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An Overview & Analysis Of Upcoming Trends in Capital Market


MBA-IB (2009-20011) Roll No. : A-1802009118

INDUSTRY GUIDE Mr. Bhupinder Singh (Center Manager) Reliance Securities Limited

FACULTY GUIDE Ms. Ekta Nand Chahal Faculty A.I.B.S., Noida






This is to certify that Mr.Vikas Mittal, a student of Amity International Business School, Noida, undertook a project on An Overview & Analysis of Upcoming Trends in Capital Market at Reliance Securities Limited from 17th May to 11th July. Mr.Vikas Mittal has successfully completed the project under the guidance of Mr.Bhupinder Singh. He is a sincere and hard-working student with pleasant manners. We wish all success in her/him future endeavors.

Signature with date

Mr. Bhupinder Singh (Center Manager) Reliance Securities Limited

This is to certify that Mr.Vikas Mittal, a student of Post Graduate Degree in M.B.A.-International Business, Amity International Business School, Noida has worked in the Reliance Securities Ltd, under the able guidance and supervision of Mr.Bhupinder Singh, designation Center Manager, Company Reliance Securities Limited. The period for which he was on training was for Eight (8) weeks, starting from 17th May to 11th July. This Summer Internship report has the requisite standard for the partial fulfillment the Post Graduate Degree in International Business. To the best of our knowledge no part of this report has been reproduced from any other report and the contents are based on original research.

Signature (Faculty Guide)

Signature (Student)


I express my sincere gratitude to my industry guide Mr. Bhupinder Singh, (Designation) Center Manager, (Company) Reliance Securities Ltd, for his able guidance, continuous support and cooperation throughout my project, without which the present work would not have been possible. I would also like to thank the entire team of Reliance Securities Limited, for the constant support and help in the successful completion of my project. Also, I am thankful to my faculty guide Ms.Ekta Nand Chahal of my institute, for his/her continued guidance and invaluable encouragement.

Signature (Student)


Serial No.


Page No.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Company Certificate Certificate of Origin Acknowledgement Executive Summary Preface Objective of Training Scope of the Study Reliance ADA Group Profile Of the Company Business Overview Partners Of the Company Products Of the Company Reliance Life Insurance Insurance Plans

2 3 4 7 8-9 10 11 12 13-14 15-16 17 18 19-25 26-38 39-47



Reliance Demat Account

15. 16. 17.

Reliance Mutual Fund Reliance General Insurance Market Analysis Data Analysis Recommendation Bibliography Conclusion Case Study

48-60 61-66 67-72 73-75 76 77 78 79

19. 20. 21.


Executive Summary
This project has been a great learning experience for me; at the same time it gave me enough scope to implement my analytical ability. The first part gives an insight about the Demat Account, Life Insurance, General Insurance and mutual funds and theirs various aspects. It is purely based on whatever I learned at Reliance Money. One can have a brief knowledge about mutual funds and all its basics through the project. Other than that the real servings come when one moves ahead. Some of the most interesting questions regarding these products have been covered. Some of them are: Why has it become one of the largest financial intermediaries? How investors do chose between funds and these products? Most popular stocks among fund managers, most lucrative sectors for fund managers, a special report on Systematic Investment Plan, does fund performance persists and the topping of all the servings in the form of portfolio analysis tool and its application. All the topics have been covered in a very systematic way. The language has been kept simple so that even a layman could understand. All the quarries of the customer asked by them had been solved with the support of the seniors in the organization. The problems of the customer were being recorded for the purpose of the research and development.

