Summer Internship Report

on
Angel Broking private Limited

PRESENTED BY : Siddhant Mutha

COURSE : Bachelor of Financial &
Investment Analysis
SUBMITTED TO : Mr. Atul kumar

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 TABLE OF CONTENTS

TOPICS
1)Title page
2)Table of contents
3)Certificate
4)Executive Summary
5)Acknowledgement
6)Introduction
7)Company Profile
8)Organizational structure
9)Angel's vision
10)Angels business Philosophy
11)Investment Philosophy
12)Product and Service details
13)SWOT analysis
14)CDSL
15)Regulatory environment
16)SEBI
17)Marketing Department study
18)Conclusion
19)Recommendations
20)Limitation of Study

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 CERTIFICATE
This is to certify that Mr. Siddhant Mutha pursuing Bachelor of Financial and
Investment Analysis from Amity College of Commerce and Finance, Amity
University, enrollment no - A3110114022 has successfully completed his 6 weeks
summer internship under my guidance with great enthusiasm.

Signature of Mentor

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 EXECUTIVE SUMMARY

As a partial fulfillment of my BFIA curriculum I have undergone six weeks

summer training at “ANGEL BROKING.” I have done my summer training project
.

The Angel Group has emerged as one of the top 5 retail stock broking
houses in India, having memberships on BSE, NSE and the two leading
commodity exchanges in the country i.e. NCDEX and MCX. Angel Broking Ltd is
also registered as a depository participant with CDSL. Angel has exceeded
customer’s expectations by providing world-class service. I was placed under the
marketing and sales department and I have learned a lot in carrying out
marketing task for Angel Broking. I have done marketing in retail client segment.

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5
 INTRODUCTION TO ANGEL

In a shot span of 18 years since inception, the Angel Group has emerged as one
of the top five retail stock broking houses in India, having membership of BSE,
NSE and the two leading Commodity Exchanges in the country i.e. NCDEX &
MCX. Angel Broking is also registered as a Depository Participant with CDSL.

The group is promoted by Mr. Dinesh Thakkar, who started this business as a
sub-broker in 1987 with a team of 3. Today the angel group is managed by a
team of 1937 direct employees and has a nation wide network comprising of 12
Regional hubs, 64 branches and 2759 sub brokers & business associates. Angel
is 100% focused on retail stock broking business unlike any other larger national
broking house. The group currently services more than 226030 retail clients.

Angel habitually generates value added features without the cost burden being
passed on to the clients as they strongly believe that better understanding of
client’s needs and wants is their top priority. Their e-broking facility is one such
effort, which gives the client a platform to access state of the art trading facility at
the click of a button.

Angel has always strived for delivering customer delight and developing strong
long term bonds with its clients as well as channel partners. Angel thrives on a
vision to introduce new and innovative products and services constantly.
Moreover, Angel has been among the pioneers to introduce the latest
technological innovations and integrate them efficiently within its business.

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The mainline Business Activities of Angel are :

 Stock Broking

 Derivatives Trading

 Online Trading

 Wholesale debt market operations

 Depository services with CDSL

 Fundamental Research Services

 Technical Research Services

 IPO Distribution and Advisory

 Mutual Fund Distribution and Advisory

 Commodities Trading

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 COMPANY’S PROFILE

NAME OF THE COMPANY: ANGEL STOCK BROKING LTD.

REGISTERED OFFICE: G-1, Akruti Trade Centre,

Road No. 7, MIDC Marol,
Andheri (E),
Mumbai – 400 093

BRANCH OFFICE: ANGEL STOCK BROKING LTD.

Indraprastha Building, 2nd Floor,
Block No : 228-229
Pancheshwar Tower Road,
Jamnagar- 361001

FORM OF ORGANISATION: Private Sector

PROMOTER: Mr. Dinesh Thakkar

ACCOUNTING YEAR: 1ST April to 31st March

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 ORGANIZATIONAL STRUCTURE

MANAGEMENT TEAM

Chairman and Managing Director : Mr. Dinesh Thakkar

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Chief Investment Officer : Mr. Rajen Shah
Senior Research Analyst : Mr. Phani Sekhar

Table 1

ANGEL GROUP COMPANIES

Member on the BSE Depository Participant with
Angel Broking Ltd.
CDSL
Membership on the NSE Cash and Futures &
Angel Capital & Debt Market Ltd.
Options Segment
Angel Commodities Broking Ltd. Member on the NCDEX & MCX
Angel Securities Ltd. Member on the BSE
Angel Infin Pvt. Ltd. NBFC registered with RBI
Mimansa Systems Pvt. Ltd. For Software Development
(Source : www.harmony.angeltrade.com)

