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8/8/2019 CHIRAG JOGI
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1
SUMMER INTERNSHIP TRAINING
AT
FAIRWEALTH SECURITIERS LTD
A project report submitted in partial fulfillment for the award of
POST GRADUATED DIPLOMA IN MANAGEMENT
BY
CHIRAG M. JOGI
KOHINOOR BUSINESS SCHOOL AND CENTRE FOR MANAGEMENT RESEARCH
KHANDALA
April – June 2010
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DECLARATION
I Chirag M. Jogi, a student of Kohinoor Business School, hereby
declare that the project titled “Summer Internship training at Fairwealth
Securities Ltd.” is an original work done by me.
This project report is submitted as a partial fulfillment requirement for
PGDM.
Chirag M. Jogi
PGDM
Kohinoor Business School
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Acknowledgement
I would like to give sincere thanks to all those who have helped me in
some or the other way for preparation of my report.
My sincere gratitude to Mr. Naveen Gaba for providing me an
opportunity to work with Fairwealth Securities Ltd, and giving me necessary
direction on doing this project to the best of my abilities.
I am highly indebted to Mr. Kamlesh Kumar Sharma, Senior Manager –
Business Development and my company guide, Mr. Sujeet Gupta, DP
Manager and Mr. Shishir Simon, RMS Manager, who has provided me with
necessary information and also for the support extended to me in completion
of this report and their suggestion and comments on bringing out this report
in the best way possible.
Mr. Milind Dalvi my faculty guide, Kohinoor Business School, who is
always there for my assistance and directs me whenever I was in need of it.
I am happy to get his guidance and sharp supervision on my Summer
Internship report.
I am sincerely thankful to all those who directly or indirectly helped me
in completion of this assignment report.
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List of Tables Page No
Product and Exchanges where the company is registered 15
Table of Exposure 15
Brokerage Charges 16
Other charges 17
Procedure of DP 19
Comparative Analysis Table 22
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ABBREVIATIONS
DP: Depository Participant
VSAT: Very Small Aperture Terminus
RMS: Risk Management System
NSE: NATIONAL STOCK EXCHANGE
BSE: BOMBAY STOCK EXCHANGE
MCX: MULTI COMMODITY EXCHANGE
NCDEX: NATIONAL COMMODITY EXCHANGE
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EXECUTIVE SUMMARY
The Report titled “Summer Internship training at Fairwealth Securities Ltd.”
is my project on understanding the way a broking firm works, and the
objective is to share the practical experience which I got during internship
period. The research is based on primary data which I gathered during the
period and personnel observation.
This report is a brief description of the work which I performed during 2
months at Fairwealth Securities Ltd., Fort, Mumbai. During this period I
worked in the marketing, DP department. Task and the duties assigned is
given in this report. The internship program provided me an opportunity of
being exposed to the actual world of marketing, market dealing and the
operations at a broking firm. It was a great experience for me to work in this
organization. Theoretical knowledge in marketing and operation became
potent and strong with the help of practical implication.
During the period I saw the strength of the organization is economical
brokerage charges, high exposure (limit) with respect to margin money and
Good research calls, consumer friendly website. The weakness which isobstructing the growth of the company is lack of marketing to bring up the
branding for the firm, higher slag time in operations as half of the work
depends on Gurgaon office which is the head office of the organization. To
overcome this Mumbai office should be given its own operational control and
decentralized decision making.
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Facilitate company growth
Companies view acquisitions as an opportunity to expand product lines,
increase distribution channels, hedge against volatility, increase its marketshare, or acquire other necessary business assets. A takeover bid or a
merger agreement through the stock market is one of the simplest and mostcommon ways to company growing by acquisition or fusion.
Redistribution of wealth
By giving a wide spectrum of people a chance to buy shares and thereforebecome part-owners (shareholders) of profitable enterprises the stock
market helps to reduce large income inequalities .Both casual andprofessional stock investors through stock price rise and dividends get a
chance to share in the profits of promising business that were set up by
other people.
