A

Summer Internship Project Report On

INVESTMENT PATTERN ON THE BASIS OF
RISK PROFILE OF INVESTORS

Submitted

In the partial fulfillment of the degree of

Bachelor of Business Administration

Prepared by:

AANCHAL BANSAL
Enroll. No.: 00150401717
Guided by:

MRS. SONAL PAHWA

Submitted to:

GURU GOBIND SINGH INDRAPRASTHA

UNIVERSITY

1
 DECLARATION

I undersigned Mr. AANCHAL BANSAL student of JAGAN INSTITUTE OF MNAGEMENT

STUDIES, B.B.A. hereby declare that the all information of the Project is my own work. This
project report is correct and true to the best of my knowledge and ability and has been presented here
my level best under the supervision of MRS. SONAL PAHWA of JAGAN INSTITUTE OF
MANAGEMENT STUDIES, ROHINI.

This Report has not been previously submitted by the any other student for any Examination.

Date:

Place: DELHI Signature

_____________

(AANCHAL BANSAL)

PREFACE
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“With every experience you alone are painting your own canvas, thought by thought, choice by
choice.” This saying has played the guiding role in preparing this practical financial project report of
Share khan Ltd. This report has made it possible for us to practically have a look at the financial
conditions of the company. The Summer Internship Project allows the student to expand their
practical knowledge and helps us to study and read business environment.

This practical training in Bachelor of Business Administration curriculum plays a vital role in
understanding and knowing the difficulty and challenges in the business world. Only theoretical
knowledge does not impart complete education, practical experience must be there in order to add
some meaning to education.

I have undergone my summer training at Share khan Ltd. It is one of the leading broking house of
the country. I feel great pleasure to present this report work after my training at Share khan Ltd. that
produced to be golden opportunity for me by enriching my knowledge by comparing my theoretical
knowledge with the managerial skill and application.

ACKNOWLEDGEMENT
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I AANCHAL BANSAL student of B.B.A. feel great Pleasure to present this report. I am thankful to
all the persons who directly or indirectly helped me in the preparation of this report.

I am very thankful to GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY for introducing

this subject in course, as one becomes aware of the practical aspect of life.

I am thankful to Jagan Institute of Management Studies for giving us such a valuable chance to go for
Industrial Training and to do work on this report.

I also like to thanks MRS. SONAL PAHWA who guided & motivated me in preparing the project
report.

I am very much thankful to MR. SUMIT GOYAL, Team Manager, of SHARE KHAN LTD for
being a helping hand in understanding all the details for preparation of this report.

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 EXECUTIVE SUMMARY

This is a project report on “Investment pattern on the basis of risk profile of investors” which is
made on the basis of summer internship done at Share khan stock broking.

The objective of the proposed study is to identify the specific factors that affect Investment pattern
on the basis of risk profile of investors. The primary data was collected through questionnaire
filling. The secondary data was collected through the internet.

People invest their money for generating good returns. But in this investment some kind of risk is
involved. All investors have different attitudes towards risk. When it comes to investing, it is important
to consider your risk profile or tolerance carefully, including how comfortable you are with the
possibility of losing money, or that returns on your investments. The risk profile of investors depends
upon their demographic structures or characteristics.

The project deals with the analyzing the investment pattern on the basis of risk profile of investors at
Share khan Limited and what are the risk factors that influence the type of investment made by
individuals. As we all know that every person who wants to gain better returns in future they must
have to invest their money in stock market or anywhere else. This study describes the investment
pattern use by different persons while doing investment in stock market keeping different risk in mind.

The main reason to choose this research is to find out the investment pattern behavior in respect of their
risk bearing capacity and this research helps the company to target the investors according to their risk
ability.

A sample size of about 100 respondents which includes individual investors as well as corporate
investors was taken for purpose from various parts of Delhi and N.C.R. After the survey was
completed, the data was first stored and then analyzed on the chosen parameters. This analyzed data
was later on converted into bar graphs. Later on, all this information was compiled in the form of a
presentable and highly comprehensible report.

After analyzing the data, the problem which has been identified that most of the investors are ready to
bear risk in expectation of higher returns.

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 INDEX
Sr. No. Particular Page No.

1. INTRODUCTION
a. Overview 7 - 16
b. Profile of the organization 17 - 22
c. Problems of the organization 23
d. SWOT analysis 24
e. Competition information 25 - 28

2. OBJECTIVES AND METHODOLOGY

a. Significance 29
b. Objectives 30
c. Scope of the study 31
d. Methodology 32

3. CONCEPTUAL DISCUSSION 33 - 36

4. DATA ANALYSIS AND INTERPRETATION 37 - 53

5. RESEARCH FINDINGS AND 54

RECOMMENDATIONS
6. BIBLIOGRAPHY AND ANNEXURE 55

 Questionnaire 56 - 59

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 CHAPTER-1

INTRODUCTION

A. OVERVIEW
Financial markets are helpful to provide liquidity in the system and for smooth functioning of the
system. These markets are the centers that provide facilities for buying and selling of financial claims
and services. The financial markets match the demands of investment with the supply of capital from
various sources.
According to functional basis financial markets are classified into two types.
They are:
 Money markets (short-term)
 Capital markets (long-term)

According to institutional basis again classified in to two types.

They are:
 Organized financial market
 Non-organized financial market.

The organized market comprises of official market represented by recognized institutions, bank and
government (SEBI) registered/controlled activities and intermediaries. The unorganized market is
composed of indigenous bankers, moneylenders, individual professional and non-professionals.

MONEY MARKET:

Money market is a place where we can raise short-term capital.

Again the money market is classified in to
 Interbank call money market
 Bill market and
 Bank loan market Etc.

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E.g.; treasury bills, commercial papers, CD's etc.

CAPITAL MARKET:
Capital market is a place where we can raise long-term capital.
Again the capital market is classified in to 2 types and they are
 Primary market and
 Secondary market.
E.g.: Shares, Debentures, and Loans etc.

PRIMARY MARKET
Primary market is generally referred to the market of new issues or market for mobilization of
resources by the companies and government undertakings, for new projects as also for expansion,
modernization, addition, and diversification and up gradation. Primary market is also referred to as
New Issue Market. Primary market operations include new issues of shares by new and existing
companies, further and right issues to existing shareholders, public offers, and issue of debt
instruments such as debentures, bonds, etc.
The primary market is regulated by the Securities and Exchange Board of India (SEBI a government
regulated authority).

