Upstox - RKSV - Trade in Rs 20 Max

[neo1599]

So the margin has gone up 50% ?

Isn't the margin requirement as per the exchange?

As I understand it, 1.75% at the time of opening. 1% after as maintenance.

Even if taken as USD = 60. 1 lot margin shouldn't be more than 1050?

Does RKSV require more than double the stipulated margin? Or am I missing something here?

 

[DataRam]

Commodities Transaction Tax being imposed from 01-07-2013 .

Just as I was getting ready for commodities account this CTT news has

spoiled my mood. :annoyed:

PS: Brokerage Calculators will have to be updated in relation to Commodities.

 

[soft_trader]

Isn't the margin requirement as per the exchange?

As I understand it, 1.75% at the time of opening. 1% after as maintenance.

Even if taken as USD = 60. 1 lot margin shouldn't be more than 1050?

Does RKSV require more than double the stipulated margin? Or am I missing something here?

I don't know of 1.75% or like that. What I know is that the margin requirement for 1 lot of USDINR was around Rs 1350 to 1500.

 

[RKSV]

I don't know of 1.75% or like that. What I know is that the margin requirement for 1 lot of USDINR was around Rs 1350 to 1500.

Margin is based on SPAN Margin + Extreme Loss Margin (ELM). So if you look at the CDS Margin file here: https://www.dropbox.com/sh/000ebfc8vkgsc1p/XMM0EIdHYN/Margin%20Limits -- we have broken down the percentage points for both Span and ELM.

Both rates are given by the exchange. ELM % generally stays the same -- it's specified here: http://www.nseindia.com/products/content/derivatives/curr_der/cd_contract_specifications.htm. Span % may change on a daily basis depending on the volatility. The values are found here: http://www.nseindia.com/archives/archives.htm but are not in a nice readable format.

Let us know if that's not clear.

 

[shriti]

Is there any timeline on when market orders will be available as it's more than 2 months since you mentioned, that you start offering market order facility but I still don't see it till now. It's very disappointing.

 

[RKSV]

Is there any timeline on when market orders will be available as it's more than 2 months since you mentioned, that you start offering market order facility but I still don't see it till now. It's very disappointing.

Hi shriti,

Market orders are already available on our NEST terminal. If you have an MCX account, you can place market orders.

They are also ready for NSE, BSE, F&O. We have already been approved by all the exchanges. We will be slowly rolling out NEST to all of users in the coming month. Users will be migrated as early as 3 weeks from now.

On NEST, we have implemented market orders for all segments. We had a problem with placing market orders on option buying with NSE NOW. We have resolved that problem by adding a "protected market order" feature for all option buying market orders.

 

[traderite]

@RKSV , why don't you think of Rs. 15 or Rs. 20 per order . Rs. 20 per order will be at par Zerodha and if you manage Rs. 15 per order then it will be a real wonder.

I accept your argument of customer service but in this era of competition hiding behind this logic to increase cost [though marginally] cannot be a very welcome step. For a retail trader a penny saved is a penny earned.

Somehow I got an intuitive feeling of joining your broking service but.........

I know you will come up with wonderful arguments in favour of your somewhat higher costs .

Even knowing this fact I wanted to vent my feelings.

Anyways , whenever you will surprise us with some rollback of prices then I'll jump on board...... for sure. :cheers:

 

[RKSV]

@RKSV , why don't you think of Rs. 15 or Rs. 20 per order . Rs. 20 per order will be at par Zerodha and if you manage Rs. 15 per order then it will be a real wonder.

I accept your argument of customer service but in this era of competition hiding behind this logic to increase cost [though marginally] cannot be a very welcome step. For a retail trader a penny saved is a penny earned.

Somehow I got an intuitive feeling of joining your broking service but.........

I know you will come up with wonderful arguments in favour of your somewhat higher costs .

Even knowing this fact I wanted to vent my feelings.

Anyways , whenever you will surprise us with some rollback of prices then I'll jump on board...... for sure. :cheers:

Heh... thanks for the good thoughts. Won't bore you with the arguments on signing up with us versus others . Pricing and margins are something we want to be aggressive on as long as we can. And it is something we are looking into long term by offering different services and software.

I will say that new entrants will be popping up and undercutting all of us in the future until someone hits the bottom..

 

[traderite]

Pricing and margins are something we want to be aggressive on as long as we can. And it is something we are looking into long term by offering different services and software.

By Different services what you imply ?
Different from what and Different in which sphere ? Different is a very vast word.
Regarding software it will be all the same with so limited choices.

I will say that new entrants will be popping up and undercutting all of us in the future until someone hits the bottom..

I think only popping up is not sufficient. Remaining in the game also matters.

 

[shemz]

As a brokerage house you are not only earning with just per order charge, but also transaction charges which are charged by exchanges in slabs based on turnover volume, and all brokers charge their retail clients at the maximum slab level. It is a usual practice in the industry.

But I just noticed that you are charging INR 400/crore for trading in MCX. To my knowledge the exchange's maximum charge slab is 250/crore. A difference of 150/crore is way too high. You trade four lots of silver and the turnover is a crore in one trade. Any plans of reducing it to justify your fair pricing policy?

I was not sure if you have another thread for commodities yet, so I posted it here.