Private sector is one of the fastest growing sectors in the country. After the Liberalization the Private industry still holds vast opportunities for young and experienced professionals. On the life insurance side public sector life insurance Corporation of India is, of course, the largest player with a history of over 50 years. After Privatization, the PSU has been making efforts to improve efficiency and customer services. Among the private life insurance player Reliance life insurance is the key player. Reliance money - Anil Dhirubhai Ambani Group offers most dynamic web based trading environment to its customers .The Reliance Money stock trading websites uses special security features 'Security Token', which makes you online trading experience more secure without complexity. Reliance ADG provide the vast opportunities to the new aspirants of the business administration. The financial Sector is full of competition even if there are a lot of opportunities to the job in Reliance Money and It is the platform to go on the highest peak in the life of any coming one. Reliance Money is a single window that provide the multisystem facilities of the financial Products. There are many companies in the market which are providing the financial product like insurance, demat account services, mutual funds, general insurance, Portfolio management services(PMS), wealth

management, gold coins, Money changing , Money Transfer, and the others. Hence Reliance Money provide many financial product on the single window. Reliance money deals with the product and Investment options are available in... Equity (Stock) Trading Derivatives Trading Special feature is available first time to track your positions online, in real time. Forex Trading Commodity Trading IPO's Mutual Funds Insurance

Frankly speaking, any job or the task, have the specific objective i.e. what is need and what is the requirement of the particular work. In the same way my objective is also to learn something from the summer internship program. It means that the training program in any reputed company give the market knowledge of its subject matter of study. My main objective in Reliance ADA Group was to insure the investors about the security of their investment in the company and providing them a secured platform for the investment and return on the investments.

To know the different aspects of capital market, in which one can invest and get beneficial returns on their investments.

To get knowledge about different areas in which investments are much safer than other aspects. To know the different phases of investments. Reliance Money a growing reputed company give the good platform in investing different financial instruments like insurance, Equity & commodities, derivative, IPOs, offshore investment, mutual fund, gold coins etc.



The scope of the study refers to the job that to know about the activities of the organization. The study means that the analysis of the products of the company on which he/she has to focus. During the summer training the volunteer need to find out the corporate strategies of the running company and the mile stone which the company has covered during its journey. In the summer training, it is necessary for the student that he /she involve with the experience guys to get the knowledge about the company. That is how the company has got the success, Or if it is going in the loss, why. In my training period I have found that the reliance group is the biggest group in Indian companies. I felt that I can learn the more in the Reliance Life Insurance Limited. Reliance Life Insurance Limited is the part of the Reliance Capital Limited which is a growing company in the financial products. Reliance Anil Dhirubhai Ambani group is also deals in

communication, energy, natural resources, media, and entertainment, healthcare and infrastructure.


Reliance ADA Group


Reliance Capital

Reliance Mutual fund

Mutual Fund

Reliance General Insurance

Reliance Life Insurance

Reliance Money

Reliance Consumer Finance

Reliance money is a part of the reliance Anil Dhirubai Ambani Group and is promoted by Reliance capital, the fastest growing private sector financial services company in India, ranked amongst the top 3 private sector financial companies in terms of net worth. Reliance money is a comprehensive financial solution provider that enables you to carry out trading and investment activities in a secure, cost-effective and convenient manner. Through reliance money, you can invest in a wide range of asset classes from Equity, Equity and commodity Derivatives, Mutual Funds, insurance products, IPOs to availing services of Money Transfer & Money changing.


Reliance Money offers the convenience of on-line and offline transactions through a variety of means, including its Portal, Call & Transact, Transaction Kiosks and at its network of affiliates.

Some key steps of the company that are as.. 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 8 success sutras adopted by it namely trust, integrity, dedication, commitment, enterprise, hard work and team play, learning and innovation, empathy and humility. These are the values that bind success with Reliance Money. 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.

Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services. Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is India's fastest growing general insurance company and the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with more than 2.5 million customers and the largest distribution network. Reliance Consumer finance has a loan book of over Rs. 8,000 crores at the end of June 2009. Reliance Capital has a net worth of Rs.6, 862 crores (US$ 1.6 billion) and total assets of Rs. 19,940 crores (US$ 4.6 billion) as of June 30, 2008 and over 26,000 employees.