FUNCTIONS:
The main services of the primary market are origination, underwriting, and distribution. Origination
deals with the origin of the new issue. Underwriting contract make the shares predictable and remove
the element of uncertainty in the subscription. Distribution refers to the sale of securities to the
investors.
The following are the market intermediaries associated with the market:
1. Merchant banker/book building lead manager
2. Registrar and transfer agent
3. Underwriter/broker to the issue
4. Adviser to the issue
5. Banker to the issue
6. Depository
7. Depository participant
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INVESTORS PROTECTION IN PRIMARY MARKETS:
To ensure healthy growth of primary market, the investing public should be protected. The term
investor protection as a wider meaning in the primary market. The principal ingredients of investors’
protection are
 Provision of all the relevant information
 Provision of accurate information and
 Transparent allotment procedures without any bias.

SECONDARY MARKET
The primary market deals with the new issues of securities. Outstanding securities are traded in the
secondary market, which is commonly known as stock market or stock exchange. “The secondary
market is a market where scripts are traded”. It is a market place which provides liquidity to the
scripts issued in the primary market. Thus, the growth of secondary market depends on the primary
market. More the number of companies entering the primary market, the greater are the volume of
trade at the secondary market. Trading activities in the secondary market are done through the
recognized stock exchanges which are 23 in number including Over the Counter Exchange of India,
National Stock Exchange of India and Interconnected Stock Exchange of India.
Secondary market operations involve buying and selling of securities on the stock exchange through
its members. The companies hitting the primary market are mandatorily required to list their shares on
one or more stock exchanges in India including stock exchanges. Listing of scripts provides liquidity
and offers an opportunity to the investors to buy or sell the scripts.
The following intermediaries in the secondary market:
1. Broker/member of stock exchange – buyers broker and sellers broker
2. Portfolio Manager
3. Investment advisor
4. Share transfer agent
5. Depository
6. Depository participants.

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STOCK MARKETS IN INDIA

Stock exchanges are the perfect type of market for securities whether of government and semi-govt
bodies or other public bodies as also for shares and debentures issued by the joint-stock companies. In
the stock market, purchases and sales of shares are affected in conditions of free competition.
Government securities are traded outside the trading ring in the form of over the counter sales or
purchase. The bargains that are struck in the trading ring by the members of the stock exchanges re at
the fairest prices determined by the basic laws of supply and demand.

DEFINITION OF STOCK EXCHANGE:

“Stock exchange means anybody or individuals whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities.”
The securities include:
1. Shares, scrip, stocks, bonds. Debentures stock or other marketable securities of a like nature in
or of any incorporated company or other body corporate;
2. Government securities; and
3. Rights or interest in securities.

HISTORY OF STOCK EXCHANGE:

The only stock exchanges operating in the 19 th century were those of Mumbai setup in 1875 and
Ahmadabad set up in 1894. These were organized as voluntary non-profit-making associations of
brokers to regulate and protect their interests. Before the control on securities under the constitution in
1950, it was a state subject and the Bombay securities contracts (control) act of 1925 used to regulate
trading in securities. Under this act, the Mumbai stock exchange was recognized in 1927 and
Ahmadabad in 1937. During the war boom, a number of stock exchanges were organized. Soon after
it became a central subject, central legislation was proposed and a committee headed by A.d.Gorwala
went into the bill for securities regulation. On the basis of the basis of the committee’s
recommendations and public discussion, the securities contract (regulation) act became law in 1956

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OUT OF THESE MAJOR STOCK EXCHANGES ARE:

The Organization
The National Stock Exchange (NSE) of India Limited has genesis in the report of the High Powered
Study Group on Establishment of New Stock Exchanges, which recommended promotion of a
National Stock Exchange by financial institutions (FIs) to provide access to investors from all across
the country on an equal footing. Based on the recommendations, NSE was promoted by leading
Financial Institutions at the behest of the Government of India and was incorporated in November
1992 as a tax-paying company unlike other stock exchanges in the country.

On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April
1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The
Capital Market (Equities) segment commenced operations in November 1994 and operations in
Derivatives segment commenced in June 2000.

NSE's mission is setting the agenda for change in the securities markets in India. The NSE was set-up
with the main objectives of:

 Establishing a nation-wide trading facility for equities, debt instruments and hybrids,
 Ensuring equal access to investors all over the country through an appropriate communication
network,
 Providing a fair, efficient and transparent securities market to investors using electronic
trading systems,
 Enabling shorter settlement cycles and book entry settlements systems, and
 Meeting the current international standards of securities markets.

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The standards set by NSE in terms of market practices and technology has become industry
benchmarks and is being emulated by other market participants. NSE is more than a mere market
facilitator. It's that force which is guiding the industry towards new horizons and greater opportunities.

The Stock Exchange, Mumbai, popularly known as "BSE" was established in 1875 as "The Native
Share and Stock Brokers Association". It is the oldest one in Asia, even older than the Tokyo Stock
Exchange, which was established in 1878. It is a voluntary non-profit making Association of Persons
(AOP) and is currently engaged in the process of converting itself into demutualized and corporate
entity. It has evolved over the years into its present status as the premier Stock Exchange in the
country. It is the first Stock Exchange in the Country to have obtained permanent recognition in 1956
from the Govt. of India under the Securities Contracts (Regulation) Act, 1956.
The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of BSE
National Index (Base: 1983-84 = 100). It comprised 100 stocks listed at five major stock exchanges in
India - Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE National Index was renamed
BSE-100 Index from 14 October 1996 and since then, it is being calculated taking into consideration
only the prices of stocks listed at BSE. BSE launched the dollar-linked version of BSE-100 index on
22 May 2006. BSE launched two new index series on 27 May 1994: The 'BSE-200' and the
'DOLLEX-200'. BSE-500 Index and 5 sectoral indices were launched in 1999. In 2001, BSE launched
BSE-PSU Index, DOLLEX-30 and the country's first free-float based index - the BSE TEC Index.
Over the years, BSE shifted all its indices to the free-float methodology (except BSE-PSU index).
BSE disseminates information on the Price-Earnings Ratio, the Price to Book Value Ratio and the
Dividend Yield Percentage on day-to-day basis of all its major indices. The values of all BSE indices
are updated on real time basis during market hours and displayed through the BOLT system, BSE
website and news wire agencies. All BSE Indices are reviewed periodically by the BSE Index
Committee. This Committee which comprises eminent independent finance professionals frames the
broad policy guidelines for the development and maintenance of all BSE indices. The BSE Index Cell
carries out the day-to-day maintenance of all indices and conducts research on development of new
indices.
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SENSEX is significantly correlated with the stock indices of other emerging markets

The Exchange, while providing an efficient and transparent market for trading in securities, debt and
derivatives upholds the interests of the investors and ensures redresses of their grievances whether
against the companies or its own member-brokers. It also strives to educate and enlighten the
investors by conducting investor education programmers and making available to them necessary
informative inputs.

