities and Currency
Derivatives trading segments.
2. Upstox charges additional Rs 20 per executed order for Intraday square MIS/BO/CO
orders when they are not square off by the customer.
3. Upstox charges additional Rs 20 per executed order for orders placed though Call &
Trade.
4. In basic Upstox plan, brokerage is free but you still have to pay demat changes.
5. Higher demat transaction charge of Rs 13 + Rs 5.50 (CDSL charges) per scrip. Most other
brokers charge Rs 8 + Rs 5.50 CDSL charge
6. Algo-trading facilities is not available.
7. Install-able trading terminal is not available.
24
Data Analysis And Interpretations

-Trade Volume Na
-Trade Base 20 Rs.

1. Brokerage plan
-Monthly Na
-Yearly Na
-Profit After Tax FY 14/15 0.57 Lakhs

2. Profit
-Profit After Tax FY 15/16 4.4 Cr
-Active Clients – 2015 10622

3. Active clients
-Demat 150
-Demat (AMC) 0
4. Account charges
-Trading 150
-Trading (AMC) 150
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 20Rs.
which will ease the need of the customer.
2.) Profit :- of the company has Increase from FY 14-15 0.57 Lto4.4 Crin FY 15-16 It is showing
the Increase of 87.04% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015-10622 to 13774in 2016 It
is showing the Increase of 22.83% in Active Client.
4.)Customer Review :-The company has a rate of 4.3 out of 5 on play store for the online
25
TRADE SMART ONLINE
Trade Smart Online (TSO) is Mumbai based broker offering discount brokerage services in
stock, commodity and currency trading segments. Trade Smart Online is part of VNS Finance &
Capital Services Ltd; a traditional brokerage company which was incorporated in 1994 to offer
brokerage service to India Stock & Commodity market investors though franchisee and sub
brokers.
TSO offer brokerage service in the segments including Equity, Futures and Options (F&O),
Currency Derivatives, Commodities and Depository though stock exchanges including NSE,
BSE, MCX, MCX-SX and NCDEX.
Trade Smart Online's Trading Platforms :-

TSO uses two different trading platforms:
1. NOW (By NSE): NOW offers website based trading, installable NOW trading terminal
and a mobile application for iPhone, Android, iPad, tablet devices, Blackberry and many
other Java enabled phones.
2. NEST (By Omnesys Technologies): NEST is the flagship trading platform build by
Omnesys. It offers online browser based trading and exe installable trading terminal for
Windows computers along with a mobile application for iPhone, Android, iPad, tablet
devices, Blackberry and many other Java enabled phones
Trade Smart Online Advantages
 3 Different Brokerage plan - Company provides 3 unique brokerage plans designed in

such a way that it suits every trading strategy.
 Up to 30X exposure in NSE cash and 7X limit in Equity Futures and Option selling
through BO & CO. 6X limit in MCX through CO.
 Bracket order(BO) and Cover order(CO) available on mobile app. BO and CO are
available in the Equity Derivative segment, NSE cash and commodity Futures.
 Interchangeable Brokerage - Trade Smart Online provides flexibility to switch over from
one brokerage plan to another, depending upon their strategy.
 Lowest transaction cost - As per their brokerage calculator, the Transaction charges
(turnover charges, clearing charges etc) are one of the lowest in the industry.
Trade Smart Online Disadvantages
 Unavailability of 3-in-1 (Bank, Trading, Demat) accounts.

 They do not provide portfolio management services.
 They do not provide Tips and research report.
 Option to invest in IPO, FPO and Mutual Funds is not available with TSO.
26
-Trade Volume 0.07%
-Trade Base 15Rs.

1. Brokerage plan
-Monthly 1999 Rs.
-Yearly Na
-Profit After Tax FY 14/15 1.2 Cr.

2. Profit
3. Active clients
-Demat 500
-Demat (AMC) 0
4. Account charges
-Trading 300
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount ofRs.15 which
will ease the need of the customer.
2.) Profit :- of the company has Increase from FY 14-1.2 Cr. to 3.3 Cr in FY 15-16 It is showing
the Increase of63.63% in Profit.
3.)Active Clients :- of the company has Increase from 2015- 9644to10944in 2016 It is showing
the Increase 11.87% in Active Client.
27
SAS Online
Incorporated in 1995, SAS Online is an online discount brokerage firm offering brokerage
services for stocks, future and options, currency and commodities at NSE, BSE and MCX
exchanges.
SAS Online (South Asian Stocks Ltd) started their online discount brokerage business in April
2013 and currently they have 6000+ clients spread across 570+ cities of India. As of April 2015,
they are doing a daily average turnover of Rs 3500+ Cr, contributing to 1% of the total Indian
market turnover.
Like most discount brokers, brokerage services are offered to clients from 1 centralized office
located in Delhi. The way that is possible is by leveraging technology thereby saving on real
estate, HR and other operational costs which are passed onto the client in the form of their deep
discount brokerage plans. They have no account minimums or hidden costs, which translates into
lower costs and hassle free trading.
SAS Online's Trading Platforms :-

A client can trade with SAS Online in following 2 ways:
1. NEST Trader - This is a fully functional trading terminal allowing fast execution of orders
with real time monitoring. This easy to use trading terminal is available to all its
customer for free. Can trade all segments and exchanges on a single platform. Available
in desktop, web and mobile versions.
2. NOW Trader - Free software provided by NSE. Can trade Equity (NSE & BSE), Derivatives,
Currency on the platform. Available in desktop, web and mobile versions.
SAS Online Advantages
1. Margin against shares is available.

