Upstox - RKSV - Trade in Rs 20 Max

[sachin928111]

are u offering only freedom or is there somthing else for those who dont want to go with freedom plan

 

[RKSV]

are u offering only freedom or is there somthing else for those who dont want to go with freedom plan

Hi sachin,

For now it's just freedom plan. Will let everyone know when we release more plans.

 

[ksundarj]

Hi

I am looking for opening a New trading account. Would like to know the following details about Trading Account with RKSV.

Am not looking for this freedom plan. (Sorry if there are any other threads available, for Normal account with RKSV). Am just looking for normal account

1) Am only looking forward to trading in NSE Derivatives. So trading account would suffice. right?
2) Account Opening Charges
3) AMC
4) Do u provide NOW & any other web based software (am NOT looking for Desktop based terminals - which we need to install)?
5) Are there any software charges?
6) I'm holding savings account with ICICI bank. So how do I transfer money to Zerodha and how do I withdraw? How long does it take for the tranfer (am only looking for online transactions; NOT cheque drops, etc...)
7) And what would be the margin that I have to keep in my account for Intraday trading for the above case
8) And what would be the margin that I have to keep in my account for Positional trading for the above case
9) Are there any other charges at all? If so, what are they?
10) Do I need to maintain any Deposit with RKSV?

Thanks
Sundar

 

[RKSV]

Hi

I am looking for opening a New trading account. Would like to know the following details about Trading Account with RKSV.

Am not looking for this freedom plan. (Sorry if there are any other threads available, for Normal account with RKSV). Am just looking for normal account

1) Am only looking forward to trading in NSE Derivatives. So trading account would suffice. right?
2) Account Opening Charges
3) AMC
4) Do u provide NOW & any other web based software (am NOT looking for Desktop based terminals - which we need to install)?
5) Are there any software charges?
6) I'm holding savings account with ICICI bank. So how do I transfer money to Zerodha and how do I withdraw? How long does it take for the tranfer (am only looking for online transactions; NOT cheque drops, etc...)
7) And what would be the margin that I have to keep in my account for Intraday trading for the above case
8) And what would be the margin that I have to keep in my account for Positional trading for the above case
9) Are there any other charges at all? If so, what are they?
10) Do I need to maintain any Deposit with RKSV?

Thanks
Sundar

Hi Sundar,

1) Yep, no demat needed.
2) Rs. 250 online, Rs. 350 for couriered.
3) Zero
4) We provide NSE NOW. It comes in Windows EXE, Web based, and mobile form.
5) Zero
6) Instant transfer into your trading account using ICICI and NSE NOW. Withdrawal happens on the current or next business day depending on when your request went through.
7) 50% for futures intraday
8) 100% margin required for holding positions overnight
9) Zero. You get your monthly fee refunded if you place 0 trades during that month (1st of the month to the 31st).
10) Zero

 

[ksundarj]

That's a pretty quick reply. Thanks.

Just want to know, is there any other plan apart from this Freedom Plan? Like charging per lot like other brokers provide.

Say Rs.10 / 20 for 1 lot of futures buy & the same for sell. Like that?

Hi Sundar,

1) Yep, no demat needed.
2) Rs. 250 online, Rs. 350 for couriered.
3) Zero
4) We provide NSE NOW. It comes in Windows EXE, Web based, and mobile form.
5) Zero
6) Instant transfer into your trading account using ICICI and NSE NOW. Withdrawal happens on the current or next business day depending on when your request went through.
7) 50% for futures intraday
8) 100% margin required for holding positions overnight
9) Zero. You get your monthly fee refunded if you place 0 trades during that month (1st of the month to the 31st).
10) Zero

 

[RKSV]

That's a pretty quick reply. Thanks.

Just want to know, is there any other plan apart from this Freedom Plan? Like charging per lot like other brokers provide.

Say Rs.10 / 20 for 1 lot of futures buy & the same for sell. Like that?

Hi Sundar,

Not as of now. We just have the Freedom Plan.

 

[DataRam]

Hey guys,

Will try to address most of this. These are very good questions and we had to pull in people from high-level teams to get them addressed. Let me first start by saying that we have found a sustainable profit model and that we are not losing money by any means. Many competitors have told our clients such things and it's simply not true. You should instead ask them to lower their prices. What we provide is not a "promotion" model of any sort and many of you here are able to see that.

