i

FINANCIAL SERVICES PROVIDED BY

OXFORD SECURITIES PRIVATE LIMITED

By:
Binayak Das

People’s Campus
T.U Registration No: 7-2-0271-0391-2013

Exam Roll.no:11714/13

An Internship Report Submitted to:

Office of the Dean

Faculty of Management

Tribhuvan University

In partial fulfillment of the requirements for the degree of

Bachelor of business Administration (BBA)

Paknajol, Kathmandu

September, 2017
 ii

APPROVAL SHEET

This is to certify that the Internship Report

Submitted by:
Binayak Das
T.U. Registration Number: 7-2-0271-0391-2013

Entitled:
“FINANCIAL SERVICES PROVIDED BY OXFORD
SECURITIES PRIVATE LIMITED”
I certify that I have read the document and in my opinion, it is satisfactory in scope
and quality as internship project report in partial fulfillment for the undergraduate

course BBA program held in People’s Campus, Tribhuvan University.

……………………………………..
Madhusudan Gautam
Supervisor
 iii

RECOMMENDATION LETTER

This is to certify that the Internship Report

Submitted by:
Binayak Das
T.U. Registration Number: 7-2-0271-0391-2013

Entitled:
“FINANCIAL SERVICES PROVIDED BY OXFORD
SECURITIES PRIVATE LIMITED”
Has been prepared as approved by this campus. This Internship Report is forwarded
for Examination.

……………………………
Nirmal Mani Panthi
Campus Chief
People’s Campus Paknajol
 iv

STUDENT’S DECLARATION

I hereby declare that the internship report entitled “FINANCIAL SERVICES

PROVIDED BY OXFORD SECURITIES PRIVATE LIMITED” submitted to
Office of Dean, Faculty of Management, Tribhuvan University, is my original work
done as per the partial fulfillment of the requirement of the degree of Bachelors of
Business Administration (BBA) under the guidance and supervision of Mr.
Madhusudan Gautam .

…………………………..
Binayak Das
Exam Roll No.: 11714/13
T.U. Registration Number: 7-2-0271-0391-2013
v
 vi

ACKNOWLEDGEMENT

I want to express my gratitude to Tribhuvan University and the People’s campus for
incorporating the internship program in BBA Program. This internship has been a
valuable step for me to be a good analyst in the field of Management. The internship
has helped me a lot to be familiar with the organization working environment and
explore my academic knowledge in providing solution to the real world problem.

I am very much indebted to our respected Campus Chief Nirmal Mani Panthi and
our Program Coodinator Rameshwor Karmacharya, for their motivational
suggestions. I would also like to thank our supervisor Mr. Madhusudan Gautam who
has shared his knowledge for writing and completing the internship project report.
Moreover, I am grateful to the Oxford securities family, especially Mr.Ram Krishna
Tiwari, C.E.O of Oxford Securities,Mr. Nirajan Sigdel and Yagubendra Giri who
has always been there for the necessary guidance and continuous support throughout
my internship duration.

Lastly, but not the least, I would also like to thank to my respected and loving
parents for their moral support, love and encouragement and all my friends who
have supported me to complete the project in time. I am thankful to each and every
individual who has provided their valuable suggestions and wish me for the success
of the project.
Without helps of the particular that mentioned above, I would face many difficulties
while doing this. So I would like to thank them all once again!

Sincerely,

BINAYAK DAS
 vii

Table of Contents
Cover page
Approval Page ii
Recommendation iii
Student’s declaration iv
Internship Certificate v
Acknowledgements vi
Table of contents vii
List of tables ix
List of figures x
Acronyms xi

CHAPTER I:INTRODUCTION...........................................................1
1.1 Background..................................................................................................................1
1.2 Scope of Study.............................................................................................................2
1.3 Objectives of the Study................................................................................................2
1.4 Methodology................................................................................................................3
1.4.1 Organization Selection..........................................................................................3
1.4.2 Placement..............................................................................................................3
1.3.4 Activities performed..............................................................................................4
1.5 Limitations of the Study...............................................................................................5

CHAPTER II:INTRODUCTION OF THE BOKERAGE

INDUSTRY.............................................................................................7
2.1 Meaning of Brokerage firm..........................................................................................7
2.1.1 History of brokerage firm......................................................................................7
2.2 Introduction of Securities Market.................................................................................8
2.3 Instruments of Stock Market......................................................................................10
 viii

2.4 History of Stock Market in Nepal...............................................................................11

2.5 Stock Exchange..........................................................................................................11
2.5.1 NEPSE................................................................................................................12
2.5.2Securities Board of Nepal (SEBON)....................................................................12

CHAPTER III:INTRODUCTION TO OXFORD SECURITIES

PRIVATE LIMITED...........................................................................13
3.1 Introduction................................................................................................................13
3.1.1 Mission, Vision and Objectives of Oxford securities Pvt.Ltd..............................13
3.2 Introduction to Various Department of Oxford Securities Private Limited................14
3.3 Trading System..........................................................................................................16
3.4 Capital Structure.........................................................................................................21
3.5 Present Situation.........................................................................................................21
3.5.1 NEPSE (Nepal Stock Exchange).........................................................................21
3.5.2 Central Depository System and Clearing (CDSC) Limited.................................23
3.5.3 Beneficial Owner (BO)........................................................................................24
3.5.4 Depository Participant (DP)................................................................................24
3.6 Services of oxford securities:.....................................................................................25
3.7 Challenges and Opportunities.....................................................................................25

CHAPTER IV:ANALYSIS OF ACTIVITIES DONE AND

PROBLEMS SOLVED........................................................................27
4.1 Background................................................................................................................27
4.2 Activities Performed and Lessons learnt....................................................................27
4.3 Felt/Observed Gap......................................................................................................31

CHAPTER V:CONCLUSION AND LESSONS LEARNT..............32

5.1 Conclusion.................................................................................................................32
5.2 Lessons Learnt...........................................................................................................32
5.3 Suggestions................................................................................................................34