REGIONAL OFFICES

 Ahmedabad

 Bangalore

 Chennai

 Hyderabad

 Indore

 Jaipur

 Kolkata

 Mumbai

 New Delhi

 Pune

 Rajkot

 Surat

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ANGEL’S VISION

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12
ANGEL’S BUSINESS PHILOSOPHY

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 INVESTMENT PHILOSOPHY

“Given the client’s risk profile, maximize performance by adhering to disciplined

investment approach backed by quality research.”

Angel’s investment philosophy is based on two key attributes:

1. Wealth Creation :
The creation of Wealth can be categorized as :
 Having money work for client
 Having others work for client
 Client Working for Money

2. Wealth Preservation :
As wealth grows, focus is shifted to striking a balance between asset creation
and preservation. Wealth preservation applies to day-to-day financial life which
includes managing cash flow and overall risk management.

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 OBJECTIVE OF ANGEL INVESTMENT PHILOSOPHY

Angel’s objective at all time is to protect and then grow client’s portfolio.

The primary aim is to avoid the thoughts of the declining market and not
necessarily out-perform the rapidly rising market but to consolidate both the
periods, which would result in out-performing the market along with wealth
creation.

Angel’s investment philosophy is outlined by in-depth focus on a disciplined long

term investment approach in potential multi-baggers.

The 3 important tenets that we look for in any stock are:

 Consistent, steady & sustainable returns
 Margin of safety
 Low volatility

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 PRODUCTS AND SERVICES DETAIL

 REPORTS :

 Market Outlook at 9:15 a.m. :

A crisp pre-market report that arms the client with sensitive
information before the opening bell. Key corporate developments, policy
announcements, geo-political news and views are analyzed for their
impact on the market.

 Technical Report at 6:00 p.m. :

This report analyzes trading pattern, historical background, market
positions of key stocks and offers short term (1 to 5 days) as well as
medium term (10 to 20 days) view. Tracking individual scrips as well as
the Sensex and Nifty, its insights cut through the market maze.

 Derivative Analysis Report at 9:15 a.m. :

The report provides information on FII activity in derivative
segment, change in open interest put call ratio, cost of carry of stock and
index based derivative products. The derivative analysts use the above
tools to project movements during the next trading sessions.

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 FUNDAMENTAL RESEARCH SERVICES :

 The Sunday Weekly Report :

This weekly report is the ace of all reports. It offers a
comprehensive market overview and likely trends in the week ahead. It
also presents few top picks based on an in-depth analysis of technical and
fundamental factors. It gives short term and long term outlook on these
scrips, their price targets and trading strategies. Another unique feature of
this report is that it provides an updated view of about 70 prominent stocks
on an ongoing basis.

 The Industry Watch :

This report provides an in-depth analysis of specific industries
which are likely to outperform others in the economy. It analyzes their
strengths and weaknesses and ascertains their future outlook. The final
view is arrived at after thorough interaction with industry experts. Also
comparative performances of various companies in the sector are
evaluated and top picks are recommended.

 Stock Analysis :
Angel’s stock research has performed very well over the past few
years and the Angel Model Portfolio has consistently outperformed the
benchmark indices. The fundamentals of select scrips are thoroughly
analyzed and an actionable advice is provided along with investment
rationale for each scrip.

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  Flash News :
Key developments and significant news announcements that are
likely to have an impact on markets / scrips are flashed live on trading
terminals. Flash news keeps the market participants updated on an online
basis and helps them to reshuffle on their holdings

 TECHNICAL RESEARCH SERVICE :

 Nifty Tracker :
Nifty Futures is the most traded instrument with highest volumes in
F & O and excellent liquidity. The team tracks the Nifty Future and
generates calls based on unique trading system which is a result of their
focused research over the past few years. The objective is to generate
positive returns for traders who are looking for a high risk / high reward
product.

 Online Chart :
An online forum to help clients, specifically day traders in judging
the directions of the market and stocks which are in the limelight.

 Intraday Calls :
For day traders, Angel provides intra-day calls with entry, exit and
stop loss levels during market hours. These calls are flashed on their
terminals. Their analysts continuously track the calls and provide
recommendations according to the market movements.

