INTRODUCTION

1. INTRODUCTION

Religare is a global financial services group with a presence across Asia, Africa, Middle East, Europe and the America. Religare is promoted by the promoters of Ranbaxy Pharmaceuticals Limited. In India, Religares largest market , the group offers a wide array of products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management. The group has also pioneered the concepts of investments in alternative asset classes such as arts and films.

Religare is also building an Asia & emerging markets focused Institutional equities & Investment Banking business and a multi-boutique global asset management platform to tap the broader opportunities offered by the most promising emerging markets around the world. Religare operate from six regional offices and 25 sub-regional offices and have a presence in 330 cities and towns controlling 979 locations which are managed either directly by Religare or by our Bussiness Associates all over India. The company have a representative office in London. While the majority of religare offices provide the full compliment of its services yet it has dedicated offices for investment banking, institutional brokerage, portfolio management services and priority client services.

Religare Enterprises Limited is the holding company for one of India's leading financial services groups. Religare offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management. Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. The group started its operations in 1994 when Religare Securities Limited, the group's retail equity broking arm, became a member of the National Stock Exchange. Since then, the group has expanded to offer an array of products and built a distribution network that spans the length and breadth of India. In 2004, Religare Commodities Limited commenced the retail commodities broking business. Religare Finvest Limited, which is registered with the Reserve Bank of India as a Non-Banking Finance Company (NBFC), came into its current form in 2008 and has been focusing on providing growth capital to the Small and Medium Enterprises (SME) sector. Religare commenced three other businesses in 2008: wealth management through Religare Macquarie Wealth Management Limited, a joint venture with Macquarie of Australia; life insurance through AEGON Religare Life Insurance Company Limited, a joint venture with AEGON of The Netherlands; and the mutual fund business by taking over a distressed asset manager which was rechristened Religare Asset Management Company Limited. The latest addition to Religare's bouquet of offerings, launched in July 2012, is health insurance through Religare Health Insurance Company Limited in which Union Bank of India and Corporation Bank are equity partners. Religare is building businesses overseas with an emerging markets focus. Religare Capital Markets is an Asia- and India-focused cash equities business with investment banking capabilities in the region. Religare Global Asset Management is a multi-boutique asset management platform that acquires best-of-breed asset managers in the alternative assets space. Religare Enterprises Limited was listed on the Stock Exchanges in India in 2007, after a hugely successful IPO that was oversubscribed 159 times. In the five year period from 2006-07 to 2011-12, Religare's consolidated revenues have grown ten times - from 3.2 billion to 32.5 billion - while the balance sheet size multiplied 20 times - from 10.1 billion to 203.4 billion. The SME-focused NBFC is Religare's largest business, contributing 57% to Religare's consolidated revenue and accounting for 56% of its net worth at the end of FY12.

1.1 ACTIVITIES OF RELIGARE ENTERPRISES LIMITEDReligare Securities Limited Equity Broking

Online Investment

PortalPortfolio Management

Services Depository Service

Religare Finvest Limited Lending and Distribution business

Proposed Custodial business

Religare Commodities Limited Commodity Broking

Religare Insurance Broking Limited Life Insurance

General Insurance

Reinsurance

Religare Capital Markets Limited Investment Banking

Proposed Institutional Broking

Religare Arts Initiative Limited Business of Art

Gallery launched - arts-i

Religare Realty Limited In house Real Estate Management Company

Religare Venture Capital Limited Private Equity and Investment Manager

Religare Hichens Harrison Corporate Broking

Institutional Broking

Derivatives Sales

Corporate FinanceReligare Asset Management1.2 NAME AND SYMBOL

1.2.1 Name:-Religare is a Latin word that translates as 'to bindtogether'. This name has beenchosen toreflect the integrated nature of the financial services thecompany offers.1.2.2 Symbol:-The Religare name is paired with thesymbol of a four-leaf clover. Traditionally, it is considered good fortune to find afour-leaf clover as there is only one four-leaf clover forevery 10,000 three-leaf clovers found. For us, each leaf of theclover has a special meaning.It is a symbol of Hope. Trust. Care.Good Fortune.For the world, it is the symbol of Religare.

For us, each leaf of the clover has a special meaning. It is a symbol of Hope. Trust.Care. Good Fortune. For the world, it is the symbol of Religare.The first leaf of the clover represents Hope. The aspirations to succeed. Thedream of becoming. Of new possibilities. It is the beginning of every step andthe foundation on which aperson reaches for the stars.The second leaf of the clover represents Trust. The ability to place ones own faith in another. To have a relationship as partners in a team. To accomplish agiven goal with the balancethat brings satisfaction to all, not in the binding,butin the bond that is built.

The third leaf of the clover represents Care. The secret ingredient that is thecement in every relationship. The truth of feeling that underlines sincerity andthe triumph of diligence in every aspect. From it springs true warmth of serviceand the ability to adapt to evolving environments with consideration to all.

GROUP COMPANIES

INTRODUCTION

Religare Enterprises Limited group comprises of Religare Securities Limited, Religare Commodities Limited, Religare Finvest Limited and Religare Insurance Broking Limitedwhich deal in equity, commodity and financial services business.

1.Religare Securities LimitedRSL is one of the leading broking houses of India and are dealing into Equity Broking, Depository Services, Portfolio Management Services, Internet Trading, Institutional Equity Brokerage & Research, Investment Banking, Merchant Banking and Corporate Finance.To facilitate free and fare trading process Religare is a member of major financial institutions like, National Stock Exchange of India, Bombay Stock Exchange of India ,Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and a SEBI approved Portfolio Manager.RSL serves a platform to all segments of investors to avail the opportunities offered by investing in Indian equities either on their own or through managed funds in PortfolioManagement2. Religare Commodities LimitedReligare is a member of NCDEX and MCX and provides platform for trading incommodities, which is an online facility also.RCL provides platform to both agro and non-agro commodity traders to derive the actualprice of the commodity and also to trade and hedge actively in the growing commodity trading market in India.With this realization, Religare Commodities is coming up with its branches at mandi locations. It is a flagship effort from our team which would be helpful in facilitating trade and speculating price of commodities in future.WHY CUSTOMER TRADE WITH RELIGARE?

1PersonalAssistance

Dedicated dealers for facilitating trading and post trade needs.Dedicated Relationship Managers for assisting multiple investments needs.

2Research&AdvisoryRegular news and updates on marketResearch service over SMS to keep one Daily and weekly technical reports. A complete information report on results and performance individual companies.Complete reports on various economic sectors and their performance along with analysis of few major companies in that sector Trading calls in Futures & Options Daily capsule of Market indices and index movement, national and international corporate news, and their performance alongwith forth coming IPO tracker.

3 Add-Ons

Access to all your accounts throughyour Customer Relationship Number (CRN)

Access your ledger balances and account information over internet, branch and callcenter(i) Interest on Cash MarginEven while you are waiting to make your next trade or onlineinvestment, your unutilizedcash does not lie idle with us.You earn interest on your unutilizedcash margin.(ii) 360 degree Investment PortalInvest online in Equities, Commodities, Currency, IPO and Mutual Fundsin a singleplatform and maintain all your financial records at one place. Now, you can also file yourtax and book air tickets, make hotel reservations and buy attractive holiday packages, allonline. So get empowered, enrich your experience of investing online and open yourselfto a whole new world ofpossibilities for Religare Online will become Your World Online, beyond investments!(iii) Exposure upto 20 times* on your marginAllowingyou the freedom to trade without hassles throughout the day without having to worry about your cash margin. You can get exposure (on cash segment) as high as 20times for intraday trades.FEATURES1. What is Trade Rewards ?Trade Rewards* is a unique offering from Religare that givesyou dual benefit of a hasslefree investment experience on the netas well as an opportunity to earnwhile you investwith us.So earn reward points eachtime you trade in Equities, Commodities & Currency Derivatives or invest in your favorite IPOs online with us through highly sophisticatedand customized trading platform R-ACE (Religare Advanced Client Engine)

2. How are reward points calculated?You will earn reward points as you trade/invest using Religares online trading platform R-ACE. The earned reward points can be redeemed against attractive gift vouchers andoffers.

3. How will I know how many reward points have I accumulated?You can check the status of your accumulated reward points on your trading screen under trading screen. A complete statement of transactions of your reward pointscan also beviewed on trading screens.

4. How do I redeem my reward points?The reward points accumulated by you can be redeemed using the "Redemption" option in the Trade Reward section. Youcan redeem your reward points against our list ofattractive gift vouchers and offers.

5. How many points can I redeem ?The points reflected against "Total Redeemable" option in the statement can be redeemedat anytime. The redeemable points are calculatedon the basis of previous monthstransactions.

6. When will I get my gift?Any redemption request received by Religare will befulfilled in approximately twoRELIGARE AREAS OF OPERATION RELIGARE SECURITIES LTD

Company Overview

Religare Securities Ltd. (RSL) is the wholly owned subsidiary ofREL and a securities firm in India.