2. Monthly unlimited trading plans available for trading at NSE, BSE and MCX.
3. Trading Software's including website, mobile app and installable trading terminals are
available for free.
4. No minimum brokerage.
5. SASOnline Referral Program helps its customers to refer friends and earn from 20% to
50% of the brokerage paid by them.
SAS Online Disadvantages
 SASOnline doesn't offer 3-in-1 account as the company doesn't offer banking services.
 SASOnline doesn't offer facility to invest in IPO, FPO, Mutual Funds, FDs, NCDs and Offer
For Sale (OFS).
 Call & Trade is available at additional Rs 20 per executed order.
 Margin funding is not available
28

-Trade Volume 0.09%
-Trade Base 9 Rs.

1. Brokerage plan
-Monthly 999 Rs.
-Yearly Na

2. Profit

3. Active clients
-Demat 200
-Demat (AMC) 200

4. Account charges
-Trading 200
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of Rs.9 which
2.) Profit :- of the company has Increase from FY 14-15 -12.7 L to 26.3 in FY 15-16 It is
showing the Increase of 51.7% in Profit.
3.)Active Clients :- of the company has Increase from 2015- 5617 to8821in 2016 It is showing
the Increase of 36.32% in Active Client.
29
TRADEJINI
Tradejini, the discount broker services of Tradejini Financial Services and Tradejini
Commodity Pvt Ltd with centralized operations in Banglore, thrives to live upto its promoting
lines – good platform, best price and better service. Tradejini is providing trading and DP both
the services under one account which is one very rare feature with discount brokers services.
Tradejini Customer Care include phone, email and live online chat for instant help to traders.
With Tradejini you can trade in Equities,Commodities,F&O and currencies in NSE,BSE,MCX
and MCX-SX. All trades operate under a flat-fee structure, meaning there are no gimmicks or
trickery.
Tradejini provides depository services to investors as a Depository Participant with Central
Depository Services Limited (CDSL). Tradejini offers two ways to transfer funds from customer
to Tradejini. One way is through Atom payment gateway that facilitates customers to transfer
funds from across 25 banks and avail instant credit for trading instantly.It has charges of Rs 9 +
service tax per transfer.
Trading Platform :-
NSE NOW a trading platform launched by NSE.India is an installable software that can be
downloaded and installed directly onto your computer.
NEST is the flagship trading platform build by Omnesys that offers online browser based trading
and exe installable trading terminal for Windows computers.Their trading platform is fully
featured with live streaming quotes,live intraday charts,technical analysis and customized alerts.
Web based Platform :They also offer web based trading through their secure site called NS
Tradejini Advantages
1. Funds transfer facility with 25 major banks available through the Atom payment
gateway. This is an instant transfer method.
2. Per fund transfer charge is Rs.9 + service charge, irrespective of fund amount
4. No need to login in different platforms for different segment.
5. No more need to transfer deposits in one exchange to another for trading.
Tradejini Disadvantages
 Only Non - Agri commodities traded at Tradejini.

 They have only one branch.
 Tradejini doesn't offer 3-in-1 account.
 Tradejini doesn't offer facility to invest in IPO, FPO, FDs, NCDs and Offer For Sale (OFS).
30

-Trade Volume Na
-Trade Base 20 Rs.

1. Brokerage plan
-Monthly Na
-Yearly Na

2. Profit
-Profit After Tax FY 15/16 10.4 L
-Active Clients – 2015 10,456

3. Active clients
-Demat 300
-Demat (AMC) 0
4. Account charges
-Trading 300
-Trading (AMC) 300
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 20 Rs
2.) Profit :- of the company hasDecrease from FY 14-15 - 1.2 Cr to 10.4 L in FY 15-16 It is
showing the Decrease of 88.46% in Profit.
3.)Active Clients :- of the company has Decrease from 2015 10,456 to 4,867in 2016 It is
showing the Increase/Decrease of 53.45% in Active Client.
31
MY VALUE TRADE
MyValueTrade (MVT) is a discount brokerage company part of the Master Capital Services
Ltd. Incorporated in 1985; Master Capital Services Ltd (part of Master Trust Group) is a leading
financial services company in India with over 1.5 lakh clients. Company does business under the
brand name 'mastertrust'.
Master Trust Group entered in to discount brokerage business through MyValueTrade in Aug
2014. MVT offers both flat fee per trade and unlimited monthly/yearly trading plans at a very
low brokerage fee.
MyValueTrade has few nice features which makes it different from other discount brokers. Some
of them are:
 Single trading and back-office software for all segments including Equity, Currency and
Commodity. Also they have single login for trading and back-office software, which is
very convenient.
 They offer flexible balance feature wherein the balance across different segments i.e.
equity, commodity, derivatives and currency can be used as one single balance.
MyValueTrade's Trading Platforms

A client can trade with MyValueTrade in following 2 ways:
1. MVT Trader - This desktop based platform is built for seamless, secure & low latency
trading by professional traders and investors. They offer advance charting tools for
technical traders. This easy to use trading terminal is available to all its customer for
free.
2. MVT Classic - This web based platform allows their traders to trade from anywhere
using any web browser. No downloading or installation is required.
MyValueTrade Advantages
2. Funds transfer facility with 45 major banks available.
3. MyValueTrade gives Intraday up to 33 times exposure
5. No need to login in different platforms for different segment.
6. No more need to transfer deposits in one exchange to another for trading.
7. Trade across all segments using Flexi-Balance feature wherein the balance across
different segments viz. Equity, commodity, derivatives and currency can be used as one
single balance.
MyValueTrade Disadvantages
 MyValueTrade doesn't offer facility to invest in IPO, FPO, Mutual Funds, FDs, NCDs and
Offer For Sale (OFS).
32

-Trade Volume Na
-Trade Base 10 Rs.

