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Transcript of Pankaj Summer Internship Report 101333
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Summer Internship Report
June 30, 2011
Problem Solving Report
Analysis of Business Management of Franchisee Department
OfIndia Infoline Ltd
In Partial Fulfilment of the Requirement for the
MBA Programme (FT):2010-12
Submitted To: -
Institute of Management,
Nirma University
Submitted by
PANKAJ KUMAR SINGH - 101333
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Author of the Report: Pankaj Kumar Singh
Organization: India Infoline Limited, Ahmedabad
Address: Second floor, Pro-mart Building opposite law
Garden, Navrangpura, Ahmedabad
Project Mentor: Mr. Pratik Joshi
Project Duration: 9 weeks
Prepared For: Franchisee Department, IIFL Ahmedabad
Purpose of the Report: a)Analysing reasons for less brokerage
Generation
b)
c)
Submitted To: Prof. Pawan Kumar Chugan
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Acknowledgement
I take this opportunity to thank a few people without their help this
project would have never been completed.
With immense pleasure I express special and sincere thanks to
my Company Guide and mentor Mr. Pratik Joshi(Associate Vice
President) IIFL Gujarat Circle for his timely guidance and
encouragement throughout the course of my internship and
without whose help the completion of this project would have
been possible.
I would also like to thank my mentor, Prof. Pawan kumar Chugan
for his constant support and valuable suggestions during my
internship.
I would also like to specially thank my company colleagues
Mr. Sachin Savla(Sales Manager) and Mr. Darpan Patel(Sales
Manager) IIFL Gujarat Circle for their constant help and
guidance during my internships.
I would also like to thank all the BDMs at IIFL for co-
operating with us during our internships.
I would also like to thank all the employees of Franchisee
division of IIFL Ahmedabad.
Guidance and suggestions rendered during the course of my project and
the critical evaluation of the work by them has been a valuable input in
this submission.
I value each persons lively association and constructive contribution.
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2.43 Annexure 58
Executive Summary
Indian stock market is one of the oldest stock market in Asia. IIFL is one of the leading
broking firms in India. It offers various facilities ranging from equity to commodities to
insurance. Mr Nirmal Jain is the Managing Director of IIFL. It has opened various branches
all over India. Its business model is based on franchisee model in which they offer their
franchisees to different franchisee. We were given task of identifying various problems that
were being faced by franchisees in doing their business due to which their gross generation of
brokerages were less.
We conducted telephonic interview with over 300 franchisees to analyse what are the various
reasons due to which there is reduction in their brokerage generation. The whole process gave
us a lot of insight in understanding the partnership model of business. We also did some
telephonic interview with the inactive clients. The study helped me learn a lot about severalaspects of organization.
The projects helped me to learn a lot about share market and how it works. It gave me a
chance to peep into lives of investors and brokers, thus giving an insight about share market. I
learned a lot about what goes into the mind of investors, how they think about any new
investment in stock they have to make. What are the parameters which they focus while
making their investment decisions. Therefore, giving me a fair idea that how investment
decisions should be made.
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Part A
REVIEW OF LITERATURE
Indian stock markets are one of the oldest in Asia. Its history dates back to nearly 200 years
ago. The earliest records of security dealings in India are meagre and obscure. The east India
Company was the dominant institution in those days and business in its loan securities used to
e transact towards the close of the 18th century.
By 1830s business on corporate stocks and shares in bank and cotton presses took place in
Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers
recognized by banks and merchants during 1840 and 1850.The 1850s witnessed a rapid
development of commercial enterprise and brokerage business attracted many men into the
field and by 1860 the number of brokers increased into 60.In 1860-61 the American civil war
broke out and cotton supply from United States of Europe was stopped; thus, the share
mania in India begun. The number of brokers increased to about200 to 250. However, at the
end of the American civil war, in 1865, a disastrous slump began (for example, bank of
Bombay share which had touched Rs2850 could only be sold at Rs.87.)
At the end of the American civil war, the brokers who thrived out civil war in 1874, found a
place in a street (now appropriately called Dalal street) where they would conveniently
assemble and transact business, In 1887, they formally established in Bombay, the Native
share and stock brokers (which is alternatively known as the stock exchange) in 1895, the
stock exchange acquired a premise in the same street and it was inaugurated in 1899. thus, the
stock exchange at Bombay was consolidated
INDIAN STOCK EXCHANGES- AN UMBRELLA GROWTH
The Second World War broke out in 1939. It gave a sharp boom which was followed by
slump. But, in 1943, the situation changed radically, when India was fully mobilized as a
supply base.
On account of the restrictive control on cotton, bullion, seeds and other commodities, those
dealing in them found in the stock market as the only outlet for their activities. They were
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anxious to join the trade and their number was swelled by numerous others. Many new
associations were constituted for the purpose and stock exchanges in all parts f the country
were floated. The Uttar Pradesh stock exchange limited (1940), Nagpur stock exchanged
limited (1940) and Hyderabad stock exchange limited (1944) were incorporated. In Delhi two
stock exchanges-Delhi stocks and share brokers association limited and the Delhi stock and
stock exchange limited were floated and later in June 1947, amalgamated into the Delhi stock
exchange association limited.
TRADING PATTERN OF THE INDIAN STOCK MARKET
Trading in Indian stock exchanges are limited to listed securities of public limited companies.
They are broadly divided into two categories, namely specified securities (forward list) and
nonspecified securities (cash list). Equity shares of dividend paying, growth oriented
companies with a paid up capital of at least Rs.50million and a market capitalization of at
least Rs.100million and having more than 20,000 shareholders are, normally, put in the
specified group and the balance in non-specified group. Two types of transactions can be
carried out on the Indian stock exchanges
1. Spot delivery transactions for delivery and payment within the time or on the date
stipulated when entering into the contract which shall not be more than 14days following the
date of contract.
2. Forward transactions delivery and payment can be extended by further period of 14days
each so that the overall period does not exceed 90 days from the date of the contract.
A member broker in an Indian stock exchanges can act as an agent, buy and sell securities for
his clients on a commission basis and l\also can act as a trader or dealer as a principal, buy
and sell securities on his own account an risk, in contrast with the practice prevailing on New
York a London stock exchanges, where a ember can act as a jobber or broker only.