Majoractivitiesandofferingsofthecompanyincludeequitybroking both offline and online, depository participant services,portfolio management services and institutional brokerage.Member of the NSE, BSE, depository participant with NSDL and CDSL, and SEBI approved portfolio manager.Businesses under Religare Securities Ltd. include:

(i) Retail Equity Broking

(ii) Priority Client Equity Services

(iii) Online Investment Portal

(iv) Institutional Equity Broking (To be shifted to RCML)

(v) Portfolio Management Services

(vi) Depository Services

Empanelment with 81 institutions including 20 mutual funds, 10 insurancecompanies,35banksand11FIIs.Hasstrong institutional research team covers over 185 companies in 16 sectors.

Aggressive rampupofequitytradingclientaccounts withmarketshare increasing to 3.8% in June 2008 from 2.7% in FY07 andonline trading market share increased to 8.7% in June 2008 from7.2% in October, 2007.

Received in principal approval from SEBI to act as a sponsor ofAsset Management joint venture with Aegon.

Received P1 Credit Rating from CRISIL for its short term debt issuance program for a sum of Rs. 7,000 million

Religare Securities Limited (RSL)I

It is a leading equity and securities firm in India. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments it currently holdsareasonableshareofthemarket.

Themajoractivitiesand offeringsofthecompanytodayareEquitybroking,Depository ParticipantServices,PortfolioManagementServices,Institutional Brokerage & Research, Investment Banking and CorporateFinance. RSL is a member of the National StockExchangeofIndia,BombayStockExchangeofIndia,DepositoryParticipantwithNationalSecuritiesDepositoryLimitedandCentralDepositoryServices(I) Limited,andSEBIapprovedPortfolioManager.Religarehasbeen constantly innovating in terms of product and services and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all theportfolio investment decisions depending upon a clients risk / returnparameter. Religare has a very credible Research and Analysis division,whichnotonlycaterstotheneedofourInstitutional clientele, but also gives their valuable inputs to investment dealers. Religare is also providing in-house Depository services to its clientele and is one of the leading depository service providers in the country.

Religare is an emerging markets financial services group with a presence across Asia, Africa, Middle East, Europe, and the Americas. In India, Religares largest market, the group offers a wide array of products and services including broking, insurance, asset management, lending solutions, investment banking and wealth management. With 10,000-plus employees across multiple geographies, Religare serves over a million clients, including corporate and institutions, high net worth families and individuals, and retail investors.

Religare Securities Ltd. (RSL), a wholly owned subsidiary of Religare Enterprises Limited (REL), an emerging markets financial services group is a market leading securities firm in India. The company offers equity & currency broking services to more than 7,50,000 clients using both, offline and online platforms and also offers depository participant services. RSL is a member of the NSE, BSE, MCXSX, USE and a depository participant with NSDL and CDSL. RSL employs more than 4800 employees and has a wide distribution reach that spans across more than 1500 locations in India.

Online platform provides customers the opportunity to trade in Equities, Commodities, Currency Futures, apply for IPOs and invest in Mutual Funds.

People who wonder where Religare word came from, it's a Latin word meaning 'to bind together'.

Products & Services of Religare Securities Limited

Equity and Derivatives:-

Religare is one of the heavy weight equity players in India with membership of National Stock Exchange of India and Bombay Stock Exchange - both major exchanges of India. We believe in innovative services that could cater a range of customers according to their requirements.

Race and Rally are the two productsoffered by Religare Securities ltd which come under equity and derivatives.WhileRally deals with offline facilities, Race provides for complete online package and facility. There is difference between both offlineand online modes of trading. The difference lies on account of its schemes,platformsandfacilitiesprovided.Initiallytheclientsusedtogoforoffline modes of trading, but now with increasing use of internet online mode has become the preference.

Types of Account

(i) R-ACE (Basic)It's the basic online trading account provided by Religare. Investor can trade and access their account information online and over the phone as well. This account comes with a browser based online trading platform and no additional software installation needed. This account also provides Lifetime free DP account with no annual maintenance charges.

(ii) R-ACE Lite(Advanced)

It's the advanced account option for the investor with Religare. This trading account provides the entire feature ofR-ACE (Basic) account. In addition it also providesreal-time streaming stock quotes and alerts. This trading platform is also browser based and no software installation is needed.

(iii) R-ACE Pro (Professional)

As the name indicates this account is for high volume traders. Along with the features from above 2 accounts, this account also comes with a Trading Terminal, software which needs to install on your computer.

This terminaldirectly connectsthe investor tostock market andhaving allindustrystandardTreadingterminalfeaturesincludingtechnical charting(intradayandEOD),multiplewatchlist,advancedhot key functionsforfastertrading,derivativechains,futures&options calculator. As in basic and advance account, trading is available online through internet and offline though phone.

Brokerage and Account opening fees:Religare offers three kinds of accounts as above. Below are detail aboutfees and activation charges for each account.

(i) R-ACE

Account activation charges Rs.299/-.

(ii) R-ACE Lite

Account activation charges Rs.499/-..

(iii) R-ACE Pro

Account activation charges Rs.999/-.4.All the account comes with free annual maintenance charge.5.All accountcomes with free DPaccount.

Brokerage at Religare

On the basis of volume and frequency of trading, Religare provide different options for brokerages. On thebroader way they divided into three categories

(i) Classic Account

Intraday brokerage varies from 0.3% to0.5%.Delivery brokerage varies from 0.30% to0.50%..

(ii) Freedom Account

In this payment scheme, investor has to pay a fix amount in advance for Annual Subscription (Rs 4000). This one timepayment enable account holder to trade forRs. 3,00,000 intraday & derivative trading and Rs. 40,000 of deliverybased trading for zero brokerage.

(iii) Trump Account

Trump account has twopayment options

(i) Trump Plus has annual subscription fees of Rs 2,500,

Brokerage on Delivery Trades of 0.25% and

Brokerage on Intraday Trades & F&O Trades of 0.025%.(ii) Trump Super has annual subscription fees of Rs. 15,000, Brokerage on Delivery Trades of 0.15% and

Brokerage on Intra day Trades & F&O Trades of 0.015%

Advantages of Religare

Religare gives interest on unutilized cash when investor is waiting to make next trade or online investment.

Religare Allow their investor to trade without having to worry about cash margin. Investor can get exposure (on cash segment) as high as 20 times for intraday trades.

They provide intraday reports andhistorical charting.

Lifetime free DP account.

Varity of fee structure to fulfill needof different type of investors.

4.5. Equity Broking and Online Trading

Equity client base of over 4.6 lacs, recorded an increase of more than11% in last quarterTotal Equity brokerage of Rs. 749 mn for Q1 FY 09Equity market share increased from 3.46% to 3.84% in last quarterOnline client base of over 78,500 clients, recorded an increase of20% in last quarterOnline brokerage for the quarter accounted for Rs. 32 mn.

SWOT ANALYSIS:-

(i) Strengths

Strong corporate relationship with itspromoter RANBAXY

Collaborations with highly reputed international companies AEGON and MACQUERIE.

Provides transparency to clients

Highly qualified research team

Strong network through out India, strong presence in WEST, NORTH and SOUTH

(ii) Weaknesses

No satisfactory Brand awareness and no Brand recall value

In case of intraday the order isautomatically squared off at 3.10 pm

Problem in linking Religare demat account with the five banks HDFC, CITIBANK, AXIS, ICICI, INDUS Bank.

(iii) Opportunities

Even the strong players in the market holds 6% ofmarket share, so there is agood potential for growth

The growing interest ofpeople in the stock market

Indian stock market story going strong

(iv) Threats

Competition from majorplayers like ICICIDIRECT, SHAREKHAN,INDIA BULLS, KOTAKetc.

The downfall in the stockmarket.

Commodities:-

Religare Commodities Limited is a member of both the exchanges (MCX & NCDEX) that allows you to trade in all the commodities traded at both the exchanges. At present, trading in commodities is restricted to futures contracts only. Religare is currently offering special services to our esteemed investors in commodities. Portfolio Advisory Services (COMPASS) - This allows investors to get the benefit of our in-depth research services and generate better returns with minimal risk.Commodity trading in India is comparatively new and gives investors opportunities to hedge risk of capital market fluctuations. It also is emerging as an additional class of investment for investors. We are targeting our 58 equity trading customers for investment in globally-traded commodities, such as bullion and oil and gas, and currently offer this service from 465 locations, including 42 commodity mandi locations across the country.

RCL had a base of approximately 182 clients as on March 31, 2005 which has grown to approximately 14,955 as on March 31, 2007. In all the locations where commodity services have been provided, we employ experienced commodities dealers, who support trading for existing commodity broking clients, in addition to the equity relationship manager. In certain locations where required, we also have dedicated commodity relationship managers. As of March 31, 2007, we had 193 dedicated commodity dealers and 108 commodity relationship managers.

Depository Services:-

Religare is among the few major Depository Participants holding securities worth more than Rs.6000 crore under its management. RSL provides depository services to investors as a Depository Participant with NSDL and CDSL.