Corporate governance-
By having a wide and varied scope of owners, companies generally tend toimprove on their management standards and efficiency in order to satisfy
the demands of these shareholders and the more stringent rules for publiccorporations by public stock exchange and the government. Consequently, it
is alleged that public companies (companies that are owned by shareholders
who are members of the general public and trade shares on publicexchange) tend to have better management records than privately-held
companies (those companies where shares are not publicly traded oftenowned by the company founders and / or their families and heirs, or
otherwise by a small group of investors). However, some well-documented
cases are known where it is alleged that there has been considerableslippage in corporate governance on the part of some public companies.
Creates investment opportunities for small investors
As opposed to their businesses that require huge capital outlay, investing in
shares is open to both the large and small stock investors because a personbuys the number of shares they can afford. Therefore the Stock Exchange
provides an extra source of income to small savers.
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Government raises capital for development projects
Governments at various levels may decide to borrow money in order to
finance infrastructure projects such as sewage and water treatment works orhousing estates by selling another category of securities known as bonds.
These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such municipal bonds can obviate the need to directly tax the citizens in
order to finance development, although by securing such bonds with the fullfaith and credit of the government instead of with collateral, the result isthat the government must tax the citizens or otherwise raise additionalfunds to make any regular coupon payments and refund the principal when
the bonds mature.
Barometer of the economy
At the stock exchange, share prices rise and fall depending, largely onmarket forces. Share prices rise tend to rise or remain stable when
companies and the economy in general show signs of stability and growth.
An economic recession, depression, or financial crisis could eventually leadto a stock market crash.
Therefore the movement of the general tends in the economy .The listingrequirements are the set of conditions imposed by a given stock exchange
upon companies that want to be listed on that exchange .Such conditions
sometimes include minimum number of shares outstanding, minimummarket capitalization, and minimum annual income.
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FAI
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MISSION :
• We aim to provide wealth maximization solution for our clients and
guide our clients in talking sober investment decisions.
Broking with Human touch
• State of the art IT infrastructure, choice of connectivity available
• Quality Research – Empowering the client
• Decentralised operations
Marketing Strategy with Respect to 4 P’s
With respect to pricing it targets itself as low brokerage firm
All range of Financial Product are made available
Company is positioning itself as a company with maximum leverage
Company has 200+ branches distributed over 12 states
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PRODUCT AND SERVICES:
• The Equity broking arm
Fairwealth Securities Ltd offers personalized premium services on the NSE,
BSE & Derivatives market-Equity and Currency Markets.
• The Commodity broking arm
Fairwealth Commodities Broking Pvt. Ltd offers services in Commodity
trading on NCDEX and MCX.
OUR OFFERINGS
• Equity and Derivatives Broking (Retail and Institutional)
• Commodities Broking
• Currency Derivatives Broking
• IBT - Online Internet Based Trading
• Equity Research
• Commodities Research
• Depository Services
• Portfolio Management Services
• Mutual Fund Distribution
• Insurance Broking
• IPO
• Wealth Management
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EQUITY TRADINGNSE CASH AND F&O
BSE CASH AND F&O
COMMODITYMCX
NCDEX
CURRENCY TRADING MCX-SX
RESEARCHEQUITY RESEARCH
COMMODITY RESEARCHDEPOSITORY
WE ARE DEPOSITORY PARTICIPANT
OF CDSL
INTERNET TRADING SOLUTION FOR ONLINE TRADING
DISTRIBUTION
MUTUAL FUND
LIFE INSURANCE
GENERAL INSURANCE
FIXED DEPOSIT
IPO
SERVICES: Limit / ExposureAPP ROVED STOCK (List on website)
INTRADAY10 TIMES
DELIVERY4 TIME
ILLIQUID SCRIP S (List on website)
INTRADAY 2 TIME
DELIVERY1 TIME
T2T/ BE
INTRADAYNO
DELIVERY1 TIME
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Z GROUP
INTRADAYNO
DELIVERY