The nature of trading on Indian stock exchanges are that of age old conventional style of face
to-face trading with bids and offers being made by open outcry. However, there is a great
amount of effort to modernize the Indian stock exchanges in the very recent times.
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OVER THE COUNTER EXCHANGE OF INDIA (OCTEI)
The traditional trading mechanism prevailed in the Indian stock markets gave way to any
functional inefficiencies, such as, absence of liquidity, lack of transparency, unduly long
settlement periods and benami transactions, which affected the small investors to a great
extent. To provide improved services to investors, the countrys first ringless, scripless,
electronic stock exchange-OTCEI- was created in 1992 by countrys premier financialinstitution-unit trust of India(UTI), industrial credit and investment corporation of India ,
Industrial Development Bank of India(IDBI), SBI capital markets, IFCI, General Insurance
Corporation and its subsidiaries and can bank financial services.
Trading at OTCEI is done over the centers spread across the country. Securities traded on the
OTCEI are classified into
Listed securities: The shares and debentures of the companies listed on the OTC can be
bought or sold at any OTC counter all over the country and they should not be listed
anywhere else.
Permitted securities: Certain share and debentures listed on other exchanges and units of
mutual funds are allowed to be traded.
Initiated debentures: Any equity holding at least one lakhs debentures of particular scrip can
offer them for trading on the OTC.
OTC has a unique feature of trading compared to other traditional exchanges. That is,
certificates of listed securities and initiated debentures are not traded at OTC. The original
certificate will be safely with the custodian. But, a counter receipt is generated out at the
counter which substitutes the share certificate and is used from all transactions.
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About IIFL
The IIFL (India Infoline) group, comprising the holding company, India Infoline Ltd (NSE:
INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian
financial services space. IIFL offers advice and execution platform for the entire range of
financial services covering products ranging from Equities and derivatives, Commodities,
Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment
Banking, GoI bonds and other small savings instruments. IIFL recently received an in-
principle approval for Securities Trading and Clearing memberships from Singapore
Exchange (SGX) paving the way for IIFL to become the first Indian brokerage to get a
membership of the SGX. IIFL also received membership of the Colombo Stock Exchange
becoming the first foreign broker to enter Sri Lanka. IIFL owns and manages the website,
www.indiainfoline.com, which is one of Indias leading online destinations for personal
finance, stock markets, economy and business.
IIFL has been awarded the Best Broker, India by FinanceAsia and the Most improved
brokerage, India in the AsiaMoney polls. India Infoline was also adjudged as Fastest
Growing Equity Broking House - Large firms by Dun & Bradstreet. A forerunner in the field
of equity research, IIFLs research is acknowledged by none other than Forbes as Best of the
Web and a must read for investors in Asia. Our research is available not just over the
Internet but also on international wire services like Bloomberg, Thomson First Call and
Internet Securities where it is amongst one of the most read Indian brokers.
A network of over 2,500 business locations spread over more than 500 cities and towns across
India facilitates the smooth acquisition and servicing of a large customer base. All our offices
are connected with the corporate office in Mumbai with cutting edge networking technology.
The group caters to a customer base of about a million customers, over a variety of mediums
viz. online, over the phone and at our branches.
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History & Milestones
The India Infoline Group was originally incorporated on October 18, 1995 as
Equity Research and Services Private Limited at Mumbai under the Companies
Act, 1956 with Registration No. 11 93797. India Infoline Group commenced its
operations as an independent provider of information, analysis and research
covering Indian businesses, financial markets and economy, to institutional
customers. We became a public limited company on April 28, 2000 and the name of the
Company was changed to India Infoline.com Limited on May 23, 2000 and later to IndiaInfoline Limited on March 23, 2001.
In 1999, The India Infoline Group identified the potential of the Internet to cater to mass retail
segment and transformed our business model from providing information services to
institutional customers to retail customers. Hence we launched our Internet portal,
www.indiainfoline.com in May 1999 and started providing news and market
information, independent research, interviews with business leaders and other
specialized features. In the year 2000, The India Infoline Group leveraged its position as a
provider of financial information and analysis by diversifying into transactional,
primarily for online trading in shares and securities and online as well as offline
distribution of personal financial products, like mutual funds and RBI Bonds.
These activities were carried on by our wholly owned subsidiaries. The India Infoline
Groups broking services was launched under the brand name of 5paisa.com.
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1995
Commenced operations as an Equity Research firm
1999
Launched research products of leading Indian companies,
key sectors and the economy Client included leading FIIs,
banks and companies.
1999
Launched www.indiainfoline.com
2000
Launched online trading throughwww.5paisa.com Started
distribution of life insurance and mutual fund
2003
Launched proprietary trading platform Trader Terminal for
retail customers
2004
Acquired commodities broking license
Launched Portfolio Management Service
2005
Maiden IPO and listed on NSE, BSE
2006
Acquired membership of DGCX
Commenced the lending business
2007
Commenced institutional equities business under IIFL
Formed Singapore subsidiary, IIFL (Asia) Pte Ltd
2008
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Launched IIFL Wealth
Transitioned to insurance broking model
2009
Acquired registration for Housing Finance
SEBI in-principle approval for Mutual Fund
Obtained Venture Capital license
2010
Received in-principle approval for membership of the
Singapore Stock Exchange
Received membership of the Colombo Stock Exchange
Corporate Structure
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IIFLs philosophy on Corporate Governance
IIFL (India Infoline) is committed to placing the Investor First, by continuously striving to
increase the efficiency of the operation well as the systems and processes for use of corporate
resources in such a way so as to maximize the value to stake holders. The Group aims at
achieving not only the highest possible standards of legal and regulatory compliances but also
of effective management
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Audit Committee
Terms of reference & Composition, Name of members and Chairman:
The Audit committee comprises Mr Nilesh Vikamsey (Chairman), Mr Sat Pal Khattar, Mr
Kranti Sinha, three of whom are independent Directors. The Managing Director, the
Executive Director along with the Statutory and Internal Auditors are invitees to the Meeting.
The Terms of reference of this committee are as under: -
To investigate into any matter that may be prescribed under the provisions of Section 292A of
The Companies Act, 1956 - Recommendation and removal of External Auditor and fixation
of the Audit Fees. - Reviewing with the management the financial statements before
submission of the same to the Board. - Overseeing of Companys financial reporting process
and disclosure of its financial information. - Reviewing the Adequacy of the Internal Audit
Function.