1. Brokerage plan
-Monthly 1000 Rs.
-Yearly 0

2. Profit

3. Active clients
-Demat 400
-Demat (AMC) 0
4. Account charges
-Trading 555
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 10 Rs.
2.) Profit :- of the company hasDecrease from FY 14-15 60.5 L to 67.6 L in FY 15-16 It is
showing the Decrease of 10.50% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015 3,456 to 6,467 in 2016 It is
33
WISDOM CAPITAL
Incorporated in 2013, Wisdom Capital is an online discount brokerage firm offering brokerage
services for stocks, future and options, currency and commodities on NSE, BSE, MCX&
NCDEX.
Wisdom Capital Group offers broker assisted trade execution and automated online investing on
all the stocks in BSE and NSE. They provide tools like charting, live data etc either free of cost
or at a minimal price for making informed decisions and substantial gains.
Wisdom Capital offers precious metal futures through any of it's trading platforms and investing
in these commodities without bothering for safety of the precious metals. Investor can trade in
almost all metals, agri and non-agri commodities seamlessly.
Wisdom Capital a discount brokerage firm, with its 250 franchisee network , supports broker
assisted trade as well as automated online trading in all the segments across BSE and NSE.
Wisdom Capital offers heavily discounted trades with Free Demat& Trading account without
any hidden charges.
Wisdom Capital's Trading Platforms
1. NEST Trader - This is a fully functional trading terminal allowing fast execution of orders
with real time monitoring. This easy to use trading terminal is available to all its
customer for free. Can trade all segments and exchanges on a single platform. Available
in desktop, web and mobile versions. You could trade all market segments i.e. NSE Cash,
F&O, Currency and MCX Commodities with single trading terminal NEST with advance
features viz. NEST Plus, Algo Plug-ins, MIS, CO, Live & EOD charts etc.
Wisdom Capital Advantages
1. Trade all market segments i.e. NSE Cash, F&O, Currency and MCX Commodities with
single trading terminal.
3. Trading Software's including website, mobile app and installable trading terminals are
available for free.
5. They allow to trade Nifty with 3000, Crude with 3000 & Mega Gold with 9000 margins.
6. They offers semi & fully automated Algo trading.
Wisdom Capital Disadvantages
 Wisdom Capital doesn't offer facility toinvest in IPO, FPO, Mutual Funds, FDs, NCDs and
Offer For Sale (OFS).
 Algo trading is available with additional charges at Rs 550/pm for semi automated
trading.
34

-Trade Volume Na
-Trade Base 9 Rs.

1. Brokerage plan
-Monthly 999 Rs.
-Yearly Na

2. Profit

3. Active clients
-Demat 0
-Demat (AMC) 700

4. Account charges
-Trading 0
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 9Rs. which
2.) Profit :- of the company hasDecrease from FY 14-15 17.4 Cr to 15.4 Cr in FY 15-16 It is
showing the Decrease of12.98% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015 9,803 to 7,689in 2016 It is
35
PROSTOCK
ProStocks is a SEBI registered Stock Broker and Depository Participant. ProStocks is fastest
growing flat fee discount stock broker offering online trading at BSE and NSE. ProStocks is
famous for the unlimited trading plan. This plan offer unlimited Equity and Derivatives
Trading at Rs 899 per month or unlimited Currency Derivatives for Rs 499 per month. They
are the cheapest broker in unlimited trading plans. Average share trader save between 60% to
99% on brokerage through this plan.
ProStocks also offer Rs 15 per trade pricing plan which is popular among casual investors and
traders. ProStockscustomer pay flat Rs 15 per executed order irrespective to the size of the order
in this plan.
ProStocks's Trading Platforms
1. ProStocks Desktop
An installable trading terminal, ProStocks Desktop is designed for frequent traders who
need professional trading tools, tick by tick intra-day charts, live streaming, multiple
markets & segments in same window, quick and easy order entry and execution.
2. ProStocks Web
A browser based stock trading website, ProStocks Web is designed for casual investors
and traders. The website is platform independent and accessible through any web browser
and from any computer connected to internet.
3. ProStocks Mobile
A mobile trading app, ProStocks Mobile is designed for people who trade on the go.
Compatible to Android and Apple devices,
ProStocks Advantages
 Monthly Trading Plan - The Rs 899 Equity & Equity F&O and Rs 499 Currency
monthly plans are among the cheapest in Indian brokerage industry.
 Lowest Stamp Duty - Customers (except from Maharashtra) pays stamp duty of 0.01%
(max Rs 50 per day). This offers great savings to frequent traders.
 ProStocks Call & Trade is lowest among discount brokerage industry. They charge Rs
10 per executed order. The competitors including Zerodha and RKSV charges Rs 20 per
trade.
 ProStocks offers 2-in-1 account (Demat + Trading Account). The 2-in-1 account offers
seamless transactions between these 2 accounts.
ProStocks Disadvantages
 No Commodity Trading - ProStocks has not yet launched commodity trading. Broker
says they have plans to offer the commodity trading in near future
36

-Trade Volume Na
-Trade Base 15 Rs.

1. Brokerage plan
-Monthly 899 Rs.
-Yearly 8999 Rs.
-Profit After Tax FY 14/15 12.3Cr

2. Profit

3. Active clients
-Demat 0
-Demat (AMC) 0
4. Account charges
-Trading 0
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of Rs.15
2.) Profit :- of the company hasDecrease from FY 14-15 12.3 Cr to 15.4 Crin FY 15-16 It is
showing the Increase/Decrease of 20.12% in Profit.
3.)Active Clients :- of the company has Decrease from 2015 6,789 to 7,689in 2016 It is showing
the Decrease of 11.70% in Active Client.
37
Chapter 3.
Company & Data Analysis and

Interpretation Part - II
(Full Time Brokerage Firms )
38
ANGEL GROUP
Angel Group has emerged as one of the top 3 retail broking houses in India. Incorporated in
1987, it has memberships on BSE, NSE and the two leading commodity exchanges in India i.e.
NCDEX & MCX. Angel is also registered as a depository participant with CDSL.
Angel's retail stock broking house offering a gamut of retail centric services.
 Ebroking
 Investment Advisory
 Portfolio Management Services
 Wealth Management Services
 Commodities Trading
Trade In: BSE and NSE
- Angel Broking's Trading Platforms

Angel Broking offers 5 trading platforms to its customers:
1. Angel Eye :-A browser-based portfolio tracking & trading application .