 Position Calls :
Angel’s “Position Trading Calls” are based on thorough analysis of
the price movement in select scrips. These calls are for a 10-15 day time
span with stop loss and target levels. These calls are flashed on their
terminals during market hours.

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  Derivative Strategies :
Their analysts take view on the Nifty and select stocks based on
the derivatives data and technical tools. Suitable “Derivative Strategies”
are devised, which are flashed on their terminals and published in their
reports.

 Futures Calls :
A customized product for HNIs to help them trade with leveraged
position; wherein clients are advised on the stocks with entry, exit and stop
loss level for short term benefits. Over and above this, financial status of
the calls is monitored at all times.

 INVESTMENT ADVISORY DESK :

At Angel, they have a dedicated Investment Advisory Desk :

 To help manage client’s equity portfolio and create wealth

 To help client understand their risk profile and define investment goals
realistically

 To minimize client’s risk and maximize their returns

 To help client decide what to buy / sell and when to buy / sell

 To help client’s understand macro-economic trends and sectoral /

company developments

 To help client restructure their portfolio based on sound research

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 PORTFOLIO MANAGEMENT SERVICES :

Angel offers discretionary PMS to investors in order to assist them in

managing their funds amidst continuous changing market dynamics and
increasing complexities of investing. Investing in equity market requires in-
depth knowledge and thorough analysis coupled with clear understanding of
domestic and international economies. Investors need the services of an
expert to manage their funds and deliver good returns in diverse market
conditions. Continuous wealth creation with and emphasis on capital
preservation is essential in today’s complex markets.

In order to systematically diversify the holdings of clients across varied

sectors and with and intention to give them handsome returns, Angel devised
the concept of the Model Portfolio :

 Angel came out with its first Model Portfolio in August 2002

 Since then it has come out with Model Portfolios which have
consistently outperformed the Sensex YOY

 In fact the latest model portfolio by Angel has successfully

outperformed the Sensex by a whooping 80%

Angel’s Portfolio Advisory Team had a successful track record of

assisting its clients in managing their portfolios for over 4 years.

The Portfolio Management Process starts with understanding each

investor’s risk appetite and return expectations. The Portfolio Management
Team not only draws support from Angel’s in-house research team for new
investment ideas but also has its own stocks picking by adopting bottom up
research.

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 Salient features of PMS schemes :

 100% discretionary scheme

 Time horizon : 12-18 months

 Wealth Creation at minimum risk

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 MUTUAL FUND DISTRIBUTION AND ADVISORY :

To enable clients to diversify their investment in the right direction, Angel

Broking has added another product in its range with mutual funds :

 Customized investment solutions based on specific individual’s financial

goals aligned with client’s risk appetite.

 Access to in-depth research and proper selection from diversified funds

based on client’s preferred criteria.

 Customized reports at desired frequency.

 Rating and Rankings of all Mutual Funds from in-house expert analysts.

 Current and historical performance of different funds enabling

comparisons.

 News and alerts for client’s Mutual Fund Portfolio and performance
tracking with watch lists.

 Online Mutual Funds applications (NFO or existing) / Online order status

tracking / Online updation of unit holdings at latest NAV / Online dividend
pay out and re-investment facility.

 Single point customer query handling.

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 IPO DISTRIBUTION AND ADVISORY :

 Wide network of branches for better customer reach.

 Dedicated Research Teams generating sector related reports.

 Ease in investing with informed decision making.

 Advisory Help Desk for all IPO related queries.

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 ONLINE TRADING :

Specially designed for the net savvy traders and investors who prefer
operating from their home or office through the internet. The investor can
access state of the art Technology with three different e-broking products and
voila trading on BSE, NSE, F & O, MCX and NCDEX.

ONLINE PRODUCTS

 ANGEL DIET:
Application based product for Traders.

 ANGEL ANYWHERE:
Application based product for Traders with Charts.

 ANGELTRADE:
Browser based product for Active Investors.

DEPOSITORY PARTICIPANT SERVICES :

Angel Broking Ltd. is a DP Service provider through CDSL. They offer

Depository Services to create a seamless transaction platform to execute
trades through Angel Group of Companies and settle these transactions
through Angel Depository Services.

 Hassle free automated pay-in of client’s sell obligations by Angel Broking

Ltd. / Angel Capital & Debt Market Ltd.

