A Competitive Analysis of Trading in Reliance Money

Preservation, inspiration and motivation have always played a key role in the success of any venture. In the present world of competition and success, training is like a bridge between theoretical and practical working; willingly I prepared this particular Project. First of all I would like to thank the supreme power, the almighty god, who is the one who has always guided me to work on the right path of my life. I would like to thank Mr. Sandeep Saini (Centre Manager) for granting me permission to undertake the training in their esteemed organization.
I also thanks to Mr. Arpan Sethi (finance Head), Mr. Vikas of Reliance Money for their time-to-time guidance and support in completing the project. I also thank the other staff of Reliance Money, Ambala who devoted their valuable time by helping me to complete my project.
I express my sincere thanks to Dr. Raj Kumar Goyal (Director) and Mr. Adrash aggarwal (Head of department), Ms. Neetu Menhdiratta (Faculty Guide) of M.B.A. department, for the valuable suggestion and making this project a real successful.

Last but not least, my sincere thanks to My Parents and Friends who directly or indirectly helped me to bring this project into the final shape.



“A good broker system must be able to cope with an extremely complex and dynamic environment.”
The microstructure of the stock market in which brokers work is highly dynamic and volatile. Many stocks are available to be bought and sold, each exhibiting its own patterns and characteristics that are highly unpredictable. With so many options and considerations that need to be taken into account, it is an extremely difficult task for a broker to investigate aspects of the stock market and consistently provide effective advice to their clients.
Thus, brokers perform their day-to-day tasks with the aid of a broker system. Such a system should provide tools for interacting with exchanges and performing analysis. As a consequence, these broker systems are quite large and complicated by themselves.
This research aims to analysis Stock broker on the basis of their services, products, growth, and their competitiveness. Because Stockbrokers are one of the main participants in stock exchanges worldwide, they often act as an agent for their clients, making trades on their behalf. They also act as advisors, providing suggestions to their clients on what stocks to buy and sell.


There is growing competition between brokerage firms in post reform India. For investor it is always difficult to decide which brokerage firm to choose.
Research was carried out to find which brokerage house people prefer and to figure out what people prefer while investing in stock market.
This study suggests that people are reluctant while investing in stock and commodity market due to lack of knowledge.
Main purpose of investment is returns and liquidity, commodity market is less preferred by investors due to lack of awareness. The major findings of this study are that people are interested to invest in stock market but they lack knowledge.
Through this report we were also able to understand, what are our Company’s (Reliance Money) positive and strong points, on the basis of which we come to know what can be the basis of pitching to a potential client.

Certificate by Company
Executive Summary

• Objective of the study
• Type of the research
• Sample design
• Sample area
• Sample unit
• Size of sample
• Sources of data collection
• Survey method
• Limitations of the study
• Major Players in the Region
? Karvy
? ICICI Direct
? Indiainfoline
? HDFC Security
? Indiabulls
• Comparison with Competitors
• Market Share
• Management Team of the company
• BOD of the company

• Vision & Mission
• Highlights of company
• Organization Structure
• Products
• Data analysis
• Findings
CHAPTER 8 CONLUSION 49 Bibliography 50
Appendix 52-54


In most industrialized countries, a substantial part of financial wealth is not managed directly by savers, but through a financial intermediary, which implies the existence of an agency contract between the investor (the principal) and a broker or portfolio manager (the agent). Therefore, delegated brokerage management is arguably one of the most important agency relationships intervening in the economy, with a possible impact on financial market and economic developments at a macro level.
In most of the metros, people like to put their money in stock options instead of dumping it in the bank-lockers. Now, this trend pick pace in small but fast developing cities like Chandigarh, Gurgaon, Jaipur, Ambala etc. My research is based on the residents of Ambala and its nearby areas.
As the per-capita-income of the city is on the higher side, so it is quite obvious that they want to invest their money in profitable ventures. On the other hand, a number of brokerage houses make sure the hassle free investment in stocks. Asset management firms allow investors to estimate both the expected risks and returns, as measured statistically. There are mainly two types of Portfolio management strategies.
1. Passive Portfolio Strategy
2. Active Portfolio Strategy

1. Passive Portfolio Strategy: A strategy that involves minimal expectation input, and instead relies on diversification to match the performance of some market index. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities
2. Active Portfolio Strategy: A strategy that uses available information and forecasting techniques to seek a better performance than a portfolio that is simply diversified broadly.