Money has increased its market share among private financial companies to nearly Convenient & effective Anytime & anywhere financial transaction capability. Launched in April 2007. It provides the Flat fees system. It has 2.2 million customers in 1 year of official launch. It has over 5,000 outlets across 700 towns/cities. Average daily turnover in excess of Rs 2,000 crores. Considering the entire life market, including the Rs. 12,890 crores booked by life insurance Corporation, Reliance life insurance market share works out to around 6.25%. The life insurance market continuous to be dominated by LIC which has about 67% share this only a marginal dip from its 73% share in end-July. These comparisons are only for first year or new business premium. The gap between Reliance life insurance and the second-in-line private insurer is vast. In fact, this scenario has led some analysts to wonder if the company is not a trifle too aggressive. But others say this has more to do with the companies customer-centric focus, its pan-India presence and superior risk management and investment strategies. Reliance Money is not, however, resting on its laurels. Companys customer centric approach will be studied during the training period and the finding of the research work will definitely focus on the present condition & future requirement (if any) relating to products of company.




Demat Account Services Reliance Mutual Funds Reliance General Insurance Reliance Life Insurance



Overview of Demat Account. In India, a Demat account, the abbreviation for dematerialized account, is a type of banking account which dematerializes paperbased physical stock shares. The dematerialized account is used to avoid holding physical shares: the shares are bought and sold through a stock broker. This account is popular in India. The Securities and Exchange Board of India (SEBI) mandates a demat account for share trading above 500 shares. As of April 2006, it became mandatory that any person holding a demat account should possess a Permanent Account Number (PAN), and the deadline for submission of PAN details to the depository lapsed on January 2007. Procedure 1. Fill demat request form (DRF) (obtained from a depository participant or DP with whom your depository account is opened). 2. Deface the share certificate(s) you want to dematerialize by writing across Surrendered for dematerialization. 3. Submit the DRF & share certificate(s) to DP. DP would forward them to the issuer / their R&T Agent.

4. After dematerialization, your depository account with your DP would be credited with the dematerialized securities.

Reliance Money Demat Account Services

Reliance Money Transacting and investing simplified. Get ready to change the way you transact and invest in financial products and services. Whether you wish to transact in equity, equity & commodity derivatives, IPOs offshore investments or prefer to invest in mutual funds, life & general insurance products or avail money transfer and money changing services, you can do it all through reliance money. Simply open a reliance money account and enjoy the convenience of handling all your key financial transactions through this one window. Benefits of having a reliance money account Its cost effective You pay comparatively lower transaction fees. As an introductory offer, we invite you to pay a flat fee of just Rs. 500/- and 750/- and transact through reliance money. This fee is valid for two months or a specified transaction value See the table below for details.


Its offers single window access Through reliance moneys associates, you can transact in equity, equity and commodities derivatives, offshore investments mutual funds, IPOs life insurance, general insurance, money transfer, money changing and credit cards, amongst others. Its convenient You can access reliance moneys services through The internet Transaction kiosks The phone (call & transact) Our all India network of associates On an assisted trade (through the call centre or our network of associates) a charge of Rs 12 per executed trade will be applicable.


Its Safe Your account is safeguarded with a unique security number that changes every 32 seconds. This number works as a dynamics password to keep your account extra safe.

Its provides you a demat account You get your own demat account with reliance capital at an annual fee of just Rs. 200/-. Its provides you a 3-in-1 facility. You can access your banking, trading and demat account through a

single window and transfer funds across accounts seamlessly. It provide you value- added services At, you get Reliable research, including views of external experts with an enviable track record Live news updates from Reuters and Dow Jones CEOs / expert views on the economy and financial markets


Tools that help you plan your investments, tax, retirement, etc. in the personal finance section Risk Analyzer for analysis of your risk profile Asset allocators to build an appropriate investment portfolio

Innovative use of technology for facilitating convenient trading/investments kiosks (similar to ATMs)

Reliance Money Provide the kiosks (similar to ATMs) Facilities, to their customer through which the customers can trade on available kiosks at the particular Branch of Reliance Money. The company is going to open these kiosks in the market as the ATMs of the Banks.