A Governing Board having 20 directors is the apex body, which decides the policies and regulates the
affairs of the Exchange. The Governing Board consists of nine elected directors, who are from the
broking community (one third of them retire ever year by rotation), three SEBI nominees, six public
representatives and an Executive Director &Chief Executive Officer (CEO) &a Chief Operating
Officer (COO).

 Awards

 The World Council of Corporate Governance has awarded the Golden Peacock Global CSR
Award for BSE's initiatives in Corporate Social Responsibility (CSR).
 The Annual Reports and Accounts of BSE for the year ended 31 March 2006 and 31 March
2007 have been awarded the ICAI awards for excellence in financial reporting.
 It has been cited as one of the world's best performing stock market by Reuters.
 The Human Resource Management at BSE has won the Asia - Pacific HRM awards for its
efforts in employer branding through talent management at work, health management at work
and excellence in HR through technology. Bombay Stock Exchange - Finance Learners

REGULATORY FRAME WORK OF STOCK EXCHANGE:

The “Securities Contract Regulation Act, 1956” and “Securities Exchange Board of India 1952”
provided a comprehensive legal framework. Three tier regulatory structure comprising
 Ministry of finance
 The Securities and Exchange Board of India
 Governing body

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OBJECTIVES AND FUNCTIONS OF SEBI:
I. To protect the interest of investors in securities.
II. Regulating the business in stock exchanges and any other securities market.
III. Registering and regulating the working of intermediaries associated with securities
market as well as working of mutual funds.
IV. Promoting and regulating self-regulatory organizations.
V. Prohibiting insider trading in securities.
VI. Regulating substantial acquisition of shares and takeover of companies.
VII. Performing such functions and exercising such powers under the provisions of capital
issues (control) act, 1947and the securities to it by the central government.

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Types of order:
Buy and sell orders placed with members of the stock exchange by the investors. The orders are of
different types.

Limit orders: Orders are limited by a fixed price’ buy Reliance Petroleum at Rs.50. Here, the orders
have clearly indicated the price at which it has to be bought and the investor is not willing to give
more than Rs.50.
Best rate order: Here, the buyer or seller gives the freedom to the broker to execute the order at the
best possible rate quoted on the particular date for buying. It may be lowest rate for buying and
highest rate for selling.

Discretionary order: The investor gives the range of price for purchase and sale. The broker can use
his discretion to buy within the specified limit. Generally, the approximation price is fixed. The order
stands as this “buy BRC 100 shares around Rs.40”.

Stop loss order: The orders are given to limit the loss due to unfavorable price movement in the
market. A particular limit is given for waiting. If the price falls below the limit, the broker is
authorized to sell the shares to prevent further loss. E.g., Sell ANDHRABANK at Rs.105 stops loss at
Rs.100.

Buying and selling shares: The to buy and sell the share the investor has to locate register broker or
sub broker who render prompt and efficient to service to him. The order to buy or sell specified
number of shares of the company of investor’s choice are placed with the broker. The order may be of
any of the above any mentioned type. After receiving the order, the broker tries to execute the order in
his computer terminal. Once matching order is found, the order is executed. The broker the delivers
the contract note.
To the investor. It gives the details regarding the name of the company, number of shares bought,
price, brokerage, and the date of delivery of share. In this physical trading form, once the broker gets
the share certificate through the clearing houses he delivers the share certificate along with transfer
deed to the investor. The investor has to fill the transfer deed and stamp it. The stamp duty is one of
the percentage considerations, the investor should lodge the share certificate and transfer deed to the

15
register or transfer agent of the company. If it is bought in the DEMAT form, the broker has to give a
matching instruction to his depository participant to transfer shares bought to the investors account.
The investor should be account holder in any of the depository participant. In the case of sale of shares
on receiving payment from the purchasing broker, the broker effects the payment to the investor.

Share groups: The listed shares are divided into 3 categories:

Group a share, B1 shares, B shares. The last 2 groups are referred to cleared securities or non-
specified shares. The shares that come under the specified group can avail the carry forward
transaction. In ‘A’ group, shares are selected on the basis of equity, market capitalization and public
holding. Further it should have good track record and dividend paying company. It should have good
growth potential too. The trading volumes and the investor’s base are high in ‘A’ group shares. Any
company when it satisfies these criteria would be shifted from ‘B’ group to ‘A’ group.
In the B1 group actively traded share are included. Carry forward transactions are not allowed in this
group. Settlement takes place through the clearinghouse along with the ‘A’ group shares. The
settlement cycle and the procedure are identical to ‘A’ group security. The rest of the company shares
listed from the ‘B’ group

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B. PROFILE OF THE ORGANISATION
SSKI HISTORY
S. S. KANTILAL ISHWARLAL SECURITEIS PRIVATE LTD.

In 1922 Share khan , was founded as SSKI (Shantilal Shevantilal Kantilal Ishwarlal) and later on it is
renamed as Share khan Ltd. And it is one of India’s oldest brokerage houses having over eighty
years of broking experience.

1. Founding member of the stock exchange, Mumbai and pioneer institutional broker.
2. SSKI is the only domestic player in a market crowded by 44 multinational securities firms.
3. venture into institutional broking and corporate finance 18 years ago

SSKI group also comprises institutional broking and corporate finance 18 years ago. While
the institutional broking division caters to the largest domestic and foreign institutional
investors, the corporate finance division focuses on niche areas such as infrastructure,
telecom and media. SSKI holds a sizeable portion of the market in each of these segments

 PREDECESSOR OF INVESTMENT RESEARCH IN THE INDIAN MARKET

SSKI provide the best research coverage amongst broking houses in India. The company’s
research team was set up in des. 1992 and is rated as one of the best in the country. Voted
four times as the top domestic brokerage house by Asia money survey, SSKI is
consistently ranked amongst the top domestic brokerage houses in India.
a. Retail broking started in 1985

b. Research group was set up in December 1992

c. It acts as a pioneer of investment research in the Indian market aimed at generating

quick investment ideas.
d. Its research team is rated as one of the best in the industry across retail & institutional.
e. Group interest in investment banking, institutional broking and retail broking.