Compensation Remuneration Committee
Terms of reference & Composition, Name of members and Chairman:
The Compensation / Remuneration Committee comprises Mr Kranti Sinha (Chairman), Mr
Nilesh Vikamsey and Mr. Sat Pal Khattar all of whom are independent Directors. The Terms
of reference of this committee are as under: - To fix suitable remuneration package of all the
Executive Directors and Non Executive Directors, Senior Employees and officers i.e. Salary,
perquisites, bonuses, stock options, pensions etc. - Determination of the fixed component and
performance linked incentives alongwith the performance criteria to all employees of the
company - Service Contracts, Notice Period, Severance Fees of Directors and employees. -
Stock Option details: whether to be issued at discount as well as the period over which to be
accrued and over which exercisable. - To conduct discussions with the HR department andform suitable remuneration policies.
Share Transfer and Investor Grievance Committee
Details of the Members, Compliance Officer, No of Complaints received and pending and
pending transfers as on close of the financial year. The committee functions under the
Chairmanship of Mr Kranti Sinha, a Non-executive independent Director. The other Members
of the committee are Mr. Nirmal Jain and Mr. R Venkataraman. Ms Sunil Lotke, Company
Secretary is the Compliance Officer of the Company
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in these domains and will provide necessary aid to improve the lives of the underprivileged
and help them in achieving their potential
Some of the activities undertaken by the IIFL Foundation:
Barsana eye camp
The IIFL Foundation sponsored an eye and dental camp held in February, 2010 with the
support of expert doctors and surgeons from the Bhaktivedanta Hospital in Barsana near
Mathura. While over 2,600 people underwent eye tests and over 800 were selected for free
eye surgery, a total of over 1,800 dental procedures like extraction, scaling and filling, among
others, were performed.
Team IIFL provided its whole-hearted support to this noble cause and will continue to do so
in the future.
Pandharpur medical camp
The IIFL Foundation sponsored the Pandharpur medical camp which was held by the
Bhaktivedanta Hospital in July 2010 at Pandharpur. Free medical treatment was given at 4
camp sites, to approximately 49,815 pilgrims who had come to Pandharpur during Ashadi
Ekadashi. The pilgrims were treated for fever, injuries, fractures, gastroenteritis, myalagia,
headache, epilepsy, malaria, respiratory infections etc, during the camp.
Blood donation drive
IIFL regularly organizes blood donation drives via camps at its various locations across India.
Over 800 employees have participated in these camps.
Share holding Pattern
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KEY EXECUTIVES
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Product Offerings:-
Equities - BSE/NSE
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Derivatives NSE F&O and BSE F&O
Depository Services CDSL/NSDL
Commodities NCDEX/MCX
Mutual Funds
Insurance (Life and General Insurance)
IPOs
Currency Trading FEDAI
Portfolio Management Services
Equities
IIFL is a member of BSE and NSE registered with NSDL and CDSL as a depositoryparticipant and provides broking services in the cash, derivatives and currency segments,
online and offline. IIFL is a dominant player in the retail as well as institutional segments of
the market. It recently became the first Indian broker to get a membership of the Colombo
Stock Exchange and is also the first Indian broker to have received an in-principle approval
for membership of the Singapore Stock Exchange. IIFLs Trader Terminal, its proprietary
trading platform, is widely acknowledged as one of the best available for retail investors.
Investors opt for IIFL given its unique combination of superior Service, cutting-edge
proprietary Technology, Advice powered by world-acclaimed research and its unparalleled
Reach owing to its over 2500 business locations across over 500 cities in India.
IIFL received the BQ1 broker grading (highest grading) from CRISIL. The assigned grading
reflects an effective external interface, robust systems framework and strong risk
management. The grading also reflects IIFLs healthy regulatory compliance track record and
adequate credit risk profile.
IIFLs analyst team won Zee Business Indias best market analysts awards 2009 for
being the best in the Oil and Gas and Commodities sectors and a finalist in the Banking and
IT sectors.
IIFL has rapidly emerged as one of the premier institutional equities houses in India with a
team of over 25 research analysts, a full-fledged sales and trading team coupled with an
experienced investment banking team.
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The Institutional equities business conducted a very successful Enterprising India global
investors conference in Mumbai in March 2010, which was attended by funds with
aggregate AUM over US$5 trillion and CEOs and other executives representing corporates
with a combined market capitalization of over US$500 billion. The Discover Sri Lanka
global investors conference, held in Colombo in July 2010, was attended by more than 50
leading global and major local investors and 25 Sri Lankan corporates, along with senior
Government officials
Commodities
IIFL offers commodities trading to its customers vide its membership of the MCX and the
NCDEX. Our domain knowledge and data based on in depth research of complex paradigms
of commodity kinetics, offers our customers a unique insight into behavioral patterns of these
markets. Our customers are ideally positioned to make informed investment decisions with a
high probability of success.
Credit and finance
IIFL offers a wide array of secured loan products. Currently, secured loans (mortgage loans,
margin funding, loans against shares) comprise 94% of the loan book. The Company has
discontinued its unsecured products. It has robust credit processes and collections mechanism
resulting in overall NPAs of less than 1%. The Company has deployed proprietary loan-
processing software to enable stringent credit checks while ensuring fast application
processing. Recently the company has also launched Loans against Gold.
Insurance
IIFL entered the insurance distribution business in 2000 as ICICI Prudential Life Insurance
Co. Ltds corporate agent. Later, it became an Insurance broker in October 2008 in line with
its strategy to have an open architecture model. The Company now distributes products of
major insurance companies through its subsidiary India Infoline Insurance Brokers Ltd.
Customers can choose from a wide bouquet of products from several insurance companies
including Max New York Life Insurance, MetLife, Reliance Life Insurance, Bajaj Allianz
Life, Birla Sunlife, Life Insurance Corporation, Kotak Life Insurance and others.
Wealth Management Service
IIFL offers private wealth advisory services to high-net-worth individuals (HNI) and
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corporate clients under the IIFL Private Wealth brand. IIFL Private Wealth is managed by a
qualified team of MBAs from IIMs and premier institutes with relevant industry experience.