Reliance Money provides 3 different trading platforms for equity trading:

Insta Trade Fast Trade Easy trade

The benefits A safe and convenient way to hold securities; Immediate transfer of securities; No stamp duty on transfer of securities; Elimination of risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc.; Reduction in paperwork involved in transfer of securities; Reduction in transaction cost; No odd lot problem, even one share can be sold; Nomination facility; Change in address recorded with DP gets registered with all companies in which investor holds securities electronically eliminating the need to correspond with each of them separately; Transmission of securities is done by DP eliminating correspondence with companies; Automatic credit into demat account of shares, arising out of bonus/split/consolidation/merger etc. Holding investments in equity and debt instruments in a single account.


Required Documents The extent of documentation required to open a demat account may vary according to your relationship with the institution. If you plan to open a demat account with a bank, a savings, current and, or other account for which the holder have been issued a check book, such holder has an edge over the non-account holder. In fact, banks usually offer additional incentives to customers who open a demat account with them. Along with the application form, your photographs (with co-applicants) and proof of identity/residence/date of birth have to be submitted. The DPs also ask for a DP-client agreement to be executed on non-judicial stamp paper. Here is a broad list: A canceled check, preferably MICR Proof of Identification Proof of Address Proof of Pan card (mandatory) Recent photographs, one and, or more

For proof of identification and, or address self-attested facsimile copies of PAN card, Voters ID, Passport, Ration card, Drivers license, Photo credit card, Employee ID card, Bank attestation, latest IT returns and, or latest Electricity/Landline phone bill are sufficient.


While they only ask for photocopies of the documents, they will need the originals for verification.

Points To Remember 1. Only securities admitted by NSDL can be dematerialized. The list is available with your DP. 2. Only securities registered in the name of the account holder can be dematerialized. 3. Dematerialization is normally completed within 15 days after the share certificates have reached the issuer/ their R&T Agent. Thus it may take you a month from the date you hand over shares, to receive demat credit. 4. Dematerialization would be done only when the issuer / their R&T Agent is satisfied of genuineness of securities & ownership status. 5. All the joint holders should sign the DRF. 6. The pattern of holding in the DRF should match the pattern of holding on the share certificate & the pattern in which account is opened. 7. Demat requests with name(s) not matching exactly with the name(s) appearing on the certificates merely on account of initials not being spelt out fully or put after or prior to the surname, would be processed, provided the signature(s) of the client(s) on the DRF tallies with the specimen signature(s) available with the issuer/ their R & T agent.


8. If the signature in the DRF does not match with the signature available with the issuer/ their R & T agent, the issuer/ their R & T agent may at the time of demat confirmation, ask for additional documentation (like bank attestation/ notarisation, etc.) to prove that the certificate belongs to the person who forwarded the DRF. 9. In case there is any problem in processing the DRF, contact your DP and if he cannot resolve the problem you may contact NSDL.


Markets In tune with the global stock markets that began to recover from the second half of 2003; Indian stock markets too witnessed rapid growth. Indias two leading indices, the most popular BSE Sensex, and the one most used by the markets the National Stock Exchanges S&P CNX Nifty rose to record levels. Both primary and secondary market activity experienced sharp surge. Much progress was made in further strengthening and streamlining risk management, market regulation and supervision. A few aspects of the major developments in the Indias stock markets are described below. And the insurance sector is also play an important role in the growth of the financial market. Market Structure Indian securities market is fairly large as compared to several other emerging markets. There are 22 stock exchanges in the country, though the entire liquidity is shared between the countriess two national level exchanges namely, the National Stock Exchange of India and the Bombay Stock Exchange Ltd. The regional stock exchanges are in pursuit of business models that make them viable and vibrant. Meanwhile, these exchanges have become members of