ONLY SELLING NO BUYING
ALLOWED, (STOCK SHOULD BE
IN OUR DP)
DISALLOWED (G,F,R)
BSE (G,F,R) groups are disallow ed for
creating any fresh positionONLY SQUARE OFF ALLOWED
NON P LEDGABLE ( REST OF ABOVE)
INTRADAY2 TIME
DELIVERY1 TIME
Brokerage Charged:
Cash Market Intraday Delivery
Normal 0.03 / Rs. 100 0.30 /Rs. 100
Minimum 0.02 / Rs. 100 0.10/ Rs. 100
Futures 0.03/ Rs. 100 0.30/ Rs. 100
Options Rs. 50 per lot
On Margin money of Rs. 10000 account opening becomes Free
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Other charges:
Scheme
Account opening ChargeRs. 500 (Free if margin money
of Rs.10000 given)
Account maintenance chargeRs.250 every year OR Rs.1000
(one time)and life time free
Dematerialization charges Rs 25 s+ 3 Per Certificate
Rematerialization Charges Rs 30 per Request
Custody Nil
Transaction Charges (Per Transaction)Receipt / Purpose
Delivery
Nil0.02% of Market Value (Subject
to min of Rs 12 and max uptoRs. 25 Per Transaction)
Pledge(Per Transaction)
Creation, Invocation/ClosureRs 25
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My Work and Learning at Fairwealth Securities Ltd
Initially I was imparted process and product knowledge. I was given
sufficient time to know about the product and also about the Sales and
distribution channel. I had to work with the Senior Business Development
Manager and think of ways of improving the sale of Demat and Trading
Account.
I was provided database and had to make calls from the data. Provide
information to the prospective client about the company and the product we
sold. Then try to fix an appointment with the prospective client, then
persuade and convince them to open an account with the company
We asked for a minimum margin money of Rs.10000. Initially I was
accompanied by the Relation Ship manager for every meeting. Main
objective was to know the need of the customer and how to fulfill in the best
way.
My internship dealt in fields:
Demat Account
Cash Trading (Equity)
This experience helped me to understand the basic functioning of Fairwealth
Securities Ltd. as a broking house.
During this process of training there various people who helped me:
My Training for Demat was initiated by Senior Business Development
Manager Mr. Kamlesh Sharma,
Mr. Shishir Simon, Head RMS Department Manager provided me the training
on the limits offered by the company and the work of RMS Department
Mr. Sujit Gupta, DP Manager provided me the training on how the forms
filled from the clients are punched into the system and way the are
activated.
Documents Required for Opening a Trading & Demat Account:
1. Photo copy of PAN Card / Passport / Voter ID card / Driving License for
Photo Proof
2. Photocopy of Passport / Voter Id / Driving License / Bank Passbook /
Rent Agreement / Ration Card / Flat Maintenance Bill / Telephone Bill /
Electricity Bill for Address Proof
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3. Statement of holding / client master: in case the client already has a
Demat A/c with any other DP provider
4. A Cancelled Cheque and Margin Money Cheque
Procedure which every form received from the client follows
Total Time Taken in opening and activating the account: 2 days maximum
In case of HNI client the entire process is completed in Just 2 hrs
My Experience and learning w ith RMS department:
Here a continuous watch is maintained on the account balance of the client. If the
balance turns negative (debit balance) then the client is intimated about it and
further if still the balance remains negative then dealer is intimated to square off
the position to that effect.
Filled form is
receivedn
Documents are
verified
Details are punched
into the system
Details Punched are
re‐verified
Punched entry is
released to be
received by HO
Head Office
activates the client
code
Sends an email as well
as sms to the client
informing about
activation
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Understanding exposure:
When we say that company gives an exposure of 10 times on the margin money on
intraday basis, it means that if the client has a credit balance (margin) of Rs.20000,
then he can he can buy and sell shares for worth Rs 200000 in that day
Similarly if the client purchase the shares on Day x and sells it on some other day
than its called delivery based. In delivery the company provides exposure of 4
times.
That is when client has margin money of Rs. 20000, then he can purchase shares
worth Rs. 80000. And make the payment within 5 days or clear his position within 5
days. (Company gives T+5 days credit)
After the training I was asked to get to the work of finding client for the company.