2. Angel SpeedPro :- An application trading platform that provides automatic updates
3. Angel Trade :-It is a browser based trading platform. The rates are updated automatically. This
platform is useful for investors & traders to access market from different terminals
4. Angel Lite :-A browser-based mobile trading tool that can be used with low GPRS connectivity.
This platform provides facility to view live rates, last traded price and % change of your stocks.
Angel Broking Advantages
1. User friendly browser-based / application based online trading platform.

2. Investors have different investment options like Equity Trading, F&O, Commodities, PMS,
Mutual Funds, Life Insurance, Personal Loans, IPO and Depository Services available under
one roof.
3. Single access to BSE, NSE, MCX & NCDEX and to all market segments.
4. Comprehensive daily, weekly and specialized research reports from Expert.
5. Trade across devices like Desktops, Tablets, Smartphones or Mobile Phones (browser- and
application-based trading)
6. Personalized support from Centralized Help Desk and through Phone, E-mail, Live Chat and
SMS
Angel Broking Disadvantages
1. Angel Broking doesn't offer 3-in-1 account.

2. Online money transfer from trading account to bank account is not available.
39

0.128% to
-Trade Volume
0.40%
0.5 Piase
-Trade Base
1. Brokerage plan per share
-Monthly 0
-Yearly 0
-Profit After Tax FY 14/15 Rs 17.51 Cr

2. Profit
-Active Clients - 2015 1,70,808

3. Active clients
-Demat 0
-Demat (AMC) 450

4. Account charges
-Trading 0
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.128% to
0.40%which will ease the need of the customer.
2.) Profit :- of the company has Increase/Decrease from FY 14-15 Rs 17.51 Cr to Rs 42.95 Cr in
FY 15-16 It is showing the Increase/Decrease of 59.23% in Profit.
3.)Active Clients :- of the company has Increase from 2015 1,70,808 to2,08,545in 2016 It is
40
ICICI direct
ICICIdirect is a retail trading and investment service from ICICI Securities, the largest retail
stock broker firm in India offering a wide range of investment options to the retail and
institutional customers. ICICI Securities is part of ICICI Group, India's top financial service
provider offering banking and other financial services. ICICI Securities offers 'online trading
and investment' services to over 20 lakhs customers through ICICI Direct (ICICIDirect.com).
ICICIDirect.com is the flagship website of ICICI Bank. This website offers a complete suite of
investment products such as Online Equity Trading, Derivatives Trading, Mutual Fund &
IPO, Fixed Deposit, Bond, NCD, wealth products, Home Loans, Loan against
Securitiesetc.; all under one login. ICICIdirect.com is among the most visited investment portals
in India.
ICICIDirect Trades In: BSE and NSE
ICICIDirect's Trading Platforms

ICICIDirect offers 2 trading platforms to its customers:
1. Share Trading Account (Website Based Trading)

Website based online Share Trading Account by ICICIDirect is primarily for buying and selling
of stocks at BSE and NSE.
2. Trade Racer (Trading Terminal)

Trade Racer is a power packed Trading platform which provides an investor with Live streaming
quotes & Research Calls, integrated fund transfer system along with multiple watch list facility.
ICICI Direct Advantages
1. 3-in-1 account integrates your banking, broking and demat accounts. All accounts are
from ICICI and very well integrated. This feature makes ICICI the most interesting player
in online trading facility. There is absolutely no manual interfere require. This is truly
online trading environment.
2. Investment online in IPOs, Mutual Funds, GOI Bonds, and Postal Savings Schemes all
from one website. General Insurance is also available from ICICI Lombard.
3. Trading is available in both BSE and NSE.
ICICIDirect Disadvantages
1. ICICIDirect brokerage is high and not negotiable.

2. ICICIDirect doesn't offer commodity trading. With ICICI Trading account you cannot
trade at MCX or NCDEX.
3. With ICICIdirect.com e-Invest account(3-IN-1 concept), the Demat Account has to be
opened with ICICI Bank Ltd as the Depository Participant (DP) and the Bank Account has
to be opened with ICICI Bank Ltd. as the Banker.
41

0.75% to
-Trade Volume
0.25%
Rs 35 per
-Trade Base
1. Brokerage plan trade
-Monthly 0
-Yearly 0

2. Profit

3. Active clients
-Demat 600
-Demat (AMC) 0
4. Account charges
-Trading 975
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.75% to
0.25% which will ease the need of the customer.
2.) Profit :- of the company hasDecrease from FY 14-15- Rs 75.9 Cr to Rs 74.9 Cr in FY 15-16 It is
showing the Decrease of (-1.33%) in Profit.
3.)Active Clients :- of the company has Increase from 2015- 5,60,438 to 5,91,504in 2016 It is
42
MOTILAL OSWAL
MotilalOswal Securities is a subsidiary of MotilalOswal Financial Service Limited which is a

diversified service firm offering a range of financial products and services such as Wealth
Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Private
Equity, Investment Banking, Commodity broking, currency broking, Principal Strategies and
Home Finance.
The Best part of being with MotilalOswal is to get benefit from its most in-depth research reports
on more than 225 companies and 25 Indian Sectors.
Another positive factor of MotilalOswal is that the firm has huge network of 1,900 local branch
offices in over 500 cities within India, so you can take in person help on account opening and
take advice for your investing needs.
Trusted by more than 8.5 lakh customers, the Broker has strong customer base with Rs 20,000
Cr. plus depository assets.
MotilalOswal Securities is a Depository Participant of NSDL and CDSL. With them you can
trade on multiple Stock Exchanges: BSE, NSE, NCDEX, MCX, MSEI.
MotilalOswal trading platform

Desktop Based Platform : This is the downloadable trading terminal available for secure and
super-fast trading with insight,action and review facility. The key features of this terminal are:
Web Based Platfrom: Motilaloswal.com is the safe and secure web portal of the broker for
trading with confidence with all the advanced features like single sign on, fast order execution,
Access to Market Summary , multiple Watchlist, recommendations and so on
Mobile App based Platform : MOSLAPP is available to download on Android, Apple and
Black Berry Smartphones and tablets.
MotilalOswal Advantages
1. Wide Range of Investment Choices- Equity, Derivatives, IPOs Or Mutual Funds.