the national level exchanges through formation of subsidiaries whose business is showing continuous growth and progress. The number of brokers in various stock exchanges rose from 6,711 in 1994-95 to 9,335 in FY06. The number of brokers in all the exchanges together peaked to 10,213 in the year FY01 but gradually declined thereafter when the regional stock exchanges began to lose business in the light of wide ranging market structure reforms introduced since then. In FY01, when the markets were in upswing, several regional stock exchanges were generating business owing to the availability of deferral products, such Badla and different settlement calendars prevailing at that time in these exchanges. For instance in FY01, the Delhi Stock Exchange registered cash market turnover of Rs 838.71 bn; Uttar Pradesh Stock Exchange, Rs 247.47 bn, Ludhiana Stock Exchange Rs 97.32 bn, Pune Stock Exchange Rs 61.71 bn as against Rs 13,395.11 bn of the turnover at the National Stock Exchange and Rs 10,000.32 bn turnover at the Bombay Stock Exchange. With the abolition of the deferral products and introduction of uniform T+2 settlement cycle, the liquidity in these exchanges flowed to the national level system consisting of NSE and BSE. Major Broking house During the analysis of the market it has been found that there are a lot of the brokeing house in the market which are providing the online trading facility to the individuals or the group of the individuals.


You can now buy and sell shares on with speeds comparable and at times better than NSE's NEAT Terminal. This speed and reliability comes only with perseverance of pioneer backed by huge investment in technology! You can now buy and sell shares on with speeds comparable and at times better than NSE's NEAT Terminal. This speed and reliability comes only with perseverance of pioneer backed by huge investment in technology. Advani Share Brokers Advani Share Broker, a reputed Bombay based on investment house, operates from India's financial hub, Dalal Street, since sixty years. It deals in equities, debt and derivatives on the Bombay Stock Exchange and the National Stock Exchange of India. AGROY Group of Companies Agroy group of companies is a well established name in the field of capital markets and financial services. AGROY Finance & Investment Ltd. (AFIL) is the group's flagship company engaged in capital markets as a premier financial and stock broking house. The company was formed in July 1992. Since then it has enjoyed patronage of a large number of valued customers and business partners. Anand Rathi Securities Limited Anand Rathi Securities Limited provides financial and advisory services corporate including advisory, wealth management, & investment of banking, equities, brokerage distribution

commodities, mutual funds and insurance - all of which are supported by powerful research teams. India bulls


India bulls is India's leading retail financial services company with 70 locations spread across 62 cities. While our size and strong balance sheet allow us to provide you with varied products and services at very attractive prices, our over 450 Client Relationship Managers are dedicated to serving your unique needs. Religare Securities Ltd. Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare Insurance Advisory Services Limited provides integrated financial solutions to its corporate, retail and wealth management clients. Provides various financial services which include Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity Broking, Insurance and Mutual Funds. Jaypee Capital Services Ltd. Jaypee Capital Services Ltd. is a registered self-clearing member with National Stock Exchange and SEBI. It has the expertise and the experience to capitalize on daily stock movements and employ over 20 specialist traders certified by the NSE. ICICI Direct Online share and mutual funds trading facility by the ICICI group. Arcade Share & Stock Brokers Arcadia group began its modest journey in 1995 and now Arcadia proudly boasts about membership to NSE,BSE, Depository Participant (CDSL),MCX,NCDEX .The philosophy of client servicing

backed by all principal Indian Stock and Commodity exchange gives Arcadia edge over other players in the industry segment to offer value based services to its customers. is an effort to educate Indian investor by

providing useful stock news, stock market websites, informative articles, resources to various investment guides. Major Developments in equity brokerage industry in India Corporate memberships Wider product offerings Greater reliance on research Accessing equity capital markets Foreign collaborations and joint ventures Specialized services/niche broking Online broking Emerging challenges and outlook for the brokerage industry Fragmentation Global Opportunities Competition from foreign firms Investor Protection


The following data has been gathered from the various clients of RELIANCE SECURITY LIMITED.


70 60 50 40
g a t n c r e P MUTUAL FUND



30 20 10 0




This figure says that most people go for at 1st EQUITY investment then for MUTUAL FUND, FIXED DEPOSITS AND INSURANCE. Because equity gives good return in short time as well as long term as compared to mutual fund




Sharem arket

M utual funds

This pie chart shows that share market give return 77% as compared to mutual fund at 23% return. It signifies mostly more people go for share market as compared to mutual funds.

