Upstox - RKSV - Trade in Rs 20 Max

[lakshay]

rksv,

Is rs 25 brokerage fee for order placed or order executed? For ex. if i place order for 10 lots of option and it get executed in 3 orders , will i be charged rs 25 or rs 75 ?

 

[RKSV]

rksv,

Is rs 25 brokerage fee for order placed or order executed? For ex. if i place order for 10 lots of option and it get executed in 3 orders , will i be charged rs 25 or rs 75 ?

Per order traded. If you place a qty of 10 in one order and even if it gets filled in multiple trades, you will only get charged Rs. 25.

 

[neuron_sun]

Hi

I can't see Market and SL-M market order in Now platform , it was working fine few days back , what could be the problem.

Thanks

 

[sunilrhs]

Both these order type has been deactivated by RKSV from NSE-NOW. Now only limit and SL order can be placed, no market order can be placed.

Hi

I can't see Market and SL-M market order in Now platform , it was working fine few days back , what could be the problem.

Thanks

 

[a1b1trader]

Both these order type has been deactivated by RKSV from NSE-NOW. Now only limit and SL order can be placed, no market order can be placed.

But why they have deactivated market order and SL-M

 

[neuron_sun]

Hi

What is the source of this information and if it is true then its sure shot way of losing clients.

Thanks

But why they have deactivated market order and SL-M

 

[RKSV]

Hi

What is the source of this information and if it is true then its sure shot way of losing clients.

Thanks

Hey guys,

It was deactivated because of the nature market order risk is being calculated and we had several clients get into tricky situations where they and us lot some money.

Here's the scenario: say you want to buy 100 shares of some stock and it's current price is Rs. 1000. However, on the first level, there is only 20 quantity shown while the other 80 are in the second level priced at Rs. 1,100 (for example's sake). NSE RMS calculates your total required margin before placing the order as Rs. 1000 * 100 = Rs. 1,00,000. As long as you have 1 lakh in your balance, it will go through. Now, when the order goes through and gets hit, the true value of the order is realized as Rs. 1,08,000. This can trigger margin limit checks and sometimes MtoM checks depending on how bad/shallow the book is.

This happened to many of our clients this year when they placed trades on fairly liquid stocks but just when there was big discrepancy in the level pricing for the quantity they want. The result is that the client is in shock and we are scrambling to help them recoup the losses.

Now, if you want to place a market order, what you can do is place a limit order with just a higher price. In the above scenario, if you placed a limit order for qty 100 with a price of Rs. 1,100, the RMS knows exactly how much to limit your risk by and it gets executed promptly.

We have faced this problem throughout the year. Our understanding is that there are other big brokers that disable market orders completely for the same reason. Some clients even support that measure because it's safer for them. For now, since NSE NOW RMS behaves like this, we have taken this measure.

Eager to hear your thoughts.

 

[RKSV]

Hey guys,

It was deactivated because of the nature market order risk is being calculated and we had several clients get into tricky situations where they and us lot some money.

Here's the scenario: say you want to buy 100 shares of some stock and it's current price is Rs. 1000. However, on the first level, there is only 20 quantity shown while the other 80 are in the second level priced at Rs. 1,100 (for example's sake). NSE RMS calculates your total required margin before placing the order as Rs. 1000 * 100 = Rs. 1,00,000. As long as you have 1 lakh in your balance, it will go through. Now, when the order goes through and gets hit, the true value of the order is realized as Rs. 1,08,000. This can trigger margin limit checks and sometimes MtoM checks depending on how bad/shallow the book is.

This happened to many of our clients this year when they placed trades on fairly liquid stocks but just when there was big discrepancy in the level pricing for the quantity they want. The result is that the client is in shock and we are scrambling to help them recoup the losses.

Now, if you want to place a market order, what you can do is place a limit order with just a higher price. In the above scenario, if you placed a limit order for qty 100 with a price of Rs. 1,100, the RMS knows exactly how much to limit your risk by and it gets executed promptly.

We have faced this problem throughout the year. Our understanding is that there are other big brokers that disable market orders completely for the same reason. Some clients even support that measure because it's safer for them. For now, since NSE NOW RMS behaves like this, we have taken this measure.

Eager to hear your thoughts.

By the way, want to add that we emailed all of our clients a few days before to inform them the same. If you didn't get the email on your registered email address, let us know at [email protected].

 

[neuron_sun]

Hi RKSV

Is it possible to place SL and limit order with out blocking margin twice if you are already holding a position.

Example:

Bought NF at 6000

Now i want to put a Limit Sell order for 6015

and simultaneously i want to put a SL order at 5985.

I will cancel one order when ever other order gets executed.

Thanks

 

[km10443]

Hey guys,

It was deactivated because of the nature market order risk is being calculated and we had several clients get into tricky situations where they and us lot some money.

Here's the scenario: say you want to buy 100 shares of some stock and it's current price is Rs. 1000. However, on the first level, there is only 20 quantity shown while the other 80 are in the second level priced at Rs. 1,100 (for example's sake). NSE RMS calculates your total required margin before placing the order as Rs. 1000 * 100 = Rs. 1,00,000. As long as you have 1 lakh in your balance, it will go through. Now, when the order goes through and gets hit, the true value of the order is realized as Rs. 1,08,000. This can trigger margin limit checks and sometimes MtoM checks depending on how bad/shallow the book is.

This happened to many of our clients this year when they placed trades on fairly liquid stocks but just when there was big discrepancy in the level pricing for the quantity they want. The result is that the client is in shock and we are scrambling to help them recoup the losses.

Now, if you want to place a market order, what you can do is place a limit order with just a higher price. In the above scenario, if you placed a limit order for qty 100 with a price of Rs. 1,100, the RMS knows exactly how much to limit your risk by and it gets executed promptly.

We have faced this problem throughout the year. Our understanding is that there are other big brokers that disable market orders completely for the same reason. Some clients even support that measure because it's safer for them. For now, since NSE NOW RMS behaves like this, we have taken this measure.

Eager to hear your thoughts.

Thats does not make any sense from trader's perspective.Market and SL-M are so handy when one wants get out of market quickly. You are losing edge over your competitior.You should find better ways to handle your RMS rather than banning these orders.