2. Discounted Brokerage Schemes that offers true value for money.
3. Complete Ease of Operation with more than 39 banks for Fund Transfer.
MotilalOswal Disadvantages
1. MotilalOswal brokerage is high and not negotiable.

2. MotilalOswal doesn't offer commodity trading. With ICICI Trading account you cannot
trade at MCX or NCDEX.
3. With MotilalOswal e-Invest account(3-IN-1 concept), the Demat Account has to be
opened with ICICI Bank Ltd as the Depository Participant (DP) and the Bank Account has
to be opened with ICICI Bank Ltd. as the Banker.
43

-Trade Volume 0.5 %
-Trade Base 30 Rs.

1. Brokerage plan
-Monthly 0
-Yearly 0

2. Profit

3. Active clients
-Demat 0
-Demat (AMC) 400

4. Account charges
-Trading 1000
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.5 %
2.) Profit :- of the company has Increase from FY 14-15 -Rs 18.4 Cr to Rs 105.8 Cr in FY 15-16 It
is showing the Increase of 82.6% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015 1,65,844 to 1,92,095 in
2016 It is showing the Increase/Decrease of 13.66% in Active Client.
4.)Customer Review :- The company has a rate of 3.8 out of 5 on play store for the online
44
SHAREKHAN
Incorporated in February 2000, Sharekhan is India's 3rd largest stock broker (after ICICI
Direct and HDFC Securities). Sharekhan provides brokerage services through its online trading
website Sharekhan.com and 1800 offices which includes branches & franchises in over 550 cities
across India. Sharekhan has seen incredible growth over last 10+ years though it's very
successful online trading platform and the chain of franchises located in almost every part of
India. Sharekhan also has international presence in the UAE and Oman.
Sharekhan offers its services to all kinds of customers including individual investors and traders,
corporate, institutional and NRI's. As of Dec 2014, Sharekhan has over 13 lakh
customers. Sharekhan offers trade execution facilities for equity cash and derivatives segments
on BSE and NSE, commodities trading facilities on MCX and NCDEX. Sharekhan also offer
depository services (demat account) and option to invest in mutual funds and IPOs.
Sharekhan trading platform

Sharekhan Classic Account: This account offers net based online trading and also call and dial
facility at free of cost.
SharekhanTradeTiger: Trade Tiger is the downlodable terminal based online trading platform
of Sharekhan.
Sharekhan Advantages
1. Sharekhan offers different trading platform to suite customer requirement. This

includes online browser based trading, Installable terminal, mobile, call n trade and in-
person trade though branch offices.
2. Sharekhan offers online and classroom training, seminars and workshops to investors.
3. Sharekhan doesn't charge for Online Funds Transfer from bank account and Funds Pay-
out to bank account.
4. Sharekhan doesn't charge for DP transactions. Share transfer from and to the dp
account is free.
5. Sharekhan has India-wide network of branches. You can find surly find a Sharekhan in
your neighborhood.
6. Call & Trade facility is free with Sharekhan.
7. Sharekhan allows fixed deposit as collateral for future and option trading.
Sharekhan Disadvantages
1. Sharekhan doesn't offer 3-in-1 account as they don't provide banking services.
2. They brokerage charges are % based which are higher in comparison to flat fee brokers.
3. Facility to place orders after trading hours is not available.
4. Classic account holders cannot trade commodities.
45

-Trade Volume 0.50%
16 Per
-Trade Base
script
1. Brokerage plan
-Monthly 0
-Yearly 0
-Profit After Tax FY 14/15 Rs 13 Cr

2. Profit
-Profit After Tax FY 15/16 Rs 130 Cr
-Active Clients – 2015 3,35,843

3. Active clients
-Demat 0
-Demat (AMC) 400

4. Account charges
-Trading 750
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.50%
2.) Profit :- of the company has Increase from FY 14-15 Rs 13 Cr in FY 15-16Rs 130 Cr It is
showing the Increase of 90% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015 3,35,843 to 3,50,509in
2016 It is showing the Increase/Decrease of 4.1% in Active Client.
46
HDFC SECURITIES (HDFCSEC)
HDFC Securities(HDFCsec) is Equity Trading Company of HDFC Bank. HDFC Securities
provide both online trading and trading on phone. The HDFC Securities trading account has a
unique 3-in-1 feature that integrates your HDFC Securities trading account with your existing
HDFC bank savings account and existing Demat account. Funds / shares are seamlessly moved
from the linked Demat/Bank account to execute the transactions.
HDFCsec provides Cash-n-Carry on both NSE and BSE, Day trading on both NSE and BSE,
Trade on Futures & Options on the NSE and Online IPO Investment.
Trade In: BSE and NSE
HDFC Securities trading platform

Web Based Trading: Hdfcsec.com is the secure online trading portal of HDFC Securities.
Terminal Based Trading: LITE INTERNET TRADING SITE (LITS) and BLINK are the
terminal based trading app that can be download on your desktop. Key Features of BLINK are:
Mobile based Trading: HDFC Securities offers downloadable Mobile Trading App for free on
Android, i-Phone, i-Pad or Blackberry, and also Multilingual Mobile Trading App for Android
phone. Customer can Trade in Equities & Derivatives, Get Stock Quotes, Create Multiple
Personalized Market watch, Get Research Calls.
HDFC Securities Advantages

The 3-in-1 account, which includes HDFC Bank Account,
HDFC Securities Trading Account and HDFC Securities Demat Account, is the best offering for
retail investors in India as it provides easiest way to invest in stock market and other financial
instruments.
HDFC Securities doesn't charge for Online Funds Transfer from bank account and Funds Pay-out
to bank account.
HDFC Securities doesn't charge for DP transactions. Share transfer from and to the dp account
is free.
Wide Range of Investment Choices- Equity, Derivatives, IPOs Or Mutual Funds.
Discounted Brokerage Schemes that offers true value for money.
HDFC Securities Disadvantages
HDFC Securities brokerage is high and not negotiable.

