ONLINE TRADING: KNOW MORE GROW MORE (A survey on investor s awareness regarding E- Broking services in reference to Ahmedabad)
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1 Role Role of of Financial Industry in Accelerating Economic Growth ONLINE TRADING: KNOW MORE GROW MORE (A survey on investor s awareness regarding E- Broking services in reference to Ahmedabad) Krishnaba Parmar Assistant Professor Center for Marketing Excellence ap2_cme@gtu.edu.in Dr. Mamta Singh Assistant Professor (VF) Jai Narain Vyas University dr.mamtasingh24@gmail.com ABSTRACT The growing availability of online trading technologies is believed to have had a large effect on stock market volume and volatility. Things have changed for the better going on-line coupled with endeavour to stream line the whole trading system. New and advanced technologies have breached geographical and cultural barriers, and have brought the country wide market to doorstep. Earlier investors were solely dependent on their brokers but nowadays they are participating more in buying and selling of shares with the help of internet. E-trading has saved time, energy and money as it helps to access the market from anywhere at any time. Main objective of the paper is to know the investor s awareness about E-Broking services provided by various Stock broking houses in Ahmedabad. The paper also discusses the current state of internet trading in India and particularly the satisfaction level of online and offline traders. Stock market development matters for growth as access to external funds allows financially constrained firms to expand. The paperless trading environment has reduced manipulations to a large extent and financial markets have started rewarding companies. Security is also one issue which is acting as a challenge at the mindshare level of internet users. Although threats are growing and getting increasingly dangerous, but technology is available to enable secure e-commerce experience. Sometimes it happens that people are either afraid to adopt new technologies or want to rigid with their older techniques. It may possible the comfort area play important role for adoption of any new technologies. The authors find Knowledge of the technology is impact more compare to easy to use and usefulness. Participants who traded frequently by phone prior to the introduction of Web trading are also less likely to try the Web. Keywords: Indian Stock Market, Internet, Online Stock Trading INDTRODUCTION Stock exchanges play an important role as indicators, reflecting the performance of the country s economic state of health. Stock market is a place where securities are bought and sold. The Securities and Exchange Board of India (SEBI) is the authorized body, which regulates the operations of stock exchanges, banks and other financial institutions. Internet trading in India made its debut in April Through this mean of trading, investors can buy and sell share on-line through internet. 522 Centre for Financial Services Gujarat Technological University CCFS2014
2 To start internet trading, an investor has to register himself with a broker offering online services. He has to open a bank account as well as a Demat account with the broker. The broker is responsible for the risk management of his clients. The orders get logged directly on the trading platform within the assign limits designed by broker to the clients. Even if the clients order exceeds the assigned limits, the order gets rerouted to the broker s server for authorization or rejection. The broker can change the parameters on-line. His software allows real time market information display, client information display, bank account management and a transaction history display. In April 2000, the market was bullish and a large number of players ventured into on-line trading. As many as 79 members took permission for internet trading.around akh investors have registered to trade on-line. There has been a sharp increase in Volumes after the rolling settlement was introduced. The average daily on-line trading volumes rose from Rs 10 crore in June 2001 on the National Stock Exchange to Rs 60 crore in December This increase of 600 per cent was in the midst of bearish market conditions. Online trading has driven down the transaction costs substantially and increased the liquidity options available to an investor to enter or exit from the stock at his own wish. The Internet has provided a wide range of information to the investor which has enabled him to take calculated risks. The US has the largest number of cyber investors-approximately 15 million. On-line trading has grown tremendously in the US where roughly 40 per cent of retail stock brokerage business is conducted through the Internet. LITERATURE REVIEW Brad M. Barber and Terrance Odean (2002) analyzed 1,607 investors who switched from phone based to online trading during the 1990s. Those who switched to online trading perform well prior to going online, beating the market