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 f. It is an integrated equity solution provider.

g. It commands good market share of the institutional business.

h. It has over 60 institutional client spread over India, Far East, UK and US.

i. It occupies 65% of business share from foreign institutional investors.

j. Its daily turnover average to US$ 2 million.

k. The private equity deals sum over US$ 1 billion.

l. SSKI named its online division as “Share khan ” on February 8, 2000 coinciding
with the launch of its website.

VISION

To empower the investor with quality advice and superior service to help him take better
investment decisions. We believe that our growth depends on client satisfaction.

MISSION STATEMENT

TO EDUCATE AND EMPOWER THE INDIVIDUAL INVESTOR TO MAKE

BETTER INVESTMENT DECISIONS THROUGH QUALITY ADVICE
INNOVATIVE PRODUCTS AND SUPERIOR SERVICE

 To provide the best Customer Service and Product Innovation tuned to diverse
needs of clientele.

 To provide the best Customer Service and Product Innovation tuned to diverse
needs of clientele.
 Continuous up-gradation with changing technology, while maintaining human values.
 Respond to progressive globalization and achieving international standards.

 Efficiency and effectiveness built on ethical practice

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ABOUT SHARE KHAN

1. Earlier Name: Shantilal Shevantilal Kantilal Ishwarlal

Securities Pvt. Ltd.

2. New Name: Share khan Ltd.

3. Year of Establishment: 8 February, 2000

4. Head Office: Share khan Ltd.

A – 206, Phoenih House,

BaptaMarg, Lower Parle,
Mumbai – 400013
5. Promoter: Shripal Morakhiya
Shreyas Morakhiya
6. Chief Executive Officer: Tarun P. Shah

7. Director of Operation: Shankar Valiya

8. Director of Product: Jaideep Arora

9. Branch Address: 103/104, Sakar Complex,

Dr. Radhakrishna Road,

Opp. Raj Kumar College,
New Delhi – 360001
10. Branch Manager: Mr. Malay Popat

11. Web-site: www.Share khan .com

12.Phone No.: 0281-2482483 / 4

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 SSKI GROUP – CORPORATE STRUCTURE

SSKI SECURITIES PVT.

Owns 56% of LTD. Owns 50.5% of
MORAKHIA FAMILY &
ASSOCIATES

SSKI Investor Securities SSKI Corporate Finance Pvt. Ltd.

Pvt. Ltd. Retail broking arm Investment banking arm of the

group
of the group Shareholding
Shareholding Pattern: 50.5% SSKI
Pattern:
Securities Pvt. Ltd. 49.5% Morakhia
55.5% Morakhia Family (Promoters)
Family
18.5% HSBC Pvt. Equity India Fund

Ltd. 18.5% First Carlyle Ventures,

Mauritius 7.5% Intel Pacific Inc.

Table SSKI GROUP – CORPORATE STRUCTURE

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 TABLE 1: SHAREHOLDERS & SHAREHOLDING PATTERN:
Sr. No. Shareholders Holding %

1 Citi Venture Capital & Other Private Equity Firms 81

2 IDFC (Infrastructure Development Finance 9
Company)
3 Employees 10

TABLE 2: PRICING POLICY OF SHARE KHAN : -

Parameters A/c Opening Fee Brokerage Interface

Trading Demat Delivery Square Banks Associated

A/c Off with

Share khan 400 NIL 0.40 0.07 HDFC, AXIS,

OBC, IDBI, ICICI,
IndusInd, SBI, UBI,
BOI

ICICI Direct 750 NIL 0.75 0.18 ICICI Bank

Indiabulls 750 250 0.40 0.10 N.A.

Kotak Street 500 N.A. 0.50 0.06 Kotak Bank &

Citibank

HDFC Securities 700 NIL 0.50 0.15 HDFC & Other 4

Banks

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 I NDUSTRY ANALYSIS USING PORTER’S (5 FORCES
MODEL)

POTENTIAL ENTRANT
Investment
Various Banks

SUPPLIERS BUYERS
 Web maintainers COMPETITORS  Small Investors
 ICICI Web Trade Ltd
 NSCL  Franchise/Business
 5paisa.com
 CSDL  Partners
 Kotak Securities Ltd
 NSE  HNI’s
 India Bulls
 BSE  MF Companies
 Motilal Oswal
 MCX  HUF
Securities Ltd
 NCDEX  Institutional
Investors

SUBSTITUTES
 Mutual Funds
 Insurance
 Bank FD

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C. PROBLEMS OF THE ORGANISATION

 Lack of awareness of Share khan and stock market: Since the area is not known before it takes
lot of time in convincing people to start investing in shares primarily in IPO’s.

 Inaccurate Leads: Sometimes leads are provided which had error in it, which varies from only
5-digit phone number, some people have registered to know about their personal queries. They
are the unsatisfied clients of the company.

 Misleading concepts: Some people think that as all the shares are in electronic form and they
don’t have any physical proof. Sometimes this leads to a great misconception of the entire
process.

 Updating its Online Trade Software TRADE TIGER and make sure that it always work is
another challenge.
 As the broking firms are increasing number of competitors of Share khan are also rising.
Facing competitions from all these firms and maintaining its position is another challenge of
Share khan . Some of the main competitors of Share khan are Angel Broking, Religare, Kotak
Securities, India Bulls, Reliance Money, HDFC Securities, ICICIdirect.com, Bajaj Capital,
Motilal Oswal, India Infoline.

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D. SWOT ANALYSIS

STRENGTHS WEAKNESS
 Large client base  Lack of enough promotional measures or
 In-house research house advertising
 online as well as offline trading  No. of trading centres are less compared to
 Online IPO/ MF services other stock broking companies.
 Transparent  Lack of awareness among customer
 User friendly tie ups with 10 banks  Less focus on customer retention
 Excellent order execution speed
 Growing retail network across
 279 franchisees + 115 branches *
 1950 Share Shops*
 575 cities

OPPORTUNITIES THREATS
 Diversification  Aggressive promotional strategies by close
 Product modification competitor like Religare, Angel Broking
 Improve Web based trading and India bulls.