HDFC Securities doesn't offer commodity trading. With ICICI Trading account you cannot trade
at MCX or NCDEX.
47

-Trade Volume 0.50%
-Trade Base 0
1. Brokerage plan
-Monthly 0
-Yearly 0
-Profit After Tax FY 14/15 164.9 Crores

2. Profit
-Profit After Tax FY 15/16 133.3 Crores

3. Active clients
-Demat 0
-Demat (AMC) 600

4. Account charges
-Trading 750
-Trading (AMC) 0
5. Customer review Play Store Review 4
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.50 which
2.) Profit :- of the company hasDecrease from FY 14-15164.9 Cr. to 133.3 Crin FY 15-16 It is
showing the Decrease of (-23%) in Profit.
3.)Active Clients :- of the company hasDecrease from 2015 4,08,059 to 4,68,844in 2016 It is
showing the Decrease of 12.96% in Active Client.
4.)Customer Review :-The company has a rate of 4out of 5 on play store for the online trading
app which shows the positive review of the app.
48
KOTAK SECURITIES LTD
Kotak Securities Ltd, a subsidiary of Kotak Mahindra Bank was founded in 1994. They offers
stock broking services and distributes financial products in India. They have 1209 branches,
franchisees and satellite offices offers services to 11.95 Lakh customers. They corporate
members with the Bombay Stock Exchange and the National Stock Exchange. They are also a
depository participant with National Securities Depository Limited (NSDL) and Central
Depository Services Limited (CDSL).
Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, is the stock broking and
distribution arm of the Kotak Mahindra Group. The Group has business interest in commercial
banking, stock broking, mutual funds, life insurance and investment banking and its customer
base includes individual, NRI and institutional investors.
KotakSecurities's Trading Platforms

Kotak Securities offers multiple trading platforms to suite investor's requirement. Following are
the trading platforms available by Kotak Sec:
1. Website Based Trading - A stock treading website which can be accessed though any
popular Web Browser.
2. Trading Terminals (KEATProX and FASTLANE) - KEATProX is an exe based installable
desktop application providing fastest trading experience. FASTLANE is a Java applet
based application which gives you a trading terminal kind of experience without any
installation on your computer.
3. Mobile Stock Trading - Kotak offers high speed mobile based application to trade in
Stock Market.
4. Branch Advisory and Call & Trade - Kotak also offers trading facility though its 1400+
branches and though call centers using call & trade facility.
Kotak Securities Advantages
1. Kotak Securities website provides wide range of investment options. This includes
investment in equity, IPO's, Bonds, FD's, ETF's, Mutual Funds, Currency Derivatives etc.
2. Along with the online trading facility, customer gets access to 1400+ branches for help
on investment and issue resolution.
3. Kotak Securities provide daily SMS alerts, market pointers, periodical research reports,
stock recommendations etc. to help the customers.
4. Online Chat facility is available to support customer.
5. Kotak security offers easy integration of trading account with Citibank, HDFC Bank, UTI
Bank and Kotak Mahindra Bank.
Kotak Securities Disadvantages
1. Kotak Securities is a Full Services Broker. The brokerage charged by them is higher
49

-Trade Volume 0.49%
-Trade Base 0
1. Brokerage plan
-Monthly 0
-Yearly 0

2. Profit

3. Active clients
-Demat 0
-Demat (AMC) 600

4. Account charges
-Trading 750
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.49%
2.) Profit :- of the company hasDecrease from FY 14-15 Rs 283.3 to Rs 251.5in FY 15-16 It is
showing the Decrease of (-12.64%) in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015 2,46,945 to 2,57,563in
2016 It is showing the Decrease of (-4%) in Active Client.
4.)Customer Review :-The company has a rate of __ out of 5 on play store for the online
50
RELIANCE SECURITIES
Reliance Securities, A Reliance Capital Limited Company, is the financial services division of
Reliance Anil DhirubhaiAmbani (ADA) Group. Reliance ADA group is among top 3 business
houses in India with wide range of presence across various sectors. Group's major interests
ranges from communications (Reliance Communications) and financial services (Reliance
Capital Ltd), to generation, transmission and distribution of power (Reliance Energy),
infrastructure and entertainment.
Trade In: NSE, BSE & MCX-SX, MCX, NCDEX, NMCE
Reliance Securities's Trading Platforms

Easy Trade :-Easy Trade is a browser based platform for first time investors.
Insta Plus :- Insta Plus is a web browser based trading system which helps you to directly place
orders through market watch and helps to apply online in various products such as MF, FD,
Bonds, IPO, OFS, AMO orders, Stop loss cover order, Systematic equity plans, etc.
InstaXpress :- Live streaming quotes
R Mobile Xpress (Mobile Trading) :- RMobile Xpress is a smart mobile trading application that allows
you to be in touch with market anytime and anywhere during market hours at your finger tips.
Reliance Securities Advantages
1. Every customer can trade on its own by logging into his accounts or customer can call
their Call n Trade desk with trading assistance.
2. Leveraged intraday product with reduced margins which allows customers to trade even
with 30 times of their margin.
3. Almost all investment options are available under one account including Equity Trading,
Derivatives, Forex, Commodity, IPO, Mutual Funds and Insurance.
4. Branches are available in all major cities and the number is growing.
5. Customers can place after market orders (AMO) for next trading day post market houRs.
Reliance Securities Complaints received at BSE / NSE:

Number of customer complained against Reliance Securities Limited share broker. The Reliance
Securities Limited consumer complaints provide the summary of grievance which went to
exchange for resolution.
51

-Trade Volume 0.40%
-Trade Base 0
1. Brokerage plan
-Monthly 0
-Yearly 0

2. Profit
-Active Clients - 2015 97,390

3. Active clients
-Active Clients - 2016 86,794
-Demat 0
-Demat (AMC) 300

4. Account charges
-Trading 950
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of
0.40%which will ease the need of the customer.
2.) Profit :- of the company has Increase/Decrease from FY 14-1519.2 Cr to 71.4 Cr in FY 15-16
It is showing the Increase/Decrease of 73.1% in Profit.
3.)Active Clients :- of the company hasDecrease from 2015 97,390 to 86,794in 2016 It is
showing the Decrease of 12.20% in Active Client.
52
INDIA INFOLINE
India Infoline Group as a whole offers diversified business model that includes finance and
credit, asset management, wealth management, financial product distribution, capital market
advisory and investment banking.
IIFL or India Infoline Limited is the subsidiary of India Infoline Group having interest in the
field of equity broking services to the retail as well as institutional segments. These services are
supported by a strong in-house research team and an excellent customer support system. As aIIFl
customer you will receive IIFL's award-winning research service, as well as added benefits like
research, portfolio analysis, funding, advisory, relationship manager, branch support and so on.
Through IIFL you can trade in Equity, derivatives, currency, commodity, IPP, mutual fund and
the broker offer onsite education for newbies.
Network of close to 2,500 business locations spread over 850+ towns and cities is a plus for you
as a trader to approach them directly for your trading needs. IIFL's Customer Care is average
which is offered on phone and email for technical queries and greivances.
India Infoline (IIFL) trading platform

IIFL Trader Terminal :
The proprietary trading software of IIFL offers unmatched trading convenience. The trading
terminal can be used as a desktop application as well as a browser-based web application. IIFL
Trader Terminal is a world class Trading tool with superior charting and analytical capabilities.
With Trader Terminal you can trade in cash, derivatives, mutual funds, IPOs, currencies and
commodities, all in one screen. You also get fast trade execution, live chat, live research and
news, streaming quotes and multiple market watch.
ttweb.indiainfoline.com
TT web is the secure web portal of IIFL trader Terminal where you can trade online using their
finest web Browser. Single Sign On, Secured Authentication, Integrated platform, Latest
business news, heat map, F&O data tools and chart, high speed order execution etc. are to name
some of its powerful features.
IIFL Markets Mobile App : This is the highest rated Trading App of IIFL enriched with
features like access to all asset class, customizable multiple watch-list, detailed Dashboard for
Indices, commodities and currencies; research report on top 500 stocks; place/modify/cancel
order; apply for IPOs/OFS.
TT Mobile - IIFL's mobile Trading application is robust and powerful mobile trading app.
Key feature of this app is Market watch, Buy / Sell links and easy to view pages displaying the
status of your orders and trades placed
53
-Trade Volume 0.50%
-Trade Base 0
1. Brokerage plan
-Monthly 0
-Yearly 0
-Profit After Tax FY 14/15 Rs. 76.8 Cr

2. Profit

3. Active clients
-Demat 555
-Demat (AMC) 300

4. Account charges
-Trading 750
-Trading (AMC) 0
Interpretations
1.)Brokerage plan :-(company) has the different brokerage plan with the amount of 0.50 which
2.) Profit :- of the company has Increase/Decrease from FY 14-15Rs. 76.8 to Rs 50.2in FY 15-16
It is showing the Increase/Decrease of 49.51% in Profit.
3.)Active Clients :- of the company has Increase/Decrease from 2015- 2,62,930 to 6,22,348in
2016 It is showing the Increase in57.7% in Active Client.
4.)Customer Review :-The company has a rate of4.4 out of 5 on play store for the online
54
Findings
ZERO DISCOUNT BROKERAGE
Lowest
(demat+
LOWEST trading+ Highest ^ Highest ^ Highest ^ PRAMETERS
TAMC
+DAMC)
COMPANY
BROKERAGE DEMAT/R REVIEW PROFIT Tax CLIENTS POINTS
PLAN ADING RATING FY 15/16
&AMC (Out of 5)
ZERODHA 4.2 Rs 44.2 Cr 1,28,736 2

20 700
UPSTOX 4.3 Rs 4.4 Cr 13,774 1

20 450
TRADE 0
3.5 Rs 3.3 Cr 10,944
SMART 15 800
ONLINE
SAS 3.9 Rs 26.3 L 8,821 0.5
ONLINE 9 600
PROSTOCK 3.0 Rs 15.4 Cr 1