Reference
Annex
 ix

LIST OF TABLES

TABLE NO. NAME OF TABLE PAGES

Table 1.1 Placement in Different Departments 4

Table 3.1 New-commission rate of stockbroker 21

Table 3.2 Old-commission rate of stockbroker 22

 x

LIST OF FIGURES

FIGURE NO. NAME OF FIGURE PAGES

Figure 3.1 Different departments of Oxford securities Pvt.Ltd 15

 xi

Acronyms
BBA : Bachelor of Business Administration

BOID : Beneficiary Owner ID

CDSC : Central Depository System and Clearing Limited

DIS : Debit Instruction slip

D-mat : Dematerialization

DP : Depositary Participant

DPID : Depository Participant ID

DRN : Dematerialization Request Number

FPO : Future Public Offering

IPO : Initial Public Offering

ISIN : International Security Identification Number

Ltd : Limited

NEPSE : Nepal Stock Exchange

OTC : Over the Counter Market

Pvt. : Private

RTS : Registrar to Share

SEBON : Security Exchange Board of Nepal

T.U. : Tribhuvan University

TDS : Tax Deduct at Service

 1

CHAPTER I

INTRODUCTION

1.1 Background

Internship is the process of working as an assistant to gain practical experience and

skills in an occupation. Tribhuvan University has designed various management
degrees under Faculty of Management and among them one of the outstanding
developments is in the form of Bachelors of Business Administration (BBA). This
program is a felt necessity to link between knowledge and practice to give
professionalism. It is a Four Year Program designed with eight semesters as a
complete package of BBA eligibility and tries to cover the operations and
transactions of the practical business world with particular focus on Nepalese
context. The BBA program aims to overcome the drawbacks of other existing
management degrees of TU and hence focuses on the development of the students
through field visits, report preparation, presentation and of course, internship
program. The entire above mentioned and other course matters helps the educational
institutions to produce the skillful, confident, knowledgeable and dynamic middle
level managers for this country.

As mentioned earlier, internship is one of the important components of the 4 year

BBA Program. It not only provides the platform for the BBA products to do the self-
evaluation of them in the practical business world but also act as a feedback forum
for the policy makers of the Tribhuvan university to revise the course as per the
requirement and need of the changing business world.

As per the course requirement of the BBA program every eighth semester student
should prepare the internship report after the completion of the two months
internship in the institution. Since internee completed the internship in Brokerage
Firm, this report is the outcome of the valuable real life experiences internee
obtained during the internship in that organization. Getting involved in Brokerage
Firm as an intern in different department including Clearing and Settlement
Department, Internee confront real job-place experience and got the chance to feel
 2

the different situations from the perspective of both the employees and the
customers. This internship had been fruitful because it had helped the interne to see
the same things from the two opposite directions and find the difference in the
perception of these two completely opposite sides as a neutral observer.

1.2 Scope of Study

In the final semester of BBA program, every student should go through the eight
weeks long internship in any industry relating to their specialized subject. Since, it
provides the perfect platform for students to utilize theoretical knowledge in real life
situations. The internship program provides opportunities to observe study and
explore new facts and understand realities about how the organization functions.  It
not only helps students to learn the organizational environment and work culture but
also helps to develop interpersonal communication as well as report writing skills.
Along with this; it helps to boost self-confidence and helps to explore new career
opportunities. So, that it helps the students to adopt the organizations culture when
they join the organization to perform task in the future.

1.3 Objectives of the Study

The internship program in BBA is primarily designed to the students to enable them
as grounded career persons who already know the real-life working situations and
had already felt the pressure of the job place environment. It helps the students to be
prepared for the future through the little knowledge gained from the two months of
the job-like experience. It is also a platform to show the ability to mold the
theoretical knowledge learnt throughout the BBA program as per the requirement of
the job placement. The main objectives of this study are as given below;
 To know the trading mechanism of securities and to gain knowledge about
the stock market.
 To know about services provided by stock market.
 To present the lessons learnt regarding the relationship of the theoretical
knowledge with the practical work experience gained.
 To enhance the communication skills and public relation skill through direct
interaction with the customer
 3

 To know about the corporate culture and social responsibilities of

stockbroker in the present context

1.4 Methodology
Completion of internship is a combination of the different types of activities. It starts
from the selection of the organization for the internship, performance of different
kinds of activities and placement in different parts of the organization and at last
collection of various primary and secondary data for the preparation of the report. In
terms of data collection both primary as well as secondary source had been used. In
case of primary source, observation and personal interview with the staffs are used
and in case of secondary source, the brochures, published reports and documents,
and other related websites had been used.

1.4.1 Organization Selection

Selection of the organization tends to be the most crucial part of the internship
because success in the fulfillment of the objectives of the internship completely
depends on the type of the organization that had been selected. So, initiation was
taken in doing the internship in Brokerage Firm because it is only facilitating the
trade of securities in the secondary market and is the organization that provides the
scope for the intern during the internship. The internship in Brokerage Firm was
possible only after dropping the recommendation letter of the college.

1.4.2 Placement
The duration of internship has been defined for 2 month or 6 credit hours of working
time at the organization by Tribhuvan University (T.U.), Faculty of Management
(FOM). So, in order to fulfill this requirement, internship was done for two months
starting from Asadh 01, 2074 to Shrawan 27, 2074. The internee felt those 8 weeks
were really fruitful and it will definitely help in upcoming days. The eight weeks of
internship period as positioned in different departments of Oxford Securities,
Kalimati Kathmandu. As Oxford Securities believe in specialization rather than
generalization, placement was made in a
 Customer Service department
 Settlement and Clearing Department,
 Trading Department,
 4

 Accounts Department to get the complete knowledge of overall settlement

and clearing mechanism of the stock market which was useful in
understanding the mechanism of the clearing and settlement in detail.

Table 1.1: Placement in Different Departments

Weeks(Period)
1st 2nd 3rd 4th 5th 6th 7th 8th
Departments
Customer Service
Department
Settlement &
Clearing
Department
Trading
Department
Accounts
Department

1.3.4 Activities performed

Internee has performed different activities in different department during the
internship period. The activities performed are mentioned below;

a) Account Department
 Filling up vouchers for debit and credit amount.
 Depositing the cash and check in the bank.
 Entering the base price into the system.
 Issuing the bill to the customer.

b) Clearing and Settlement Department

 5

 Informing the customer to bring their DIS check when they sell share.
 Collecting the DIS check from the customers when the sell their shares.
 Filling up the DIS check after collecting from customers.
 Leaving the DIS check according to their respective DPs.

c) Customer Service Department

 Filling up the different types of forms if customer asked to fill up.
 Interacting with the customers if they fell any problems.
 Answering the phone calls and providing them information about their
queries.
 Helping customers to open account and verifying all the required documents.
 Opening the D-mat accounts for the customers.
 Giving the statement to the customers.

d) Trading Department
 Helping the customers to fill up their buying and selling order form.
 Sending message to the customers about their buying and selling
transactions.
 Transferring the shares to the customer’s respective account when they buy
or sell shares.