by more than 2% annually. After going online, they trade more actively, more speculatively, and less profitably than before lagging the market by more than 3% annually. Haroun Alryalat, Yogesh Kumar Dwivedi, Jasna Kuljis, and Ray J. Paul (2006) analyzed the effect of online and traditional trading on effective market performance on the NASDAQ. The purpose of this paper was to present a critical analysis on the competition between online (ECN) and traditional (Market Maker (MM)) trading on the NASDAQ stock exchange. Online stock trading mechanisms at the exchanges are often a hybrid of dealer and auction markets. Different aspects of trading execution, which is the most commonly used market centre at present, were analyzed. This leads to a discussion on: (1) the path that executes order is organized and (2) its impact on the effective market performance, trading cost and investor behaviour Nidhi Walia and Ravinder Kumar (2007) observed in their research paper that there is no denying the fact that internet trading offered investors convenience of trading along with reduced cost. But Indian investors have not yet fully realized the importance of using technology for stock trading. The major findings of the study are the Indian investors are more conservative, they do not change brokers for trading, whereas net traders are more Centre for Financial Services Gujarat Technological University CCFS
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4 data structured questionnaire was used. Sample method adopted for the study was nonprobability convenience sampling; the sample for this study included 200 investors of Ahmedabad region who responded to the questionnaire sent to their ID. Data was analyzed using Ms Excel. Data was collected by creating the questionnaire in Google Docs. RESEARCH OBJECTIVES The purpose of research is to discover answers to questions through the application of scientific procedures. The following are the objectives of this research: Primary Objectives To know the investor s awareness about E-Broking services provided by various Stock broking houses in Ahmedabad. Secondary Objectives To know the investors awareness regarding stock broking houses. To know the mode of trading they use. To know the reason for choosing offline/online investment. To know the satisfaction level of online trader. To know that offline giving more profit to them or not. Data Analysis & Data Interpretation Demographic Profile of Respondents 1. Age The area, which was selected by us for survey, was Ahmedabad region and it is really very potential for the investment of any aspect. The person to whom we met during our survey is among those who are frequently visiting or have interest in stock market, they are really potential investor. If classified according to age group whom we came across or visited are shown as From the above data total 200 respondents out of 11 respondents is under age of 20 we can say, 123 is in between 21 to 40 age limit, 51 were between 41 to 60 and 15 is above 60 age. 2. Gender As we taken sample size of 200 respondents, we got this result. From the above data we can say out of 200 respondents 84% is male and 16% female that means male more in equity investment than female. Centre for Financial Services Gujarat Technological University CCFS
5 Occupation From the above data we can say that out of 200 respondents there are 22% are businessman, 29% are services-private, 15% are services-public, 10% are students, 18% are professionals, 6% are others in which retired and house wives included. 3. Personal income (yearly) From the above data we can say that out of 200 respondents 35 having in between income, 73 having in between , 30 having in between , 8 having in between ,14 having in between ,7 having in between , 4 having in between ,Only one having above income, 28 respondents ignored to show they income. Awareness about E- Broking 526 Centre for Financial Services Gujarat Technological University CCFS2014
6 Out of 139 respondents who are aware about e-broking, 76 says that they are aware about India infoline, 62 says that they are aware about religare, 57 says that they are aware about sharekhan, 46 says that they are aware about ICICI direct, 50 says that they are aware about India bulls, 66 says that they are aware about Kotak securities, 88 says that they are aware about angel broking, 31 says that they are aware about others in which motilal & oswal,marwadi,hdfc direct etc. Out of 200 respondents 31% says they do not aware about e-broking and remaining 69% respondents says that they are aware about e-broking. We get information from angel broking that in Ahmedabad, investors awareness about e-broking is 62%.So here we want to prove this statement that s why we use Z test for hypothesis testing. 