1. Dr. Jayanta Kumar Seal explore equity trading in India was basically a floor-based activity in the BSE. Traditionally, stock trading was done through stock brokers, personally or through telephones. As the no. of people trading in stock market increased enormously in last few years, a no. of stock brokers comes in the field, thus increasing further competition. Due to this, there come new innovations in trading. In this scenario, the existing players are left with two options-either to change their product offerings or to perish.
2. Ravinder Kumar & Nidhi Walia found Indian investors are more conservative; they do not adopt any change easily. Till now just few investors can be recognized who are using technology for online stock trading. Traditional traders still prefer to choose broker as a stock trading mechanism because they are more loyal to their broker. Online trading empowers educated investors to make their own decisions with close watch on market sensitivity by browsing through various sites.
3. Ms. Nidhi Walia explores that with IT fueling economy, internet is adopted as effective tool in catalyzing the business activities. Latest developments in information technology have altogether changed business done traditionally. As financial system is becoming more complex it has become need of hour, where investor should comprehend the data and understand recent intricacies of online trading. In Indian context, e-trading is relatively new concept, which has yet to gain some significant meaning. In the past, investor had no option to get market information except to contact local broker. But internet trading in stock trading is becoming medium of exchange whereby investor can order stock exchange on simple mouse click sitting at his place. Keeping in view current market requirement an attempt has been made in this research paper to analyze current status of online trading in Indian scenario.
4. Mr. Ajay Kumar through this research finds which brokerage house people prefer and to figure out what people prefer while investing in stock market. This study suggests that people are reluctant while investing in stock and commodity market due to lack of knowledge. Main purpose of investment is returns and liquidity, commodity market is less preferred by investors due to lack of awareness. The major findings of this study are that people are interested to invest in stock market but they lack knowledge.


Objective of Study
Each research study has its own specific purpose. It is like to discover to Question through the application of scientific procedure. But the main aim of our research to find out the truth that is hidden and which has not been discovered as yet. Our research study has following objectives:-
Primary Objective: – To know about the competitive position of the Reliance Money in competitive market.
Secondary Objective: –
1. To know the market share of different players in Share Market.
2. To study the services offered by different players to the customer.
3. TO access how Reliance Money is better than others competitors.
4. To check satisfaction level of customers of different players.

The research is based on Descriptive and Qualitative research.
Descriptive Research: – Descriptive research includes surveys and fact finding enquires of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. Researcher has no control over the variables of this type of research.

Qualitative Research: – The research needs comparison between different stock brokers. So this is based on all qualitative data. In short, Qualitative research is especially important in the behavioral sciences where the aim is to discover the underline motives of human behavior. Through such research we can analyses various factors which motivate to people to behave in a particular manner or which make people like or dislike a particular thing.

“A sample design is a definite plan for obtaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting item for the sample”
Generally Sample designs are two types
In the research Non-probability research design is used.
Sampling area may be a geographical one, such as state, district, village etc. The researcher will have to decide one or more of such area that he has to select for his study.
In this research study Ambala as a sampling area.
Sampling unit may be defined as an individual, pair or group of persons included as respondent.
In this research study General Investors are the sampling units.

“This refers to the number of items to be selected from the universe to constitute a sample”
In the present research sample size is 100.
But the research also study the 5 stock broker companies related to security & commodity market like India-infoline, ICICI direct, HDFC-securities, Karvy consultant ltd. and indiabulls for the appropriate collection of the information.

While deciding about the method of data collection to be used for the study the researcher should keep to types of data.

1. Primary Data.
2. Secondary Data.
Research uses primary data, as well as secondary data. Primary means collected as fresh, and the first time data and secondary means which are already available like annual report, magazines, internet, previously researches etc.
Survey refers to the method of securing information concerning phenomena under study from all or selected number of respondents of the concerned area. In a survey the investigator examines those phenomena which exist in the universe independent of his action. Research uses the Questionnaire Method.

? As only Ambala dealt in survey so it does not represent the view of the total Indian market.
? Size of the research may not be substantial.
? There was lack of time on the part of respondents.
? The survey was carried through questionnaire and the questions were based on perception.
? There may be biasness in information by market participant.
? Complete data was not available due to company privacy and secrecy.
? Customer dissatisfied with the services.
? People fear that as Reliance Money is a Private company so their money is not secured.
? Insurance means LIC for people.
? Misguidance by agents.
? Lacks of motivation as false commitments were made to customer by the company.


The emergence of stock market can be traced back to 1830. In Bombay, business passed in the shares of banks like the commercial bank, the chartered mercantile bank, the chartered bank, the oriental bank and the old bank of Bombay and shares of cotton presses. In Calcutta, Englishman reported the quotations of 4%, 5%, and 6% loans of East India Company as well as the shares of the bank of Bengal in 1836. This list was a further broadened in 1839 when the Calcutta newspaper printed the quotations of banks like union bank and Agra bank. It also quoted the prices of business ventures like the Bengal bonded warehouse, the Docking Company and the storm tug company.
Between 1840 and 1850, only half a dozen brokers existed for the limited business. But during the share mania of 1860-65, the number of brokers increased considerably. By 1860, the number of brokers was about 60 and during the exciting period of the American Civil war, their number increased to about 200 to 250. The end of American Civil war brought disillusionment and many failures and the brokers decreased in number and prosperity. It was in those troublesome times between 1868 and 1875 that brokers organized an informal association and finally as recited in the Indenture constituting the “Articles of Association of the Exchange”. On or about 9th day of July, 1875, a few native brokers doing brokerage business in shares and stocks resolved upon forming in Bombay an association for protecting the character, status and interest of native share and stock brokers and providing a hall or building for the use of the members of such association.
As a meeting held in the broker’ Hall on the 5th day of February, 1887, it was resolved to execute a formal deal of association and to constitute the first managing committee and to appoint the first trustees. Accordingly, the Articles of Association of the Exchange and the Stock Exchange was