The team advises clients across asset classes like sovereign and quasi-sovereign debt,
corporate and collateralised debt, direct equity, ETFs and mutual funds, third party PMS,
derivative strategies, real estate and private equity. It has developed innovative products
structured on the fixed income side.
It also has tied up with Interactive Brokers LLC to strengthen its execution platform and
provide investors with a global investment platform.
Investment BankingIIFLs investment banking division was launched in 2006. The business leverages upon its
strength of research and placement capabilities of the institutional and retail sales teams. Our
experienced investment banking team possesses the skill-set to manage all kinds of
investment banking transactions. Our close interaction with investors as well as corporate
helps us understands and offer tailor-made solutions to fulfil requirements.
The Company possesses strong placement capabilities across institutional, HNI and retail
investors. This makes it possible for the team to place large issues with marquee investors.
In FY10, the team advised and managed more than 10 transactions including four IPOs and
four Qualified Institutions Placements
IIFL has diversified its business in five parts namely: IIFL Wealth, Premia, Business
Partners, Global investors and Flame.
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IIFL Private wealth management
IIFL offers advice and execution platform for the entire gamut of financial services, from
Equities and Derivatives, Commodities, Wealth management, Asset management, Insurance,
Fixed deposits, Loans, Investment Banking, Government bonds and other financial
instruments.
IIFL Global Investors
IIFL Global Investor is an electronic trading platform that allows you to trade in multiple
securities around the world spread over 80 exchanges across 18 countries from a single
account.
You can trade stocks, ETF's, options and bonds all from one screen. Your transaction history
and positions are all reported in a single statement
With IIFL Global Investor, trading around the world can be simple, because you are not
required to open accounts in multiple currencies as you can hold different currencies in a
single multi currency cash account with IIFL Global Investor.
IIFL Premia
Priority Relationship Management & Investment Advisory
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PReMIA is a multi-product, customized financial environment which aims to generate
superior returns for IIFL's preferred clients, by investing across varied asset classes. With
PReMIA, you have access to a team that's vastly experienced and trained in different aspects
of the stock market, assuring you a multi-faceted opinion for all your financial queries.
Adjudging your risk profile, setting investment goals, chalking out strategies to attain all long
term and short term financial objectives are just a few of the duties that we take care of. Our
dedicated relationship managers & investment advisors work tirelessly studying market,
presenting new opportunities, evaluating and interpreting them so that you get the best of
every opportunity.
Platinum class research, dedicated customer service teams coupled with easy access and
complete account transparency make PReMIA a unique experience for all our Priority Clients.
Business Partners
Be part of our growth story. We invite you to partner with IIFL one of the best known
names in the broking industry. With 2500 offices across 500 cities, we continue to expand our
reach to all parts of the country. Here is your chance of being a part of this expansion process,
by partnering with one of the largest and best broking houses of India.
Your existing and new customers can enjoy the benefits of several investment products
including equity, commodity, futures & options, depository services, mutual funds, insurance,
IPOs and currency trading. As a Business Partner you can gain mileage from the goodwill,
recognition, business name and reputation associated with IIFL. Also, you can be rest assured
that you will receive all the necessary support required to make your business profitable and
scalable. 'Knowledge is the Edge' and your clients will immensely benefit by taking the right
investment decisions with our Forbes-acclaimed research, specifically catered to your clients'
needs.
FLAME
Financial Literacy Agenda for Mass Empowerment
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FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL (India Infoline
Group) initiative towards spreading financial literacy amongst masses to help their inclusion
in the economic prosperity of India.
With accelerating GDP, per capita growth as well as savings, financial literacy is more
relevant and important today than ever before. While the governments emphasis on financial
inclusion is to widen the reach of banking services to unbanked rural areas, we endeavor to
complement the effort by helping people make the most of the available banking and financial
services. Even the people who qualify as banked population have limited understanding of
how to use financial products to help enhancement of financial security, building up wealth
and ensuring a comfortable life post retirement, and also how to avoid frauds and losses from
unscrupulous agents and ponzi schemes.
The objective is to light a FLAME, which will be ignite many a flame to remove the darkness
of illiteracy and steer the inclusion of the masses towards the sunshine of growth and
prosperity
This portal is but one of the various initiatives that IIFL plans to launch as a part of FLAME.
IIFL BUSINESS PARTNERS
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Whats in Store for Franchisee
Marketing
Support to the Business Partners, in terms of providing them with various marketingmaterials, conducting seminars & Investor Education programs
Dedicated Business Development Manager to address clients' queries
Research
World-class research reports , sector reports and updates, corporate news,announcements, technical stocks ideas on trader terminal, SMS ( Paid Service ),results updates, fundamental investment ideas covering large-cap, mid-cap andsmall-cap stocks
Online recommendations
Daily Market Mantra Report, Highlights of important events of the day, intra-dayhighs & lows, volume & value reports on scripts, etc.
Investor News Point monthly market news letter printed for Business Partners'esteemed clients
Technology
Latest web and desktop version of the Trader terminal (Online Trading Platform) forBSE Cash, NSE Cash & Derivatives on one screen OR ODIN-based platform
World class automated back office system
Real time risk management and efficient risk management tool
Back Office
Web and application-based online back office, centralized data processing system
Contract Notes through email and courier
Online Ledger account, DP accounts, Trade information, etc.
Ledger, Contract Notes, Trade Confirmation Report, etc. can be printed at the
Business Partners office
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Why Partner with IIFL?
Get the India Infoline STAR Edge Service, Technology and Research
Advantage of being associated with brand IIFL
Backing of the strong values of the India Infoline group
Access to our Forbes-acclaimed research, which is done keeping in mind the
requirements of our clients
Dedicated Business Development Manager to handle your queries and hand-hold you
in the initial phase of your business; this would include accompanying you for some
meetings
Wide range of product-suite to service your clients
Support in terms of research, back-office solutions, marketing, employee and client
training, technology, etc.