1.5 Limitations of the Study

The internship period was opportunity to take knowledge but there remain some
restrictions that limited the comprehensive study. Internship opportunity provided by
the stockbroker was a great achievement in itself. But it is fairly not possible for an
internee to cover up the whole thing within a short time. And as limitations are the
part of progressive system, here are some limitations of the study;
 This report had been prepared by using the limited information that had been
gathered during the internship period.
 It is based on the personal understanding of the interne regarding the
operation of secondary market during the internship period.
 6

 Time and resources constraints are the major limitations of this report.
 Lack of enough time of the senior officers to provide the complete guidance
to the internee during the internship period.
 Confidential information cannot be presented in the report.

However, internee has tried best level to gain adequate knowledge of Stockbroker
and the corporate culture and sincerely performed the tasks and roles assigned the
supervisors. The whole experience was an excellent opportunity as well as an
exciting challenge
.

CHAPTER II
 7

INTRODUCTION OF THE BOKERAGE INDUSTRY

2.1 Meaning of Brokerage firm

A brokerage firm, or simply brokerage, is a financial institution that facilitates the

buying and selling of financial securities between a buyer and a seller. Brokerage
firms serve a clientele of investors who trade public stocks and other securities,
usually through the firm's agent stockbrokers. A traditional, or "full service",
brokerage firm usually undertakes more than simply carrying out a stock or bond
trade. The staffs of this type of brokerage firm is entrusted with the responsibility of
researching the markets to provide appropriate recommendations, and in doing so
they direct the actions of pension fund managers and portfolio managers alike.
These firms also offer margin loans for certain approved clients to purchase
investments on credit, subject to agreed terms and conditions. Traditional brokerage
firms have also become a source of up-to-date live stock prices and quotes. When a
brokerage firm, in addition to buying and selling for clients, transacts for its own
account, it is known as a broker-dealer.

2.1.1 History of brokerage firm

The first stockbroking began in Rome, where the first recorded buying and selling of
shares occurred in the 2nd century BCE. After Rome fell, stockbroking did not
become a realistic career until after the Renaissance, when government bonds traded
in Italian city-states such as Genoa or Venice. New stock exchanges opened their
doors in the 16th and 17th centuries, including the London Stock Exchange, which
was opened at a coffee shop in 1698.In the 1800s, in the United States, the New
York Stock Exchange opened its doors under a buttonwood tree in New York City.
24 stockbrokers signed the Buttonwood Agreement, agreeing to trade five securities
under that buttonwood tree.

Stockbroker
 8

A stockbroker is a regulated professional individual, usually associated with a

brokerage firm or broker-dealer, who buys and sells stocks and other securities for
both retail and institutional clients through a stock exchange or over the counter in
return for a fee or commission. Stockbrokers are known by numerous professional
designations, depending on the license they hold, the type of securities they sell, or
the services they provide.

2.2 Introduction of Securities Market

Securities markets are markets in which users of finds raise funds through new
issues of financial instruments such as bonds and stocks. Due to the lack of
sufficient fund to finance the business plan the securities are issued. Thus security
market plays a key role in channeling funds from savers to investors. The securities
market is broadly divided into Primary Market and Secondary Market.

 Primary Market
Primary market is the market in which the corporations raise funds through
the new issues of securities which are referred as Initial Public Offering
(IPO). These primary transactions are arranged by the Investment banker
who serves as an intermediary between the issuing company and the
investors. The investment banker reduces the risk and cost of creating a
market of its securities to the issuer.

 Secondary Market
Once the financial securities are issued in primary market, they are then
traded i.e. re bought and resold in secondary market. Secondary market
provides the liquidity to the financial securities. It provides a platform for the
investor to resell and repurchase of the securities. The transaction in
secondary market is facilitated by the security broker.
The various types of securities market are discussed below;

a) Money Market
 9

This market trades the debt securities or instruments with maturities of less
than one year. This type of market includes the securities issued with shorter
maturity period and to fulfill the immediate cash need of an organization.
The various money market instruments are listed below;

 Treasury Bills
 Federal Funds
 Repurchase Agreement
 Commercial Paper
 Negotiable Certificates of Deposit
 Banker Acceptances

b) Bond Market
Bond market can be defined as market in which bonds are issued and traded.
Bonds are long-term debt obligations issued by corporations and government
units. Bond market assist in the transfer of funds from individuals,
corporations, and government units with excess funds to corporations and
government units in need of long-term debt funding. Instruments of bond
market are as follows;
 Treasury Notes and Bonds
 Municipal Bond
 Corporate Bond

c) Mortgage Market
Mortgage market can be defined as the market which issues the mortgage
and later securitize it to trade in the secondary market. Mortgages are the
loans to individual or business to purchase a home, land, or other real assets
backed by specific piece of real property.

d) Foreign Exchange Market

Foreign Exchange Market is defined as a market in which cash flows from
the sale of products or assets denominated in a foreign currency are
 10

transacted. This market depends upon the foreign exchange rate which is
highly volatile thus has high foreign exchange risk involved in this market.

e) Derivative Securities Market

Derivative security is a financial security whose payoff is linked to another
previously issued security. The market in which these derivative securities
are traded is called derivative securities market. The various instruments of
Derivative Security Market are as follows;
 Forward Contract
 Futures Contract
 Options
 Swaps

f) Stock Market
Stock Market can be defined as a market that allows suppliers of fund to
efficiently and cheaply get equity funds to public corporations. In exchange,
fund users give the fund suppliers ownership rights in the firm as well as
cash flows in the form of dividends. Stock market is a very important part of
the economy and serves various functions to various elements of the
economy such as investors, corporations as well as economy in a whole.

2.3 Instruments of Stock Market

The two basic instruments of stock market are common stock and preferred stock.
 Common Stock
Common stock is a type of securities that represents the ownership of a
company and also known as ordinary share or equity share. The return on
common stock investment comes from either of the two sources- the periodic
receipt of dividends and capital gains. Common stockholders enjoy a number
of rights such as; dividend rights, assets rights, preemptive right, voting
rights etc. It is traded on OTC and organized exchange.
 11

 Preferred Stock
Preferred Stock is a hybrid security that has characteristics of both a bond
and a common stock. Preferred stock is similar to common stock in that it
represents an ownership interest in the issuing firm, but like a bond it pays a
fixed periodic payment in the form of dividend. Preferred stockholders are
paid dividend only when profits have been generated and all debt holders
have been paid.

