Finvasia

[Deeksha Tandon]

For those of you who are thinking of opening an account, i opened one online, but none of the uploaded documents were on their server. i had to send them again including aadhar card.
i had issues with their platform where orders were getting rejected and the response took forever.
I traded for a couple of days and with their varying policies everyday i closed the account after two days.
its for you to decide now

hari

I second that kharikumaar.

It is complete waste to open account with brokers having registered office in UT states. As they are malpractices in govt taxes and misguiding gullible investors.

We must learn from Modi Govt's current note ban incident. We must not bypass taxes by other means in the era of GST.

Also Trading is a game of speed & accuracy. Broker who can't afford minimal infrastructure to provide basic terminal and offer free services, their intigrity is in question. IMHO probably they are facing financial crisis and needs some client's fund to meet the basic requirement. So BEWARE OF THEM.

 

[marimuthu13]

For those of you who are thinking of opening an account, i opened one online, but none of the uploaded documents were on their server. i had to send them again including aadhar card.
i had issues with their platform where orders were getting rejected and the response took forever.
I traded for a couple of days and with their varying policies everyday i closed the account after two days.
its for you to decide now

hari

I second that kharikumaar.

It is complete waste to open account with brokers having registered office in UT states. As they are malpractices in govt taxes and misguiding gullible investors.

We must learn from Modi Govt's current note ban incident. We must not bypass taxes by other means in the era of GST.

Also Trading is a game of speed & accuracy. Broker who can't afford minimal infrastructure to provide basic terminal and offer free services, their intigrity is in question. IMHO probably they are facing financial crisis and needs some client's fund to meet the basic requirement. So BEWARE OF THEM.

why there is no reply from FINVAISA on the concerns raised by memebrs?

 

[Finvasia]

For those of you who are thinking of opening an account, i opened one online, but none of the uploaded documents were on their server. i had to send them again including aadhar card.
i had issues with their platform where orders were getting rejected and the response took forever.
I traded for a couple of days and with their varying policies everyday i closed the account after two days.
its for you to decide now

hari

Hi Hari, Thanks for voicing out your concerns. We have enquired about your issues. On regular terms, we extend 30 scripts to retail clients as additional scripts may tend to slow down the performance of broad band connection. Regarding your interest for RTD and Excel link, our Tech team had enabled the functions for your trading. We shall be glad if you can please share any pending issue with IT or CS to assist you better for any additional services.

 

[Finvasia]

why there is no reply from FINVAISA on the concerns raised by memebrs?

We are very much active on our thread. Regarding the concerns of the members on Stamp Duty, please note that all brokers are under regulated compliance from internal and external Auditors besides Exchange and SEBI audits. Under all situation, brokers are required to deposit all received Stamp Duty to the respective States. We would like to state that we strictly comply with the guidelines laid out by all regulators.

Digital Account Opening Process

Our account opening process is very simple and has been widely acknowledged. It is a three step process explained below

1. SEBI via KRA allows us to extract all basic information of the client excluding bank and CMR details. This is used to stop repeatedly sharing basic information like PAN Card, address proof etc. Hence, we do not ask this information from KRA registered investor. The client has the option to enter their interested bank and DP details. Hence, just need scan copy of the cheque and CMR for compliance.
   
   
2. As per exchange compliance to enable FO, there is need for updated last 6 month bank statements or IT returns etc on the date of account is opened. Hence, this is optional based on segment selected.
   
3. Aadhaar is used to digitally sign all docs instead of physically signing all the KYC pages and the courier.

We shall be glad to address any issues that TJ members or anyone else for that matter, come across .

 

[Finvasia]

Finvasia Update:

Bracket Order: We are pleased to announce that Bracket Order function is available to all retail clients. Please contact your RM or CS to get it enabled. This shall be a paid service at INR 99 per Month for unlimited trades.

NEST Software Charges: Based on your suggestions, we shall be offering the following plans

1. Standard: Per segment per exchange at INR 149 Per Month. If anyone avails this plan, the Bracket Order service will come at an additional cost.
   