formally established in Bombay on 3rd day of December, 1887. The Association is now known as “The Stock Exchange”.
The entrance fee for new member was Re.1 and there were 318 members on the list, when the exchange was constituted. The numbers of members increased to 333 in 1896, 362 in 1916and 478 in 1920 and the entrance fee was raised to Rs.5 in 1877, Rs.1000 in 1896, Rs.2500 in 1916 and Rs. 48,000 in 1920. At present there are 23 recognized stock exchanges with about 6000 stock brokers. Organization structure of stock exchange varies.
14 stock exchanges are organized as public limited companies, 6 as companies limited by guarantee and 3 are non-profit voluntary organization. Of the total of 23, only 9 stock exchanges have been permanent recognition. Others have to seek recognition on annual basis.
These exchange do not work of its own, rather, these are run by some persons and with the help of some persons and institution. All these are down as functionaries on stock exchange. These are
1. Stockbrokers
2. sub-broker
3. market makers
4. Portfolio consultants etc.

1.) Stockbrokers
Stock brokers are the members of stock exchanges. These are the persons who buy, sell or deal in securities. A certificate of registration from SEBI is mandatory to act as a broker. SEBI can impose certain conditions while granting the certificate of registrations. It is obligatory for the person to abide by the rules, regulations and the buy-law. Stock brokers are commission broker, floor broker, arbitrageur etc.

Detail of registered brokers
Total no. of registered brokers as on 31.03.2008 Total no. of sub-brokers as on 31.03.2008
9000 24,000

2.) Sub-broker
A sub-broker acts as agent of stock broker. He is not a member of a stock exchange. He assists the investors in buying, selling or dealing in securities through stockbroker. The broker and sub-broker should enter into an agreement in which obligations of both should be specified. Sub-broker must be registered SEBI for a dealing in securities. For getting registered with SEBI, he must fulfill certain rules and regulation.
3.) Market Makers
Market maker is a designated specialist in the specified securities. They make both bid and offer at the same time. A market maker has to abide by bye-laws, rules regulations of the concerned stock exchange. He is exempt from the margin requirements. As per the listing requirements, a company where the paid-up capital is Rs. 3 crore but not more than Rs. 5 crore and having a commercial operation for less than 2 years should appoint a market maker at the time of issue of securities.
4.) Portfolio consultants
A combination of securities such as stocks, bonds and money market instruments is collectively called as portfolio. Whereas the portfolio consultants are the persons, firms or companies who advise, direct or undertake the management or administration of securities or funds on behalf of their clients.


1. Karvy
2. ICICI direct
3. Indiainfoline
4. HDFC security
5. Indiabulls

KARVY is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate, comprising the who is who of Corporate India. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments.
History of Karvy
The birth of Karvy was on a modest scale in 1981. It began with the vision and enterprise of a small group of practicing Chartered Accountants who founded the flagship company, Karvy Consultants Limited. They started with consulting and financial accounting automation and carved inroads into the field of registry and share accounting by 1985. Since then, Karvy utilized its experience and superlative expertise to go from strength to strength, to better their services, to innovate, diversify and in the process, evolved as one of India’s premier integrated financial service enterprise.

1. Karvy comtrade.
2. Karvy consultant ltd.
3. Karvy merchant banking.
4. Karvy global services ltd.


ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein after referred to as the “Website”) whereas IWTL is an affiliate of ICICI Bank Limited and the Website is owned by ICICI Bank Limited. IWTL has launched and established an online trading service on the Website.

1. Investing in Mutual funds
2. Personal Finance
3. Customer Service Features
4. IPO’s
5. Margin Trading
6. Margin PLUS Trading
7. Call Trade
8. Trading on NSE/BSE
9. Trade in derivatives


India Infoline.com Securities Pvt. Ltd. is a wholly owned subsidiary of India Infoline.com Ltd and is the stock broking arm of India Infoline.com. The subsidiary was formed to comply with regulatory guidelines. www.5paisa.com is a focused website for online stock market trading. 5paisa.com is a trade name owned by the India Infoline.com group. IILSPL has applied for trading membership of the BSE under Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Rules 1992.
IILSPL is in the business of providing broking services online via the Internet (“E-broking Services”) and has been permitted by the NSE by way of registration permission no: NSEIL/CMO/INET/1103/2000 dated 03/July/2000, and will be applying for permission to the BSE, to provide E-broking Services to its clients. IILSPL is a TRADING MEMBER of the National Stock Exchange of India.

1. Stock market:- IILSPL deals in stock market by trading in equity and derivatives.
2. Personal finance:- It Deals In Mutual Fund And Insurance.
3. Online Trading :- It provides services in stock and commodity trading (through Internet).


