Cheapest & Competent Brokerage

Happy New Year to everyone.

I'm starting this new thread hoping that it will be beneficial to everyone.

I'm using PowerIndiabulls for last 8 months. I've also subscribed to R K Global after watching its ad on CNBC.

R K Global charges Rs. 9.00 only per trade as brokerage. That is cheaper than
Reliance Money. And, yes, also same brokerage on ODIN client.

(R k global seems to get their live data feed from same source as Indiabulls PIB as both of their live quotes change at same moment and exactly by same numbers)

BUT:

- they trade only on NSE. No BSE.
- their server is switched off between 8Pm to 8.30 AM. So its not possible to
adjust market watch, see funds etc. during that time
- only digital contract notes are free.

Attached is a Contract Note of one of my trades on 29-12-2006. I've deleted the customer details.

I'm planning to leave Indiabulls completely after getting my STT certificate this March. Indiabulls is deleting scripts almost everyday without any notice. You cannot trade even in Fedders llyod, LLoyd Eng., Relaxo etc. They provide the quotes, but when you enter the order, PIB informs that the script is not traded. They seem to be more interested in real-estate and personal loans.

Hello Jinny,
Thanks for your information on R K Global . You are correct about India Bulls.
Indiabulls is deleting scripts almost everyday without any notice.More over orders are executed in delay. I never had any proble with IB but these problems just recently started.

Coming to R K Global could you kindly give more information on the following.

1. Is their odin gives RT quotes without any delay

2. What is the commission they charge for the delivery based trades on NSE cash scrips.(one way)

3. What is the maximum exposure on cash deposit for intraday and delivery trades. I read in their website it is 6 times for intraday. Some of the menus of the website is not working . For intraday unike India Bulls the square off starts at 3.15 p.m.

4.Is there any monthly or annual maintanence charges for ODIN. I think i also read n their website they charge an amount for ODIN monthly. Not too sure about it.

Regards
Saji

Hello Saji,

Thanks for your post.

Re. R K Global:

1. Data: Their ODIN data is exactly same as PIB - in respect to moment of quotes changes (exact instance-if you open both PIB and ODIN in two windows at same time), prices, quantities (buy, sell etc.) and even faster sometimes especially between 3.15 - 3.30. And most important, their refresh system is very fast compared to PIB where you get all sort of message alerts/popups whole day. Sometimes even F&O data is not loaded on refresh in PIB asking client to do it manually. My God ! who has time during maket hours to m a n u a l l y load the F&O data . As I said, maybe IndiaBulls are no longer interested in brokerage business.

And i've found method of adding deleting scripts in ODIN easier and efficient compared to PIB where i need to press right mouse button and negotiate at least two search fields in a new popup - very distracting. In ODIN you can add new script without opening any popup.

Another important difference : when you place an order for Futures in PIB, you need to manually enter quantity, but not in ODIN if you want to trade only 1 contract. Very crucial time saver in fast moving market.

These are vital time saver features especially for people using online mentor/advisory services.

2. Brokerage is same even for delivery based trades (either way) : Rs. 9 per trade or Rs. 999 per month flat.

3. Exposure: i'm not 100% sure. But I spoke to their Director who told me that its same as Indiabulls. He also told me that they are also an established group in real estate - M2K mall in Delhi is owned by them - Good for confidence

4.Yes, they have monthly charges: Rs.111.00 per month for ODIN client. No charges for internet based trading interface. For traders whose brokerage comes to several thousand rupees every month, the Odin maintenance charges are negligible.

5. No minimum turnover or brokerage requirement.

If anyone plans to open an account with them, i would advise from my experience that one should contact the company and insist that they should not send a DSA to get forms signed. These DSAs will tell you that they are from the company but when they submit the form they simply put in their company's similar sounding name (R K Shares & Securities!)

regards,

jinny

where is the attachment ?

In their website they have indicated about renewal charges of 999 and soft ware charges of 99 .can you please explain what is this...
Thank you...
reghu.

Jinny,
re RK global.
When I made an inquiry with them for ODIN they told me that I have to pay Rs 500 per month for it , whats more it wont be adjusted towards the brokerage.
They further alleged that those customers who cant pay 500 Rs / month , for them they have web based interface , browser based system , where the monthly charges is just 99.

Jinny ,
Can you please tell me is there any monthly charges for ODIN ? If yeh then how ?
Secondly , their dial and trade facility is charged extra , no problem but do they provide any TPIN for tele orders ? how are tele orders executed pls throw some light on offline trading with RK global.

I tried to upload the attachment in word format several times but the system will not accept it. Now I've been able to upload a zip file: please see my first post.

I have paid Rs.111.00 as software maintenance charges for the first month for ODIN client version 7.9.1.2.

I've not used their dial up service. Please send them e-mail - they respond quickly the same day (compared to RelianceMoney who still have not responded even after 12 days for a simple question : if I can use InstaTrade ?)

dear jinny

Do they have trading software where we can have intraday charts like in pib or sharekhan ?

thanks

The answer to your questions is following web-page:
http://www.ftindia.com/odindiet.htm

What you see on this web page is exactly what you get from RKG.

Please understand that trading software is very critical and expensive. Brokers especially the smaller ones cannot risk anything at this point. Almost all brokers have been supplied front end trading software by Financial Technologies - including that of PIB and Sharekhan.