Upstox - RKSV - Trade in Rs 20 Max

[RKSV]

Hi, I am an NRI wanted to trade only in Future&Options (I think no need of demat a/c)
can I directly trade just by opening and NRO a/c with ICICI Bank or
Do I have to do some custodial service with IL&FS etc.

Kindly specify what are things I have do to trade in my NRO a/c only for Future&Options

Please answer


Thanks


Ramesh

Hi Ramesh,

Yes the custodial code has to be obtained from a clearing member before engaging in F&O trading. Here's the NSE's take on it: www.nseindia.com/content/members/faq_NRI_TA.pdf

 

[RKSV]

Thanks for the reply.
What I get from your reply.
1. Exchange will not slap excess margin, beyond of SPAN system, selectively, to a trader from its end.
2. If excess margin is charged beyond SPAN SYSTEM, and no extra leverage has been provided, it is the broker's fault.

Then what one should do to recover the loss and also the penalty, if a margin of about 7 lakhs was slapped (without any information to the trader) for 100 nifty long position, trading account debited for this amount and all credit balance on the day and amount sent on the previous day (about 1 lakh) to take additional position in call options (buy only), was adjusted for this debit balance, not allowed for further trading in F&O. The trader has to square off his long position (which was in profit) to get his money released, so as to buy options. Moreover, the trader was also slapped an hefty fine in thousands for this 100 nifty trade.

I may also add that on that trading day there was no other future position (except 100 long nifty), no shorts in options either (only buy position in call options), for which margin is required by exchange and in case of call options full premium of options was already paid.

Talk to the broker and find out exactly why it was done. If he can't give you a straight answer, you can file a complaint with the NSE here: http://www.nse-investorhelpline.com/EIS/ to report the same.

 

[My investmentz]

Have you decided on your software vendor or not yet if not then find some way out to give us margins till you decide for a software which can handle margins it self

Do it fast as even if i shift 20 % of my trading to you it will be a lots of savings
( will not shift 100 % as u might run away with my money as already i have friends referred to you who have 100 % of there money with you they will beat me black and blue if u run so rather then running run after a software vendor :rofl

And if software is an issue provide margins by manually adjusting your RMS limits
i know it can be done as globe capital has already done it for me on now Platform ( find a way out man its been a year ) do it before i retire

 

[RKSV]

Have you decided on your software vendor or not yet if not then find some way out to give us margins till you decide for a software which can handle margins it self

Do it fast as even if i shift 20 % of my trading to you it will be a lots of savings
( will not shift 100 % as u might run away with my money as already i have friends referred to you who have 100 % of there money with you they will beat me black and blue if u run so rather then running run after a software vendor :rofl

And if software is an issue provide margins by manually adjusting your RMS limits
i know it can be done as globe capital has already done it for me on now Platform ( find a way out man its been a year ) do it before i retire

Heh... software launch is in the works. We are keeping quiet until we reach a more stable phase. As mentioned before, we are shooting for early-mid 2013 on any announcement. I know that's a year and a half since launch yet it gives us enough time to be clear on the features we need and the ones we don't.

Regarding margin against shares, we doubt it will be doable for as long as we are on NSE NOW. Other brokers are able to do it byway of manual work. We don't want to risk doing it in a mass fashion with many online clients. One wrong punch and it can spell trouble for both the client and the broker.

Many prospective clients do ask us the same question and walk away after finding out that we don't offer margin against shares -- those activities are just things we don't want to do purely to attract more clients. We have outlined this issue along with other pain points in the search/approval of our next software and will ensure it will be solved in the future.

Would rather be upfront with you and let you know it's not coming soon (even though it won't suit your needs ) than let you know otherwise.

 

[My investmentz]

Do u mean to say margin against stocks is not coming till u get
Software or it's not coming even after u get omnesys nest or
ODIN pls let us know

A good business men seldom lets clients walk away if things are
Manageable in this case they are

About u I feel is that u were traders with own nse membership
But became brokers as u ppl realised it's not easy to make
Money trading

But as u guys took pains to make money as traders as ur web
Site proclaims please put some efforts in broking also

If u are here just to supplement your trading income as brokers
Then it's fine BUT IF YOU ARE HERE TO COMPETE WITH THE
LIKES OF ZERODHA AND RK GLOBAL then a Little more effort
Is required

 

[RKSV]

Do u mean to say margin against stocks is not coming till u get
Software or it's not coming even after u get omnesys nest or
ODIN pls let us know

A good business men seldom lets clients walk away if things are
Manageable in this case they are

About u I feel is that u were traders with own nse membership
But became brokers as u ppl realised it's not easy to make
Money trading

But as u guys took pains to make money as traders as ur web
Site proclaims please put some efforts in broking also

If u are here just to supplement your trading income as brokers
Then it's fine BUT IF YOU ARE HERE TO COMPETE WITH THE
LIKES OF ZERODHA AND RK GLOBAL then a Little more effort
Is required

Appreciate your words of advice. We just need more time to do the specific requests you had asked for (but not the way it's done by others). We are working hard on other things that will be shown in the coming year.

Edit: Stocks against margin will come after we move away from NSE NOW. We will pick a platform that can support it and bring it in after it's stable.

 

[megapixel]

Hi RKSV,

In the drop box box download you have put price freeze and quantity freeze excel.

I have a query on this ...

If there is a price freezing of a stock future contract of my position, how do I square off ?

If there is a quantity freezing of the stock future contract of my position, how do I square off ?

 

[RKSV]

Hi RKSV,

In the drop box box download you have put price freeze and quantity freeze excel.

I have a query on this ...

If there is a price freezing of a stock future contract of my position, how do I square off ?

If there is a quantity freezing of the stock future contract of my position, how do I square off ?

Hi megapixel,

I think you are confusing price/quantity freeze with circuit breakers. For price/quantity freeze your order will turn into a "frozen" status. The exchange will release it in a few minutes or the broker has to call them for the same. Then you can place a fresh order to square off your positions.

Circuit limits are when equity stocks hit a lower or upper range for the day and you are not able to buy/sell (depending on what side it got hit) until it's released by another participant.

 

[megapixel]

Hi megapixel,

I think you are confusing price/quantity freeze with circuit breakers. For price/quantity freeze your order will turn into a "frozen" status. The exchange will release it in a few minutes or the broker has to call them for the same. Then you can place a fresh order to square off your positions.

aha...good ....I was worried how do I square off in such situations. You know this happens when a stock future scrip price moves +/- 20% than closing price of previous day....glad to know that positions can be squared off in few minutes . Is it just a cooling time ?

Circuit limits are when equity stocks hit a lower or upper range for the day and you are not able to buy/sell (depending on what side it got hit) until it's released by another participant.

OK. say on expiry day circuit limit occurred...and If there is no buyer/seller of stock future contract on expiry day and I'm unable to square off ..what will happen to my stock future position ?

 

[RKSV]

aha...good ....I was worried how do I square off in such situations. You know this happens when a stock future scrip price moves +/- 20% than closing price of previous day....glad to know that positions can be squared off in few minutes . Is it just a cooling time ?

OK. say on expiry day circuit limit occurred...and If there is no buyer/seller of stock future contract on expiry day and I'm unable to square off ..what will happen to my stock future position ?

If a future closed at Rs. 1,000 -- price freeze is there from 800 - 1200. Meaning if you place an order outside of this range, it will get frozen (same thing as cancelled). Now if the future crosses the lower or upper bound, then the next range of prices opens up (updated by the exchange).

You won't be in a situation where the stock future hits a limit and you can't square off.

But say there are no buyers/sellers in the market, then the exchange will square it off for you based on the underlying's price.