HDFC security is the subsidiary of HDFC (Housing Development Financial Corporation). www.hdfcsec.com would have an exclusive discretion to decide the customers who would be entitled to its online investing services. www.hdfcsec.com also reserves the right to decide on the criteria based on which customers would be chosen to participate in these services .The present web site (www.hdfcsec.com) contains features of services that they offer/propose to offer in due course. The launch of new services is subject to the clearance of the regulators. i.e. SEBI, NSE and BSE.

1. Online trading for Resident & Non Resident Indians.
2. Cash-n-Carry on both NSE and BSE.
3. Day trading on both NSE and BSE.
4. Trade on Futures & Options on the NSE.
5. Online IPO’s.
6. Telephone-based Broking (Equity & Derivatives).


Indiabulls Securities Limited was incorporated as GPF Securities Private Limited on June 9, 1995. The name of the company was changed to Orbis Securities Private Limited on December 15, 1995 to change the profile of the company and subsequently due to the conversion of the company into a public limited company; the name was further changed to Orbis Securities Limited on January 5, 2004. The name of the company was again changed to Indiabulls Securities Limited on February 16, 2004 so as to capitalize on the brand image of the term “Indiabulls” in the company name. ISL is a corporate member of capital market & derivative segment of The National Stock Exchange of India Ltd. At present, ISL accounts for approximately 3% of the total daily turnover of the Exchange with 32,359 client relationships and 70 branches spread across the country as of April 30, 2004.
INDIABULLS CREDIT SERVICES LIMITED:- Indiabulls Credit Services has been valued at Rs. 263 crore with the Rs. 87.6-crore infusion. Indiabulls Credit Services Ltd, the
recently formed subsidiary of broking firm, Indiabulls Financial Services Ltd. Faralon Capital, a San Francisco-based private equity fund, and its affiliates have acquired 33.3 per cent stake for Rs 87.6 crore.
INDIABULLS REAL ESTATE:- Indiabulls through its group companies has entered Indian Real Estate business in 2005. It is currently evaluating several large-scale projects worth several hundred million dollars. Indiabulls became the first company to bring FDI in Indian Real Estate through a JV with Farallon Capital Management, a respected US based investment firm.

1. Equity & Debt Stock Broking
2. Insurance
3. Commodity trading
4. Depository Services
5. Derivatives Broking Services
6. Equity Research Services
7. Mutual Fund Distribution
8. IPO Distribution

reliance money icici direct hdfc india bulls indiainfoline karvy
DELIVERY .01% .40-.85% .75-1.0% .35% 0.3-0.5% 1%
INTRADAY .01% .02-.04% .05% .035% 0.03-0.05% 0.1%
AMC 200 750 600 350-750 500 350
Exposure 5 4 4-6 4-10 6 6
Software free Only for esteemed n.a. 750/p.m. 1000 1800/p.a.
Online trading yes Yes yes yes yes yes
Min. balance nil 5000(q) 5000 n.a. 5000 5000


Indiabulls is the market leader; about 37% of the investors are using the services of Indiabulls, followed by ICICI Direct with 32% customer’s base. According to various studies ICICI Direct is the major competitive of Indiabulls.
Reliance Money is gaining its share which is currently at 3.9% market share.


The Reliance – Anil Dhirubhai Ambani Group is among India’s top three private sector business houses on all major financial parameters, with a market capitalisation of Rs 100,000 crore (US$ 22 billion), net assets in excess of Rs 31,500 crore (US$ 7 billion), and net worth to the tune of Rs 27,500 crore (US$ 6 billion).
Reliance Money Limited has been promoted by Reliance Capital Limited a part of Anil Dhirubhai Ambani Group with the Net-worth – Rs. 4500 cr., amongst the top 3 banking & financial services companies in the private sector.

Management Team
Chairman : Mr. Anil Dhirubhai Ambani
CEO : Mr. Sudip Bandhupadhyay
Deputy CEO : Mr. Kapil Bali
National Head : Mr. Anshu Azare
Regional Head : Mr. Ritu Raj chauhan
Cluster Head : Navdeep Kaur
Center Managers : Sandeep saini


• Anil Ambani, Chairman

• Amitabh Jhunjhunwala, Vice-Chairman

• Rajendra Chitale, Independent Director

• Shri C. P. Jain

• Shri. P N Ghatalia

Reliance Capital Ltd
Reliance Capital is one of India’s leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth.
Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking and other activities in financial services.
Reliance Capital entered into lucrative online trading business with Reliance money. There are mixed reports about this online trading platform. It shook up online trading business with cheap brokerage charge offer.
Business Overview
RCL is registered as a depository participant with National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL) under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996. RCL has sponsored the Reliance Mutual Fund within the framework of the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996.RCL primarily focuses on funding projects in the infrastructure sector and supports the growth of its subsidiary companies, Reliance Capital Asset Management Limited, Reliance Capital Trustee Co. Limited, Reliance General Insurance Company Limited and Reliance Life Insurance Company Limited. As of March 31, 2005, the company’s investment in infrastructure projects stood at Rs. 1071 Crores. The investment portfolio of RCL is structured in a way that realizes the highest post-tax return on its investments.
Reliance Capital Ltd. is one of India’s leading and amongst the fastest growing private sector financial services companies, and ranks among the leading private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests

in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking and other financial services.