Personal Financial Services:-

Financial planning services are offered to individuals to put together a financial plan for managing financial resources. This may include a debt and asset analysis, as well as college, retirement, estate and tax planning, with periodic checks with the client to monitor how well the plan is being followed over time. Much of the planning revolves around developing an income and expense budget, with advice about the types of financial investments suitable for the particular client. In India, such services currently are not well developed and there is a large focus on the distribution of financial products, such as mutual funds, insurance polices and other savings products. With a view to leveraging the strength of our branch network during the course of Fiscal 2007, we started distribution of mutual funds and, in Fiscal 2008, we have converted this segment to Personal Financial Services, or PFS, which will provide financial planning services where a single team can advise clients across various product and service offerings.

As of March 31, 2007, we had approximately 27,770 PFS folios for our retail customers, with total funds invested through us of Rs. 1,467.53 million in equity-related funds and Rs. 65,029.05 million in debt-related funds. PFS team now offers the full spectrum of financial planning to customers, which includes insurance, IPOs and other investment products. Religare had about 200 dedicated PFS advisors as of March 31, 2007, and this service is expected to be rolled out to all our locations over the next few years.

Insurance:-

The distribution of life and non-life insurance products in India has historically been conducted by single agents who are able to sell only one insurance companys policies. Religare has entered the insurance broking business so that we can deliver access to all major insurance companies products to our customers. Religare intends to provide insurance distribution services through our large network of branches as well as through our dedicated insurance branches. Religare received our insurance broking license in November 2006.

Religare currently hold a majority stake in Religare Insurance Holding Company Limited (RIHCL), a company which has been formed to enter into a joint venture with Aegon International N.V., to offer life insurance and pension products in India. Religare has infused equity into RIHCL for onward deployment in the joint venture and, following receipt of regulatory approvals for RIHCL to participate in the joint venture, Religare ultimately intends to reduce our holding in RIHCL to a minority stake.

Investment Banking:-

Religare was granted a merchant banking license by SEBI on December 12, 2006. Our investment banking professionals maintain relationships with businesses, private equity firms, other financial institutions and high net worth individuals and provide them with corporate finance and investment banking advice.

Religare has divided our investment banking business into merchant banking and transaction advisory services. Investment banking services are being expanded to include underwriting public equity offerings, mergers and acquisitions advisory services, corporate restructuring services, placement of private debt and equity offerings and rendering general investment banking and transaction advisory services. For Fiscal 2007, investment banking contributed Rs. 199.12 million in revenues and had a team of 26 persons.

Research:-

Religares products and services offering are based on our wide-ranging research capabilities. Religare provides high quality research, conducted by a team of 32 Fundamental Analysts, 6 Technical Analysts, 3 Derivative Analysts and 5 Analysts for Mutual Funds and IPOs covering more than 140 companies across various sectors under institutional and priority client equity research. Each of Religares Spectrums employs designated research analysts, with 6 research analysts in our priority client equity services, 13 research analysts in our institutional brokerage business, 10 research analysts covering equity retail, 12 research analysts covering commodities and five research analysts in our mutual funds business. Risk Management:-

Religare;s risk management limits the exposure and margins of each client whether they are serviced directly by religare or through a Business Associate. Religare has deployed resources in terms of technology, people and processes to manage our risk management function. Religare believes that we have effective procedures for evaluating and managing the market, credit and other risks to which we are exposed, as well as protecting our reputation in the market. To meet the need for a robust and efficient risk management system, Religare has created a risk management cell which is regionally operational and centrally controlled and administered by the head office team. In order to mitigate business risk, risk management policies are decided by a risk management committee comprising of senior officials of Religare. These policies are monitored, reviewed and revised periodically.

(i) Risk Management Process

Risk management starts with identifying the area of risk. The major risks perceived are operational risk, credit risk, market risk and regulatory risk. Religare analyse factors and reasons causing risk on a periodic basis, plan for control of identified risks, decide on and implement appropriate risk management tools and monitor policies and procedures with view to continuous improvement.

(ii) Risk Monitoring and MitigationReligare uses products from leading software companies such as Financial Technologies (India) Limited and Asian Cerc Information Technology Ltd along with multiple in-house software programmes to monitor, among other things, client level margins and MTM losses. These software packages enable us to provide broking services through our remote branches, including online trading for various categories of clients.

(iii) Risk ManagersReligare has experienced personnel to manage risk and regulatory compliance and ensure

implementation of risk management policy. The risk management team is independent of marketing and business development teams. All the regional risk team members work under the direction and control of the central risk management team at our head office. Team reviews set monitoring parameters, suggest changes on the basis of regulatory and stock exchange requirements and share best practices.

(iv) Risk Management Levels

Risk management in Religare is carried out at the client-level, the scrip-level and the company-level:

Client-Level Risk Management:

This is carried out by using online surveillance and monitoring tools developed by professional software companies in the industry and with the help of Religares internal

team. All the clients open positions across exchanges and market segments are monitored through trading software for margin and MTM losses. Client risk is validated regardless of whether the client is a direct client of Religare or has been introduced by a Business Associate. Procedures are developed to service multiple clients requirements while ensuring control of overall risk. Trading parameters are set on a dynamic basis and are robust enough to incorporate changes required due to market conditions and clients trading potential.

Scrip-Level Risk management:

Religare uses internal scrip-based margining, which is based on various parameters including impact cost, liquidity, volatility and share price fundamentals. Religare maintains scrip level, group level and segment level margins and limits. The scrip list with new margin rates is revised using established parameters on a periodic basis.

Company-Level Risk management:Technology is optimised internally to implement established risk policies, create and maintain support to end users and implement robust data and network backup plans so that Religare can reduce company-wide risk in its business. Religare strictly folloes exchange defined derivative margining systems for its forward and options trading.

(v) Receipt and Payment Control

A centralized system of releasing funds and securities is in place. A client request for release of payment or securities is acted on only after ensuring adequate availability of funds or securities (including future obligations) in the clients account. Cheques are issued in the name of client and no third party payment is issued under any circumstances. Securities are released into the demat account of the client registered in religares records.

(vi) Receivables Management

In order to facilitate funds movement, Religare has adopted a centralized funds management system. Over dues are recovered in accordance with the recovery policy of the Company.

10. Technology and Network Support Systems:-Religares ongoing investment in technology is a key element in expanding product and service offerings, enhancing delivery systems, providing fast and consistent client service, reducing processing costs, and facilitating our ability to handle significant increases in client activity without a corresponding rise in risk and staff. Religares technology team is divided into three broad areas: Network and application management

Application development

Support call centre

Religares network and system has been developed on the principal of a zero failure rate at our central facility in New Delhi and all remote sites. Religares data centres are audited quarterly for security on a quarterly basis and Religare has applied for a BS 7799 (ISO 27001) certification.

Religare has emphasized technology as a key business enabler and have implemented a fully redundant virtual private network with the capability to provide well-controlled, centralized and scaleable business operations.

The key features of our technology platform are:

Religare has central data centers located at corporate office in New Delhi.

Religare work with Financial Technology (India) Limited and Asian CERC as technology partners for establishing our network and IBM India and HP for providing servers and desktops. All points of sale are connected to the central hub via this network with multiple connections to the securities exchanges. Bharti Tele ventures and Hughes Electronics Corporation are the service providers for the VSAT network with dedicated telecommunications backup.

Religare has a hybrid network of leased line circuits connecting all our branches, which facilitates the operations of back office and other business applications. This also enables us to continue with business in the event of a breakdown in our satellite communications link.

Religare has complete connectivity to the Internet using multiple service providers, allowing all employees robust connectivity. For business information, Religare subscribe to services from leading international information syndicates, such as Reuters and Bloomberg.

Religare uses third party software packages for our trading, customer and back office systems.

Competition:-

Religare encountered intense competition in all aspects of business and compete directly with many other brokerage companies for clients. Many of Religares competitors has significantly greater financial, technical, marketing and other resources than those available to religare. National retail firms such as Merrill Lynch and Citigroup Global

Markets Inc. are highly prominent in the industry. Religare also face competition from small traditional brokers and from pan-India brokers such as Kotak Securities Limited, Motilal Oswal, Angel Broking Limited and India Infoline Limited. In addition, a number of firms offer discount brokerage services to retail customers and generally effect transactions at substantially lower commission rates on an execution only basis, without offering other services such as investment recommendations and research. Moreover, there is substantial commission discounting by full-service broker-dealers competing for institutional and retail brokerage business. A growing number of brokerage companies offer online trading which has further intensified the competition for brokerage customers. Other financial institutions, notably commercial banks and savings and loan associations, offer customers some of the same services and products presently provided by brokerage companies.

Intellectual Property:-

Religare believes that Religare brand, because of its association with the Ranbaxy Promoter Group, benefits from the trust of many investors in India and enhances religares market visibility. Religare uses the Religare trademark and service mark and its associated logos and invest resources in building brand. Ranbaxy Holding Company, or RHC, has applied for the registration of the Religare trademark and service mark under the Trademarks Act of 1999, all of which are currently pending registration.