 Scope of expansion  More and more players are venturing into

 Increasing interests and knowledge of this domain, which can further reduce the

people towards share market earning of Share Khan.

 Provide competitive brokerage  Stock market is very volatile, risk involves

 Focus on Institutional investors is very high.

 Competition from major stock brokers and
 Concentrate on HNI‟s (high net worth
new entrance
investor)


E. COMPETITION INFORMATION
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Angel Broking Ltd.:- Account opening charges are as follows:- Rs.749.But there is no AMC in it.

 Share khan ltd: - There is no ACCOUNT OPENING CHARGES but require margin money of Rs
5000 for trading purposes.

 ICICI direct: - A one-time charge of Rs. 750 at the time of account opening will be charged. You
may later upgrade your Invest account to an ICICI direct.com share trading account when you desire
to trade in equity.

 Religare:- There is a nominal charge of Rs. 500 only towards stamp duty, legal and processing fees
for opening the account. This includes the registration and account opening charges. Bank and
Depository Participant (DP) account opening charges, if applicable, are payable separately.

 India bulls: - Account opening charges are Rs. 900. There is no AMC and no margin money is
required.

PRODUCT AND SERVICES OFFERED BY SHARE KHAN

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 1. Share khan Depository Services
Dematerialization and trading in the demat mode is the safer and faster alternative to the physical
existence of securities. Demat as a parallel solution offers freedom from delays, thefts, forgeries,
settlement risks and paper work. This system works through depository participants (DPs) who offer
demat services and the securities are held in the electronic form for the investor directly by the
Depository. Share khan Depository Services offers dematerialization services to individual and
corporate investors. Share khan is a registered Depository Participant (DP) with National Securities
Depository Ltd. (NSDL). It has a team of professionals and the latest technological expertise
dedicated exclusively to our demat department, apart from a national network of franchisee,
making our services quick, convenient and efficient. At Share khan ,the commitment is to provide a
complete demat solution which is simple, safe and secure.

2. Mutual Funds:
Instead of directly buying equity shares and/or fixed income instruments, you can participate in
various schemes floated by mutual funds which, in turn invest in equity shares and fixed income
securities.
3. Life Insurance:
In a broad sense, life insurance may be viewed as an investment. Insurance premiums represent the
sacrifice and the assured sum of the benefits.
4. Precious Objects:
Precious objects are items that are generally small in size but highly valuable in monetary terms. Some
important precious objects are Gold and Silver, Precious stones or Art objects

5. Financial Derivatives:

The most important financial derivatives from the point of view of investors are;
 Options

 Futures

26
 6. Commodity:
Today the business is not limited to our area only. Where the production is less but, demand is
comparatively high prices of the product will go up. On the contrary where the production is high
but demand is comparatively low the prices will go down.

 If sellers and buyers come together at a place then it will create a market. Here against one
seller there will be more than one buyer. In this market buyers will come across the country
for transactions.
 In this market not only producer and seller are included but arbitrageur, speculator, and
hedger can tread. In this way the total area of market will become broad.

In our country agricultural products from 25% of GDP. Total turnover of commodity of market is
nearly Rs.1, 10,000 corers. In which 60,000 corers comes from agriculture and left is coming from
coal, crude, etc.
Today in our country most of the trade is done in unorganized market. In the market current and future
contracts are done. Promissory contracts have been started science 1875. But due to some
restriction it was not properly worked. Presently nearly in 122 commodities tread is being done

27
 7. Currency
Currency futures are standardized foreign exchange contracts traded on a recognized stock exchange
to buy or sell one currency against another on a specified future date, at a price specified on the
purchase or sale date. It is a contract to exchange one currency for another currency at a specified
date and a specified rate in the future. Therefore, the buyer and the seller lock themselves into an
Exchange Rate for a specific value or delivery date.

There are three participants of currency:

 Hedgers
 Hedgers face risk associated with the price of an asset.

 They wish to eliminate or reduce the price risk to which they are already exposed.
 They use futures or options markets to reduce or eliminate this risk.

 Speculators

 Participants who wish to bet on future price movements of an asset.

 Futures and Options contracts can give them leverage(i.e. by putting in small
amounts of money upfront, they can take large position in the market)
 As a result of this leveraged speculative position, they increase the potential for large
gains as well as large losses.

 Arbitragers

 They work for making Profits by taking advantage of discrepancy between prices of
the same product across different markets.
 They profit from price differential existing in two markets by simultaneously
operating in two different markets
 e.g. If they see the future price of an asset getting out of line with the cash price, they
would take offsetting position in two markets to lock in the Profit.

28
 CHAPTER 2- OBJECTIVES
AND METHODOLOGY

A. SIGNIFICANCE

 People invest their money for generating good returns. But in this investment some kind of risk
is involved. All investors have different attitude towards risk. When it comes to investing, it is
important to consider their risk profile or tolerance carefully, including how comfortable they are
with the possibility of losing money or that return on their investment the risk profile of investors
depends upon their demographic structures or characteristics.

 And this study helps in researcher to understand the investment pattern on the investors on the
basis of their risk profile and it helps me to suggest the company that how should it deal with the
investors in order deliver them the good service according to their risk bearing capacity.

29
B. OBJECTIVES

1) To know in which category the investor wants to invest.

2) To know about the time period does the investor normally hold investment.
3) To study what is more important for investor i.e. keeping money safe or earning high
returns
4) To know whether the customers are satisfied with Share khan services or not

30
C. SCOPE OF THE STUDY

To perform well in a complex environment, you will have to be equipped with an understanding of
scientific methods and a way of integrating them into decision making. You will have to understand
what good research means and how to conduct it. Since the complexity of the business environment
has amplified, there is a commensurate rise in the number and power of the instruments to carry out
research. There is certainly more knowledge in all areas of management. We now have started to
develop much better theories. The computer has provided us a quantum leap in the capability to take
care of difficulties. New techniques of quantitative analysis utilize this power. Communication and
measurement techniques have also been improved. These developments reinforce each other and are
having a substantial impact on business management.

31
D. METHODOLOGY

METHODOLOGY OF THE STUDY:

Research methodology is way to systematically solve the research problem.
Research, in common terms refers to a search for knowledge. Research methodology
consists of different steps that are generally adopted by a researcher to study the
research problem along with the logic behind them.