Eligibility Criteria
Minimum age - 18 years
Minimum Qualification - Successfully completed Std. X
Address Proofs - Voter ID, Driving License, Electricity Bill, Bank Statement
Name Change Affidavit required if there is difference in the names in any of the
submitted proofs
Marriage Certificate required in case of married women
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INDUSTRY PROFILE
Stock Exchange
Stocks (Shares, equity) are traded in stock exchange. India has two big stock
exchanges(Bombay Stock Exchange - BSE and National Stock Exchange - NSE) and few
small exchanges like Jaipur Stock Exchange etc. Investor can trade stocks in any of the stock
exchange in India
Stock Broker
Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE
etc.).Stock Broker are registered member of stock exchange. A stock broker can register to
one or more stock exchanges. Only stock brokers can directly buy and sell shares in Stock
Market. An investor must contact a stock broker to trade stocks. Brokers charge commissions
(brokerages) for their service. Brokerage is usually a percent of total amount of trade and
varies from broker to broker.
Stock Trading
Traditionally stock trading is done through stock brokers, personally or through telephones.
As number of people trading in stock market increase enormously in last few years, some
issues like location constrains, busy phone lines, miss communication etc start growing in
stock broker offices. Information technology (Stock Market Software) helps stock brokers in
solving these problems with Online Stock Trading.
Online Stock Market Trading is an internet based stock trading facility. Investor can trade
shares through a website without any manual intervention from Stock Broker. In this case
these Online Stock Trading companies are stock broker for the investor. They are registered
with one or more Stock Exchanges. Mostly Online Trading Websites in India trades in BSE
and NSE.
Major Players In Share Broker Market
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7 s model for IIFL
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Shared Values:- The Shared values of IIFL are respect and dignity for its human assets,
team based culture, high standard of business ethics and dedication to serve its customers.
Strategy:- A network of over 2,500 business locations spread over more than 500 cities and
towns across India facilitates the smooth acquisition and servicing of a large customer base.
All our offices are connected with the corporate office in Mumbai with cutting edge
networking technology. Its future strategy is to expand its product and offerings.
System:-IIFL follows an internal audit system to monitor its financial systems. Its daily
activities for each employee are well defined and the reporting relation is quite clear as well.
They have a team based participative culture where each individual is valued.
Structure:- Franchisees are handled by respective BDMs. Each BDM has been assigned a
particular city and he has to handle all the franchisees. He has to address their problems and
queries.
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Style:- The leadership at IIFL has been innovative and creative which valued its employees
and also had a customer orientation.
Staff :- Over 10,000 employees are currently working in IIFL and their average age is less
than 30 yrs. It has a young workforce which is a prerequisite for this industry.The Company
has adopted progressive policies in scientific planning, acquisition, utilization, training and
motivation of the team. The result of staffing planning is evident in its superior financial and
operational performances.
Skills:- IIFL has a potent work force with diverse skill sets. Employees from diversified fields
work such as engineers, MBAs, CFAs etc.
SWOT ANALYSIS OF IIFL
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Strengths:-
Integrated technology platform
One Stop shop
Pan - India distribution network
India Infoline.com and 5paisa.com have developed into brands
Weaknesses:-
Lack of a banking arm to complete the bank-broker-depository chain
Insignificant presence in institutional Segment
Oppurtunities:-
Changing demographics with higher disposable income and increasingly complex
financialinstruments will drive demand for investment advisory services
Rapid penetration of Internet and computers means that technology enabled financial
services will gain market share
Threats:-
Economic slowdown/Volatile movement in indices events like 2004 & 2008
Stock markets falls will have a cascading effect on our mutual fund mobilization
Increase/decrease in interest rate can affect our debt/ income fund mobilizations
Future changes in personal taxation rules can impact insurance sales
Increasing competition from large and particularly foreign players
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Future plans of the Company
To expand into other financial product markets
To expand their business in 2-tier and 3-tier cities
To open over 100 new branches all over india
India Infoline plans to empower its position in the institutional
trading segment
To build a strong team in investment banking and private equity.
The company is also planning to set up offices in three major cities
in the country
Five overseas centres within six months.
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PART B
Low brokerage Generation Issue
IIFL Ahmedabad branch for Gujarat circle
Number of franchisees are over 250
Number of BDMs are 10
Average brokerages generated by each franchisee are Rs. 50,000.
Average number of clients each franchisee have = 50
Situational analysis
Data from month January and February provided to us by the branch clearly showed that the
average brokerages generated by franchisees were less as compared to the number of clients
they had. Also the brokerages generated by them in previous months were greater than the
brokerages generated by them in the last two month. To address this issue it was necessary to
understand the reasons behind the low brokerage generations. Are franchisees facing any
problem or they have any issues against the organisation which was not addressed yet. We
also wanted to know whether BDMs/SMs regularly meet them to address their issues. Also a
contest which was started for franchisees, which we wanted to know whether they are aware
about it or not. What are the steps they have take for client engagement and to address the
queries of franchisee. For this whether they would like to conduct any investor seminar. Also
another motive of doing exercise was to get an updated address and contact details of all the
franchisees.
Main Problem:-
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Brokerage generation for IIFL (Gujarat circle) was one of the emerging issue which was to be
addressed.
Methodology:-
To find the issues that the franchisee may probably be facing, we conducted a survey for all
the franchisees in the Gujarat circle. The data of all the franchisee of IIFL in Gujarat and their
contact details was provided from the MIS of the company.
Total franchisee in Gujarat is around 268 and we were to survey all of them. Out of these 268,
we were able to survey 194 franchisee as other franchisee were non contactable either due to
wrong numbers or unresponsiveness of the Franchisee.
After the survey we sorted the data and found the franchisees with the brokerage generation of
less than Rs. 65,000 in a year (April 2010 March 2011) for the company. We tried to find
out the reason behind the less brokerage through the business development managers and then
personally calling the franchisee. These efforts were mainly to increase the brokerage for the
company which was expected by this research.
Expected Results:-
Finding out the issues and problems if any faced by the franchisee. Addressing this issues so
that the brokerage generation will be increased over a period of time.
Process of Survey:-
Before starting the process of survey we decided that we would contact each franchisee and
firstly give them information of recent contest SUMMER MANIA which was going on for
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them. We planned to use Summer Mania Contest to initiate the process of telephonic
interview with them. In this way we thought that, we would be able to generate interest of the
Franchisees. As we know that unless a person is interested in having a conversation no fruitful
information could be collected from them.