2.4 History of Stock Market in Nepal

The history of securities market began with the floatation of shares by Biratnagar
Jute Mills Ltd. and Nepal Bank Ltd. in 1937. Introduction of the Company Act in
1964, the first issuance of Government Bond in 1964 and the establishment of
Securities Exchange Center Ltd. in 1976 were other significant development relating
to capital markets. 
Securities Exchange Center was established with an objective of facilitating and
promoting the growth of capital markets. Before conversion into stock exchange it
was the only capital markets institution undertaking the job of brokering,
underwriting, managing public issue, market making for government bonds and
other financial services. Nepal Government, under a program initiated to reform
capital markets converted Securities Exchange Center into Nepal Stock Exchange in
1993.
Till the date NEPSE is the sole stock exchange of Nepal with 239 companies listed
in the secondary market for trading. NEPSE operates under the Securities Act 2007
and is regulated by Securities Board of Nepal (SEBON).

2.5 Stock Exchange

A stock exchange, Share market or bourse is cooperation or a mutual Organization
which provides facilities for stock brokers and traders, to trade company stock and
other securities. Stock exchange also provides facilities for issue and redemption of
securities, as well as, other financial instrument and capital event including the
payment of income and dividend. The securities traded in stock exchange include:
Share issued by companies, unit trust and other pooled investment product and bond.
 12

Currently in Nepal there is only one stock exchange i.e. Nepal Stock Exchange
(NEPSE).

2.5.1 NEPSE
NEPSE is the first and the only secondary capital market in Nepal. The introduction
of Capital Act in 1964 laid the foundation for the formation of the capital market
institution in Nepal. As a result Securities Exchange Center was established in 1973
with an objective to facilitate and promote the growth of the capital markets in
Nepal. It was the only capital market institution that was established with the
initiative of government of Nepal and Nepal Rastra Bank. It took the responsibilities
of brokering, underwriting, managing public issues, creating market for government
bonds and other securities. Later it was converted into Nepal Stock Exchange
(NEPSE), under a program to reform capital markets in the year 1993.

NEPSE operates under the Securities Act, 2007.It is regulated by the Securities
Board of Nepal (SEBON). There has been a number of changes occurred in the
organization since its establishment so as to upgrade itself and also to provide the
efficient and effective services. In August 2007, the company introduced automated
trading system and later in May 2008 it turn itself from the not for profit
organization to a profit seeking organization.

2.5.2Securities Board of Nepal (SEBON)

Securities Board of Nepal (SEBON) was established by the Government of Nepal on
June 7, 1993 as an apex regulator of Securities Markets. It has been regulating the
market under the Securities Act, 2006. The Governing Board of SEBON is
composed of seven members including one full time chairman appointed by the
Government for tenure of four years. Other members of the Board include joint
secretary of Ministry of Finance, joint secretary of Ministry of Law, Justice and
Parliamentary Affairs, representative from Nepal Rastra Bank, representative from
Institute of Chartered Accountants of Nepal, representative from Federation of
Nepalese Chambers of Commerce and Industries, and one member appointed by the
Government from amongst the experts pertaining to management of securities
market, development of capital market, financial or economic sector.

CHAPTER III
 13

INTRODUCTION TO OXFORD SECURITIES PRIVATE

LIMITED

Internee has completed his internship in different department of an organization with

a motive to understand the overall mechanism of trading share in stock market. This
chapter deals with the overall trading mechanism of the organization.

3.1 Introduction
Oxford Securities Pvt.Ltd is a stock dealer and it participates in bidding of block
subscription of share for listed companies with a license no. of 51. The main
business of Oxford Securities includes executing shares trades in Nepal Stock
Exchange on behalf of its customers as well as providing all kinds of support
services like statistics and research materials to its customers. Oxford Securities
Pvt.Ltd holds strong commitment toward the development of Nepal capital market.
Oxford Securities Pvt.Ltd has got above. 2500 retail investors clients and few
corporate clients as institutional investors. Its current daily average turnover is over
50 Lakh. It is on process of establishing a branch in Naranghat, Bharatpur, Nepal.
The company started its operation from 2068 and is able to establish itself as one of
the successfully operating brokerage firm in Nepalese Market.

3.1.1 Mission, Vision and Objectives of Oxford securities Pvt.Ltd

Mission statement
 Oxford securities Pvt.Ltd. seeks to provide an environment with the concept
of stock market that can bring unique financial value and services to all the
traders.
 Help those people who have had burning desire to increase their income and
gain a better quality of life.
 Make people realize that they themselves can be responsible for their own
prosperity.

Vision statement
 14

Oxford securities Private limited holds a vision to “contribute to creation of the wealth
of nation by adding value through trading of securities ” by providing better services to
the traders, thus ensuring attractive substantial returns to the stakeholders of this
company. Oxford securities Pvt.Ltd. is based on the respect, services, reward,
opportunity, cooperation, support and safety for the traders.

Objectives

 To develop a customer oriented services e.g. margin loan.

 To develop technology platform and open scalable systems to achieve cost
effective operations, efficient MIS, improved and high services standards.
 To explore new avenues for growth and profitability.
 To develop the innovative services that attracts targeted customers.
 To make a potential manpower in the field of stock market.
 To open the branches in different places.

3.2 Introduction to Various Department of Oxford Securities

Private Limited

The figure and brief introduction of the various departments of Oxford securities
Pvt.Ltd along with the functions performed by each department is discussed below;
 15

Customer serivce departement

Trading
Departement

Account Clearing and settlement

Departement departement

Figure 3.1: Different department of Oxford securities Pvt.Ltd

a) Account Department
Account department at Oxford securities Pvt.Ltd is responsible for carrying
out the finance related activities. It involves the collection of cash and check
from the clients, managing the funds, making the payment to stock, paying
out the cash and check to the clients, keeping the records of all the financial
and accounting activities of an organization, etc.

b) Clearing and Settlement Department

Clearing and settlement Department of Oxford securities Pvt.Ltd carries out
the numerous activities in an organization. It keeps the record of all the
transaction occurred in a day. This department also handles the function of
making the approval of the signature of the seller giving a check to sell the
securities if D-mat account of customer is in Oxford securities. Each
department has its own working area, responsibility and authority. This
department collects the check from the customers. Informing customers to
bring their DIS check when they sell shares.
 16

c) Trading Department
This department is mainly concerned with the trading activities of the
organization which involves buying and selling of securities in the secondary
market. It takes the order of the client and place that order in the market
depth. The matching of the orders in the market leads to the execution of the
order. This department has to work as per the instruction provided by the
clients and make the trade as per the order filed.

d) Customer Service Department

This department fills up the different types of forms if customer asked to fill
up. Interact with the customers if they fell any problems. This department
also answers the phone calls and gives information of their queries. Helping
customers to open account and verifying all the required documents. This
department is also concern with the opening the D-mat accounts for the
customers. This department gives the statement of share to the customers.