RESEARCH DESIGN:

 Research design is the plan, structure and strategy of investigation

conceived so as to obtain answers to research question.
 There are two types of research design. One is exploratory research and
other is descriptive research
EXPLORATORY RESEARCH:

 We studied the company report, talked to the customers and employee of

the company. We identified that in spite of providing various
opportunities customers may not be aware of derivative and commodity
products.
DESCRIPTIVE RESEARCH

Survey method was adopted for this research

DATA COLLECTION METHODS: The data collection methods include both the
primary and secondary collection methods

Primary method: This method includes the data collected from the personal interaction with
authorized members, clerks of the SSKI and market research and questionnaire filling for 100
respondents.
Secondary method: The secondary data collection method includes:

32
 The lecturers delivered by the superintendents of respective departments.
 The brochures and material provided by Share khan Securities limited.
 The data collected from the magazines of the NSE, economic times, etc.
 Various books relating to the investments, capital markets and other related
topics.

CHAPTER 3-CONCEPTUAL
DISCUSSION

WHAT IS RISK?

The word „risk‟ has a definite financial meaning. It refers to possibility of incurring a loss in a
financial transaction. In a broad sense, investment is considered to involve limited risk and is confined
to those avenues where the principal is safe. „Speculation‟ is considered as an involvement of funds
of high risk.

TYPES OF RISK

1. SYSTEMATIC RISK

2. UNSYSTEMATIC RISK

SYSTEMATIC RISK

Systematic risk refers to that portion of the total variability of the return caused by common factor
affecting the prices of all securities alike through economic, political and social factors.

UNSYSTEMATIC RISK

33
Unsystematic risk refers to that portion of the total variability of the return caused due to unique
factors, relating that firm or industry, through such factors as management failure, labour strikes, raw
material scarcity etc.

WHAT IS INVESTMENT?

Investment is the purchase of an asset or item with the hope that it will generate income or appreciate
in the future and be sold at the higher price.

INVESTMENT RISK PROFILE

All investors have differing attitudes towards risk. When it comes to investing, it is important to
consider your risk profile or tolerance carefully, including how comfortable you are with the
possibility of losing money, or that returns on your investments could vary widely from year to year.

Understanding your personal risk tolerance will help you choose an appropriate asset allocation - the
following points can help you to determine an investment mix that's appropriate for your needs.

INVESTMENT EXPERIENCE

How would you describe your investment experience and understanding of financial markets?

 Just started investing in the last year.

 You understand the basics of investing

 You have been investing on your own for several years and are reasonably confident of your
knowledge of financial markets

 Your knowledge of financial markets is well above average and you make investment
decisions confidently

RISK TOLERANCE

To establish investment strategies that suit your profile of risk and will be comfortable with, you need
to consider the possibility that the value of your investment may decline even though this may be
34
temporary. Are you prepared to accept the possibility of a negative return at any time in exchange for
potentially higher long term returns? What percentage of your money would you be prepared to invest
in higher-risk investments?

Which of the following is important to you?

• Avoiding any short-term losses

• Receiving regular income from investments

• Long-term growth in the value of investments

• Protection against inflation.

In October 1987 the stock market fell more than 20% in one day. If you owned an investment that fell
by 20% in a short time what would you do or what did you do in 1987: Sell all of the remaining
investment (Conservative)

• Sell a portion of the remaining investment (Conservative to Balanced)

• Hold the investment and sell nothing (Balanced or Aggressive)

• Buy more of the investment (Aggressive)

INVESTMENT GOALS AND OBJECTIVES

Why are you investing? Is it for something in the near future (new car, or down payment on a home)
or something farther off (a young child's education or your own retirement)? If your investing goals
are short term you want your money to be there - with interest - when you need it. Therefore, you will
need to focus on relatively short term investments like term deposits or a cash management trust. If on
the other hand, you are investing for the long term, you may be able to afford to take some risk in
pursuit of a higher return. Shares, property, and growth orientated managed which historically have
provided higher returns than fixed interest or cash over time, may be more appropriate.

35
INVESTMENT TIMEFRAME

When do you expect to need to access all or part of your investments:

• Less than 1 year (immediate access)

• Less than 2 years (short term)

• 2 to 5 years (short to mid-term)

• 6 to 10 Years (mid to long term)

• Over 10 Years (long term)

LIQUIDITY / CASH REQUIREMENTS

How much money do you need to keep available for emergencies such as house repairs, a dental
emergency or serious car repairs? These emergencies can be a serious setback if you are not prepared.
The amount of your emergency fund will depend on your current lifestyle and expenses. As a general
rule you should have about 3 months of income set aside to meet emergencies without needing to rely
on credit cards. A cash management trust that pays high interest can be a good place to keep
emergency funds.

Age and Income

Your age and your income - particularly the stability of your income - are important factors to
consider when determining your investment profile. If you are young you can afford to take a longer
term view and any short-term losses may have minimal effect. If your income or employment is
unstable you will need to take this in to account when setting your investment goals.

Risk Profile Investment Style

Conservative: Your primary investment goal is capital protection. You require stable growth and/or a
high level of income, and access to your investment within 3 years.

36
Cautious: Your primary investment goal is capital protection. Investors in this risk profile require
fairly stable growth and/or a moderate level of income. Your investment term is 3 years or more.

Moderate: Your primary investment goal is capital growth. You can tolerate some fluctuations in the
value of your investment in the anticipation of a higher return. You don't require an income and you
are prepared to invest for 5 years or more.

Moderately aggressive: Your primary investment goal is capital growth. Investors in this risk profile
can tolerate a fair level of fluctuations in the value of your investment in anticipation of possible
higher returns. You don't require an income and you are prepared to invest for 5 to 10 years.

Aggressive: Your primary investment goal is long-term capital growth. You can tolerate substantial
fluctuations in the value of your investment in the short-term in anticipation of the highest possible
return over a period of 10 years or more

37
 CHAPTER 4- DATA ANALYSIS AND INTERPRETATION

1. In which category do you invest?

Sr. No Particular No. of Respondent

1 Direct Equity Market 20
2 Mutual fund 10
3 Insurance 14
4 Post/FD/RD 16
5 Currency Market 30
6 Commodity Market 10
Total 100
Table 1

35
30
30

25
20
20
16
15 14

10 10
10

chart 1

INTERPRETATION
AS PER CHART-1
The graph is showing that 30% people like to invest in currency market. 20 % people invest in direct
equity market. 16% people invest in POST/FD/RD. 14% people invest in insurance and 10% people
invest in mutual fund and commodity market each .