6. Mode of Trading Out of 200 respondents 76 are using online and 134 are using offline, In which 10 respondents are that which trading in both. 7. Reason for Online Trading Out of 76 respondents says reason for prefer online trading, 42 says that their reason for online trading is self-awareness, 22 says that their reason for online trading is privacy, 28 says that their reason for online trading is broker advice, 9 says that their reason for online trading is use friendly and time saving, 13 says that their reason for online trading is convenience, 22 says that their reason for online trading is financial advisor advice, 22 says that their reason for online trading is all the above. 8. Preference of E- Broking firm Out of 76 respondents, 17 are prefer for online trading is India infoline, 19 are prefer for online trading is religare, 14 are prefer for online trading is sharekhan, 6 are prefer for online trading is ICICI direct, 5 are prefer for online trading is India bulls, 13 are prefer for online trading is Kotak securities, 21 are prefer for online trading is angel broking, 9 are prefer for online trading is others. Centre for Financial Services Gujarat Technological University CCFS
7 For Internet trading to succeed it is imperative to have both, a robust business model as well as a comprehensive technology strategy. Some of the challenges are discussed: Transaction fulfilment--in the Net-based economy, it is both prudent and essential for a broker/intermediary to offer total solution to the clients at a single point. Total solutions would essentially mean offering interfaces with banks, depositories, information feeds, etc. for efficiency in trade completion and reducing duplication of client information. The service providers will have to go beyond the stage of mere order execution and emerge as "informed Aries" rather than "intermediaries". This will not only ensure lower trading costs in terms of offering cross services but will also help in maximizing Roles. A true Internet trading system should deliver cost effective transaction fulfilment at a single point. 9. Preference of feature Out of 76 respondents, 48 respondents are like reduce paper work, 30 respondents are like speed of execution, 19 respondents are like better information, 14 respondents are like shopping anywhere,anytime, 31 respondents are like customization, 37 respondents are like change or cancel order, 36 respondents are like confirmation of order. 10. Barriers Out of 76 respondents, 21 says lack of securities, 26 says lack of privacy, 12 says inadequate e-broking facilities, 21 says lack of IT infrastructure, 43 says lack of IT skilled personnel and 14 says poor awareness about e-broking. 528 Centre for Financial Services Gujarat Technological University CCFS2014
8 11. Reasons for Offline Out of 134 respondents 99 says less charges, 80 says broker advice, 56 says friend advice, 25 says less risky, 55 says less awareness about e-broking. 12. Offline gives more profit? Out of 134, 27% says no and 73 % yes. That means more respondents are given opinion about that offline is giving the more profit than online. Four items are formulated to measure the attitude of the respondent for e-broking which are measure on five point Likert scale (1= SA and 5= SDA). Mean of the scale is reported 2.23 which indicate to the positive attitude and awareness towards the e-broking. Easy to use, Usefulness and knowledge to technology are used as explanatory variable which formulate the attitude towards the e baking. To know the impact of these independent variable on dependent variable multiple regression is used and for that mean score of the scale where taken for the calculation. Table1 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1.843a a. Predictors: (Constant), mean_easy, mean_use, mean_know Table 2 ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression b Residual Total a. Dependent Variable: mean_atti b. Predictors: (Constant), mean_easy, mean_use, mean_know Table 3 Coefficients Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant) mean_easy mean_use mean_know a. Dependent Variable: mean_atti Table show the model summary which indicate the approximately 70% of the variance in the attitude of the respondent towards the e-broking can be explain through the stated dependent variables. ANOVA table is also significant which indicate the fit of the model. Centre for Financial Services Gujarat Technological University CCFS
