Upstox - RKSV - Trade in Rs 20 Max

[RKSV]

That is exactly my point, I only created the positions after confirmation from your end about the benefit and that it will be applied to the account in real time(I wouldn't be able to create them otherwise). Also note, NEST showed(after all positions taken) a +ve balance of 70k+ last night, MTM would have lead to a decrease in this figure and nothing else. The margin was/is sufficient.

Please note just because you call me and I don't answer because of any reason doesn't mean that a trader sitting at your desk should cut positions without taking anything into account such as , Spread benefit, which is/has/had been confirmed and reconfirmed with seniors and applied to my account. I only increased position sizes after confirmation. Teething problems were over as per my confirmations received. I am only thankful that the Qty was not scaled upto 100x as I had planned on doing as soon as these these problems were sorted.

I hope that your company will recompense/re-instate the positions.

Time from call: 1.5 Hours at the moment.

Regards

PS: Kindly inform the members and me whether there is a dealing desk at RKSV i.e. do you take positions in the market with proprietary funds.

PSS: Also, whether RKSV provides STP or do the orders get routed through an in-house system.

Hi Sir,

No, spread benefit has been taken into account. The margin was breached at the exchange level. Omnesys software and our additional risk software take margin/spread benefits into account before alerting us. I believe you shared some circulars so we're looking through that before calling you right away.

Pro trading desk? Yes, we have traders but not in commodities.

STP means what? Can you elaborate please? Orders from your client terminal land in our RMS system and then to the exchange. All brokers systems act this way except NSE NOW (which doesn't support MCX) where the orders go to the exchange.

 

[neo1599]

Hi Sir,

No, spread benefit has been taken into account. The margin was breached at the exchange level. Omnesys software and our additional risk software take margin/spread benefits into account before alerting us. I believe you shared some circulars so we're looking through that before calling you right away.

Pro trading desk? Yes, we have traders but not in commodities.

STP means what? Can you elaborate please? Orders from your client terminal land in our RMS system and then to the exchange. All brokers systems act this way except NSE NOW (which doesn't support MCX) where the orders go to the exchange.

Just spoke to a Rep, awaiting reply from the same.

STP = Straight through processing, Direct order to Exchange.

This confirms one of the worst fears for any trader. Thank you for an honest answer.

What is best is, even after cutting positions my account is in negative. I assume the RMS is strange and stopped at cutting at an inappropriate level.

Also where do I see the price points at which cut has taken place.

You realise that without knowing the cut point I am completely blank about how to proceed.

I hope for the future of your nice company and clients that you can clarify and re-instate/credit me for these positions.

I might conjecture a lot but I would like to give you benefit of doubt

 

[RKSV]

Just spoke to a Rep, awaiting reply from the same.

STP = Straight through processing, Direct order to Exchange.

This confirms one of the worst fears for any trader. Thank you for an honest answer.

What is best is, even after cutting positions my account is in negative. I assume the RMS is strange and stopped at cutting at an inappropriate level.

Also where do I see the price points at which cut has taken place.

You realise that without knowing the cut point I am completely blank about how to proceed.

I hope for the future of your nice company and clients that you can clarify and re-instate/credit me for these positions.

I might conjecture a lot but I would like to give you benefit of doubt

Direct order to exchange is not possible in India. All orders have to pass through the broker system to go through RMS (risk management system). All this happens in an instant though -- there is no human intervention in this process.. That's why you get order updates/rejections instantly. If there was a human in between, the system would never be able to keep up.

Also, on trading off client orders -- dealer systems and retail systems are, by rule, kept in completely separate premises. These are duly checked by initial and annual audits by every exchange separately.

 

[RKSV]

Just spoke to a Rep, awaiting reply from the same.

STP = Straight through processing, Direct order to Exchange.

This confirms one of the worst fears for any trader. Thank you for an honest answer.

What is best is, even after cutting positions my account is in negative. I assume the RMS is strange and stopped at cutting at an inappropriate level.

Also where do I see the price points at which cut has taken place.

You realise that without knowing the cut point I am completely blank about how to proceed.

I hope for the future of your nice company and clients that you can clarify and re-instate/credit me for these positions.

I might conjecture a lot but I would like to give you benefit of doubt

Price points for all trades (ours and yours) are in the trade book. Under User ID you will see which user (you or us) placed the trade.

To clarify, this is not an RMS issue within RKSV (I believe you spoke with our senior who explained how it works) -- it's just the complexities of calculating spread margin. For credit, he will call you back .

 

[neo1599]

Just spoke to a Rep, awaiting reply from the same.

STP = Straight through processing, Direct order to Exchange.

This confirms one of the worst fears for any trader. Thank you for an honest answer.

What is best is, even after cutting positions my account is in negative. I assume the RMS is strange and stopped at cutting at an inappropriate level.

Also where do I see the price points at which cut has taken place.

You realise that without knowing the cut point I am completely blank about how to proceed.

I hope for the future of your nice company and clients that you can clarify and re-instate/credit me for these positions.

I might conjecture a lot but I would like to give you benefit of doubt

Everything sorted, awaiting credit in ledger. Will talk to MCX regarding the spread margin inconsistency to get it more clarified.

MCX is going to be reamed if they keep up with the policy inconsistency.

Thanks

 

[poortrader]

Everything sorted, awaiting credit in ledger. Will talk to MCX regarding the spread margin inconsistency to get it more clarified.

MCX is going to be reamed if they keep up with the policy inconsistency.

Thanks

How did you manage to get the credit, was the order reversed at end of MCX or RKSV paid from their pockets?

 

[AFORASTRO]

would like to know if i sell ce 6400@8 *500 how much amount is needed.I can buy the same if i have 5k.But if i want to short sell

 

[RKSV]

would like to know if i sell ce 6400@8 *500 how much amount is needed.I can buy the same if i have 5k.But if i want to short sell

Hi Aforastro,

Since it is an OTM call, margin required would be approximately 20,000 - 22,000 per lot. Qty of 500 = 10 lots so it's about 2 lacs total. This is for contracts expiring current month. Would be more for future months (approx 2.5 lacs).

 

[AFORASTRO]

If i buy and sell using cnc and don't carry my position for next day.Would i be charged on delivery basis or same as intraday.

 

[Price Pattern Recognition]

Are you charging 200/Cr Stamp duty for your Tamilnadu AND West Bengal Customer also where current charges are much higher like Rs 600 & Rs 1000 respectively? Rs 400 or 800 per crore extra means a lot for high volume traders.

Although WB is not complaining at all. But TN is already pressurizing some brokers. Some big brokers lobby from NSE already filed a case and got a stay order from Court. What is your opinion in this matter?