Religares Company has the licence to use the Religare trademark in India only pursuant to a licence agreement dated January 4, 2006. Religare has 10 trademark applications pending for registration under the provisions of the Trade Marks Act, 1999 before the Trade Marks Registry, New Delhi. These include applications for the trademarks LEO, ELEPHANT, HAWK EYE, PANTHER, TORTOISE, CATERPILLAR, composite marks R-ACE (PRO), R-ACE, R-ALLY, R-ACE (LITE), which are crucial to our business. Religare currently do not has any registered trademarks.

Insurance:-

In compliance with requirements of the Indian stock exchanges, Religare maintains stock brokers indemnity policies that provide coverage against incomplete transactions and computer crimes. In addition, Religare maintains voluntary insurance coverage against risks including loss of money, loss of electronic equipment, burglary, general fire, damage and flood. Religare also maintain a floating medical insurance policy for employees, as well as a directors and officers liability insurance policy, which, however, does not provide coverage against certain risks including prior acts, prior and pending litigation, insolvency and money laundering.Properties:-

Religare operates businesses, including representative office in London (since 2006), out of leased and rental properties. Religares registered and corporate office is also located on leased property.

Employees:-

Religare employed approximately 4,500 full time employees as on March 31, 2007. Religares employees are broadly categorized into seven departments: sales, operations, technology, risk management, research, administration and support. Religares employees are not unionized or covered by collective bargaining agreements. Religare considers relationship with our employees to be good. Religares Business Associates are third party entities and their staff members do not form part of Religares payroll.

COMPETITORS

(i) Angel Broking

(ii) Motilal Oswal

(iii) Kotak Securities

(iv) ICICI Direct

(v) India Infoline

ANGEL BROKING:-

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.

Angels retail stock broking house offering a gamut of retail centric services.

Ebroking

Investment Advisory

Portfolio Management Services

Wealth Management Services

Commodity Trading

Trade In: BSE and NSE

Angel Trades Trading Platforms

Angel Broking offers five trading platforms to its customers.

Angel Diet:-

It is an application based trading platform where rates are updated automatically. All segments are available on a single screen. This is ideal platform for the daily traders.Angel Trade:-

It is a browser based trading platform for investors. The rates are updated automatically. This platform is useful for investors & traders to access market from different terminals.

Angel Investor:-

It is a browser based trading platform for investors. Its an easy online trading platform accessible even behind proxy and firewall system set up.

Angel Lite:-

This platform allows to access and trade even on slow internet connection. This platform provide facility to view live rates, last traded price % change of your stocks.

Angel Swift:-

This is a Mobile trading platform for mobile applications. Trading can be done on Equity and Commodity Market using this platform.

Angel Trade Brokerage Charges 2014

Account opening fees:-

Stock trading account Rs 575/-

Demat account Rs 200/-

Commodity trading Rs 625/-

Brokerage:-

If Initial margin cheque is more then 25,000

Intraday (Buy & Sell): Rs. 0.04% per trade* Delivery (Buy & Sell): Rs. 0.40% par trade* F&O (Buy & Sell): Rs. 0.04% par trade*

If Initial margin cheque is more then 50,000

Intraday (Buy & Sell): Rs. 0.03% per trade*

Delivery (Buy & Sell): Rs. 0.30% per trade*

F&O (Buy & Sell): Rs. 0.03% per trade*

If Initial margin cheque is more then 1,00,000

Intraday (Buy & Sell): Rs. 0.02% per trade*

Delivery (Buy & Sell): Rs. 0.20% per trade*

F&O (Buy & Sell): Rs. 0.02% per trade*

If Initial margin cheque is more then 3,00,000Intraday (Buy & Sell): Rs. 0.015% per trade*

Delivery (Buy & Sell): Rs. 0.15% per trade*

F&O (Buy & Sell): Rs. 0.015% per trade*

If Initial margin cheque is more then 5,00,000Intraday (Buy & Sell): Rs. 0.01% per trade*

Delivery (Buy & Sell): Rs. 0.10% per trade*

F&O (Buy & Sell): Rs. 0.01% per trade*MOTILAL OSWAL:-

Incorporated in 1987, Motilal Oswal Securities Ltd is a well diversified financial services firm offering a range of financial products and services such as Wealth Management, Broking & Distribution, Commodity Broking, Portfolio Management Services, Institutional Equities, Private Equity, Investment Banking Services and Principal Strategies.

Company have a diversified client base that includes retail customers (including High Net worth Individuals), mutual funds, foreign institutional investors, financial institutions and corporate clients. They are headquartered in Mumbai.

Motilal Oswal's Trading Platforms

Web Platform:

Web Platform is suited for first time investors who want a clean and simple interface. Investor can trade from any internet connected PC and place the order with instant confirmation.

Desktop Platform:

Desktop Platform is suitable for those investors and traders who want live market watch and faster execution.

Mobile Platform:

Mobile platform works on most GPRS enabled mobile phones. Investor can directly buy/sell from market watch. It also provides the facility to modify or cancel the pending orders.

Call N Trade:

Call N Trade Platform is suitable when investor don't have online access to their trading site. All Motilal Oswal customers enjoy Call N Trade services at no additional cost.

Account Types

Value Pac:

Value Pac is the upfront subscription scheme, which gives significant discounts in brokerage rates with defined time period to use it. With the wide range of Value Pacs, based on the Volume of Trade and the Validity period one can enjoy the benefits of placing trades at reduced charges.

Margin account:

Margin account is suitable for those who don't want to commit to a Value Pac (upfront subscription). In Margin Account investor have to give defined upfront margin amount at the time of opening the account.

Motilal Oswal Brokerage Charges 2014

Account Opening Fees & Annual maintenance charges (AMC)

Trading Account Opening Charges (One Time): Rs. 0

Trading Annual maintenance charges (AMC): -

Demat Account Opening Charges (One Time): -

Demat Account Annual Maintenance Charges (AMC): Rs. 441

Trading Brokerages:

For Value Pac (Value 2,500)

Intra-day Trades: 0.080%

Delivery Based Trades: 0.40%

F&O Trades: 0.090%

Options Trades: Rs. 100/- per contract

For Margin Scheme (Margin 10,000)

Intra-day Trades: 0.10%

Delivery Based Trades: 0.50%

F&O Trades: 0.10%

Options Trades: Rs. 100/- per contract

KOTAK SECURITIES:-

Incorporated in 1994, Kotak Securities is a full services broker part of popular India based Kotak Mahindra Bank. The bank has over 1400 branches across India servicing more than 8 lakh customers.

Kotak Securities Limited is among the largest traditional broker in India providing wide range of investment options to its customers including Trading in Equity & Derivatives, Investment in IPO's, Mutual Funds, Fixed Deposits, Bonds and many more share market related investment products.

Kotak Sec is the member of BSE and NSE, the popular stock exchanges in India. Company provides stock trading facilities though many ways including trading terminal, website, mobile application, trading though branches and call & trade.

Like other tradition brokers in India, Kotak offers facility of Margin Finance, Margin against Securities, Fundamental and Technical analysis, Research Reports & Tips, SMS alerts and Portfolio Management Services (PMS).

Kotak Security is also the member of National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) and provides its own depository services to the customers.

The 3-in-1 account is the key offering of Kotak Securities. The Trinity Account [3 in 1 Account] offers the combination of broker account, bank account and a demat account. All these accounts are linked together and work seamlessly to make stock market investment very easy.

Kotak Securities's Trading Platforms

Kotak Securities offers multiple trading platforms to suite investor's requirement. Following are the trading platforms available by Kotak Sec:

Website Based Trading A stock treading website which can be accessed though any popular Web Browser. This is the most convenient and popular way to invest with Kotak Securities. Kotak also offers a light weight trading website 'Xtralite', which can be used by investors with slow speed internet.Trading Terminals (KEATProX and FASTLANE) Kotak offers two different trading terminal based application which are very popular among stock traders. 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. FASTLANE gives KEATProX like features and the benefits of website based trading as it can be access from anywhere though web browser.

Mobile Stock Trading Kotak offers high speed mobile based application to trade in Stock Market. Through this mobile app, a customer can Execute Trades, Monitor Portfolio, View Streaming Quotes and Intraday Charts.

Branch Advisory and Call & Trade Kotak also offers trading facility though its 1400+ branches and though call centers using call & trade facility.

Account Types

Kotak offers different account types according to users requirement:

AutoInvestAutoInvest is a unique Online Trading Account which provide investment planning in Gold ETFs (Exchange Traded Funds), Equities and Mutual Funds to their customers. Gold ETFs are mutual fund schemes that will invest the money collected from their investors in standard gold bullion.

Kotak's advisor gives the recommendation according to investor's risk capability and investment plans. Minimum investment of Rs 5000 required for AutoInvest account.