Our current model is to cater to guys who do a lot of trading and don't require all the bells and whistles that come with a full service brokerage account (advice, tips, margin against shares, etc..). We keep our costs low by having one office that employs multilingual associates and services Pan-India. The customers are generally young, know how to trade, and have a good understanding of technology. They don't want to be bothered by calls such as "Sir, Nifty is 5 points down, do you want to buy?" Furthermore, compliance is and always will be our topmost priority -- every one of our customers had to get a webcam IPV, and we are very strict about this compliance requirement. These are preventative actions taken to ensure that we are fully compliant with SEBI, while keeping our costs low.

Our future plan is to continue servicing clients. Adding segments will help us attract new customers, but if we are not able to provide the same (or better) level of service, it will have to wait.

It is our policy to not reveal user counts and trading turnover. Such facts are not verifiable and even the biggest brokers have gone bust in the past. But, let me go through some of our core values that we stick by.

One of our core values is to stay ahead in technology. The founders are all geeks who come from pro-trading backgrounds. The three of them have done schooling from the US (not just college). With experience in working with world-class pro and retail brokerage platforms, we want to make sure that whatever decisions we make in terms of investing in technology, the result will be an amazing one. It may take us a while to evaluate how to move forward on this front but it's only because we are treading carefully.

Another core value is to do business with honesty and ethics. This industry has its fair share of bad customer service and unethical practice; we want to change this image. Putting your money in a "finance company" should not be akin to a scam as it was in the 90s. India is becoming a global player and it is time we start changing the way we do business.

Whew, long post! We are growing guys, and it is an exciting time for us as well. In the next few months, we will have more people join the RKSV team than we had when we introduced the Freedom Plan to all of you.

I really wish success for RKSV in its plans as it will culminate into mutual success of RKSV & its clients.

Additional segments and new plans will surely come with time ,I am hopeful.

I want success to be universal . :thumb:

 

[timepass]

Hello RKSV,

Yes, that was a long post. But none of the questions have been answered specifically, specially considering that it took a high level team to coin that post.

Now, you may not want to reveal the number of customers or the average turnover as a matter of policy. That's cool.

I mentioned in my post that these questions are from the prospects, not clients. If you were a prospect and put forth such questions, certainly you too would be not very satisfied with the response.

A customer is entitled to ask about the provisions for the safety of his money and future plans, isn't he ? Also, the customer is changing. Now a lot more traders are working in F&O segment. Short-selling is no longer a taboo with the older clients. The data from the exchanges confirms that more than 75% of the turnover is in F&O segment.

Also, the opportunities for trading in F&O are expanding. Earlier it was only NSE, now BSE also offers F&O (but they both basically cater to the same market). Then the currency F&O is there and now we hear that MCX may offer options trading in the commodities too.

The prospects would like to explore ALL the opportunities legally available (there are many who don't want the glitter of "Forex"). Not only the prospects, some of your existing clients too may want to expand their trading ranges/ capital.

At present, your have a sort of monopoly whereby you offer unlimited trading in three segments for a fixed monthly amount. It's a very attractive offer, but two of the segments are equities, which a prospect may not use at all !!

Hello RKSV,

Maybe some of the following have been asked before, but again..

1) How many customers do you have ?

2) How is the money of the customers safe with you ? Is it indemnified by some bank or NSE or SEBI or something ? Just in case of natural calamities or something.

3) What is your average daily turnover ??

4) What are your future plans ? Additional segments ?
.


PS : These queries aren't mine, but a result of your growing popularity and public interest. As usual, the public thinks "How can they afford it ? There must be some ghapla". Also, they would like to believe, but just need some more info.

Hey guys,

Will try to address most of this. These are very good questions and we had to pull in people from high-level teams to get them addressed. Let me first start by saying that we have found a sustainable profit model and that we are not losing money by any means. Many competitors have told our clients such things and it's simply not true. You should instead ask them to lower their prices. What we provide is not a "promotion" model of any sort and many of you here are able to see that.

Our current model is to cater to guys who do a lot of trading and don't require all the bells and whistles that come with a full service brokerage account (advice, tips, margin against shares, etc..). We keep our costs low by having one office that employs multilingual associates and services Pan-India. The customers are generally young, know how to trade, and have a good understanding of technology. They don't want to be bothered by calls such as "Sir, Nifty is 5 points down, do you want to buy?" Furthermore, compliance is and always will be our topmost priority -- every one of our customers had to get a webcam IPV, and we are very strict about this compliance requirement. These are preventative actions taken to ensure that we are fully compliant with SEBI, while keeping our costs low.