Reliance Money limited
Reliance Money, a Reliance Capital company, is part of the Reliance Anil Dhirubhai Ambani Group Reliance Money commenced commercial operations in April 2007. It is a comprehensive financial services and solution provider providing customers with access to Equity, Equity and Commodity Derivatives, Portfolio Management Services, Mutual Funds, IPOs, Life and General Insurance and Gold Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing services.
The largest broking house in India with over 2.5 million customers and a wide network of over 10,000 outlets and 20,000 touch points in 5,000+ locations. Reliance Money endeavors to change the way investors transact in financial markets and avails financial services. The average daily volume on the stock exchanges is Rs. 2,000 crores, representing approximately 3% of the total stock exchange volume. Reliance Capital is one of India’s leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.
“Success is a journey, not a destination.” If we look for examples to prove this quote then we can find many but there is none like that of Reliance Money. The company which is today known as the largest financial service provider of India.

Success sutras of Reliance Money
The success story of the company is driven by 9 success sutras adopted by it namely
Trust, Integrity, Dedication, Commitment, Enterprise, Hard work, Home work, Team work play, Learning and Innovation, Empathy and Humility and last but not the least it’s the Network .

Vision of Reliance Money

To achieve & sustain market leadership, Reliance Money shall aim for complete customer satisfaction, by combining its human and technological resources, to provide world class quality services. In the process Reliance Money shall strive to meet and exceed customer’s satisfaction and set industry standards.

Mission statement

“Our mission is to be a leading and preferred service provider to our customers, and we aim to achieve this leadership position by building an innovative, enterprising , and technology driven organization which will set the highest standards of service and business ethics.”

Highlights of Reliance Money
The highlights of Reliance money’s offerings are:
1. Cost-effective
The fee charged by the affiliates of Reliance Money, through whom the transactions can be placed, is among the lowest charged in the present scenario. Pay a flat fee of just Rs. 500/- valid for 2 months or specified transactional value. The facility of trading is subject to expiry of the validity period or value limit, whichever comes first.
Illustrations depicting fee structure and validity limits
• Access fee- Rs. 500
Validity- Time validity of 2 months or Turnover validity of Rs. 1 cr., whichever is earlier
Turnover limit- Non-delivery turnover of Rs. 90 lac, Delivery turnover of Rs. 10 lac
• Access fee- Rs. 1350
Validity- Time validity of 6 months or Turnover validity of Rs. 3 cr., whichever is earlier
Turnover limit- Non-delivery turnover of Rs. 2.7 cr., Delivery turnover of Rs. 30 lakh
• Access fee- Rs. 2500
Validity- Time validity of 12 months or Turnover validity of Rs. 6 cr., whichever is earlier
Turnover limit- Non-delivery turnover of Rs. 5.4 cr., Delivery turnover of Rs. 60 lakh
Unutilized delivery limit may be added to Non-delivery limit

2. Convenience
You have the flexibility to access Reliance Money services in multiple ways: through the Internet, Transaction Kiosks, Call & Transact (phone) or seek assistance through our Business Partners
3. Security
Reliance Money provides secure access through an electronic token that flashes a unique security number every 32 seconds (and ensures that the number used for earlier transaction is discarded). This number works as a third level password that keeps your account extra safe

4. Single window for multiple products
Reliance Money, through its affiliates/partners, facilitates transactions in Equity, Equity & Commodity Derivatives, Offshore Investments, Mutual Funds, IPOs, Life Insurance and General Insurance products. All overseas investments are subject to rules, regulations and guidelines of the Reserve Bank of India as laid down from time to time
5. 3 in 1 integrated access
Reliance Money offers integrated access to your banking, trading and demat account. You can transact without the hassle of writing cheques
Demat account with Reliance Capital
Hassles free demat account with Reliance Capital. The Annual Maintenance Charge for the Demat Account is just Rs. 50/- per annum
6. Other Services
Through the portal www.reliancemoney.com, Reliance Money provides:
a. Reliable research, including views of external experts with an enviable track record
b. Live news from Reuters and Dow Jones
c. CEOs’/experts’ views on the economy and financial markets
d. The Personal finance section provides tools that help you plan your investments, retirement, tax, etc
e. Analyze your risk profile through the Risk Analyzer
f. Get a suitable investment portfolio using the Asset Allocator

Equity is a share in the ownership of a company. It represents a claim on the company’s assets and earnings. As you acquire more stock, your ownership stake in the company increases. The terms share, equity and stock mean the same thing and can be used interchangeably.
Holding a company’s stock means that you are one of the many owners (shareholders) of a company, and, as such, you have a claim (to the extent of your holding) to everything the company owns. Yes, this means that technically, you own a portion of every piece of furniture; every trademark; every contract, etc. of the company.
As an owner, you are entitled to your share of the company’s earnings as well as any voting rights attached to the stock.
Another extremely important feature of equity is its limited liability, which means that, as a part-owner of the company, you are not personally liable if the company is not able to pay its debts. In case of other entities such as partnerships, if the partnership goes bankrupt, the partners are personally liable towards the creditors/lenders and they may have to sell off their personal assets like their house, car, furniture, etc., to make good the loss. In case of holding equity shares, the maximum value you can lose is the value of your investment.
Even if a company of which you are a shareholder goes bankrupt, you can never lose your personal assets.
Reliance Money gives you the access to Over 5000 Schemes of 28 Assets Management Companies (AMCs) with just one account. Some of them included are.

