RKGLOBAL problems

#1
Hello everyone,

After banging my head with Anagram, Religare and Kotak; I thought I'd try RK Global after reading some posts here. Low brokerage and full featured ODIN...I got Online/Offline account so I can call in to trade. What more do I want, huh?

Guess what? After about 9 months with these guys, I am now switching over to Geojit. The problems with RK Global are plenty:

(1) You have to ask them for your ledger.
(2) They don't square up your account every quarter like SEBI says they should. In both 1 & 2 Kotak was really prompt. And my officemate who operates on Geojit, it is prompt too plus online access without the bother of logging on to a separate website with different loginID etc.
(3) This bugs me the most...SLOW SERVER and other related problems. My Geojit friend's terminal next to mine shows current prices, RK Global slowly catches up to it! We both operate from the same 1mbps internet line!!
(4) I tried calling in to trade. The guys in Kolkata are the most rude people on the phone. After going thru three guys on the phone who asks you your problem and userID, the "dealer" can put you on hold while you watch your price slipping away. Costs Rs. 25 per call-in trade. Not done in my book.
(5) They charge low brokerage (Rs. 9 per lot) but they charge for software every month for different segments. For example, you pay Rs. 275 for NSE cash, Rs. 275for NSE F&O, Rs. 110 for BSE cash etc. Their cash brokerage works in your favour only if the order is minimum for Rs. 50000 if you pay 0.2 paisa intraday elsewhere.
(6) Their ODIN can be set to download master script for everyday closing and circuit prices but if you don't do it around 9:00am, better be prepared to spend nearly 10 minutes updating around 9:15am adding much to aggravation if the line happens to break in between. Alternatively, you may opt to log on to their website and d/l 15.4MB of scriptmaster that contains all segments including MCX stuff whether you need it or not! That also better be done before market opens.

All in all, a BAD experience. I'd not recommend RK Global to anyone.
Paresh
 

TheDreamer

Well-Known Member
#2
Hello everyone,

After banging my head with Anagram, Religare and Kotak; I thought I'd try RK Global after reading some posts here. Low brokerage and full featured ODIN...I got Online/Offline account so I can call in to trade. What more do I want, huh?

Guess what? After about 9 months with these guys, I am now switching over to Geojit. The problems with RK Global are plenty:

(1) You have to ask them for your ledger.
(2) They don't square up your account every quarter like SEBI says they should. In both 1 & 2 Kotak was really prompt. And my officemate who operates on Geojit, it is prompt too plus online access without the bother of logging on to a separate website with different loginID etc.
(3) This bugs me the most...SLOW SERVER and other related problems. My Geojit friend's terminal next to mine shows current prices, RK Global slowly catches up to it! We both operate from the same 1mbps internet line!!
(4) I tried calling in to trade. The guys in Kolkata are the most rude people on the phone. After going thru three guys on the phone who asks you your problem and userID, the "dealer" can put you on hold while you watch your price slipping away. Costs Rs. 25 per call-in trade. Not done in my book.
(5) They charge low brokerage (Rs. 9 per lot) but they charge for software every month for different segments. For example, you pay Rs. 275 for NSE cash, Rs. 275for NSE F&O, Rs. 110 for BSE cash etc. Their cash brokerage works in your favour only if the order is minimum for Rs. 50000 if you pay 0.2 paisa intraday elsewhere.
(6) Their ODIN can be set to download master script for everyday closing and circuit prices but if you don't do it around 9:00am, better be prepared to spend nearly 10 minutes updating around 9:15am adding much to aggravation if the line happens to break in between. Alternatively, you may opt to log on to their website and d/l 15.4MB of scriptmaster that contains all segments including MCX stuff whether you need it or not! That also better be done before market opens.

All in all, a BAD experience. I'd not recommend RK Global to anyone.
Paresh
Hi Paresh,

Sorry to hear about your grievances regarding RKG.

But I still believe they are one of the honest brokers in the country.

1) Ledger book is readily available at back-office. It's the same with every broker.

2) Don't know about this policy of RKG. Will ask them.

3) ODIN gives a little trouble, no doubt...

4) But if you say their customer services is poor, I beg to differ... I went to their offices in Delhi as well as in Kolkata... Trust me... They try to solve the problems as early as possible... But it's miscommunication that creates more problems... I have seen people calling them and asking questions about all possible trades and in the end ordering 1 lot short in Gold futures at a price which will be 2-3% higher than LTP...

I am a happy customer of more than 2 years now... BTW, I have accounts with Zerodha & Reliancemoney as well...

5) Give example and I will discuss on this...

6) It happens with any good software based platform available in India.

I hope Geojit gives you good service. But what I have heard from my friends as well as read from the forum, they are real suckers...

All the Best... :thumb::thumb::thumb:
 
#3
1) Ledger book is readily available at back-office. It's the same with every broker.

2) Don't know about this policy of RKG. Will ask them.