2. How much percentage of your savings you have invested in stock market?
38
 Sr. No Particular No. of Respondent
1 10%-20% 30
2 20%-30% 44
3 More than 50% 26
Total 100

Table 2

No. of Respondent
50
45 44

40
35
30
30
26
25
20
15
10
5
0

chart 2

INTERPRETATION

AS PER CHART -2

This graph shows that 44 % people invest their 20%-30% savings in stock market. The other 30%
people invest their 10%-20% savings and other 26% people invest more than 50% of their savings.

3. What do you expect when you invest?

39
 Sr. No Particular No. of Respondent
1 No risk 40
2 Nominal risk 27
3 Moderate risk 13
4 High risk 20
TOTAL 100
Table 3

Chart Title
45
40
40

35

30 27
25
20
20

15 13

10

chart 3

INTERPRETATION

AS PER CHART-3

Out of 100 respondents 27% people are ready to bear nominal risk and 40 % people don’t want to
take any risk. 13 % people are ready to take moderate risk and 20 % people are not ready to take risk

4. How long do you normally hold investment?

40
 Sr. No Particular No. of Respondent
1 For a day 23
2 For a week 26
3 For a month 19
4 For a year 32
TOTAL 100
Table 4

No. of Respondent
35
32
30
26
25 23

20 19

15

10

chart 4

INTERPRETATION
AS PER CHART -4
Most of the respondents invest for a longer time period i.e. around 32% and rest of the respondents
have very less variability regarding holding of investment as all other respondents are equally
interested in daily, weekly or monthly holding of investment i.e. 22 %, 26%, 19% go for each kind of
investment holding respectively.

5. You are ready for limited losses in expectation of higher long-term returns?

41
 Sr. No Particular No.of Respondent

1 DISAGREE 70
2 AGREE 30
Total 100
Table 5

No.of Respondent
80
70
70

60

50

40
30
30

20

10

chart 5

INTERPRETATION
AS PER CHART-5

70 % people are not ready to bear risk and 30 % people are ready to bear risk.

6. I am fairly experienced in investment.

42
 Sr. No Particular No. of Respondent
1 DISAGREE 45
2 AGREE 55
Total 100
Table 6

No. of Respondent
60
55

50
45

40

30

20

10

chart 6

INTERPRETATION
AS PER CHART-6

55 % people are experienced in investment and 45 % people disagree.

7. If your investments were to fall in value by 15 per cent over a one-year period, you will :

Sr. No Particular No. of

43
 Respondent
1 Withdraw all money from share market 30
2 Wait until market recovers the loss 40
3 Invest more money in the same investment 30
Total 100
Table 7

No. of Respondent
45
40
40

35
30 30
30

25

20

15

10

chart 7

INTERPRETATION

AS PER CHART-7

30 % people will withdraw all money from share market , 40 % people will wait until market recovers
the loss and 40 % invest more money in the same investment.

8. My main concern is security; keeping money safe is more important than earning high
returns.

44
 Sr. No Particular No. of Respondent
1 DISAGREE 35
2 AGREE 65
Total 100
Table 8

No. of Respondent
70
65

60

50

40
35

30

20

10

chat 8

INTERPRETATION
AS PER CHART-8

For 65 % people keeping money safe is more important than earning high returns and for 35 % people
earning high return is more important than keeping money safe

9. I am very secure related to my future income (such as from salary, pension or other
investments)?

45
 Sr. No Particular No. of Respondent
1 STRONGLY DISAGREE 2
2 DISAGREE 4
3 NEITHER AGREE OR DISAGREE 16
4 AGREE 25
5 Strongly AGREE 53
Total 100
Table 9

No. of Respondent
60
53
50

40

30
25

20 16

10
4
2
0

chart 9

INTERPRETATION
AS PER CHART-9

2% people strongly disagree, 4% people disagree ,16% people neither agree or disagree , 25 % people agree
and 53 % people strongly agree .

10. In which brokerage house presently you have Demat A/c?

Sr. No Particular No. of Respondent

1 Angel Broking 11

46
 2 India bulls 10
3 Kotak Securities 20
4 Motilaloswal 23
5 Reliance Money 12
6 Share khan 17
7 Other 7
Total 100
Table 10

No. of Respondent
25
23

20
20
17

15
12
11
10
10
7

chart 10

INTERPRETATION
AS PER CHAT -10

23 % people have their account in motilal oswal , 20 % people have their account in kotak securities ,
17 % people have their account in share khan , 12 % people have their account in reliance money ,
11 % people have their account in angel broking , 10 % people have their account in india bulls and
7 % people have their account in others .

11. From how many months you are dealing with Share khan Ltd.?

Sr. No Particular No. of Respondent

1 6 to 9 Months 30
2 9 to 12 Months 20
3 >12 Months 50

47
 Total 100
Table 11

No. of Respondent
60

50
50

40

30
30

20
20

10

chart 11

INTERPRETATION

AS PER CHAT -11

50% people are connected with share khan for more than 12 months. 20% people are connected with
share khan from 9 to 12 months and 30 % are connected with share khan from 6 to 9 months.

12. What is the most appropriate reason for choosing this brokerage house?

Sr. No Particular No. of Respondent

1 Brokerage 16
2 Deposits 12
48
 3 SMS Tips 15
4 Online Trading Facility 24
5 Opening Charges 20
6 Brand image of Broker 13
Total 100
Table 12

No. of Respondent
30

25 24

20
20
16
15
15 13
12

10

Chart 12

INTERPRETATION

AS PER CHART-12

24% people choose their brokerage house for Online Trading facility, 16% people see for brokerage.
20% people see for opening charges, 12 % people see for deposits , 15% see for SMS tips and the
remaining 13% see the brand image.

13. Are you satisfied with online facility of Share khan of “Trade Tiger” software?

Sr. No Particular No. of Respondent

1 Yes 100
2 No 0
Total 100
Table 13

49
 No. of Respondent
120

100
100

80

60

40

20

0
0

chart 13

INTERPRETATION

AS PER CHART-13

100% people are satisfied with software like “Trade Tiger”. Most people open their A/c for the
software “Trade Tiger”. Not only customer but also their competitors have known that this software is
plus point for Share khan . This is also strength for the Share khan .