9 Knowledge of the technology is impact more compare to easy to use and usefulness but all are statistically significant at 5 % level of significant. So model can be noted as follow Attitude = (Easy) (use) (knowledge) FINDINGS Research held at Ahmedabad, the researcher found that 139 respondents out of 200 are aware about e-broking and 61 are not aware about e-broking, so majority of the respondents whom we had visited shown good awareness about e-broking. In this survey it was found that, 76 respondents prefer online trading and 136 prefer offline trading, out of them 10 respondents are trading in both. We found reason for online trading, out of 76 respondents says reason for prefer online trading, 42 says that their reason for online trading is self-awareness, 22 says that their reason for online trading is privacy, 28 says that their reason for online trading is broker advice, 9 says that their reason for online trading is use friendly and time saving, 13 says that their reason for online trading is convenience, 22 says that their reason for online trading is financial advisor advice, 22 says that their reason for online trading is all the above. And we also found reason for offline trading, Out of 134 respondents 99 says less charges, 80 says broker advice, 56 says friend advice, 25 says less risky, 55 says less awareness about e- broking. From the data out of 200 respondents 28% are agree that offline trading is not easy, 72% are agree that offline trading is easy than online. From the data out of 200, 27% says no and 73 % yes. That means more respondents give their opinion that offline is giving the more profit than online. RECOMMENDATIONS A small survey on investor s awareness regarding E- Broking services provided by various SBHs Ahmedabad, the researcher suggested certain recommendations. They are given below: 1. Out of 200 respondents 31% says they do not aware about e-broking and remaining 69% respondents says that they are aware about e-broking. For high Investors awareness about internet brokers needs to arrange more and more seminars, training to investor and guide for use. 2. In mode of trading alternatives we had found that 134 respondents are using offline trading and 76 are using online trading, 10 respondents out of them using both. Here investors are not using much online trading because lack of computer efficiency, internet problem and not depth knowledge regarding online trading. So SBHs can provide information regarding online trading and they can aware with online trading. 3. Awareness regarding stock broking houses We had found that investors are only good aware with India infoline, religare and sharekhan remember stock broking houses is not much aware to the investors, so they can aware investors through different advertising media. 4. In E-Broking speed of execution approximately equal that execution of E-Broking is speedily and not speedily. So they can increase their execution through interact with 530 Centre for Financial Services Gujarat Technological University CCFS2014
10 depository participants. 5. From the result, India infoline and religare is good in service quality, sharekhan, ICICI direct, India bulls, Kotak securities, angel broking are moderate in their service quality. So this all firms like sharekhan, ICICI direct, India bulls, Kotak securities and Angel broking should increase their service quality for attracting customer. 6. Out of 200 respondents 28% are agree that offline trading is not easy, 72% are agree that offline trading is easy than online. So yet some people believe that offline is easy than online. Here e-broking houses needs to work more and more to make investors aware about usage of online trading. 7. It is also found that the service charged by e-broking houses is high. So e-broking houses needs to reduce the charges. FUTURE OF INTERNET TRADING International marketplaces are already witnessing re-alignments and changes with the emergence of electronic communication networks (ECNs) such as INSTINET and ISLAND, which are already contributing substantial business volumes to mainline exchanges such as NASDAQ and the NYSE. Concurrently, exchanges worldwide are looking at striking strategic alliances such as the Global Equity Market (GEM). With Net trading in securities and rapid consolidation between multiple stock exchanges, the international securities marketplace is fast becoming a "global village" through the creation of a universal virtual equity market. Therefore the challenge for the technology providers is to develop and deploy advanced e-trading tools and applications using electronic straight through processing technologies. REFERENCES Ash Dust, 36 Strategies for striking it Rich in Commodity Trading, 2012 Ashwani Gujral,How to Make Money Trading Derivatives, 2011 Barber, B. And Odean, T., Online Investors: Do the Slow Die First? Review of Financial Studies, Vol. 15, 2002, Haroun Alryalat, Yogesh Kumar Dwivedi, Jasna Kuljis, Ray J. Paul, International Journal of Electronic finance, Volume 1, Number 2, 2006, Laura Sether and Russell R. Wasendorf, Online Trading (Sfo Personal Investor Series), 2007 M. Rogan Labier, The Nasdaq Trader's Toolkit (Wiley Online Trading for a Living), Ravi Patel, Swing Trading With Technical Analysis, 2013 Toni Turner, A Beginner's Guide to Day Trading Online, 2007 INDIA INFOLINE prospects of account opening form Walia Nidhi and Ravinder Kumar (2007), Online Stock Trading in India: An Empirical Investigation, Indian Journal of Marketing, April, Volume XXXVII, No.4 Websites us.com us.com company profile.com en.wikipedia.org/wiki/investing online Centre for Financial Services Gujarat Technological University CCFS
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