Following are the issues which we wanted to address with the help of this survey
Summer Mania Contest:-
Summer Mania Contest was started for franchisees in the month of March 2011. The Contest
was initiated to motivate the franchisees to get more and more clients who can invest more
than Rs. 50,000. Mails regarding contest were circulated but many franchisee didnt knew that
such kind of contest was going on. Purpose of including it in our survey was whether
investors were aware about it or not. Whether BDMs/SMs had informed their respective
franchisees personally. Our aim was to create awareness regarding contest if they didnt knew
about it.
Terminal Limit:-
Terminal limit is the extra margin that each franchisee had which they could use if their client
wanted to trade intra-day and he didnt have funds. We wanted to know how many
franchisees are exactly aware about it and whether they use their terminal limit. It was
important to know about it as it was directly concerned with the satisfaction of the clients. As
many clients complaint about not being able to trade due to lack of cooperation from the
franchisees. This data was important in analysing the lack of gross brokerage generation by
the franchisees.
Number of Segments:-
Segments that were available to all the franchisees were BSE, NSE, F&O. We wanted to
collect information regarding in how many segments they allow their clients to trade. This
was necessary to understand how effectively and more services can be provided to the clients.
It was important to analyse these things as it was going to affect the trading patterns of clients.
Brokerage Tracking:-
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Earlier all the franchisees could only track their Brokerages at the end of the month, since last
a new facility was provided to all the franchisee in which they can track their brokerages on
daily basis. Or in other words they can track it any time they wanted. Through this exercise
we wanted to know whether they knew about this facility or not. Tracking of brokerages was
important part of their business as they would like to know how much brokerages they have
generated and how much more they would like to generate it. This was important for
franchisee satisfaction.
Client Interaction:-
Client interaction was important part of the day to day business of the franchisee as it was
directly related to the client satisfaction. Client interaction helped the franchisees in knowing
their client more properly so that they can address their concerns and issues more efficiently.
We wanted to know how many times within a month they interact with their clients. This was
important for client satisfaction.
Training Requirement:-
Another aspect important in our whole exercise was to know whether the franchisees need
any training regarding technicals or for account opening procedures. As many franchisees
were not tech-savvy, we wanted to know whether they are facing any problem in operating
the terminals. We also wanted to know what other kinds of training they need regarding
marketing and promotional activities. This was important for creating more efficient
franchisee holders so that they can work properly. It was for the empowerment of franchisees.
Employee strength:-
Employees in organisation help in completing the work efficiently and to service the clients
better. Since every franchisee had on average over 50 clients. So it would be more convenientfor the franchisee as well as for client to do trading properly. Also having employees show
how seriously you are interested in the business. Not only this it creates a good impression on
the clients also as they know that if they face any problem during trading, people are their to
help him.
Investor Seminar:-
Investor seminars were used to be conducted to create awareness about investment and for
both current clients as well as for the prospective clients. As the new contest was going on so
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it was a good time to conduct investor seminars so that new clients can attend them. It could
have been used also as a marketing tool to get more and more new clients. Investor seminars
are good marketing tools to attract new clients and retain old clients. It also helps in client
interaction. This was important for client satisfaction and franchisee motivation.
Queries/Problems:-
This was the most important aspect of our whole process. In this part we were directly asking
their problems and queries they had due to which their brokerages were very less. On the
basis of these problems we could decide whether less brokerage generation is due to lack of
support from IIFL or due lack of work done by franchisees themselves. Responsibility of
having less brokerage should lie where? These things were important for both franchisee
satisfaction as well as client satisfaction.
Name of BDM/RM/BM:-
We also wanted to how often BDMs interact with the franchisees and whether franchisee
even know them by name or what post they held in IIFL.
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Findings:-
Summer Mania Contest:-
Our findings from the survey showed that many franchisees actually werent aware that any
such kind of contest was going on. That clearly showed that they are not checking their mails
regularly and their BDMs have not informed them about the contest yet. We informed all therespective BDMs regarding it and made them aware that they should focus more on these
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franchisees as they are taking their business seriously. And IIFL revenues are directly
dependent upon the performances of the franchisees.
Terminal Limit:-
It was nice to know that many franchisees were aware about the terminal limit and were
using them to help their clients trade better. This was a positive thing for the franchisee
division as more and more franchisees were aware about it.
Daily Brokerages:-
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Still many franchisees didnt know that they can track daily brokerages which clearly show
that the facility was not clearly communicated to the clients. This could be a reason for less
brokerage generation.
Various Segments:-
Franchisee Segment details
Segments
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BSE 2
NSE 20
F&O 1
BSE,NSE 24
BSE,F&O 2
NSE,F&O 40
BSE,NSE,F&O 104
This data clearly shows that the clients as well as franchisees are less interested in trading in
BSE which also shows the industry trend.
We decided to segregate the list of those Franchisees who were not F&O services to their
clients. We contacted the respective BDMs to encourage their franchisees to use F&O for
trading as it provides high gain for clients and also high brokerage generation for franchisee.
This provided us an opportunity for addressing those franchisees who have less brokerage
generation are not using currently F&O for trading.
Client Interaction:-
It was good to see that almost all the franchisees used to interact with the clients regularly.
Those who didnt used to interact regularly, we told their respective BDMs to guide them
about the benefits of client interaction.
Training Requirement:-
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Those who required training we made arrangements in coordination with respective BDMs.
Employee Strength:-
Many franchisee didnt had employees clearly shows that in trying to reduce cost they were
actually losing on brokerages.
Investor Seminar:-
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We made all arrangements regarding conducting investor seminar for those who wanted to
organise it. It was a positive sign that so many franchisees were interested in conducting the
investor seminar.
Queries:-
All those
franchisee who
had problems we
promised them
that within a
week we would
resolve their
issues in
coordination
with the BDMs.
Most of the problems were solved within a week and rest of them were solved at a later stage.
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We actually send all the issues of the franchisees to their respective BDMs who reverted back
to us specifying that they had resolved all the queries and issues franchisees had.
Following were the some of the problems/Queries:-
A/c opening related problems
Issues relating to Bills unreachability
For branch transfer
Information system related issues
Change of Franchisee address.
Terminal limit extension
Marketing Promotions related issues
Training in currency and commodity market
Software guidance
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Client interaction regarding online trading
As part of our summer project we were asked to contact around over 1000 clients whose
margin in their DMAT account was either zero or negative. This task was more of a client
interaction exercise building process. In completing this task our main focus was to
understand why these clients have become inactive.