3.3 Trading System

NEPSE is a fully automated order driven market having continuous auction during
trading hours. NEPSE has replaced the open out-cry trading system with fully
automated screen based trading system (ATS) since 24TH August, 2007 under the
CFG project of Government of Nepal aided by ADB. The system is able to eliminate
all possible human errors as seen in the earlier open out-cry system. Several
international practices are incorporated to make the system internationally
applicable and modifications are also made to customize the existing rules and
regulations of the country. Therefore the following features are found in the
automated trading system.
 Client Management
Client management enables a broker to create a client. Without creating a client, the
broker will not be allowed to place order for that particular client. The broker has to
insert various details of the client out of which client code is a unique code for that
particular client for a particular broker. After a broker receives the order the broker
has to place order for that client on FIFO basis of the order registered by the client's
office.
 17

 Order
It is an expression of interest to either buy or sell a specified of stock either price or
at the current market price. This order is given by the clients to the brokers. There is
an order entry form in the system through which the brokers place the purchase or
sell order. All the required information either for purchase or for sell of a stock
should be submitted by the broker.

Generally four types of order can be placed in the system:

 Regular:

An order which is completed on the exchange and that confirms the order of lot size
or greater than that.

 Odd-Lot:

An order which is completed on the exchange and that confirms the order less than
lot size.

 Manual:

An order which is placed by the brokers and is reported individually by the buying
and selling brokers.

 Block:

An order which is placed by the brokers and confirms to the minimum block trade
specified by the exchange and is reported individually by the buying and selling
brokers.

 Price
It is the price, which the buyer has quoted in his/her buy or sell order. The investors
as usual can quote in three ways in their order forms. They can quote fixed price,
price in range or market price. The brokers if find the price within range they enter
the details to execute the transactions. In present system the order entry form in
computer has been developed to indicate the price either in limit or market. If the
price is given in range they will insert the best price for clients. The broker must
always attempt to execute the transaction to protect their client's interest. If the
 18

investor is a seller s/he must attempt to execute the transaction at higher prices and
if s/he is buyer the member broker must attempt to buy at low price. It is the
negotiation process through which they execute the transaction. If the price is
market the broker will execute the order at market price. It means buy or sell the
shares at market price.

 Execute At
This represents the phases of trading when to execute the order. There are three
phases during which the broker can place the order to execute the transactions. Such
phases are:

 At the Open (ATO):

ATO indicates the order should be executed when market opens. In order to execute
the transaction at ATO the member brokers have to place the order to execute it at
ATO. All the ATO orders will be accumulated in the system till ATO execution
time and after the time reaches the ATO orders will be executed at the best price at
the opening of transactions. ATO gives the price, quantity and time priority for the
execution. The engine calculates the best price and matches the order at 11:00 AM
i.e. when market opens. In this case price can be quoted within the range of 5% of
previous close price. Once the ATO phase is over price can be quoted within the
range of 2% of LTP. ATO determines the opening price for the stock. If there are no
matching ATO orders for a stock the open price of the stock will be equal to the
previous close price.

 Continuous Trading:

This is the phase that indicates the orders should be executed while the market is in
progress.

 At the Close (ATC):

This is the last phase that indicates the order should be executed when the market
closes. The system has provided facility to generate the ATC price of a stock either
by taking the average of the price of last "n" transactions or the average of the price
of the last n minutes.
 19

 Retain Until
The customer can give the order to retain until the specified period as below unless
it is executed.

 End of Day (EOD)

This indicates the placed orders if not executed will be retained until the end of
today.

 Good till Cancel (GTC)

This indicates the order if not executed should be retained until it is canceled. This
system has provided the facility for exchange to set the time period in days till
which the pending orders can be retained in GTC.

 Conditions
This specifies the conditions under which the order could be executed. The
conditions are as below.

 None

This indicates there are no conditions for execution of orders.

 Immediate or Cancel (IOC)

This condition indicates that the orders should be executed in full or part
immediately the unexpected order will not be sent to public order book but cancelled
immediately by the system.

 Fill or kill (FOK)

This condition indicates the order must get executed entirely or cancelled
immediately. The unexpected order will not be sent to Public order book but killed
(cancelled) immediately. NEPSE has modified the system allowing entering the
quantity of a stock to be traded either at the multiple of lot size or greater than that.

 All or None (AON)

This condition indicates the order must get executed entirely & if not executed the
order is sent to public order book. In this condition too, NEPSE has modified the
 20

system allowing entering the quantity of a stock to be traded either at the multiple of
lot size or greater than that.

 Market Depth
It is the provision, which the stock exchange has made to facilitate the bid and
offers. Under this provision the member broker before inserting the bid and offers
for certain price for the bid and offers for certain quantities at certain price for the
particular company can view the bid and offer placed by other brokers. This not only
facilitates the negotiation but also contributes for the execution of transactions at
market price.

 Settlement
NEPSE has adopted a T+4 settlement system. The settlement will be carried out on
the basis of paper verses payment. The trading is done at "T" and at T+1; the buying
brokers have to submit bank vouchers for settlement with covering letter. At T+2,
the selling brokers must submit share certificate with covering letter. At T+3,
NEPSE prepares to bill for payment and this will be forwarded to the bank. Once the
settlement is done the buying brokers with the consultation of the clients must
decide and present the purchased shares if they want to record it as blank transfer.
This must be completed within T+4.

 Trading Hours
Trading on equities takes place on all days of week (except Fridays, Saturdays and
holidays declared by NEPSE in advance). The trading hours of the board load
equities begins at 11:00 AM and market closes at 15:00 pm on all the working days
except Friday. However, the Settlement is done 6 days a week including Friday.

 Price Range
Price Range is applicable on individual securities. The trading of the individual
securities are not halted but allowed to trade within the price range.The price band is
10% of previous close on either way. During the ATO (At the opening) session the
range is 5% on either way of Previous Close Price. After the band is 2% on either
way of the Last traded price till it reaches to 10% of the previous close.
 21

3.4 Capital Structure

The authorized capital of the stockbroker is Rs.1crore. Stockbroker should maintain
minimum balance of Rs.1crore on its account. It is subscribed by Security Exchange
Board of Nepal (SEBON). Previously authorized capital of stockbroker was Rs.20
lakhs.