Portfolio Tracker
Manage your mutual fund portfolio from the Reliance Money account. Benefit from live valuation and alerts and also track NAVs of any scheme online.
Choice of investment strategies
From just two scheme types (equity scheme and debt scheme) offered when the mutual fund industry was conceived more than four decades ago, today, mutual funds offer a plethora of scheme types with different investment strategies.
Life Insurance
Reliance Money Account gives you the advantage of buying policies from 12 different Life Insurance companies, helping you get unbiased opinion.
General Insurance
Reliance Money Account also extends the product offerings from 10 General Insurance Companies with exhaustive range of insurance products that covers most risks including Motor, Health, Property, Marine, Casualty and Liability.
Over the Counter Products
Your Reliance Money Account makes it so simple for you to buy insurance products that it’s as easy as buying something over the counter.
RelianceMoney.com is offering most dynamic web based trading environment to its customers. The new trading platform has many new features which basically fill up the gap between old online trading companies in India and their customers.
The Reliance Money trading websites comes with special security features Security Token, which makes you online trading experience more secure without complexity.
Stock Trading is available in BSE and NSE. Offline trading is also available through Reliance Money partners in your city and through phone by dialing 022-39886000.

Reliance money is offering 3 types of accounts to its customers. Account for beginners, for meddlers and for experts.
How to open account with Reliance Money?
Account opening with Reliance Money is easy. Simply fill a form online at below address and somebody from Reliance Money will contact you soon.
Advantages of Reliance Money
1. Extra security features with ‘Security which is the most secures and tested technology in computer world.
2. Simple, easy and fast online stock trading.
3. Almost all investment options are available under one account including Equity Trading, Derivatives, Forex, Commodity, IPO, Mutual Funds and Insurance.
4. Branches are now available in all major cities and the number is growing. Branches are open from 9am to 9pm.
Online trading is presently at its nascent stage and is not the most preferred option for financial transactions owing to security concerns and lack of accessibility points. Reliance Money through this hi-speed, technologically secure kiosks will therefore be able to reach out to all its existing and potential customers at even the remotest locations in the country without compromising on the security of its customer’s funds.

Why should you choose Reliance Money?
1. Because it is from Reliance. Reliance capital has big plans regarding this business. It may announce attractive offers to gain market share. Reliance will never enter into a business with small plans.
2. Its brokerage charges are lowest in the country among major providers. With Rs 2500 prepaid amount, you can trade for Rs 5 crore.
3. Site is simple in design, fast to access and easy to find required information.
4. Its daily reports on market trends and technical breakouts are very useful.
5. Website content is divided according to the requirements of experts and beginners.
6. You can trade in Forex, Derivatives, Mutual funds, IPO and buy Insurance.

Why should you stay away from reliance Money?
1. The trading platform is still in development stage. There are many bugs needs to be rectified.
2. Its “Insta trade” service is not up to the standard. Reliance Money software is a java based simple software. It should provide advanced software to meet the needs of advanced traders.
3. Its system is sometimes very slow and orders are not placed at the time.
4. Its market watch solution is a way behind its competitors like Money control and ICICIdirect.
5. Its service people are not as efficient as competitors.
6. It is still not providing options to buy Post office savings.
7. It is recommending few stocks even when stock markets are on roll.


Reliance ADA Group Structure


PRODUCTS offered by Reliance Money are: –
1. Trading Portal (with almost negligible brokerage )
• Equity Broking
• Commodity Broking
• Derivatives ( Futures & Options )
• Offshore Investments (Contract For Differences)
• D-Mat Account.
2. Financial Products
• Mutual Funds
• Life Insurance
o ULIP plan
o Term Plan
o Money Back Plan
• General Insurance
o Vehicle/Motor Insurance
o Health Insurance
o House insurance
• IPO’s
• NFOs
3. Value-Added Services
• Retirement Planning
• Financial Planning
• Tax Saving
• Children Future Planning
4. Credit Cards
5. Gold coins retailing


The data after collection has proposed & analyzed in accordance with the outline laid down for the purpose at the time of developing the research plan.

The data collected in the stated manner tabulated according to the corresponding variables. The table thus prepared were analyzed & interpreted to draw the meaning, out of the study.

1) Do you know about investment options available?
Yes 80%
No 20%

Today scenario is changed so that most area covered by the securities and commodity market. It is 24% of the total population.