2. Premium: All seven segments (NSE Cash, NSE FO, NSE CDS, BSE Cash, BSE FO, BSE CDS & MCX) at INR 777. If anyone avails this plan, there will be ZERO charge for Bracket Order.

Hence, clients can pay based on usage.

BSE on NOW: Clients can trade in BSE (all segments) using NOW. The software is available on all platforms: Desktop, Mobile and Web. As this is a Third Party product, there shall be a fixed fees of INR 120 per segment enabled.

Software Charges: We shall begin charging the above mentioned software charges from Jan 1, 2017.

Stamp Duty: New section has been updated under Tools-Calculators

Happy Trading !!

 

[kharikumaar]

Hi Hari, Thanks for voicing out your concerns. We have enquired about your issues. On regular terms, we extend 30 scripts to retail clients as additional scripts may tend to slow down the performance of broad band connection. Regarding your interest for RTD and Excel link, our Tech team had enabled the functions for your trading. We shall be glad if you can please share any pending issue with IT or CS to assist you better for any additional services.

the number of scrips and link to excel were the least of my concerns.
1. the first day i traded , i saw movement in the last 10 minutes trade and wanted to take a position ( which incidentally went in my favour) my orders got rejected and of course by the time your people reacted the market had closed.
2. Next day i bought around 1200 options and put it on sale , it wasnt executed and i carried it over, the next day when i wanted to cover it since the market went against me, the orders kept getting rejected, and i was forced to call your helpline and they casually said i can only place 800 units for sale--- why would this restriction come since they are options already paid for by me and also there was no issue the previous day to place the entire lot in one go. Due to this by the time i cleared it i had incurred losses which would not have happened. i had asked for the marketing team to get back to me to clarify on this and no one bothered ( please don't bother calling back now)

If you dont have limitations on one day and they promptly crop up the next day , how is the client to guess all this.

 

[Hemrajs1111]

I am new here and want to begin with Mutual Funds, SIP, IPO etc ? Do i need to have trading account with you to invest in all these ?

 

[bpr]

@Finvasia

I have been suggesting this to many discount brokers . Nobody seems to get their head around it for some reason.
As you are dabbling in multiple platforms.Looks like you can do it.
Here it is.

Can you create a broker interface in leading trading software such as MulitiCharts, Motivewave and Ninjatrader.

so that anybody with a licence can simply enter the credentials and start using these platforms to trade.

This can be simply done by contacting these teams and paying them some fee to create a interface for your brokerage. Based on Fix or something better.This should be one time effort.

Worst case if you cannot support historical data feed that is also ok , people can subscribe other datafeed and start executing trades on the trading interface. All these platforms support combining a external datafeed and execution feed effortlessly.


If no Why ?

 

[Finvasia]

I am new here and want to begin with Mutual Funds, SIP, IPO etc ? Do i need to have trading account with you to invest in all these ?

KYC is required. Please use our Digital account opening process. Once KYC has been done, you can request to purchase any MF, SIP online. Further, we regularly send updates to investors for all IPOs.

 

[Finvasia]

@Finvasia

I have been suggesting this to many discount brokers . Nobody seems to get their head around it for some reason.
As you are dabbling in multiple platforms.Looks like you can do it.
Here it is.

Can you create a broker interface in leading trading software such as MulitiCharts, Motivewave and Ninjatrader.

so that anybody with a licence can simply enter the credentials and start using these platforms to trade.

This can be simply done by contacting these teams and paying them some fee to create a interface for your brokerage. Based on Fix or something better.This should be one time effort.

Worst case if you cannot support historical data feed that is also ok , people can subscribe other datafeed and start executing trades on the trading interface. All these platforms support combining a external datafeed and execution feed effortlessly.


If no Why ?

Appreciate your suggestions BPR. We've passed them on to the tech team. We'll get back to you once we have an update on that