3.5 Present Situation

3.5.1 NEPSE (Nepal Stock Exchange)

NEPSE is the first and the only secondary capital market in Nepal. The introduction
of Capital Act in 1964 laid the foundation for the formation of the capital market
institution in Nepal. As a result Securities Exchange Center was established in 1973
with an objective to facilitate and promote the growth of the capital markets in
Nepal. NEPSE operates under the Securities Act, 2007. It is regulated by the
Securities Board of Nepal (SEBON). The Finance Ministry gave approval to the
Securities Board of Nepal (SEBON) to reduce stockbrokers’ commission by around
40 percent. After the new provision comes into effect, the brokers can charge 0.4-0.6
percent commission on total trading amount significantly less than existing
commission of 0.7-1 percent. The new commission rate was implemented on 24 th
July, 2016.

According to the new rule following amount is charged on transaction;

Table 3.1: New-commission rate of stockbroker

Transaction amount Commission rate

Up to Rs.50,000 0.60%

Rs.50,000 to Rs.500,000 0.55%

Rs.500,000 to Rs.20,00,000 0.50%

Rs.20,00,000 to Rs.1,00,00,000 0.45%

Above Rs.1,00,00,000 0.40%

 22

Before the new rule, the broker commission rate was charged as given below;
Table 3.2: Old-commission rate of stockbroker

Transaction amount Commission rate

Up to Rs.2500 Rs.25
Rs.2501 to Rs.50,000 1.00%
Rs.50,001 to Rs.500,000 0.90%
Rs.500,001 to Rs.10,00,000 0.80%
Above Rs.10,00,000 0.70%

In 1994, NEPSE started its trading with 62 listed companies. From 2005 government
bonds are being listed and traded at NEPSE floor. At present there are 239
companies listed in NEPSE.
Trading on equities takes place on all days of week (except Saturdays and holidays
declared by NEPSE in advance). On Friday odd lot of ordinary shares trading is
done. The trading hours of the board load equities begins at 11:00 noon and market
closes at 15:00 pm on all the working days except Friday. However, the trading
hours of odd lot equities begins at 11:00 noon and ends at 13:00 pm only on Friday.
At present, there are 50 member brokers and 2 market makers, who operate on the
trading floor as per the Securities Act, 2007, rules and bye-laws.

The securities available for trading are as given below;

a) Shares
Share is a unit of ownership that represents an equal proportion of a
company’s capital. It entitles its shareholder to an equal claim on the
company’s profit and equal obligation for the company’s debt and losses.
There are two major types of shares are;
 Ordinary shares (Common stock)
Ordinary shares are usually the shares that people refer to while talking about
share and prices. They give the owner right to dividend, voting, attendance at
annual general meeting and receiving accounts. There may also be an
entitlement to specific perks such as company discount.

 Preference share (Preferred stock)

 23

Preference shares are special preferential class that will pay a fixed dividend
before any remaining dividend is paid to ordinary shareholders. Sometime
these can also be redeemed for a set price or they may be convertible to
ordinary share in future.

b) Debentures
A debenture is a medium to long-term debt format that is used by large
companies to borrow money. Debenture is a type of debt instrument that is
not secured by physical assets or collateral. Debentures are backed only by
the general creditworthiness and reputation of the issuer. Both corporations
and governments frequently issue this type of bond to secure capital.

c) Government bonds
A government bond is a bond issued by a national government, generally
with a promise to pay periodic interest payments and to repay the face value
on the maturity date. Government bonds are usually denominated in the
country's own currency.

d) Mutual funds
A mutual fund is a professionally managed investment fund that pools
money from many investors to purchase securities.

3.5.2 Central Depository System and Clearing (CDSC) Limited

CDSC is a paperless technology established under the CDSC Company Act 2063. It
is the one and only Depository Company established under the sole ownership of
Nepal Stock Exchange Limited. CDS and Clearing Limited, a company established
under the company act is a company promoted by Nepal Stock Exchange Limited
(NEPSE) in 2010 to provide centralized depository, clearing and settlement services
in Nepal. The company is inaugurated on 31st March 2011.

The main objective of the company is to act as a central depository for various
instruments (Equity, Bonds, and Warrants etc.) especially to handle securities in
 24

dematerialized form. The depository functions will be performed by the company

under the securities regulations of Securities Board of Nepal (SEBON).

3.5.3 Beneficial Owner (BO)

The beneficial Owner of the Central and Depository System and Clearing Limited
(CDSC) is the investor or client who has opened D-mat account through the
Depository Participant and has acquired the securities in the electronic form that can
be traded electronically. Each client is provided a Beneficiary Owner ID (BOID)
through the respective DP. The BOID comprises of 16 digits identity number. A BO
can have one or more BOID each with unique code. The BOID is in following form;

1 3 0 2 4 5 6 0 2 6 0 2 4 5 6 0

The first 8 digits represent the DPID and the last 8 digits represent a client ID.

3.5.4 Depository Participant (DP)

Depository Participant is an important party in the CDSC which is responsible to

provide the following services to the client through the stockbroker, capital market
(DP);

 Opening D- mat account of the client

 Dematerialization of securities
 Re materialization of securities
 Keep proper record of the securities in electronic form
 Collection of the bonus, dividend, right shares, etc. provided by the issuer
to the client in the respective client account.

3.6 Services of oxford securities:

 Trading Services:
Oxford Securities Pvt.Ltd is one of the leading brokerage of Nepal and it has
solid trade infrastructure for trade services. To be the best trade service
 25

provider it has already taken some big steps towards success by establishing
latest IT infrastructure, dedicated Peoples and large screen display for large
trading floor. It is also making steps like margin accounts to make customer
clients service in higher position.
 Client Services:
It offers the highest level of convenience to clients through highly skilled
traders who fully understand client’s requirements. Also it provides expert
advice to clients and executes order accurately and instantly to obtain clients
total satisfaction.
 Online Trading:
Very soon Oxford security is going to introduce online trading system for its
client’s. It will facilitate them to transact shares from anywhere of the world
through internet. It was told about introducing online trading form Shrawan
1st 2074 but due to technical issue it has been being delayed.

 SMS Services:
Recently, oxford securities started SMS services to its clients. Every client
who buys or sell the stock in a particular day via oxford securities will
receive a SMS containing Amount to be paid or received by the clients.
 Cheque Deposition:
Oxford securities itself will deposit all the clients DMAT Cheque/Debit
instruction Slip(DIS) to related capital itself so that client won’t have to
travel for clearance.

3.7 Challenges and Opportunities

Organization face different opportunities and challenges while performing different
activities. Some of the opportunities and challenges of Oxford securities Pvt.Ltd are
as given below;

Opportunities

 When the market is boom, transaction becomes higher and profit

automatically goes up.
 26

 Due to change in technology transaction can be carried out more effectively.