2) Most preferable investment scenario.
Investment scenario %AGE
Shares 24%
Mutual Funds 20%
Bonds 18%
Banks 14%
Real Estate 10%
Insurance 6%
Commodity market 4%
Others 4%

Only 80% people know the exact meaning of investment. Because of remaining 20% take his/her residential property as an investment. According to law purpose this is not an investment because of it is not create any profit for the owner.

3).What is the basic purpose of your investment?
Liquidity 30%
Returns 25%
Capital appreciation 20%
Tax benefits 10%
Risk covering 5%
Others 10%

COMMENT: – 30% people are interested in liquidity, 25% in returns and 10% tax benefits. And remaining 20% are interested in capital appreciations, 15% in risk covering and others.

4). From which option you will get the best returns?
Shares 26%
Mutual Funds 27%
Bonds 18%
Banks 14%
Real Estate 22%
Insurance 4%
Commodity market 5%
Others 4%

Most of the people say that Mutual fund gives satisfactory result; following it are bonds, shares and banks.

5).Most important things you take into your mind while making investments?
Risk 8%
Returns 17%
Both 75%

75% people are considered the both factors risk as well as returns but, only 25% considered the risk or returns factor.

6). Do you have any knowledge of share markets?
Complete 10%
Nil 27%
Partial 63%

On that basis, we conclude that 27% people know nothing about the securities investments and 63% people have partial knowledge about it, so, some promotional activities are required for increasing the awareness about security market.

7) If you invested in Share Market, what has been your experience?
options %AGE
Satisfactory returns received 20
Burned fingers 6
Unsatisfactory results 8
No Results 66

Majority of people are in losses and hence they are getting no results.
8) Are you aware of online Share trading?
Yes 72%
No 28%

72% of respondents are aware of online share trading while 28% of them don’t know about it.

9) Heard about Reliance money?
Yes 82%
No 18%

Majority of people are aware about the Reliance Money, this shows that marketing strategy are good.

10) Do you know about the facilities provided by Reliance money?
Yes 76
No 24

In spite of good marketing, only 76% people are aware of services offered by Reliance Money.

11).Do you have any de-mat & trading account?
Yes 75
No 25
Only 75% respondents have de-mat and trading account and remaining 25% says no because they don’t know why shares move up and down.

12).In which company you have d-mat and trading account?
Reliance Money 16%
HDFC securities 4%

In Reliance Money 16% respondents have de-mat & trading account because of better services and min. annual maintenance and other charges.

13) What differentiates your Share trading company from others?
Brokerage 23
Operating expanses 25
Services 20
Products 17
Software 15
Total 100

Three main factors are brokerage, operating expenses, services, then is products and software.

14) Which Share trading company provides good exposure?

Majority of clients of indiabulls feels that the exposure provided by them is neither high nor low, while some believe it is enough. But in ICICI it is contrary. R-Money gets positive response from majority of clients.

15) Which Share trading company provides its Software to customers?

As far as software is concerned, R-Money dominates, followed by indiainfoline.

16) Which Share trading company charges fair Brokerage?

Although majority of customers of all the firms feel that brokerage charged is neither high nor low, customers of R-Money are highly satisfied. On the other hand, customers of ICICI are most dissatisfied. And about 40% of customers of indiabulls consider it to be NHNL, and another 40% rate it as good, while 20% feel that it is not quite low.

17) Which Share trading company provides fair operating expenses?

As per operating charges, comparison among the firms clearly points out that there is not much difference among the firms. First is R-money, followed by indiabulls.

18) Are you satisfied with your present Share trading company?

This shows that customers of reliance money are not satisfied while Indiainfoline is stood first in this parameter.

? Majority of clients of indiabulls feels that the exposure provided by them is neither high nor low, while some believe it is enough. But in ICICI it is contrary. R-Money gets positive response from majority of clients.
? Although majority of customers of all the firms feel that brokerage charged is neither high nor low, customers of R-Money are highly satisfied. On the other hand, customers of ICICI are most dissatisfied. And about 40% of customers of indiabulls consider it to be NHNL, and another 40% rate it as good, while 20% feel that it is not quite low.
? As far as software is concerned, R-Money dominates, followed by indiabulls.
? As per charges, comparison among the firms clearly points out that there is not much difference among the firms. First is R-money, followed by indiabulls.
? On the basis of call and trade facility, there is again not much differences. Comparison among ICICI and indiabulls shows that icici has less no. of customers who rated it low as compared to indiabulls and also higher no. of customers rate it good, but indiabulls has the edge over the rest when it comes to customers who rate it very high.
? Customer’s feedback regarding the Research Tips parameter shows that the competition is primarily between three firms- Indiabulls, icici and Indiainfoline.
? Reliance Money is gaining its share which is currently at 3.9% market share by providing better offerings, less brokerage and other services, indiabulls is the market leader.
? Approx. 16% respondents have de-mat & trading account because min. annual maintenance and other charges.
? R-Money brought many innovations in products which are liked by customers.
? R-Money’s offerings are very competitive.

? Though reliance money is working very hard in order to meet the competition but there is a gap between the expectations and the experiences of the customers which is widening regularly.
? This gap has emerged because of the sales oriented focus of reliance money.
? In order to increase the sales figures, the company has somewhere ignored the service delivery and left the customer on his own.