15 0 7,689
TRADEJINI 3.4 Rs 10.4 L 0

20 900 4,867
MY VALUE 4.1 0
10 955 Rs. 67.6 L 6,467
TRADE
WISDOM 3.2 0.5
9 700 Rs. 87.5 L 9,287
CAPITAL
 There are 5 parameters on which the firm will get the point the firm which get the
maximum point out of 5 will be considered the best full time brokerage firm
 The 1st parameter of lowest brokerage plan SAS Online and Wisdom Capital has same
plan so get 0.5 each
 Hence, but with maximum 2 pointsin (Profit and No. Clients)Zerodha earns point and
as per our parameter it becomes the best full time brokerage firm.
 Followed by 2ndUpstox and 3rd Reliance that charges less amount of brokerage.
 But any How Zerodha has made it the number one in full time brokerage firm with 3
Points
55
FULL TIME BROKERAGE
Lowest
(demat+t
rading+T PRAMETERS
LOWEST AMC HIGHEST HIGHEST HIGHEST
+DAMC) (Playstore)
COMPANY BROKERAGE DEMAT/TR REVIEW PROFIT Tax CLIENTS POINTS
PLAN ADING RATING FY 15/16
&AMC (Out of 5)
ANGEL 0.128% to 2,08,545
3.9 Rs 42.95 Cr
BROKING 0.40% 450 1.5
ICICI DIRECT 0.55% Rs 74.9 Cr 5,91,504
3.5
1575 0
MOTILAL 0.50% Rs 105.8 Cr 1,92,095
3.8
OSWAL 1400 0
SHAREKHAN 0.50% Rs 130 Cr 3,50,509
4.1
1150 0
HDFC 0.50% Rs. 133.3 Cr 4,68,844
4
SECURITY 1749 0
KOTAK Rs 251.5 Cr 2,57,563
3.9
SECURITIES 0.49% 1350 0
RELIANCE Rs 71.4 Cr 86,794
4.1
MONEY 0.40% 1250 0.5
IIFL Rs350.2 Cr 6,82,348
4.4
0.50% 1605 3
 There are 5 parameterson which the firm will get the point the firm which get the maximum
point out of 5 will be considered the best full time brokerage firm
 The 1st parameter of lowest brokerage plan angelbroking and Reliance sec. has same plan so get
0.5 each
 Hence, but with maximum 3 pointsin (Review, Profit and No. Clients)IIFL earns point and as
per our parameter it becomes the best full time brokerage firm.
 Followed by 2nd Angel Broking service and 3rd Reliance that charges less amount of brokerage.
56
Conclusion
1.)Zero discount brokerage firm

 Zerodha becomes the best zero discount brokerage firm with 2 points in the table on the
parameter of active client s and profit
 As we can see that even though zerodha didn’t get any points in terms of brokerage plan,
account charges but still in online app rating zerodha stands 2nd by 4.2 after upstox
 But still we can conclude that zerodha active clients are maximum and don’t have any
problem in terms of app and charges they feel its affordable so that has increased their
profit.
2.)Full Time brokerage firm

 IIFL becomes the best Full time brokerage firm with 3 points in the table on the
parameter of play store, active client s and profit
 As we can see that even though IIFL didn’t get any points in terms of brokerage plan,
account charges but still in online app rating IIFL stands 2nd by 4.2 after upstox
 But still we can conclude that IIFL active clients are maximum and don’t have any
problem in terms of brokerage charges and Account charges they feel its affordable so
that has increased their profit.
 Here in terms the clients feel more satisfied with their app and other charges.
3.)Zerodha v/s IIFL

 While compering best online trading zero discount brokerage firm and best online trading
Full time brokerage it is found that zerodha got 2 points and IIFL (3).
 In terms of the followings :-
 Active clients :- IIFL has 5,53,612 more clients than zerodha
 Profit :- IIFL 306 Cr. Profit more than zerodha
 Still in compare IIFL stands very much ahead of zerodha in terms of major two aspects
profit and clients.
 So, we can conclude that IIFL is one of the best brokerage firm in India.
57
References
http//:www.compareonlinebrokerage.com
http//:www.topsharebrokers.com
http//:www.chittorgarh.com
58

Project Report: "Research Analysis On Various Discount Brokerage and Full Time Brokerage Online Trading Firms"

Uploaded by

Copyright:

Available Formats

Project Report: "Research Analysis On Various Discount Brokerage and Full Time Brokerage Online Trading Firms"

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Project Report: "Research Analysis On Various Discount Brokerage and Full Time Brokerage Online Trading Firms"

Uploaded by

Copyright:

Available Formats

Project Report

“Research Analysis on Various Discount Brokerage and Full

IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF

UNDER THE GUIDANCE OF

PILLAI’S INSTITUTE OF MANAGEMENT STUDIES AND

This is to certify that the project titled “Research Analysis on Various

Prof. Priyanka ChattaDr. Satish Nair

I declare that this project report titled “Research Analysis on Various

Apart from my efforts, the success of any project depends largely on

I am grateful to my project guide Prof. Priyanka Chatta for giving her

I would also like to thank my college where I have gained plenty of

Advantages Of Discount Broker /Disadvantage of Discount Broker.

Full time Brokerage

1.) Discount brokerage

Unlike full-service brokers, discount brokers do not provide personal consultations,

Discount Brokers in India

Advantages Of Discount Broker

Disadvantage of Discount Broker.

2.) Full time Brokerage

Advantages Of Full service Broker

Disadvantage of Full Service Broker.

Full TimeStock Brokering FirmsDiscountStock Brokering Firms

ANGEL BROKING ZERODHA

ICICI DIRECT UPSTOX

MOTILAL OSWAL TRADE SMART ONLINE

HDFC SECURITY PROSTOCK

KOTAK SECURITIES TRADEJINI

RELIANCE MONEY MY VALUE TRADE

IIFL WISDOM CAPITAL

 To Know the advantages and disadvantages of brokerage Firms.

 The data collection methods include secondary collection methods.

 Secondary method : The secondary data collection method includes:

 -The lecturers delivered by the superintendents of respective departments of Asit C.

“Online Trading: The Future of Stock Market”

3.)S.Sankar andDr .K.Maran

“Market Trading in India - Customer Perception”

- “Investmentz” is the vision by Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL),

 Credits that we are proud about

 The first to utilize ‘franchisee business model’ for Associates

Company & Data Analysis and

Zerodha's Trading Platforms

1. Zerodha Trader [Installable Application.

Aspect Parameter Result

-Trade Base 20Rs.

-Profit After Tax FY 14/15 19.4 Cr.

-Active Clients - 2015 61970

-Demat (AMC) 300

5. Customer review Play Store Review 4.2

Upstox's Trading Platforms :-

Aspect Parameter Result

-Trade Base 20 Rs.

-Profit After Tax FY 14/15 0.57 Lakhs

-Active Clients – 2015 10622

-Trading (AMC) 150

5. Customer review Play Store Review 4.3

Trade Smart Online's Trading Platforms :-

Trade Smart Online Advantages

 3 Different Brokerage plan - Company provides 3 unique brokerage plans designed in