 Technological change decreases the cost of the organization by reducing the
staff of an organization.

Challenges

 Due to change in technology employees need to be update regularly

 When client delay for the payment then it becomes difficult for settlement.
 If the market is bear or downward, customers decrease then transaction
becomes lower and profit decreases too.
 Organization should be able to adopt the technological change.

   

CHAPTER IV
 27

ANALYSIS OF ACTIVITIES DONE AND PROBLEMS

SOLVED

4.1 Background
During the Internship at stockbroker, involvement was diversified in many
departments. Duration of internship was of two months which started on 1 st ashad
and successfully completed in 27 sharwan. During this period Internee has been
placed on different department Internee has spent more time in Clearing and
Settlement Department. Apart from this internee has been placed in customer and
service department, account department, trading department, etc.

4.2 Activities Performed and Lessons learnt

Activities Performed and Lessons learn in different department of brokerage firm
are as given below;

a) Clearing and Settlement Department

Clearing and settlement department is one of the important departments of
the organization that performs the wide range of activities. In a brokerage
firm, this department is that part of the organization which directly deals
with the clients and makes direct interaction with them. This department
makes the verification and approval of the transactions occurred daily. It also
carries out the function of collecting DIS checks for making the verification
and approval of the ownership transfer. Various activities done in this
department are listed below:
 Verification of Amount paid:
The main function of the broker house is to buy the stocks for its
clients. Broker house charge certain commission for this transaction
but before the charge, the account of clients should be cleared with its
payment. After the settlement of bills, office staff will transfer the
stocks to clients account.
 28

 Verification of Stocks in account:

Clients account should consists No. of stocks that they want to sell. If
there are not enough stocks in clients account then broker house will
be responsible of such transaction. Clients have to pay penalty on its
false transaction.
 Check signature:
The signature of clients should be matched with its Dmat account
otherwise the stocks won’t be transferred by capital. So the staff of
clearing and settlement should verify the signature of clients in
respect of its Dmat account.
 Drawing down the cheque
As one of the services of oxford securities is to make customer easy
on their transaction.Clisnts have full trust on its Broker so the lwave
their cheque with their signature so that they can sell their stocks in
phone call and broker house does further process without giving
pressure to its client.
 Reminder to customer
Customer should be remind about their payment of cash (cheque) and
DIS. Some customer trade once a week or months. Their account
should be cleared as soon as possible so they should be reminded
about the transaction.
 Dealing with customer queries about settlement:
It takes minimum of 4 days to transfer the stocks but clients which
are new in this felid are unable the calculate days. Clearing and
settlement department will help them to recall of their transaction and
give a date to their clients about deposition of stocks in their
accounts.

The period was helpful in understanding the importance of the entry made in
the system. The significance of correct entry was understood. The knowledge
 29

of handling the software and making the online data entry were gained. The
mechanism of calculating capital gain tax was also understood.

b) Customer Service Department

Some clients make the order directly visiting the broker house whereas
others provide the order details via telephone calls. The clients’ order was
filled in an order slip and was forwarded to the trading section for the
execution of the order. This department is oriented towards customers and
basically manages all the customers’ queries and if possible tries to solve in
the front desk of the organization.Activitiees done in this department:
 Clarification
Not all the clients are full known about the stock market. They should
be guided about the process of stock transaction. Every client should
be known about the days to transfer the Stocks in their accounts and
minimum days of payment while buying the stocks. Customer
services department is mainly concerned with this type of queries.
 Filling KYC
Entering down new customer identify proof with their citizenship in
brokers account. The KYC (know your customer) should be filled up
by each customer before doing trading.Documennts required are
Photograph of customer, Citizenship of customer, And Dmat account
conformation.
 Recording, Filing and Documentation
Filing and documentation are very important task that department’s
staffs do. The entire paper work has to be done simultaneously to the
computer work. There are different files for filing different
documents. The department personnel needs to update the records if
any change has occurred to the customer’s previously submitted
information as soon as new information is provided to the credit
department. In this department, internee needs to maintain different
files for the different purposes.
 30

 Scanning and photocopy of documents:

Various documents like photographs, citizenship, contract paper etc.
should be properly scanned and photocopy and entered into bank
system so that it could be accessed easily when it is needed.

The period was helpful in understanding how to deal with clients. Way to
communicate with the clients and also dealing with the clients problems.

c) Account Department
The records of the daily transaction were maintained by making an entry in
the computer and documents were filed for the future reference. The
documents were made available to the clients on demand. The bank vouchers
were prepared for the payments of the deposit of payment. Also, the bills
popularly called “Chalaan” were prepared for both the buying and selling
transaction to keep the record safe.The activities performed during the period
provided the knowledge about filling the bank voucher, importance of the
transaction ID and the payment mechanism of secondary market. It also
provided the idea of preparing bills and its significance in the future for the
reference.

d) Trading Department
This department is mainly concerned with the trading activities of the
organization. It involves buying and selling of securities in the secondary
market. It takes the order of the client and place that order in the market
depth. Then the matching of order in the market leads to the execution of the
order. This department has to work as per the instruction provided by the
clients.
While working in this department the intern have gained knowledge about
how to take the orders of clients and place those orders in the market depth
customer for the placement of sell order, etc. After the placement of the
order, the order is forwarded to the trading room, which is either executed or
cancelled.  The executed orders are of two types: purchase order and sell
order.
 31

4.3 Felt/Observed Gap

Theory is what the student study from the book and practical is what the student
does in the practical life. In theory, student learns basic things of the subject but in
practical student know how to utilize that theory in their daily life. The gaps
between theoretical and practical knowledge of the student about Bokerage firm are
as follows.
 Students study about the different departments of brokerage firm but
in real all the departments might not be in the firm.
 In theory the different facilities provided by the institution is studied
but all the institutions cannot provide all the facilities to its
customers.
 In theoretical knowledge student only get a chance to know out
surface but in practical student gets the chance to know the
organization entirely.
 While studying student knows only the problem of organization in
written but while facing the problem in work and do the solution of
that problem was the practical work.
 The applicability and usefulness of business education to real-life
business can be known from the practical knowledge.
 32

CHAPTER V

CONCLUSION AND LESSONS LEARNT

5.1 Conclusion
After the completion of this internship of two months, the real meaning of the work
life and the actual pressure of the job had been felt. This feeling had changed the
previous perception of the job-life. It had been a fruitful experience for the present
as well as for the future also. The charm of the bankers’ life in the view of the public
had been changed now and the reality of the charm backed by the intense pressure
had been felt. The ‘to be known world’ had been known now and also a thought that,
besides books and knowledge of the syllabic books there are a lot of things to be
known and learnt, had emerged. It was really a great opportunity to know new kinds
of people, new kinds of experiences, new kind of environment and a completely new
atmosphere around us. It was learning by doing kind of opportunity and had been
successful to make a change within myself.