? Build relationship with the customers to keep them retained.
? Company should start a system of filling up of feedbacks and complaints online so that rectification of errors can be done easily.
? Company should start a kind of soft skill training program for all of its distributors so that the customers feel the same level of satisfaction as they feel while transacting with the company.
? Though the service quality is good but it should become better consistently as good service and better relationships are the key success factors of current market situations.
? The process of documentation is a hassle for customers as it is not at all user friendly. Company should take care of user friendliness of the system.
? In order to fill the gap between actual and expected, company needs to customize its services as it is dealing into financial instruments.
? These financial instruments are risky and it is very essential to make the customer feel that you are taking care of his money.
? This can be done only if all the services are customized and the system is made transparent for the customer as well as for the employees.

The expectations of the customers are regularly increasing because of the increasing competition and emergence of global market. In such conditions it becomes very necessary for a company to fulfill all the expectations of the customers and give them a delightful experience.
Reliance Money aims to provide better services by consistently improvement. The study concluded:-
• Reliance Money Ltd. has better Portfolio Management services than Other Companies
• Reliance Money Ltd. keeps its process more transparent.
• Reliance Money Ltd. is giving more returns to its investors.
• Reliance Money charges are less than other stock brokers.
• Reliance Money is providing daily updates about the stocks information.
• Investors are looking for those investment options where they get maximum returns with less costs.
• Market is becoming complex & it means that the individual investor will not have the time to play stock game on his own.
• People are less aware about the Services provided by Reliance Money.


(1) Punithawati Pandiyan, “Security Analysis & Portfolio Management”, Vikas Publishing House, New delhi.
(2) Financial Markets, The Icfai University press, Hyderabad, 2007.
(3) Donald E. Fisher and Ronald J. Jordan, “Security Analysis & Portfolio Management”, Prentice Hall of India, New Delhi.
(4) Zikmund, “Business Research Methodology”
(5) Kothari C.R., “Research Methodology : Methods and Techniques”, Wishwa Prkashan, New Delhi, 2001.

(1) Omkar Goswami, “New Entrants in Sock Trading”, Business Week, Oct,2003, page 13.
(2) Rajesh Gajra, “Sebi’s Wake Up call”, Business World, June 2008, page20.
(3) Srikanth Srinivas, “Increasing competition in Online Trading”, Business Today, March,2005, page 21.

(1) Nidhi Walia and Ravinder Kumar, “Online Stock Trading in India: an empirical investigation”, Indian Journal of marketing, April 2007, page 34-39.
(2) Jayanta Kumar Seal, “Changing Dynamics of Stock Trading”, Portfolio Organizer, Oct. 2007, page 17-25.
(3) Aggarwal Sanjiv, “Stock Trading o Net”, Business Line, Aug. 2000, page 31-37.
(4) Mr. Ajay Kumar, “Comparison of stock Brokers in India”, Indian Journal of Business, June 1999, page 93-96.
(5) Nidhi Walia, “Online Stock Trading in India: on the road of progress”, Applied finance, March 2004, page 21-26.
(6) Nay-Fu Chen, Richard Roll and Stephen A. Ross, “Economic Forces and the Stock Market”, The Journal of Business, Vol. 59, No. 3,383-403, Jul. 1986.



Name: –
Age: –
Sex: – Male Female
Phone No: –

1) Do you know about Investment options available?
a) Yes b) No
2) In which of these Financial Instruments do you invest into?
a) Shares b) Bonds c) Commodity market
d) Insurance e) Mutual Funds f) Banks
g) Real Estate i) Others
3) What is the basic purpose of your investment?
a) Liquidity b) Returns
c) Capital appreciation d) Risk covering
e) Tax benefits
4) From which option you will get the best returns?
a) Shares b) Bonds c) Commodity market
d) Insurance e) Mutual Funds f) Banks
g) Real Estate i) Others
5) What are the most important things you take into account, while making any investment?
a) Risk b) Returns c) Both
6) Do you have any knowledge of share markets?
a) Partial b) Complete c) Nil
7) If you invested in Share Market, what has been your experience?
a) Satisfactory returns received b) Burned fingers
c) Unsatisfactory results d) No Results

8) Are you aware of online Share trading?
a) Yes b) No
9) Heard about Reliance money?
a) Yes b) No
10) Do you know about the facilities provided by Reliance money?
a) Yes b) No
11) Do you have any D-mat & Trading account?
a) Yes b) No
12) In which company you have D-mat & Trading account?
a) Reliance Money d) Karvy
b) Indiainfoline e) ICICI direct
c) India bulls f) HDFC securities
13) What differentiates your Share trading company from others?
a) Brokerage b) Operating Expanses
c) Services d) Products
e) Software
14) Which Share trading company provides good exposure?

15) Which Share trading company provides its Software to customers?

16) Which Share trading company charges fair Brokerage?

17) Which Share trading company provides fair operating expenses?

18) Are you satisfied with your present Share trading company?
a) Satisfied b) Neutral c) Unsatisfied