Challenges:-
To collect all the data
To segregate the data between active clients and non active clients.
To keep in loop respective franchisees of clients
To understand their problems regarding operation of their DMAT accounts
To contact them at an appropriate time
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To make them understand the benefits of active trading
To make them aware about their rights and responsibilities
To get insight about their future goals.
Objective:-
To turn at least 15% of the non active clients into active clients and to address all the issues
related to trading of clients and complaints if any:
Problem Solving Process:-
Contacting over 1000 clients would have taken a lot of time. It would have not solved the
purpose of interacting with the clients. We wanted to devote as much as quality time with the
clients which we can. So we decided to divide our work in three stages:-
Contact the respective BDMs/SMs of clients(First Stage)
Contact the respective franchisees of clients (Second Stage)
Contact the clients directly (Third Stage)
FIRST STAGE:-
We contacted all the BDMs/SMs and gave them the list of inactive clients. We requested
them to revert back to us about the possibility of their clients becoming active or inactive.
The purpose behind this exercise was to filter are data so that we are not wasting our time in
unnecessarily calling those clients who have already applied for closing or to those who are in
active since long time. All the BDMs/SMs were very helpful in this filtering process. Due to
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this filtering process are overall data got reduced to less than 400 clients from over 1000
clients.
Our new data set for clients was less as compared to earlier one and also it was filtered one.
We formulated our strategy of at least converting 50% of these non active clients into active
clients.
SECOND STAGE:-
After filtering out data set of clients, we decided to distribute it to the respective franchisees to
contact them about their reason for not trading and if they are facing any problem in operating
their account or in trading.
The reason behind asking franchisees to contact their respective clients was to make sure that
the franchisees are kept in the whole process. Also they shouldnt feel that they have been
bypassed in the whole process as they are partners of IIFL and their incomes were also
dependent upon the trading done by their clients.
The whole process was very smooth and we received good reviews from franchisees for
keeping them in the whole process. Many of clients would start trading in near future were the
response we got from them.
Still we decided to contact all these 400 clients ourselves also in order to get more insightful
and also to understand the psychology of the clients.
THIRD STAGE:-
For our final stage we called all the respective in active clients to know about their problems
and issues, if any, with the IIFL. Our main objective was not to make the clients active or to
make them start investing again but was to understand the reasons for their non trading. We
tried to make sure that clients are very open to us and they shouldnt feel like they are talking
to some who are just calling for taking margin from them. We made sure that we understand
their issues and problems. We found that many of them were not trading because of the
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slowdown in the market. Many felt that time was not right for trading so thats why they were
not trading. Many investors lost their money in last few months. Some of the reasons quoted
by them for their non-trading are as follows:
Markets have been too volatile
Market is not good for investing currently
They dont have access to market
They will start in near future
They have issues with the franchisee
They are not satisfied with the services provided by IIFL
We told them that markets will always remain volatile and they need to invest in those stocks
which will give them returns in long run. For trading purpose market may seem volatile but
for investment purpose the market is very stable.
For those clients who didnt had access to market, we told them about our facility in which
the client can call are sales representative to purchase or sell any share he wants. Not only can
that he call the representative to get the information about market performance. He would also
receive are daily trade calls which if he want can execute them.
For those clients who had any issues with their respective franchisees, we noted them down
and assured them that the appropriate action will be taken within one week. Many of theclients complained that their franchisees are trading on their account without informing them.
We categorised all these cases into special category so that corrective actions can be taken
regarding it.
For those clients who were unsatisfied with the services provided by the IIFL, we informed
them about the various new services started by it. We also informed them about the facility of
trading with the help of our sales representative.
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RESULTS:-
Some of our results from the whole process are as follows:-
23 clients within a week started trading
21 clients had issues, which if addressed they would start trading
97 clients said they would start trading within a month
137 clients said they would trade only if market stabilises or if they feel appropriate.
Some of them said that they dont have funds to trade now.
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FINDINGS:-
Some of the franchisees are not doing enough to satisfy their clients
Franchisees are not proactive on the contrary they are reactive
BDMs are not guiding franchisees regarding client management.
Clients data have not been updated
Clients dissatisfaction regarding IIFL services
Less marketing promotion is being done
Client engagement plan needed
RECOMMENDATONS:-
More and more client engagement program should be conducted so that what the
investors think about the IIFL service could be understood.
Moreover it will establish a constant relationship with the clients.
More and more marketing promotional activities should be done in order to promote
the brand IIFL.
BDMs/SMs should constantly be in touch with all their franchisees and to also their
important clients.
More and more trading calls should be provided to both franchisees and clients.
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LEADS GENERATION FOR SALES TEAM
As part of our final assignment we were asked to generate 20 hot leads of franchisees for the
sales team. These leads were related to the franchisee model of IIFL. We needed to take
appointment from the various franchisees of different brokers like SHAREKHAN,ICICI
DIRECT,RELIANCE MONEY etc. who were interested in shifting their franchisee to IIFL.
DATA COLLECTION PROCESS:-
Collection of data for this task was different from are earlier tasks as we had to find the data
from our own. To collect this data we referred the NSE website. Following are steps we took
for collection of the data:-
Used NSE website to collect members detail
We segregated the data on the basis of cities
We converted the raw data into a structured one
Prepared excel sheet for members of different broking firms.
Excel sheet included Name of the franchisee, Name of the broker, Address, contact
details etc.
QUESTIONNAIRE:-
We spent around two days in order to understand how to go about this task. We actually
analysed for these two days how the other sales representatives used to make these calls. On
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the basis of our analysis and interaction with the sales representative we formulated a
questionnaire form. The purpose of forming the questionnaire was that we wanted to be clear
in our mind about how to go about that task. The questionnaire included general things like
gross brokerage, number of clients etc. We were told by the sales representatives that the
success rate would be very less and we shouldnt feel discouraged if we are not able to get the
appointments. They told us to be calm and composed when we are calling to these prospective
franchisees.