Being in Oxford securities Pvt.Ltd as an interne wouldn’t be much interesting

without the support of the oxford Securities family. From them, the writer have
learnt that the workplace is also a family for any worker and how important is it for
the social wellbeing of the worker. The intern also got the chance to feel the closing
pressure in the organization since he was there during the closing of the fiscal year
2073/2074. He also got the chance to get wider variety of knowledge due to the
support of Oxford securities Pvt.Ltd staff and management.
While concluding this report, the internee is intensely satisfied with the internship
and its outcome. This experience will not only be beneficial today but also in the
future also when the interne should work in the real life.

5.2 Lessons Learnt

The interne is able to learn various new knowledge as well as the practical
implications of various theoretical knowledge after the two month internship
 33

exposure. All the lessons learnt can’t be express in the language form because much
knowledge is related to the realization rather than the new knowledge. Anyways, the
important lessons that the internee is happy to express in the word form are bulleted
in the below points;
 Real-life Working is a very pressurized task and hence cool and calm mind is
essential for success.
 Learned to speak, function and work in corporate way
 Learned the institutional culture and the values in the corporate world.
 Importance of effective communication in the job-place
 Interact and behave in a professional way to the clients to make them
satisfied with your services
 Understood the trading mechanism in a whole and the way in which the
stock price are negotiated in market depth
 Learned about the difference in the current settlement and clearing
mechanism.
 Had an idea about the various party involvements in the secondary market.
 Learned to treat each individual differently because of the individual
differences among them.
 Had an idea to handle the system of brokerage firm that deals with the
activities of an organization.

These above mention are some of the important things that the writers have learned
during his internship period.
Concluding this chapter with one saying “The best way of learning is by doing” by
an unknown author is very much appropriate at this stage to express the lessons that
had been learnt during the internship period. In internship practically the work is
either observed or done practically, which are the best means of learning. So, the
internship program is successful in bringing the change in the student closed in the
boundary of the classroom by exposing them in the real and very difficult and
challenging external job place.
 34

5.3 Suggestions
Working as an internee in Oxford securities Pvt.Ltd was a great experience which
led to learn different skills and attitudes in professional working environment. It was
right place where the theories studied in college were really implemented in
practical ground. It further helped to find out the gap between what to learn and
what market needs. Some of the study and observation made during internship has
led some feedback and recommendation. Some of the suggestions for the efficiency
and effectiveness in performance are;
 Re-structure and re-organize the job and responsibilities so that there is
efficiency in job completion.
 Proper maintenance of computers and other devices should be ensured timely
in regular basis.
 Increase the staffs because daily transaction is increasing continuously.
 The organization should improve its departmental overload which is now for
few staff only.
 35

Reference

Books:

Kiran Thapa. (2013). Investment analysis and management. Kathmandu: Asmita

Books Publishers & Distributors (P) Ltd.

Rajesh Gurung. (2014). Financial institutions and markets. Kathmandu: Buddha

Academic Publishers and Distributors Pvt. Ltd.

Websites:

www.nepalstock.com (August, 2017)

www.sebon.gov.np (August, 2017)

www.wikipedia.com (August, 2017)

www.cdscnp.com (August, 2017)

 36

Annex
Table: List of Brokerage firms in Nepal

N.O Broker Name Broker

Code
1 Kumari Securities Pvt. Limited 1
2 Arun Securities Pvt. Limited 3
3 Opal Securities Investment Pvt. Limited 4
4 Market Securities Exchange Company Pvt. Limited 5
5 Agrawal Securities Pvt. Limited 6
6 J.F. Securities Company Pvt. Limited 7
7 Ashutosh Brokerage & Securities Pvt. Limited 8
8 Pragyan Securities Pvt. Limited 10
9 Malla & Malla Stock Broking Company Pvt. 11
Limited
10 Thrive Brokerage House Pvt. Limited 13
11 Nepal Stock House Pvt. Limited 14
12 Primo Securities Pvt. Limited 16
13 ABC Securities Pvt. Limited 17
14 Sagarmatha Securities Pvt. Limited 18
15 Nepal Investment & Securities Trading Pvt. Limited 19
16 Sipla Securities Pvt. Limited 20
17 Midas Stock Broking Company Pvt. Limited 21
18 Siprabi Securities Pvt. Limited 22
19 Sweta Securities Pvt. Limited 25
20 Asian Securities Pvt. Limited 26
21 Shree Krishna Securities Limited 28
22 Trishul Securities And Investment Limited 29
23 Premier Securites Company Limited 32
24 Dakshinkali Investment and Securities Pvt. Ltd. 33
25 Vision Securities Pvt. Ltd. 34
26 Kohinoor Investment and Securites Pvt. Ltd. 35
27 Secured Securities Ltd. 36
28 Swarnalaxmi Securities Pvt. Ltd. 37
29 Dipshikha Dhitopatra Karobar Co. Pvt. Ltd. 38
30 Sumeru Securities Pvt. Ltd. 39
31 Creative Securities Pvt. Ltd. 40
32 Linch Stock Market Ltd. 41
33 Sani Securities Co. Ltd. 42
34 South Asian Bulls Pvt. Ltd. 43
35 Dynamic Money Managers Securities Pvt. Ltd. 44
 37

36 Imperial Securities Co. Pvt. Ltd. 45

37 Kalika Securities Pvt. Ltd. 46
38 Neev Securities Pvt. Ltd. 47
39 Trishakti Securities Public Limited 48
40 Online Securities Pvt. Ltd. 49
41 Crystal Kanchanjungha Securities Pvt. Ltd. 50
42 Oxford Securities Pvt. Ltd. 51
43 Sundhara Securities Ltd. 52
44 Sri Hari Securities Pvt. Ltd. 56
45 Investment Management Nepal Pvt. Ltd. 53
46 Sewa Securities Pvt. Ltd. 54
47 Bhrikuti Stock Broking Co. Pvt. Ltd. 55
48 Araya Tara Investment And Securities Pvt. Ltd. 57
49 Naasa Securities Co. Ltd. 58
50 Deevyaa Securities & Stock House Pvt. Ltd. 59