Kotak GatewayKotak Gateway account opens the gateway to a world of investing opportunities for beginners. Kotak Gateway user can trade anywhere, anytime using internet. Kotak also offers call and trade facility. Investor can also trade Currency Derivative using Kotal gateway account.

Kotak Securities provide SMS alert, research report, free news and market updates to the account holders. Best feature of Kotak gateway is call and trade facility. Anybody can activate Kotak Gateway account with any amount between Rs 20,000 to 5, 00,000. This can be in form of cash deposit or the value of the shares you buy. Brokerage will be charged based on the account type. For intraday trading brokerage is .06% both sides for less then 25 lakhs and .023% for more then 25 crores.

Kotak Privilege CircleKotak Privilege Circle is the premium investment account offed by Kotak Securities. Along with Kotak Gateway account benefits Kotak provides independent market expertise and support through a dedicated relationship manager and a dedicated customer service desk which provides assistance in opening accounts, handling day-to-day problems, and more. They provides KEAT premium which is an exclusive online tool that lets you monitor what is happening in the market and view your gains and losses in real-time.

One can activate Kotak Privilege Circle account with any amount more than Rs. 10,00,000 as margin, by way of cash or stock. For intraday trading brokerage is .06% both sides for less then 25 lakhs and .03% for more then 25 crores.

Kotak Freedomfor Mutual Fund Investments.

Kotak Super Saver, a Flat Brokerage and a Low Margin account.

PMS (Portfolio Management Service), an account for people who need an expert to help to manage their investments.

NRI Account, a online trading an investment account for NRI investors.

Trinity Account [3-in-1 Account]Trinity Account is an integrated account that helps investors enjoy the benefits of a Online Trading Account, Bank Account, Demat Account on a single platform for your securities transaction. This account gives convenience of fund transfer and online trading.

Kotak Securities Brokerage Charges 2014

Account opening fees:Trading Account Opening Charges (One Time): Rs 750

Trading Annual maintenance charges (AMC): Rs 0

Demat Account Opening Charges (One Time): -

Demat Account Annual Maintenance Charges (AMC): Rs 600 per annum

Trading Brokerages:

Kotak Gateway (Fixed Brokerage)(* All charges are on both sides)

Delivery Based Trades: 0.49%

Intra-day Trades: 0.049%

Futures Trades: 0.049%

Options Trades: Rs. 100/- per lot or 1% on premium which ever is higher

Kotak Gateway (Variable Brokerage)(* All charges are on both sides)

Delivery Based Trades Brokerages: 0.59% to 0.18% (For trading amount of '< 1lakh' to '> 2 crore')

Intra-day Trades Brokerages: 0.06% to 0.03% both sides (For trading amount of '< 25 lakhs' to '> 5 crore')

F&O Trades Brokerages (Intraday): 0.07% to 0.023% both sides (For trading amount of '< 2 crores' to '> 25 crores')

F&O Trades Brokerages (Settlement): 0.09% to 0.032% both sides (For trading amount of '< 2 crores' to '> 25 crores')

Options Trades: Rs. 100/- per lot

Kotak Securities Demat Account Charges

SrAccount HeadRateMinimum Payable

1DematerialisationRs.50/- per request and Rs.3/- per certificate--

2RematerialisationRs.10/- for 100 sharesRs. 15/-

3Debit Transactions - On Market and Off Market0.04% of the value of securities (Plus NSDL charges as applicable)Rs. 27/- (Plus NSDL charges as applicable)

4Account Maintenance Charges

Resident Indian

NRIRs. 50/-per month

Rs. 75/-per month--

5Pledge Charges0.05% of the value of securitiesRs. 30/-

6Invocation of Pledge0.04% of the value of securitiesRs. 30/-

7Charge for Client Master change intimationRs.25/-

Useful Articles:

The Best3-in-1 Trading Accountin India Stock Market - ICICI Bank, HDFC Bank, SBI, Kotak Securities etc

Know aboutFlat Fee Share Brokers in India(Also known asbudget brokerordiscount broker).

ICICI DIRECT:-

ICICI direct is an online trading and investment platform on ICICI Securities, thelargest stock broker firmin India providing 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 (I-Sec) is thetop equity housein India with over 20 lakh customers. ICICIDirect.com is the flagship website of I-Sec. This website was thefirst online trading platform lunched in Indiato provide browser based equity, commodity and currency trading; all under one login.

ICICIdirect.com is themost visited investment portalin India and by NRI's living across countries. It is one website which provides options to invest in over 20 financial products including Equity, Derivatives, Currency Futures, IPO, Mutual Funds, ETF, Fixed Deposits, Loans, Tax Services, New Pension Systems and Insurance.

ICICI direct also provide current stock market information which includes stock prices, news, market research reports, stocks tips, events, IPO News and company results. Its 'Centre for Financial Learning' initiative offers number of online and classroom programs for investors.

The 3-in-1 account, which includes ICICI Bank Account, ICICI Direct Trading Account and ICICI 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. The customers can visit any of the over 1500 ICICI Bank branches to get help on financial products which are sold through ICICI direct.

Trades In: BSE and NSE

ICICIDirect's Trading Platforms

ICICIDirect offers 2 trading platforms to its customers:

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.The ICICIDirect website allows Cash Trading, Margin Trading, MarginPLUS Trading, Spot Trading, Buy Today Sell Tomorrow, IPO Investment, Mutual Fund Investment etc.

ICICIDirect.com website is the primary Investment vehicle of ICICI Limited.

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. Investor can also do technical analysis with the help advance charting tools. Single Order entry page for Equities and Derivatives, Technical Analysis, Integrated Fund Transfer System, Customized Interface, Intra-day and EOD Charts and Shortcut keys for faster access to markets are some of the key features of Trade Racer Terminal.

ICICIDirect Brokerage Charges 2014

Trading Account Opening Charges (One Time): Rs. 975

Trading Annual maintenance charges (AMC): Rs 0

latest brokerage informationon ICICIDirect website.

Demat Account Opening Charges (One Time): Rs. 100 (for Agreement Stamp Paper)

Demat Account Annual Maintenance Charges (AMC): Rs. 500 (Rs 0/- for 1st year with 3 in 1 Account)

OtherDemat Service Charges & FeesICICI offers 2 types of brokerage plans to its customer:

I-Secure Plan (Flat brokerage Plan)

This plan offers Flat Brokerage (in %) irrespective of turnover value. This plan is suitable for traders / investors looking at secured and fixed brokerage.

I-Saver Plan (Variable brokerage plan)

This plan offers brokerage based on the trading volume i.e. high brokerage for low volume and low brokerage for high volume trades. This plan suitable for traders / investors who trade in high volumes and can benefit from low brokerage.

ICICIDirect Brokerage in Cash

I - Saver PlanI - Secure Plan

Total Eligible Turnover (Per calendar Quarter)Brokerage (%)Effective Brokerage on Intraday SquareoffTotal Eligible Turnover (Per calendar Quarter)Brokerage (%)Effective Brokerage on Intraday Squareoff

Above Rs. 5 Crores0.250.125%Irrespective of turnover0.550.275%

Rs.2 Crores to 5 Crores0.300.150%

Rs.1 Crores to 2 Crores0.350.175%

Rs.50 Lakhs to 1 Crores0.450.225%

Rs.25 Lakhs to 50 Lakhs0.550.275%

Rs.10 Lakhs to 25 Lakhs0.700.350%

Less than Rs.10 Lakhs0.750.375%

ICICIDirect Brokerage in Future & Future Plus

For Equity/Currency FuturesEquity Future and Future PlusCurrency Futures

I - Saver Plan/I Secure Total Eligible Turnover per monthBrokerage (%)Brokerage on Second leg of Intraday square off (per lot)Brokerage on Second leg of Intraday square off (per lot)

Above Rs. 20 Crores0.030Rs.15/-Rs.10/-

Rs.10 Crores to 20 Crores0.035Rs.15/-Rs.10/-

Rs.5 Crores to 10 Crores0.040Rs.15/-Rs.10/-

Less than Rs.5 Crores0.050Rs.15/-Rs.10/-

ICICI Brokerage in Margin & Margin Plus

I - Saver Plan / I - Secure Plan

Total Eligible Turnover per monthBrokerage (%)

Above Rs. 20 Crores0.030

Rs.10 Crores to 20 Crores0.035

Rs.5 Crores to 10 Crores0.040

Less than Rs.5 Crores0.050

ICICI Direct Brokerage in Options

I - Saver Plan / I - Secure Plan

Brokerage in Options Total Eligible Lots per monthFlat brokerage per contract lot (Rs.)Brokerage on Second leg of Intraday square off (per lot)

Above 60065/-Rs.15/-

301-60070/-Rs.15/-

151-30075/-Rs.15/-

61-15085/-Rs.15/-

0-6095/-Rs.15/-

Depository Service Charges

For Resident Retail Customers and Corporates

ParticularsCharges

Account OpeningNil

First Year AMCNil

Annual Maintenance ChargesRs 600 (Rs 500 for customers receiving e-mail statements)

Buy - Market and Off-MarketNil

Sell - Market and Off-Market and Redemption of MF units (% of transaction value of each ISIN)Max. Rs 500 for debt instrumentsNil for Trades done on www.icicidirect.com

Instruction submitted through Internet (E-inst / IVR)0.04% (Min. Rs 25 and Max. Rs 25,000)

Instruction submitted through Call Centre0.04% (Min. Rs 30 and Max. Rs 25,000)

Instruction submitted at Branches0.04% (Min. Rs 35 and Max. Rs 25,000)

Rejection / failsRs 30

Extra charges for processing of TIFDs submitted late(% of transaction value)Instruction submitted through Internet (E-inst / IVR)Nil

Instruction submitted through Call CentreNil

Instruction submitted at Branches (accepted at Client's risk)Rs 10 per ISIN

Dematerialisation for each request formRs 50

Dematerialisation for each extra certificateRs 3

RematerialisationRs 25 for every hundred securities or partthereof, subject to maximum fee of Rs 3,00,000 ora flat fee of Rs 25 per certificate, whichever is higher.