 Instant disbursement of non-cash benefit like bonus and rights

 Wide Branch coverage

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  Personalized / Attentive services of trained and dedicated staff

 Centralized billing and Accounting

 Acceptance and Execution of instructions on “fax”

 “Zero” upfront payment and lowest transaction charges

 Daily statement of transactions and holding statements on e-mail

 No charges for extra transaction statement and holding statement

 All in one combined Monthly “Bill-cum-Transaction-cum-Holding-cum-

Ledger” statement

SWOT ANALYSIS

STRENGTHS:
 Understanding the needs of a channel partner and retail investor very well.
 Deriving inspiration from their vision of providing the best value for money
to their clients.
 Strict adherence to compliance norms.
 Timely research based advice to their clients.
 50 member research / advisory team comprising of experienced
fundamental and technical analysis, sector specialties, derivative strategist
and commodity analysts
 Strong Communication Network.

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  Good Image and strong back ground.

WEAKNESSES:
 High Employee Turnover.
 No lifetime facility for Demat A/c
 No funding facility

OPPORTUNITIES:
 To get into the segment of such investors who are less risky.
 Marketing at rural and semi-urban areas.

THREATS:
 Increasing number of local players.
 Past image of Stock market

OVERVIEW ABOUT CENTRAL DEPOSITORY SERVICES (INDIA)

LIMITED (CDSL)

CDSL is the second depository set up by the Bombay Stock Exchange (BSE) in
India. It commenced its operations on March 22, 1999. It was set up BSE and
other co – sponsored with the net worth of Rs. 104 crores. In it, BSE has a 45 %
stake while others have 55 % stake. In the same year it has Five Stock
Exchanges established connectivity with it for offering trade in Demat securities
and 765 companies signed up with it to get their securities admitted for
dematerialization. It has 13 DPs in 91 cities across 168 locations covering 320
cities. Other co – sponsored are as under.

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  State Bank of India
 Bank of India
 Bank of Baroda
 HDFC Bank

CDSL has also attained membership of the Asia – Pacific Central Securities
Depository Group (ACG). ACG has 22 members including depositories from
Japan, Hong Kong, Singapore, Malaysia, Australia, and New Zealand.
Membership of the organization is expected to help CDSL enhancing its
knowledge base and contributing to the development of other member
organizations in the best international practices, settlement risk management,
cross-border linkage and technological development. This, in turn, would help
CDSL to secure foreign institutional investors’ business through their custodian.

Operations Performed by CDSL

 Carrying out actually share transactions

 To do PSU disinvestments
 To provide Centralized system at one e-space
 To secure Foreign Institutional Investors’ business
 Dematerialization of the Securities
 Pledge creation in against the securities
 Trading and settlement on day-to-day basis
 Work as a custodian of its clients

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 REGULATORY ENVIRONMENT DETAILS

LEGISLATION

The four main legislations governing the securities market are:

(a) The Securities Contracts (Regulation) Act, 1956, preventing transactions in
securities by regulating the business of dealing insecurities
(b) The Companies Act, 1956, which is a uniform law relating to companies
throughout India
(c) The SEBI Act, 1992 for the protection of interests of investors and for
promoting development of and regulating the securities market, and
(d) The Depositories Act, 1996 which provides for electronic maintenance and
transfer of ownership of dematerialized securities.

RULES AND REGULATIONS

The Government has framed rules under the SCRA, SEBI Act and the
Depositories Act. SEBI has framed regulations under the SEBI Act and the
depositories Act for registration and regulations of all market intermediaries, for
prevention of unfair trade practices, insider trading, etc. Under these Acts,
Government and SEBI issues notification, guidelines, and circulars which need
to be compiled with the market participants. The self-regulatory organizations
(SROs) like Stock Exchanges have also laid down their rules.

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 REGULATORS

The regulators ensure that the market participants behave in a desired manner
so that the securities market continues to be a major source of finance for
corporate and government and the interest of investors are protected. The
responsibility for regulating the securities markets shared by Department of
Economic Affairs (DEA), Department of Company Affairs (DCA), Reserve Bank of
India (RBI), Securities and Exchange Board of India (SEBI) and Securities
Appellate Tribunal (SAT).