3) ODIN gives a little trouble, no doubt...

4) But if you say their customer services is poor, I beg to differ... I went to their offices in Delhi as well as in Kolkata... Trust me... They try to solve the problems as early as possible... But it's miscommunication that creates more problems... I have seen people calling them and asking questions about all possible trades and in the end ordering 1 lot short in Gold futures at a price which will be 2-3% higher than LTP...

I am a happy customer of more than 2 years now... BTW, I have accounts with Zerodha & Reliancemoney as well...

5) Give example and I will discuss on this...

6) It happens with any good software based platform available in India.
Hello Dreamer,
Thanks for your input. Don't know what you mean by "honest" but all brokers have to follow the standards set by the industry, and to that extent they are bound by law.

(1) That is my point that you have to go to "back office" but many are offering this "online" directly from your trading software so there is no extra login and going thru a dingy site to give you more headaches.

(2) This is a SEBI requirement.

(3) ODIN troubles are the most frustrating for a day trader like me.

(4) I am sure most brokers will offer excellent service once you showed up at their doorstep! I signed up at their Mumbai office but my server is at Kolkatta and that is just too far away for everyday small problems!!:lol:

(5) I thought I gave an example. Let's see how I can simplify this further:
Say you pay 2 paisa intraday cash brokerage which means it comes to Rs. 10 for a trade worth Rs. 50,000. RKG charges by order so if you do ONE order of 45K or more, you pay Rs. 9 brokerage. Any smaller orders of less than 45K, you end up paying more than 2 paisa.

(6) Not true. Geojit, for example, automatically updates script master upon log in everyday and without delays so it doesnot come in the way of your trading if you have to square up some overnight position. To be fair, this is more of an ODIN problem than RKG's but you have to live with it with RKG.

From my officemate's experience, I can categorically say that his Geojit experience has been wonderful. I don't mind paying a little extra brokerage but when I want service I need to deal with an organization that's big enough to cater to my needs. RKG sure ain't. Over the years, Geojit's FLIP platform has added great features and made all of them available at single login and just a click away. So you'd really need to qualify your statement about Geojit being "suckers" as you call it.

IMHO,
Sincerely,
Paresh
 
#4
One more nail on the coffin of RK Global!

They have now restricted your bandwidth to 25 scripts per market watch window. That is to say, you can have only 25 scripts open each in NSE F&O, NSE Cash, BSE Cash etc. For sure, if you ***** and moan about it, and if you give them enough business, they might increase it to 40 or 50 but the fact remains that they enforced this change without any warning or notice to their clients.

That's the kind of mom-and-pop shop experience that I can do without!
Sorry for more bad news but I thought you guys should know.
Paresh
 

comm4300

Well-Known Member
#5
i was pretty happy with these guys till they messed up my BO balance [on the positive side]...and did not bother for a week !

it took my broker [rk associate] to call up Delhi guys on their mobile phone [not customer service] to get it sorted out.

no doubt RKG is one of the cheapest brokers, but their shortcomings [very poor customer service and back office] are catching up with them...they could get away with these earlier when they were the only ones in the flat b'age segment...

however, with Zerodha and RKSV coming in the field, RKG better wake up and do some changes...
 
#6
Reading all this bold feed back ....I am loving it ! :rofl: .... this helps a new user to select a best broker in this competitive world.

After using ICICI, HDFC, Sharekhan, Ventura, Religare, CDEqui Search,Kotak

I belive Zerodha is one of the good & cost effective broker ..they are genuine and they take what they say...... any bold comment on Zerodha ....?:thumb:
 

pakatil

Well-Known Member
#8
I have been using RKG since 2009 Feb. No issues at all. Initial few 2 - 3 months, Connectivity problem was there. It would need reconnection 3 - 4 times a day.

After that never had any problem what so ever. I check Back Office every day and reconcile the day's activity. Getting Contract Notes in evening without fail. Initial days used to trade with 256 kbps, now it is 2 mbps. ODIN has always worked excellent.

Over all, am very happy. :)
 
#9
I used to have an opinion similar to @pkapadia. I used to think there is something very fishy about my vanishing funds. When I studied the detailed ledger in RKG's Backoffice, I discovered that the "missing" funds was due to my "Buy-High Sell-Low" Trading Strategy (@Copyrighted Trading Strategy)
 

lvgandhi

Well-Known Member
#10
I have been using RKG since 2009 Feb. No issues at all. Initial few 2 - 3 months, Connectivity problem was there. It would need reconnection 3 - 4 times a day.

After that never had any problem what so ever. I check Back Office every day and reconcile the day's activity. Getting Contract Notes in evening without fail. Initial days used to trade with 256 kbps, now it is 2 mbps. ODIN has always worked excellent.

Over all, am very happy. :)
Dear Pakatil,
When I tried to open an account, they asked for POA even for my bank account? Did you sign POA for your bank account?
 

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