Reconversion of MF unitsRs 25 per instruction

Closure of AccountNil

Pledge Creation/Closure/Confirmation/ Invocation(% of value for each ISIN in each request)If, ICICI Bank is counter party0.02% (Min. Rs 25 and Max. Rs 25,000)

If, ICICI Bank is not counter party0.04% (Min. Rs 35 and Max. Rs 25,000)

Additional Account StatementsRs 20

NSDL Charges

ParticularsCharges

Annual Maintenance Fee for Corporate AccountRs 500 p.a. (w.e.f October 1, 2013)

Sell - Market and Off-MarketRs 4.50 per debit instruction (Nil for commercial paperand short-term debt instruments)

Reconversion of MF units into SoARs 10 per instruction (w.e.f April 1, 2014)

Redemption of MF units through ParticipantsRs 4.50 per instruction (w.e.f April 1, 2014)

RematA fee of Rs 10 for every hundred securities or partthereof, subject to maximum fee of Rs 5,00,000 or a flatfee of Rs 10 per certificate, whichever is higher.

Pledge CreationRs 25 per instruction

INDIA INFOLINE:-

Incorporated in 1995, India Infoline (IIFL) is thebrokerage firmof India Infoline Group, a fastest growing financial services solution provider in India. India Infoline is listed on BSE (532636) and NSE (INDIAINFO) for securities trading.

IIFL offers trading platform and research-based advice for entire range of financial products including Stocks, Derivatives, Commodities, Insurance, FD's, Loans, Bonds etc.

Equity / Commodity Broking and Researchis the key offering of India Infoline. IIFL has a wide network of 4000+ branches spread over 900+ cities across India (as of Dec 2012). IIFL is very popular among retail investors and traders as their branches are spread all over India.

In Oct 2012, IIFL reported theaverage daily turnoverof Rs 4,355 cr in equity and Rs 2,254 Cr in commodities.

IIFL won the 'Best Broker with Global Presence' award at the BSE IPF D&B Equity Broking Awards 2012. IIFL has presence through its subsidiaries in Colombo, Dubai, New York, Mauritius, London, Singapore and Hong Kong.

India Infoline (IIFL)'s Trading Platforms

IIFL offers 2 different online trading terminals to its customers:

Investor Terminal (IT)

Investor Terminal is 5Paisa's equity trading terminal for low volume trader. This is web based terminal and could access from anywhere. This product provides limited features in comparison of Trader Terminal, which is another product provided by 5Paisa.

Trader Terminal (TT)

Trader Terminal is design for high volume equity traders or day traders. Trader Terminal provides high volume trading with powerful interface and fast order execution.

India Infoline (IIFL) Brokerage Charges 2014

Account Opening Fees & Annual maintenance charges (AMC)

Trading Account Opening Charges (One Time): Rs 750

Trading Annual maintenance charges (AMC): -

Demat Account Opening Charges (One Time): Rs 555

Demat Account Annual Maintenance Charges (AMC): Rs. 300

Trading Brokerages

Intra-day Trades: 0.05% on the buy side and 0.05% on the sell side.

Delivery Based Trades: 0.50% or 5 paise per share whichever is higher.

F&O Trades: 0.05%

Options Trades: 1% of Premium or Rs 100 per lot whichever is higher.

Minimum Per Share Brokerage: Rs 0.05

Auction Brokerage: 1.00%

VAS SMS Facility: Rs 249 per month

VISION, MISSION AND BRAND ESSENCE

Vision:-

To build Religare as a globally trusted brand in the financial services domain and present it as the Investment Gateway of India.

Mission:-

Providing complete financial care driven by the core values of diligence and transparency.

Brand Essence:-

Core brand essence is Diligence and Religare is driven by ethical and dynamic processes for wealth creation.

2. REVIEW OF LITERATURE

Stock-broking service, a branch of financial services sector, is undergoing rapid changes. The changes that are taking place in the financial services sector are reverberated in the stock market also. The practices and techniques adopted and found to be successful in other stock markets are being implemented in the Indian Stock Market also. Some of the practices and techniques thus implemented are screen based trading, dematerialisation of share certificates, options and fuiures trading, Automatic Lending and Buying Mechanism (ALBM), rolling settlement, etc. A number of learned writers have expressed their opinion about the recent trends and practices adopted in the Indian Stock Market. The difficulties and problems experienced by brokers are also highlighted by many writers. A brief review of their ideas, thoughts and comments are narrated in this chapter.

Indicating a strong sentiment against speculation in the stock market, Vijayaraghavan R (1992) suggests that the exchanges should adopt as quickly as possible uniform settlement system so that wide price variations across exchanges can be avoided and the ordinary investor afforded protection from violent price swings. Further, he adds that the stock exchanges should work towards a shorter settlement period, which would tone up market efficiency and ensure that payment and deliveries art. made in time.'

Rajiv Handa (1995) makes a comparison of practices in developed markets and developing markets. He says, "It is in the developed markets of the West that business trends, trade cycles and a host of other factors are taken care of by computers and forecasting models. This information is backed by decades of diligently stored data which is updated by continuous release of contemporary information by the listed companies". He further states that the situation back home is materially different and the company reports are available six months after the year ends which lose relevance by the time they are analysed.

Louis K.K. (1996), Senior Programmer, Cochin Stock Exchange, speaks about the in~plementation of screen based trading at the CSE. "Our mission is to develop Cochin Stock Exchange as a modern stock exchange which will help capital formation for industrial development of India by providing issuers, national and foreign investors with fair, secure and efficient market place. We will achieve this through novel modernisation measures, sound trading and settlement systems, modernisation of operations, transparency of business, professionally qualified and extremely dedicated team for better regulation of trading; and ensuring investors' care". He concludes his presentation with the remark that the CSE would become a high-tech model stock exchange at par with international counterparts

Pointing out the difficulties of the stock-broking profession, Krishna kumar P.K. (1998) speaks about brokers in the Cochin Stock Exchange, "Faced with a shrinking primary market, and a slothful secondary market the brokers in the Cochin Stock Exchange are fighting with their backs to the wall. It is a dismal scenario. Several brokers have called it quits. Some have shifted to other jobs. A few are thinking of merging to become a corporate entity". He further adds that brokerage has taken a beating and with client support having dried off, the brokers are left with speculative business.

Tomy Varghese (1999) makes a study on individual investors in the capital market in Keral;~. On professional competence he states that brokers are not well infor ned. His survey reveals, "53 percent of investors feel that brokers are not honest and about 83 per cent have experienced delay in payments. However, the majority of the investors (74 per cent) consider that brokers are helpful".

Vijay P.N. (2000), a Delhi based investment banker speaks about the impact of Internet based trading on stockbrokers. He says that the losers are really going to be stockbrokers and information providers. We have already seen how screen based trading reduced brokerage from up to 2 percent a few years ago to less than 0.5 per cent now. When Internet based trading gets fully under way a stockbroker may get totally disintermediated. The same might be the case with database companies, which ask us to pay for information.

Narasimhan C.R.L. (2001) is of the view that the recent measures announced by the Finance Minister in the Rajya Sabha to correct the malfunctioning of the stock market, namely: (a) Corporatisation of all stock (exchanges, (b) extension of the rolling settlement for 200 category A stocks and (c) greater powers to the SEBI, did not make any immediate inpression on the stock prices. He further points out that such major initiatives are announced only in the face of a market crisis.

3.OBJECTIVES

Primary Objective:To Study client facing Marketing Efforts of various brokers.

Secondary Objective:To Review the Sales pitch and Value Proposition offered by different brokers for their franchise and recommend changes in Religares Value Proposition.

To study various financial products like Equity, Mutual Funds, Commodity& Portfolio Management Services.

To Study the various services provided by Broker house to there clients.

To know investors experience in capital market.

To study what other services investors expect from their broker house.