40 35 30 Percentage 25 20 15 10 5 0 24


Oneself Brokers


Eco. Policies Market Ramous


Investment Decisions


How do investors take their investment decisions is presented in this bar graph. In this graph it is evident that mostly investment decisions are taken on the insistence of the brokers firms and companies and that percentage is 36%. In this area RELIANCE MONEY has its own research report and that strike rate has 80%. This is an advantage to the customers of RELIANCE MONEY.

42% 58%



That chat is show the satisfaction level of current investment( in share) and long term investment(mutual fund) than here shows that the satisfaction level in current investment (shares) is 58% and satisfaction in long term investment (mutual fund) is 42%.


The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. From the analysis we can say that if there is more risk there is more return and we can say that share market is totally dependent on the risk taken by the investors in investing in shares. And in mutual funds there is less risk as the money of investors invested in different sectors so it can divide the risk in different portfolio adopted by mutual funds companies. At last I can say that money invested in this rise and fall market it is better to invest in mutual funds for those investors who are risk adverse and for those who are risk taker it is better for them to invest in share market.


By the help of Books Business Environment written By Francis Cherunilam By the Help of Manuals Reliance Money Report of 2009 & Internet. By the help of Other Sources By the heads and the consultant of the Reliance Money. By the help of Websites

2. 3. www.


With the globalize economy and immense competition among countries for faster development of their respective economies, the significance of Insurance, Mutual Funds and Foreign investment has taken manifold. With a buoyant vibrant and experienced stock market, India today is looking ahead to surpass China in terms of foreign Investment and growth prospects. Stock exchange being the barometer of the economy plays a vital role in showcasing growth of an economy and luring investment. While studying the role of Insurance, Mutual fund and FIIs in Stock Market, I discussed with a few persons who are into stock broking business. And the information they have provided shows that though the investment and participation of domestic investors are rising, still, they have not been able to prove themselves to be as influential as Insurance, mutual funds and FIIs. Importance and the role of Insurance, Mutual funds and FIIs play in the Indian stock market can be seen from the fact that the recent surge in Sensex and NIFTY is attributed to the active participation of FIIs in the Stock Market. Despite being aware of the Asian economic crisis where FIIs role was of a major concern, the importance of foreign capital in the development of economy can not be undermined in anyway.


Reliance Money Case Study

Reliance Money deploys DIGIPASS GO 3 to secure its online trading platform, becoming the first Indian brokerage firm to provide 2-factor authentication to all its customers. Reliance Money, the financial solutions arm of Reliance Capital trusts on VASCOs DIGIPASS GO 3 and VACMAN Controller strong authentication to secure its online trading platform for both retail and corporate users. The brokerage company is the first in India to provide digital authentication devices to its entire customer base irrespective of net worth, demonstrating its commitment in providing customers with a transparent, convenient and secure solutions platform. COMPETITIVE LANDSCAPE Reliance Money, a Reliance Capital Company, is part of the Reliance Anil Dhirubhai Ambani Group. It is one of Indias 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. There are about 300 broking firms in the market with most of them having memberships in more than one stock exchange. Their collective trading volume reaches over 6 million transactions per day valuing about Rs 700 billion. Reliance Money accounts for about 60,000 transactions daily valuing around Rs 15 billion on an average and Rs 22 billion as peak. According to industry estimates available, Indias total customer base of demat account holders a type of banking account whereby share are bought and sold through a stock broker - attains to approximately 10 million people. Reliance Money holds a lion share of the pie with 3,5 million customers. The company is steadily augmenting its customer base with about 25,000 new customers every month, making it the fastest growing player in the broking industry.