Following are the points we kept in are mind to ask while calling:-
Time duration with existing broker
Clientele
Active clients
Average Monthly Volume
No. of branch
Gross Brokerage of last quarter
PROBLEMS:-
We faced some problems while making our calls to get appointments from the prospective
franchisees. Data which we collected from the NSE website was not updated. We had to make
sure that we are not calling at a time when they are busy. We had to make sure that we dont
make any false promise to get the appointments. Some of the problems which we faced are as
follows:-
We didnt had updated data for the contact details of franchisees
Data which we collected was not updated one which resulted in many unfruitful calls
Franchisees were used to be busy at some particular time
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We were not authorised to make any commitments on our side regarding brokerage
sharing.
We had to make calls only between 11 to 1 Oclock and after 4 Oclock.
Appointments which we collected should be convenient for both the parties.
Appointments collected
location: Mehsana
Name Company Name
ARPITA KAVANKUMAR PATEL HEM FINLEASE PVT. LTD.
SAURABH K BHAVSAR INVESTMENTOR SECURITIES LTD.
SHREE DUTTA ENTERPRISE( Sailesh Joshi )
MARWADI SHARES AND FINANCELIMITED
HEMANTKUMAR ATMARAM PATEL ANAGRAM CAPITAL LIMITED
ARVIND MOHANLAL PATEL SHAH INVESTOR'S HOME LIMITED
Location: Bhavnagar
Name Company Name
CHAITALI BHARATKUMARKANKOSHIYA
ANGEL BROKING LIMITED
DHAVAL ARVINDBHAI GOPANI ANGEL BROKING LIMITED
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SHUBHAM INVESTMENTARCADIA SHARE & STOCK BROKERS
PRIVATE LIMITED
HIRJIBHAI G ITALIA DEAL DEPOT EQUITIES
M/S. PARTHA A. SHAH JHAVERI SECURITIES LIMITED
Location: Junagadh
Name Company Name
GIRIRAJ BROKING ANGEL BROKING LIMITED
KESHAVLAL D KAKKAD ANGEL BROKING LIMITED
Location Anand
Name Company Name
HARISHKUMAR RAMESHBHAI
PATEL
JK SECURITIES PVT. LTD.
RASENDRA ARUNKUMAR PATEL MOTILAL OSWAL SECURITIES LTD.
VINOD OSWAL BROKERS PVTLTD
MOTILAL OSWAL SECURITIES LTD.
MANOHARSINH J. MAHIDA JHAVERI SECURITIES LIMITED
KENT INVESTMENT GEPL CAPITAL PRIVATE LIMITED
Himmatnagar
Name Company Name
NURJHABANU MAMON SHAREKHAN LTD.
JAGDISHKUMAR SATISHBHAIPUROHIT
ANAND RATHI SHARE AND STOCKBROKERS LIMITED
MOHAMADMOEENABDULQANEE DOI
BONANZA PORTFOLIO LTD.
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Borsad
Name Company Name
Pari Securities Marwadi Shares and Finance Ltd.
RECOMMENDATION:-
Commitment should be equalized for every person.
Provide the facility of free demonstrations for all.
Improvement in the opening of De-mat & contract notice
procedure is required.
There should be a limited number of clients under the
relationship manger. So that he can handle new as well as
old customer properly.
Some promotional activities are required for the
awareness of the customer.
People at young age should be encouraged to invest in
stock market
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Seminars should be held for providing information to
prospective and present customers.
CONCLUSIONS:-
On the basis of the study it is found that India Infoline Ltd is better services provider than the
other stockbrokers because of their timely research and personalized advice on what stocks to
buy and sell. Infoline Ltd. provides the facility of Trade tiger as well as relationship manager
facility for encouragement and protects the interest of the investors. It also provides the
information through the internet and mobile alerts that what IPOs are coming in the market
and it also provides its research on the future prospect 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.
The company should also organize seminars and similar activities to enhance the knowledge
of prospective and existing customers, so that they feel more comfortable while investing in
the stock market.
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Part C
Learning From the summer internship
The two months spend at IIFL Ahmedabad was my first real, full time exposure to the
corporate world as I didnt have any work experience prior to coming here for doing my
MBA. So it was my first experience of the professional life and I am glad that it was with
IIFL, one of the biggest share market broker company in India. The exposure taught me a lot
of technical as well as soft skills and I think it made me a better person.
The projects helped me to learn a lot about share market and how it works. It gave me a
chance to peep into lives of investors and brokers, thus giving an insight about share market. I
learned a lot about what goes into the mind of investors, how they think about any new
investment in stock they have to make. What are the parameters which they focus while
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making their investment decisions. Therefore, giving me a fair idea that how investment
decisions should be made.
Apart from these technical skills I had learned many soft skills while working on the project.
The way of communication with your peers and subordinates, working under pressure to
complete the project on time, building and maintaining relationship with your stakeholders
were important learning from the project. In my department maintaining relationship with
franchisees was considered to be the most important work. Hence apart from the technically
qualified one should also be very good at public relation work.
The summer training was my first step in the corporate world and it helped to decide my
future path and career.
References:-
1) http://www.indiainfoline.com
2) http://www.nseindia.com
3) http://www.bseindia.com/
4) http://www.sharekhan.com
5) http://www.angelbroking.com/
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http://www.indiainfoline.com/http://www.nseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://www.bseindia.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.indiainfoline.com/http://www.nseindia.com/http://www.bseindia.com/http://www.sharekhan.com/http://www.angelbroking.com/ -
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6) http://www.sebi.gov.in/dp/indiainfo.pdf
7) http://WWW.C APITALIN E.CO M
8) http://WWW.IC IC IDIRE C T.CO M
9) http://WWW.KARVY.CO M
ANNEXURE
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http://www.sebi.gov.in/dp/indiainfo.pdfhttp://www.capitaline.com/http://www.capitaline.com/http://www.capitaline.com/http://www.capitaline.com/http://www.icicidirect.com/http://www.icicidirect.com/http://www.icicidirect.com/http://www.karvy.com/http://www.karvy.com/http://www.sebi.gov.in/dp/indiainfo.pdfhttp://www.capitaline.com/http://www.icicidirect.com/http://www.karvy.com/ -
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NAME
ADDRESS
FAN ID
CONTEST YES/NO
TERMINAL LIMIT YES/NO
NUMBER OF SEGMENTS BSE/NSE/F&O
CMS
HO QUESTIONS
DAILY BROKERAGES
CLIENT INTERACTION
TRAINING REQUIREMENT
NUMBER OF EMPLOYEES
INVESTOR SEMINAR
PROBLEMS