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 OBJECTIVES OF SEBI

The promulgation of the SEBI ordinance in the parliament gave status to SEBI in
1992. According to the preamble of the SEBI, the three main objectives are:
 To protect the interests of the investors in securities
 To promote the development of securities market
 To regulate the securities market

FUNCTIONS OF SEBI

The main functions entrusted with SEBI are:

 Regulating the business in stock exchange and any other securities market
 Registering and regulating the working of stock brokers, share transfer
agents, bankers to the issue, trustees of trust deed, registrars to an issue,
merchant bankers, underwriters, portfolio managers, investment advisers and
such other intermediaries who may be associated with securities market in
any manner.
 Registering and regulating the working of collective investment schemes
including mutual funds
 Promoting and regulating self-regulatory organizations
 Prohibiting fraudulent and unfair trade practices in the securities market
 Promoting investors education and training of intermediaries in securities
market
 Prohibiting insiders trading in securities
 Regulating substantial acquisition of shares and take over of companies
 Calling for information, undertaking inspection, conducting enquiries and
audits of the stock exchanges, intermediaries and self-regulatory
organizations in the securities market.

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 REGISTRATION OF INTERMEDIARIES

The intermediaries with securities market shall buy, sell or deal in securities after
obtaining the registration from SEBI, as required by section 12:

1. Stock-broker
2. Sub-broker
3. Share transfer agent
4. Banker to an issue
5. Trustee of the trust deed
6. Registrar to an issue
7. Merchant banker
8. Underwriter
9. Portfolio manger
10. Investment advisor
11. Depository
12. Depository participant
13. Custodian of securities
14. Foreign institutional investor
15. Credit rating agency
16. Collective investment schemes
17. Venture capital funds
18. Mutual funds
19. Any other intermediary associated with the securities market

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 MARKETING DEPARTMENT STUDY

PRODUCT & SERVICE DETAILS AND PORTFOLIO

 REPORTS :

 Market Outlook at 9:15 a.m.

 Technical Report at 6:00 p.m.
 Derivative Analysis Report at 9:15 a.m.

 FUNDAMENTAL RESEARCH SERVICES :

 The Sunday Weekly Report

 The Industry Watch
 Stock Analysis
 Flash News

 TECHNICAL RESEARCH SERVICE :

 Nifty Tracker
 Online Chart
 Intraday Calls
 Position Calls
 Derivative Strategies
 Futures Calls

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 INVESTMENT ADVISORY DESK

 PORTFOLIO MANAGEMENT SERVICES

PMS Schemes @ Angel

 Scheme 1: Angel OYSTER

 Scheme 2: Angel BLUE- CHIP

 ANGEL GOLD

 COMMODITIES SERVICES

 Agro Tech Speak

 Call Evaluation
 Commodities Tech Speak

 MUTUAL FUND DISTRIBUTION AND ADVISORY

 IPO DISTRIBUTION AND ADVISORY

 ONLINE TRADING
 ANGEL DIET
 ANGEL ANYWHERE
 ANGEL TRADE

 DEPOSITORY PARTICIPANT SERVICES

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The details of the products and services has been mentioned in the products
detail section of company profile.

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 5 PS FOR ANGEL PRODUCTS :

1. Product – Features of Angel Products

2. Positioning – USP, Product Segment, Target Customers

3. Packaging – Marketing Material, Client Benefits

4. Placement – Distribution Channel, Marketing Strategies

5. Promotion – Activities to be carried out

1. PRODUCT - Features of Angel Products

 A premium service for clients who needs professional guidance on

short and long term investments.

 Brokerage of 0.06p. for intra day and 0.30p. for delivery based trading.
50% sharing of brokerage in case of Sub-broker’s clients.

 AMC – Rs. 300.

 Shares can be kept in Angel pool or can be transferred to the

respective DP accounts.

 Intimation regarding transaction will be given to clients by evening of

the day of transaction.

 Profits can be redeemed or re-investing based on client’s wish.

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  Existing client account can be used for Angel Products. Clients can do
there own transactions in the same account as well.

 Periodic meetings will be held in the branches

2. POSITIONING

 Angel Products are positioned as an equity investment option for all

those investors who aims for realistic return from equity as an asset
class.

 It is for the investors who wishes to seek professional advice for their
investments.

Unique selling Preposition (USP)

 A strong team of 11 sector specific analysts headed by Research

director guiding the investments.

 A low cost solution for investing.

Product Segment

 Angel Products are for the people who fall in middle class – higher
middle class section of the society.

 People who are not risk averse and can understand the return benefits
vis-à-vis calculated risk taken.

 People who are new entrant to the equity markets.

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 Target Customers

 Young professionals.

 Middle aged professionals considering traditional ways of investing i.e.

FDs, PPF, gold, bonds, etc.

 Small scale businessmen who are not risk averse and will understand
the importance of reasonable returns.

 Retired people who have taken hefty VRS or has savings of which 20-
25% can be invested in equities.