RELIANCEMONEY.COM: MANAGE YOUR TRADING PORTFOLIO ONLINE As a comprehensive financial services and solution provider, Reliance Money endeavors to change the way India transacts in financial markets and avails financial services. The company provides customers with expert advice with regards to their financial planning and money matters. Through its trading platform, it provides both on- and off-line services to its retail and corporate customers allowing them to invest and manage their trading portfolio. The website offers access to equity trading, commodity trading, mutual fund investment, IPO investment, life & general insurances and gold coins. Additionally, customers can perform money transfers and manage their loans and credit card services. Almost all investment options are available under one account, offering customers single window access to almost al financial product and services. TWO-FACTOR AUTHENTICATION MITIGATES RISKS Reliance Money is very concerned about privacy and security of its customers data. Customers trust Reliance Money brand and the level of security that needs to be provided to manage maintain and enhance the image of the brand warranted investments in two factor authentication. The pace of change in technology has us living in a world where a lot of computing power comes packed in small sizes at affordable rates. In such a scenario , to ward off cyber criminal, the need for secure two factor authentication systems is therefore greater than ever. Static passwords are relatively easier to crack and these do not offer any protection to customers from fast growing forms of online fraud like phishing, keyloggers and Trojans. With two-factor authentication, the user must provide dual means of identification i.e. something only the user has (e.g. a physical authentication device) and something only the user knows (e.g. a security code or password). In order to mitigate risks and avoid unauthorized access to demat accounts, Reliance Money needed an adequate security solution to safeguard its customers online trading transactions. By implementing a secure authentication solution, the company wanted

to increase customer confidence in its trading platform and at the same time attract new customers. As we are active in the financial business domain, security was our major focus apart from providing a robust and efficient platform for our customers to trade and transact on, says Mr. G.N. Nagaraj, Senior Vice President & Chief Technology Officer at Reliance Money. We chose two-factor authentication from the very first day of doing business. Whats more, two-factor authentication was in perfect accordance with our corporate vision of being unique in our offering to the customers. VASCO OUTSMARTED COMPETITION Reliance Money conducted a formal and comprehensive evaluation of various authentication products and solutions by different vendors in the market. VASCO clearly outsmarted the competition on three key parameters: ease of deployment, scalability and focused support. Security is a prime demand for todays businesses especially those in the financial domain, DIGIPASS GO 3 INCREASES CUSTOMER CONFIDENCE IN RELIANCE MONEY DIGIPASS GO 3 is an affordable, user-friendly and efficient onebutton authentication device. Moreover, the average battery lifetime of 5 years and beyond offers a very high return of investment. These advantages allow businesses to close all security gaps in user authentication in a matter of hours. With a single push on the button, the device generates a unique one-time password which the user then enters into the applications login screen. The dynamic password is only valid for 32 seconds, forcing fraudsters to operate in real time and making hacking virtually impossible. Its use is obvious and simple, requiring virtually no training, ensuring a high user acceptance. Furthermore, the authentication process is fast and doesnt interfere with the time sensitiveness associated with stock market fluctuations. User acceptance of security tools is a crucial factor in guaranteeing the success of security solution implementations for secure access to remote applications and networks, according to Mr. G.N. Nagaraj. When the user is not confronted with procedures or difficult to use tools, the acceptance battle is won. DIGIPASS GO 3 allowed us to

increase customer confidence, increase our extensive customer base and enhance our corporate image. TOWARDS A MOBILE TRADING PLATFORM In the wake of recent market and technology trends, trading and transactions are moving from being Internet-based to being mobilebased. Reliance Money is following this trend closely and is currently exploring the possibilities of VASCOs DIGIPASS for Mobile to provide a secure solution to its customers whod prefer to trade and transact using their mobile phones. Given our pleasant experience, we are open to deploying VASCOs products and solutions again in the days to come, Objective Provide a convenient and secure authentication solution for Reliance Moneys online trading platform for corporate and retail customers. Scalability and adequate support are decisive factors. Challenge The security solution must provide a high level of security to protect financial and critical transactions, offer a great flexibility and at the same time remain user friendly as user acceptance by Reliance Moneys multi million customer base is very important. Solution DIGIPASS provides both corporate and retail customers with a userfriendly, flexible and scalable solution to access their online trading accounts at their own convenience 24/7. Integration and roll out were swiftly completed without difficulties. Support rendered by VASCO was perceived as 100% satisfactory.