Sources of I ncome for the company:
Business model
1st Source:
Branch office: Branch office through its own Business Development executivesacquire client for the company
2nd Source:
Franchisee: Company Charges low brokerage from franchise and franchise charge
the standard brokerage from the client. Difference is the profit of franchisee.
Franchisee has to give a Franchisee fees of Rs. 100000 for setting up their own
trading system. Every Franchisee is given a separate code.
3rd Source:
Remissar: Remissar introduces the client to the company. Every remissar is also
given a separate unique code. Then the brokerage earned through the client is
shared in a agreed proportion
Competitors;
1. Reliance money
2. Motilal Oswal
3. Angel Broking
4. Anand Raathi
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5. HDFC securities
6. Ventura
7. And many other
During the training period I was given additional Task of performing a comparative
analysis with respect to all major competitors.
Also I took up an additional task: To find, criteria which prompts a client to stay
with or change his broker
List of Objective:
1. Increase the Sales of Demat Account
2. Comparative Analysis of the company with respect to Competitors
3. Understanding Clients expectation from his broker
Methodology:
Research Type: Analytical
Sample Size: 4 companies
For which I first selected the competitors whom I have to target for analysis:
Competitors Selected:
1. Ventura
2. Angel Broking
3. Motilal Oswal
Tools: Percentage tool
Then I prepared a list of Questions which I need to ask the competitors,
questionnaire is attached at the end of the report
Strategy Adopted:
First, I surfed the websites of the competitors and made an online request to them
that I want to open an account with them.
Then their representative called me and in the disguise of prospective client I
collected this data.
This data is a primary source of data.(June 2010)
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For the objective of increasing the sale and understanding clients
requirement:
We daily made calls to many people and asked them to open a Demat and Trading
account with our company and in the process I also asked the questions through
which I can conclude about the behavior of the client. Questionnaire is attached at
the end of the report.
Scope of Research:
I was conducted in the city of Mumbai and Mumbai Suburbs.
Research Methodology:
Types of Research: Analytical Research
Sampling: It was a randomly selected Data.
Sample Size: 500 people
Findings and Conclusion:
Comparative Analysis:
FairwealthSecurities
Ventura Angel Broking Motilal Oswal
Brokerage 0.03 Intraday0.30 Delivery
0.015 Intraday0.17 delivery
0.07Intraday(oneside)
0.50 delivery
0.06 Intraday(one Side)0.50 delivery
Margin Money Rs. 10000 As per Deal Rs. 10000 Rs. 25000
Deposit Zero Rs. 5000 Zero Zero
Accountopening
charge
500 499 400 400
Exposure 10 times onIntraday
4 times of Delivery
No exposure 5-6 Times onboth Intraday
and delivery
4 times onboth intraday
and delivery
Online Trading Yes Yes Yes Yes
Annual
Maintenance
charge
Rs 250 per
year or Rs.
1000 life time
Rs 300 per
year
Rs. 400 per
year
Rs. 400 per
year
Conclusion:
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1. Brokerage charged by Fairwealth Securities is comparatively economical to
many big players. In comparison to Ventura, company’s brokerage is
marginally high, but they charge deposit of Rs. 5000 and this can act as a
comparative edge of Fairwealth over Ventura as Fairwealth doesn’t charge
any such Deposit.
2. With respect to other charges it’s more or less same.
3. What the competitors stress more is on their online trading, which Fairwealth
doesn’t stress.
4. With respect to exposure provided, no one offers such a high exposure.
Findings: On Clients Expectation Survey
1. Of the all people where contacted for opening a Demat account 99% of the
people were not aware of the brand of Fairwealth Securities Ltd.
2. 10% of the people had left trading as they suffered a heavy loss earlier.