4.RESEARCH METHODOLOGY

RESEARCH

The study of research method provides you with the knowledge and skills you need to solve the problem and meet the challenges of the fast- based decision. Marketing environment we define Business Research as a systematic inquiry whose objective is toprovide information to solve managerial problem. It seeks to find explanation to unexplored phenomena to clarify the doubtful facts and to correct the misconceivedfacts

DESCRIPTIVE RESEARCH DESIGN

Theresearchdesignadoptedinthisstudyis Descriptive Research Design.

A descriptive research design is the one which is description of the state of affairs as it exists at present. It includes survey and fact finding enquiries ofdifferent kinds. The researcher has no control over the variables. The researcherused this research design to find out the respondents attitude and opinion about ULIP policies offered.

SAMPLING DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It refers to the techniques or procedures the researcher would adopt in selecting items for the sample.

CONVENIENCE SAMPLING

The researcher adopted convenience sampling. It is the non probability sampling is that sampling procedures does not anybasis for estimating theprobability that each item in the population has of included in the sample. The researcher selects thepeople according to theirconvenient.

SAMPLE SIZE

A sample of five brokers of other stock broking firms was taken for the survey. The required data collected through questionnaire.

SAMPLE DESIGN

DETAILS OF THE SURVEY CONDUCTED

Sample SizeBrokers of other five stock broking firms

Target Population20-30 years

30-40 years

40-50 years

50 above

LocationGreater Noida, West Delhi

Type of QuestionniareStructured

No. of Questions Involved20

DATA COLLECTION

The information required for our project was collect mainly from the primary sources and even from secondary sources. The primary source consists of the data analyzed from questionnaire and interaction with the user at that time only. And internet is used as secondary source.

DATA COLLECTION METHOD

Dataiscollectedthrough questionnaireschedulemethod.

Itmeansthe investigators are trained to collect the information required for an enquiry through schedule. The trained investigators meet the people concerned and fill up the schedules with the information supplied by them.

LIMITATIONSTime limitation

Research has been done only in Delhi.

Companies did not disclose their secrets dataand strategies.

Possibility of Error in datacollection.

Possibility of Error in analysis of data due to small sample size.

DATA ANALYSIS AND INTERPRETATIONThere are a number of broking firms to choose from, in the market available today. It has been observed that the broking firms have both competitive offerings and pricing for the customers. Below are the offerings provided by the broking firms to the customers :

Online trading

Offline trading

Reports

-Mode

-Frequency

Promotional offers and schemes

Other financial services

Flexible brokerage plans

Margin

Trading account fees

Customer services

Other charges

The above services are provided by a number of competitive broking firms. A few of them are listed below:

Religare

Angel Broking

Motilal Oswal

ICICI Direct

Kotak Securities

India InfolineOnline Trading: The use of online trades has increased the number of discount brokerages because internet trading allows many brokers to further cut costs and part of the savings can be past on to customers in the form of lower commissions.

Another benefit of online trading is the improvement in the speed of which transactions can be executed and settled, because there is no need for paper-based documents to be copied, filed and entered into an electronic format.

Offline Trading: Offline trading means purchasing shares from broker houses from dealerthe order can be done by phone.In offline trading, clients who cannot trade online they can trade offline easily by calling their Relationship Manager (RM). All the broking firms provides facility of offline trading, with this clients can call their relationship manager for trading but some broking firms charge call-n-trade fees from clients.

3. Software offered for Online Trading:- Trading platform provided by Religare for online trading is ODIN, Angel Broking provides Angel Speed Pro, Angel Swift, Angel Grade, Motilal Oswal provides Lite Web for online Trading, Kotak Securities provides Keat Pro X, ICCI Direct provides Trade Racer and India Infoline provides IT and TT software for online trading. CLIENT SERVICING

Statement 1: Products and services provided by different Broking Firms.

Products and Services: Products and services provided by these broking firms are almost same. For example, these broking firms provides equity, commodities, derivatives, portfolio management services etc.

Statement 2: Number of accounts offered by Broking Firms.

Figure 2: Number of accounts offered by different broking firms to its clients.

Interpretation: The above graph shows that different broking firms offers different accounts to its clients like 1)Religare offers three types of accounts to its clients i.e R-ACE, R-ACE Lite and R-ACE Pro, 2)Angel Broking offers one account i.e Angel Diet, 3)Motilal Oswal offers two types of accounts i.e Value Pac and Margin Account, 4)Kotak Securities offers one account i.e Kotak Gateway, 5) ICICI Direct offers 3-in-1 account and 6) India Infoline offers R-Fixed account to its clients.

Statement 3: In which Mode and Frequency Reports are provided by broking firms.

Different broking firms provides Reports to its clients Ad-hoc, quarterly and on monthly basis. These reports includes Research Reports, Intra Day Reports etc.3.1. Mode:-

Figure.3.1: Reports offered by different broking firms to its clients in different modes.Interpretation: The above graph shows that different broking firms offers different Reports in different modes to its clients like 1) Religare offers reports both in electronic and print mode. 2)Angel Broking offers reports only in electronic mode. 3) Motilal Oswal offers reports in both modes. 4) Kotak Securities and 5) ICICI Direct offers reports in both modes. 6) India Infoline offers reports in both modes.

3.2. Frequency:-

Figure 3.2: Frequency in which reports are provided by different broking firms to its clientInterpretation: The above graph shows that different broking firms offers different Reports in different frequency to its clients like 1) Religare provides reports ad-hoc and quaterly, 2)Angel Broking provides reports ad-hoc and quaterly 3) Motilal Oswal provides reports ad-hoc and by default. 4) Kotak Securities and 5) ICICI Direct provides reports ad-hoc and by default. 6) India Infoline provides reports ad-hoc and by default to its clients.

Statement 4: Minimum Margin charged by Broking firms.

Figure 4. Minimum Margin charged by different broking firms to its clients.

Interpretation: The above graph shows that different broking firms charges minimum Margin to its clients like 1) Margin of Religare is Rs.10,000, 2) Margin of Angel Broking is Rs. 25,000, 3)Margin of Motilal Oswal is Rs. 10,000, 4) Margin of Kotak Securities is Rs. 10,000, 5) Margin of ICICI Direct is Rs. 5000 for saving and demat account and 6) Margin of India Infoline is Rs. 10,000.

Statement 5. Brokerage charged by Broking firms.

Figure 5. Brokerage charged by different broking firms on delivery based trading to its clients.

Interpretation: The above graph shows that different broking firms charges different brokerage to its clients like 1) Religare charges Brokerage = 0.03p 0.30p, 2) Angel Broking charges Brokerage = 0.04p 0.40p, 3) Motilal Oswal charges Brokerage = 0.04p 0.40p, 4) Kotak Securities charges Brokerage = 0.05p 0.50p, 5) ICICI Direct charges Brokerage = 0.03p 0.30p and 6) India Infoline charges Brokerage = 0.05p 0.50p to its clients.

Statement 6: Trading Account Fees charged by Broking Firms.

Figure 6. Trading account opening fees charged by different broking firms to its clients.

Interpretation: The above graph shows that different broking firms charges different Trading account opening fees to its clients like 1) Religare charges Zero Trading account opening fees, 2) Angel Broking charges Zero Trading account opening fees, 3) Motilal Oswal charges Zero Trading account opening fees, 4) Kotak Securities charges Rs.750 for trading account opening, 5) ICICI Direct charges Rs. 975 for Trading account opening and 6) India Infoline charges Rs. 750 for Trading account opening to its clients.Statement 7: Demat Account Opening Fees charged by Broking Firms.

Figure 7. Demat account opening fees charged by different broking firms.

Interpretation: The above graph shows that different broking firms charges different Demat account opening fees to its clients like 1) Religare charges Zero Demat account opening fees, 2) Angel Broking charges Rs. 200 Demat account opening fees, 3) Motilal Oswal charges Zero Demat account opening fees, 4) Kotak Securities charges Zero Demat account opening, 5) ICICI Direct charges Rs. 100 for Demat account opening and 6) India Infoline charges Rs. 555 for Demat account opening to its clients.Statement 8: Demat account AMC Annual Maintainence Charges of Broking Firms.

Figure 7. Demat account Annual maintainence fees charged by different broking firms.

Interpretation: The above graph shows that different broking firms charges different Demat account Annual Maintainence charges (AMC) to its clients like 1) Religare charges Rs. 300 for Demat account AMC, 2) Angel Broking charges Zero Demat account AMC, 3) Motilal Oswal charges Rs. 441 Demat account AMC, 4) Kotak Securities charges Rs.600 for Demat account AMC, 5) ICICI Direct charges Rs. 500 for Demat account AMC and 6) India Infoline charges Rs. 300 for Demat account AMC to its clients.

Statement 9: Other Financial services provided by Broking Firms besides broking.

Figure 8. Other financial services provided by different firms besides broking.