Our future plan is to continue servicing clients. Adding segments will help us attract new customers, but if we are not able to provide the same (or better) level of service, it will have to wait.

It is our policy to not reveal user counts and trading turnover. Such facts are not verifiable and even the biggest brokers have gone bust in the past. But, let me go through some of our core values that we stick by.

One of our core values is to stay ahead in technology. The founders are all geeks who come from pro-trading backgrounds. The three of them have done schooling from the US (not just college). With experience in working with world-class pro and retail brokerage platforms, we want to make sure that whatever decisions we make in terms of investing in technology, the result will be an amazing one. It may take us a while to evaluate how to move forward on this front but it's only because we are treading carefully.

Another core value is to do business with honesty and ethics. This industry has its fair share of bad customer service and unethical practice; we want to change this image. Putting your money in a "finance company" should not be akin to a scam as it was in the 90s. India is becoming a global player and it is time we start changing the way we do business.

Whew, long post! We are growing guys, and it is an exciting time for us as well. In the next few months, we will have more people join the RKSV team than we had when we introduced the Freedom Plan to all of you.

 

[RKSV]

Hello RKSV,

Yes, that was a long post. But none of the questions have been answered specifically, specially considering that it took a high level team to coin that post.

Now, you may not want to reveal the number of customers or the average turnover as a matter of policy. That's cool.

I mentioned in my post that these questions are from the prospects, not clients. If you were a prospect and put forth such questions, certainly you too would be not very satisfied with the response.

A customer is entitled to ask about the provisions for the safety of his money and future plans, isn't he ? Also, the customer is changing. Now a lot more traders are working in F&O segment. Short-selling is no longer a taboo with the older clients. The data from the exchanges confirms that more than 75% of the turnover is in F&O segment.

Also, the opportunities for trading in F&O are expanding. Earlier it was only NSE, now BSE also offers F&O (but they both basically cater to the same market). Then the currency F&O is there and now we hear that MCX may offer options trading in the commodities too.

The prospects would like to explore ALL the opportunities legally available (there are many who don't want the glitter of "Forex"). Not only the prospects, some of your existing clients too may want to expand their trading ranges/ capital.

At present, your have a sort of monopoly whereby you offer unlimited trading in three segments for a fixed monthly amount. It's a very attractive offer, but two of the segments are equities, which a prospect may not use at all !!

Hi timepass,

Sure, yes it seems that we missed that question above! Must have gotten wrapped up about the last ones. Anyways, regarding fund safety, there are many things that are already in place to ensure that your funds are safe:

1) All brokers have to deposit a certain amount of money to be kept with the NSE to become members (http://www.nseindia.com/content/members/mem_newcmfo5.htm). This is to ensure capital adequacy and a minimum net worth policy.

2) Client funds have to be kept in a separate bank account. A broker cannot mix client and pro funds together in any way.

3) Every year, the NSE performs a thorough audit spanning several days. They check when funds came in from clients, how much is with the broker, what they were used for, and many other detailed compliance checks. We have passed their check every single year with flying colors.

4) Our calls are on a recorded line. If the broker places an order on behalf of a client, he must have proof of doing that. Using NSE NOW ensures clients that they can double check who placed the order by directly calling the exchange.

5) Investor Protection Fund - Part of your transaction fees charged by the exchange go to this fund which is to help clients recover losses in case of electronic, systematic or other non-client related failures. This is maintained by the NSE/BSE.

I hope that answers your questions on fund safety.

On future exchanges: yes, the BSE F&O segment is picking up and we are looking into it. However, volume seems to be choppy since their internal policies on liquidity have been changing. It looks like it might stabilize soon and when it does, we will offer it. You will benefit from the lower transaction charges.

Price alone is not something we are looking to have an edge on. It's also service, support and technology. These three points are looked at before making any big decisions at our firm.

Regarding MCX, we answered it earlier -- looking to get a commodity license, but also seeing how we can get a nice platform for it. We are aware of the ones that are out there now and are evaluating how to move forward. Once you pick one, it's hard to go back!

Hope that helps, let us know if we missed anything. Sorry for getting caught up with our vision in the earlier post.

 

[timepass]

This "upper circuit limit" for options, I guess it is fixed by the exchange. Is it updated intraday ?