14. Do you receive Research Call via SMS/e-mail from Share khan ?

Sr. No Particular No. of Respondent

1 Yes 90
2 No 10
50
 Total 100
Table 14

2
100
90
90
80
70
60
50
40
30
20
10
10
0

chart 14

INTERPRETATION

AS PER CHART -14

90% people said that they have received Research call via SMS/email. 10% people do not recie

15. Are you satisfied with the financial advice provided by Representatives/Advisors/
Brokers of Share khan Ltd?

Sr. No Particular No. of Respondent

1 Highly Satisfied 20
2 Satisfied 60
3 Neutral 15
51
 Dissatisfied 5

4
Total 100
Table 15

No. of Respondent
70

60

50

40

30

20

10

chart 15

INTERPRETATION

AS PER CHART -15

20% people satisfied with the Response of the Representative of Share khan. 15% people said Neutral
Response. 60% people highly satisfied and 5% people are dissatisfied with Share khan.

16. What is the main reason for your long relationship with Share khan ? (Multiple options
can be answered)

Sr. No Particular No. of Respondent

1 Low Brokerage Rate 35
52
 2 Good market update via SMS/email 10
3 Low A/c opening charges & Annul Maintenance charges 22
4 Good Relation with Dealers 28
5 Others 5
Total 100
Table 16

No. of Respondent
40
35
35

30 28

25
22
20

15
10
10
5
5

chart 16

INTERPRETATION

AS PER CHAT -16

35% people voted for Low Brokerage Rate ,10 % people voted for Good market update via
SMS/email,
28% voted for Good Relation with Dealers and 5% voted for others.

17. Are you satisfied with the Overall Services provided by Share khan Ltd.?

Sr. No Particular No. of Respondent

1 Highly Satisfied 30
2 Satisfied 40
3 Neutral 28
4 Dissatisfied 2
Total 100
53
 Table 17

No. of Respondent
45
40
40

35
30
30 28

25

20

15

10

5 2
0

chart 17

INTERPRETATION

AS PER CHART-17

30% people said they are Highly Satisfied, 40% people are satisfied, and 28% have gave neutral rank
gave. 2 % are not satisfied with Share khan Services.

APTER 5- FINDINGS AND

RECOMMENDATIONS

FINDINGS
54
 30% people like to invest in currency market. 20 % people invest in direct equity market. 16%
people invest in POST/FD/RD. 14% people invest in insurance and 10% people invest in
mutual fund and commodity market each.
 44 % people invest their 20%-30% savings in stock market. The other 30% people invest their
10%-20% savings and other 26% people invest more than 50% of their savings.
 27% people are ready to bear nominal risk and 40 % people don’t want to take any risk. 13 %
people are ready to take moderate risk and 20 % people are not ready to take risk
 32% respondents invest for a longer time period and all other respondents are equally
interested in daily, weekly or monthly holding of investment i.e. 22 %, 26%, 19% go for each
kind of investment holding respectively.
 50% people are connected with share khan for more than 12 months. 20% people are
connected with share khan from 9 to 12 months and 30 % are connected with share khan from
6 to 9 months.
 For 65 % people keeping money safe is more important than earning high returns and for 35 %
people earning high return is more important than keeping money safe
 30% people said they are Highly Satisfied, 40% people are satisfied, and 28% have gave
neutral rank gave. 2 % are not satisfied with Share khan Services.

Recommendations
• The longer trading time had helped the investors as well as the broker to take much interest in
the trading of the securities as they had extra time to take in the security market.
• The existing system can be further improved by introduction of stop loss facility that will help
to reduce investor’s losses.
• I suggest the exchange authorities to take steps to educate Investors about their rights and
duties. I suggest to the exchange authorities to increase the investors’ confidences.

55
• Genuine investors are not at all interested in the speculative gain as their investment is based
on the future profits, therefore the authorities of the exchange should be more vigilant in
imposing to curb the speculative of securities.
• Necessary steps should be taken by the exchange to deal with the situations arising due to
break down in online trading.

BIBLIOGRAPHY

 Capital Market (Sep 16 – 29, 2013, Vol. XXVIII/15)

 Share khan Value Guide – June- 2014

 Share khan Value Guide May – 2014

56
Questionnaire

1. Name: ………………………………………………………………………

2. Age:
a. Below 30 c. 46-60
b. 31-45 d. Above 60

3. Education:
a. Undergraduate
b. Graduate
c. Post graduate

4. Occupation:
a. Professional c. Working in Private Firm
b. Businessman d. Government Employee

5.What do you expect when you invest?

a. no risk

b. nominal risk

c. moderate risk

d. higher risk

57
5. Where do you invest your savings?
a. Bank FD
b. Mutual Fund
c. Shares / Equity
d. Insurance
e. Others

58
6. Do you participate in equity market? If yes, what best describes you as
a. Investor b. Trader
.

7.How long do you normally hold investments?

a) For a day b) For a week

c) For a month d) For a year

8.My main concern is security; keeping money safe is more important than earning high returns.

a) Strongly disagree. b) Disagree.

c) Neither agree nor disagree. d) Agree.

e) Strongly agree.

9. I am fairly experienced in investment.

a) Strongly disagree. b) Disagree.

c) Neither agree nor disagree. d) Agree.

e) Strongly agree.

10. I am very secure related to my future income (such as from salary, pension or other investments)?

a) Strongly disagree. b) Disagree.

c) Neither agree nor disagree. d) Agree.

e) Strongly agree.

11.In your opinion, which medium is the more reliable for trading in stock market? (Give rank 1
for most reliable)
a. Through Brokers
b. Online Direct Participation

59
12.Out of following online traded products, in which you trade regularly?
a. F & O b. Commodity
c. Cash d. Currency

13 . Which one will influence your online trading decision making? (Give Rank 1 to the most imp and
8 for the lest imp)
a. Independently
b. Broker/ Agent’s Advice
c. News Channels
d. Newspapers
e. Advice of Friends / Colleagues
f. Internet
g. Well – Known Stock Broking House
h. Business Magazine

14.Name any online stock broking company that you like to recommend?

a. Share khan
b. HDFC Direct
c. Zero dha
d. Other
If other, please specify _____________.

15.Are you satisfied with the financial advice provided by Representatives/Advisors/ Brokers of Share
khan Ltd?

a. Highly satisfied
b. satisfied
c. neutral
d. disappointed
60
61