3. 25% of the people are not at all interested in the stock market related calls
4. 55% of the people were satisfied with their current broker
5. Reason for their satisfaction:
6. They had trading relation with the broker since many years
7. The brokers was their relative
8. Brokers doesn’t charge any margin money and gives more credit period
9. A broker is very much near to the place of residence.
10.5% of the contacted people were ignorant about the functioning of the stock
market and how does the market work. But they seemed to be interested in
knowing
11.10% of the people showed interest in the companies trading account due to
the low brokerage charges
12.Other didn’t speak or attend the call
13.Those who showed interest were only those who had some experience of
trading.14.Reason for their interest was lower broking charge and high exposure
compared to the trading and Demat account with their current broker.
15.Currently the modern investors are more interested in online trading as they
can keep a watch on their stock by themselves.
16.They need a dedicated representative to be in their contact for their query
and problems.
Interpretation: Findings collaborate the fact that Strategic marketing,today, has gone beyond only meeting Sales targets and generating profit
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volumes. It shows that all the competitors are striving hard not only to woothe customers but also to make them Brand loyal by generating customersatisfaction.
Finding with Respect to the Operations:
1. DP Department functions very effectively, but due to the loads of work, there
is a need to appoint additional staff
2. Marketing Department / Business Development department needs more
marketing support for making the brand recognizable
3. Lack of focus on Marketing the Online Trading
Suggestions:
1. Company needs to take a marketing campaign to make the brand
recognizable. This can be done by distributing umbrella with Fairwealth Logo
embedded on it.
2. Company experts should give interviews and their expert advice on the news
channels to make the brand of Fairwealth more familiar with the investors
3. To come up with one stop marketing and business development, and not just
for the corporate office. Many investors who are impressed by the low
brokerage but not converted into clients, because they want a centre near
their house. So the company can do that as we have franchisee spread
across the Mumbai, whereby the code given would be from Fort office, butmapping in the franchisee and Franchisee and companies sharing agreement
should be made with respect to this new development.
4. Its necessary to develop a good relationship with the client in this field as the
findings suggest that most of the people trade only with the person whom
they know and whom their know persons recommend
5. So the company should adopts more professional approach of decision
making and make the work as prompt as possible and reduce the slag time
to remain in the competition.
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6. Customers find difficulty in getting the emails from the company. As email
are not received early from the company even after the request, hence I
suggest to improve this part of the operations as modern day investors are
more techno savvy and future belongs to online trading, so the company
needs to focus more on Online Trading.
7. After sales services and follow up calls are important for getting newreferences so trained telesales should be appointed for this purpose whose
sole work should be to make feedback calls.8. There should be regular training programme like Workshops, Seminars, and
9. Meetings etc. for the sake of development of the organization and also forthe development of the employees’ performance simultaneously.
Limitations:
1. This survey was pertained to the people of Mumbai, and the broking firms in
Mumbai.
2. Plans provided by the competitive firms are the standard rates and not the
negotiable rates.
3. Lack of response from many people on sharing the info about the brokerage
they pay and charges charged
4. Lack of Brand Awarness
5. Difficulty in convincing people to open an account as it’s a risk taking venture
6. Increased competition
7. The study is conducted with the data available and the analysis was madeaccordingly.
8. It was not feasible to compare all the broking firms in the market
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Questionnaire for competitors
Q1. What’s the Account Opening Charge?
Q2. What’s the Brokerage?
Q3 What’s the Margin money?
Q4 Do I have to pay any deposit?
Q5 What is the exposure you provide?
Q6 Do you provide Online Trading Facility? Do you I have to Pay any other chargesfor that?
Q7 What are the additional benefit I get?
Q8 Is the brokerage Negotiable?
Q9 What are the document required?
Q10 What is the charge I have to pay when I sell the scrip from the DP
Q11 What is the Annual Maintenance Charge I have to pay?
Questionnaire for Client
Q1 Sir / Mam, do you invest in market?
Q2 If yes, Where is your account and what brokerage do you pay?
Q4 If No, would u be interested in opening an start trading?
Q3, Would you like to open an account with us / Interested in opening an account
with us?
Q4 If yes, Sir when can we schedule a meeting?
Q5 If no, Sir/ Mam, if you don’t mind may I know the reason why?