3. PACKAGING

 A Client of Angel Product will be regularly updated about the stocks

and there performance by Advisory department.

 Monthly newsletter will be issued by the Desk and Regular meetings

also will be conducted at the branches.

 A marketing kit will have Angel Products broacher, performance report

FAQs, Consent letter and KYC forms.

4. PLACEMENT

Distribution Channel

 Bright marketing persons should be used for this product. Product

Training along with some investment ideas will be provided to
personnel

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  Existing B2C as well as B2B channels can be explored.

 Proper data mining and segmentation should be the basis of marketing

Marketing Strategies

 The primary marketing strategy for all products is low brokerage

charges. Low cost is the basis for attracting the customers.

 Another marketing strategy is the corporate scheme of Angel which

does not charge any fees for opening trading account if there are more
than 10 persons opening account in a group.

5. PROMOTION

 Fundamental workshops to be conducted at the branch on weekends.

 Promotional activities such as stalls and exhibitions to be held at select

housing colonies, clubs and companies.

 Free SMS service. Here a client will receive our fundamental calls free
of cost for a limited period.

 Distribution of Angel Pamphlets to target customers

 Attracting the customers through Canopy marketing

 Promotional activities are also carried out through Investor Camp

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 CONCLUSIONS

1. From the research carried out, it can be concluded that presently the concept
of e-Broking is not prevalent in the market. Still the traditional method of
offline trading is preferred by the people. As it is a new concept, it will take
time for people to change their mode of trading.

2. If properly marketed, the concept of e-Broking can be penetrated in the minds

of people. For this the benefits of e-Broking should be conveyed to those
who are not aware of it. Training should be given regarding the use of
software. People should be educated regarding the easiness of trading while
using online trading.

3. The users of online trading are mostly businessman. Other persons falling in
the category of employee, govt. servants or professionals are either not
aware or are not mentally prepared for using e-Broking concept. Such people
can be made aware about the benefits of e-Broking and it uses should be
properly conveyed so that people become ready to use this concept.

4. The two features i.e. Online Transfer of Funds through Multiple Banks and
BSE, NSE, F & O, MCX and NCDEX on a single screen are liked more
compared to other features by the users of e-Broking. These two features
can be emphasized to convert offline traders to online traders.

5. The potential customer for Angel Broking House consist of professionals,

employees and govt. servants because these persons are either not investing
or investing through other broking houses. The persons investing from other
broking houses can be converted to the customers of Angel Broking by
conveying its unique features and the low brokerage cost and the rest can be
educated about stock market.

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 RECOMMENDATIONS

 To make the concept of e-Broking powerful, the Company must educate the
people regarding the benefits of e-Broking.

 The Company can give training to the customers regarding e-Broking and
keep seminars for the customers.

 A person having sound knowledge about using the software can be appointed
to solve the queries of customers.

 The benefits of e-Broking must be marketed properly in order to make people

use e-Broking. Through this the Company can increase the awareness of e-
Broking.

 The features of online trading can be used by the Company to convert offline
traders to online traders.

 The potential customer can be identified by knowing the competitor’s

customer and they can be conveyed to trade with Angel Broking by conveying
the unique features and low brokerage provided by the Company.

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LIMITATIONS OF THE STUDY

The limitations of this study are as follows:

 Personal Bias: Some respondents may have had personal bias

due to which they may not have given the correct information
and due to which the right conclusion may not have been derived
at.

 Area: The area was limited only to Jamnagar city. The result
may have varied, if it was conducted somewhere else.

 Sample Size: The Sample size taken is only 55 due to time constraint;
which may not result in very accurate results

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 BIBLIOGRAPHY BOOKS :

 Ashwathappa K., Human Resource and Personnel

M a n a g e m e n t , Fourth Edition, 2005, Tata McGraw-
Hill Publishing Company Ltd., NewDelhi
 Chunavala & Patel, Production and Operations Manage
ment, FifthEdition, 2003, Himalaya Publishing House, Mumbai

 Kotler Philip, Marketing Management, Elevent

h E d i t i o n , 2 0 0 2 , Prentice-Hall of India, New Delhi

 Telsang Martand, Industrial Engineering and

Production Management,Second Edition, 2002, S. Chand & Co.
Ltd.New Delhi

 Angel Brochures and Pamphlet

WEBSITES :

 www.angelbroking,com

 www.angeltrade.com

 www.harmony.angeltrade.com

 www.nseindia.com

 www.bse.com

 www.sebi.gov.in

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