Interpretation: The above graph shows that different broking firms offers different other Financial Besides Broking like 1) Religare provides Life Insurance, Health, Art Initiatives, Finvest, other 7 Financial Services besides broking including these, 2) Angel Broking provides Birla Life Insurance, Children Life Insurance besides broking, 3)Motilal Oswal provides no other financial services besides broking, 4) Kotak Securities provides no other financial services besides broking, 5) ICICI Direct provides Life Insurance, General Insurance and Home Loan etc besides broking and 6) India Infoline provides Life Insurance and Health Insurance besides broking.

Statement 10: Number of Clients of Broking Firms.

Figure 10. Number of clients of different broking firm across india (approx.)

Interpretation: The above graph shows that clients of different broking firms across india. 1) Clients of Religare is more than 8,50,000 across india, 2) Clients of Angel Broking is near about 6,00,000 across india, 3) Clients of Motilal Oswal is 8,00,385 approx. 4) Clients of Kotak Securities is near about 8,00,000, 5) Clients of ICICI Direct is 20,00,000 including Bank customers and 6) Clients of India Infoline is 7,00,000 approx.

FRANCHISEE

Statement 1: Number of Franchisees of Broking Firms.

Figure 1. Number of franchisee's of different broking firms across india.

Interpretation: The above graph shows number of franchisees of different broking firms. 1) Number of franchisee outlets of Religare Securities is more than 1500. 2) Number of franchisee outlets of Angel Broking is more than 1400. 3) Number of franchisee outlets of Motilal Oswal is near about 1400. 4) Number of franchisee outlets of Kotak Securities is 1255. 5) Number of franchisee outlets of ICIC Direct is 1050. And 6) Number of franchisee outlets of India Infoline is more than 1250.

Statement 2: Franchisee Security Deposit/Fee of Broking Firms.

Figure 2. Security deposit fee of franchisee of different broking firms.

Interpretation: The above graph shows the security deposit fee of franchisee of different broking firms. 1) Security deposit fee of Religare Securities is Rs. 2,50,000. 2) Security deposit fee of Angel Broking is Rs. 1,00,000. 3) Security deposit fee of Motilal Oswal is Rs. 1,00,000. 4) Security deposit fee of Kotak Securities is Rs. 3,00,000. 5) Security Deposit fee of ICICI Direct is Rs. 3,00,000. And 6) Security deposit fee of India Infoline is Rs. 2,00,000.

Statement 3: Revenue Sharing Percentage to BPs (Business Partners).

Figure 3. The above figure shows revenue sharing percentage to business partners.

Interpretation: The above graph shows the Revenue Sharing Percentage to Business Partners. 1) Revenue sharing ratio of Religare Securities is 80 : 20. 2) Revenue sharing ratio of Angel Broking is 80 : 20. 3) Revenue sharing Ratio of Motilal Oswal is 70 : 30. 4) Revenue sharing ratio of Kotak Securities is 60 : 40. 5) Revenue sharing ratio of ICICI Direct is 70 : 30. And 6) Revenue sharing ratio of India Infoline is 70 : 30.

Statement 4: Supports and Services provided by Broking Firms to its Franchisee.

Figure 4. Different types of supports and services provided by different broking firms to its BP's.

Interpretation: The above graph shows the types of supports and services provided by different broking firms to its BPs it includes research reports, I.T supports etc. 1) Religare provides five types of supports and services to its BPs. 2) Angel Broking provides three types of supports. 3) Motilal Oswal provides four types of supports. 4) Kotak Securities provides four types of supports. 5) ICICI Direct provides three types of supports. And 6) India Infoline provides Four types of Supports to its BPs. Statement 5: Other Services provided by Broking Firms. Other services or value proposition related to franchisee or which is provided to BPs.Sales Person to Lead: All Broking firms does not provide sales person to lead.Intial and Marketing Material: Kotak Securities charges some extra cost for providing marketing material in future. But all other broking firms like Religare, Angel Broking, Motilal Oswal, ICICI Direct and India Infoline provides marketing material at no additional cost.Motivating BPs for acquiring more clients: All Broking firms provides promotional offers and schemes to their BPs for motivating them to acquire more clients.Incentives: Incentives are given all these broking firms are on monthly basis, which is based on targeted number of clients acquired by the BPs.Communication Media: All Broking firms uses Electronic medium to provide reports etc to its BPs like through E-mails, PDF, Letters etc.6.FINDINGSIn this survey questionnaires are filled from brokers of six brokerage houses where clients sit on the terminal & trade in the stocks. As the data collected shows that people who mostly invest in the market are businessmen & service class person who dont have enough time to keep continuous watch on the market fluctuation so they need regular assistance from their relationship manager who is assigned to them so every company is suggested to enforce their relationship managers to stay in contact with their clients. As technology increases most of the people have less time to spend on the other activities than their core business so most of the clients prefer online trading so they can put their bids whenever they want as 24*7. In the case of online trading clients are not need to be provided any kind of assistance from their relationship manager but if the dedicated relationship manager provide them a good assistance can put that relationship manager & that organization apart from their competitors. But even after the presence of internet some people like to trade through offline mode reasons might be lack of knowledge or cost sensitive as offline product is used to being at lower cost so here in offline that dedicated relationship manager has to be in contact with his client. And different broking firms offers many services to its clients and supports to its BPs. Some broking firms offers materials and other services at additional costs and some broking firms charges no additional costs for services and future marketing materials.

There are less sales promotion offers which are provided to clients and BPs in different broking firms like Kotak securities and Angel broking etc.

Mobile apps are not that much flexible in Religare and other firms.

There are less integrated financial services.

It is found that its easy for ICICI Direct to acquire more clients in broking by converting their banking customers into trading clients.

Broking firms like Religare Securities charges less brokerage as compare to Kotak Securities and Angel Broking.

Kotak Securities provides future marketing material to its BPs at some additional cost.

Religare enjoys good brand name as compare to other broking firms.

Sales experience of franchisee development managers is less in some broking firms.

Religare offers less TAT (Turn around time).

7.CONCLUSION

On the basis of the studyit is found that Religare securities is better serviceprovider than the other associations becauseof their timely research andpersonalized advice on what stocks to buy and sell. It provides the information through the Internet and mobile alertsas to what IPOs are coming in the markets and it also provides itsresearch on the future prospects of the IPO.

Study also concludes that people are not much aware of commodity market and while its going to be biggest market in India. From the above survey and observation it is found that most of the people who trade in share market belong to the employee group. Next comes the businessmen, and other class of income people. As the share market value goes on increasing day by day, the number of investors who want to invest in shares also increases. Online trading with Religare Securities, facilitated by ODIN software is so smooth and convenient that within a few minutes the customers can buy and sell shares which saves time as well as efforts. In case if a customer is not able to trade online, he / she can trade offline through a dedicated Relationship Manager at Religare Securities. Hence, owing to many factors such as minimum response time, careful and timely handling of queries and an overall satisfying customer experience, Religare Securities is one of the most preferred stock broking firms in its segment.

Therefore, from the above, it is inferred that the needs of customers differ from person to person, areas, locality and occupation. Customers always look for a value for money experience and Religare securities offers just that.7.1.RECOMMENDATIONS

On the basis of these findings and analysis, It has can be surely said that in stockbroking industry, differentiation can become the key to higher revenues. Better service, straight through processing(STP), immediate execution, portfolio services, ,investment advisors and telephone call centers or branch investment offices are needed to retain customers and to increase the revenue base. As more number ofpeople will get comfortable with internet/technology, broking (especially onlinebroking) will have a completely new meaning with more fringes coming into thepicture and more firms will offer umbrella services to their clients. Thus more ofstrategies should be undertaken.

VALUE PROPOSITION

Client:-

More sales promotion offers should be provided to the clients.Brand visibility should be increased by increasing digital marketing.Services can also be improved likeLower TAT (Turn around time)

Online chat can be more flexible.

Improvements can be made in commodity and currency like by

Educating investors (Investor Education)

Initiative with exchange.

Trade on go app. And UT can be improved. This app is available on iphone also.

Franchisee:-

Marketing efforts needs to be ramped up.Sales experience needs to be improved.Material kit which is given to BPs can be improved.Improve value proposition and promote ideas of integrated financial services.Other:-

Providing better plans and schemes than ourcompetitors like Angel Broking, Kotak securities, Motilal Oswal, India Infoline and ICICI direct areproviding in terms ofbrokerage and subscription.Formulation of more corporate schemes for employees oforganizations falling under Religares corporate category.

Associating Religare with Ranbaxy to make it apower brand.

Taking Religare from the brand recognition stage to brand insistence stage.

Religare should make its brokerage structure more flexible to give a good competition to the investors

Somemore collaboration withinternational firmsand increasingits outlets not only in India but alsooutside the world.There should be more bannersposters pamphlets distribution in the market to increase the awareness level among the people.

Timely release of Brokerage & Fast redressed of clients grievanceis a major plus ifReligare is looking to develop longterm relationship with its clients

It should provide regular and update market information.

Services should be more efficiently delivered to the prospective clients inorder to develop a long term relationship with the clients.