FYERS

[timepass]

@timepass , the charges for auto-square off and Call & Trade is viewable in the ledger that can be accessed in back-office. Yes, GST of 18% is applicable so it is ₹20 + 18% = ₹23.60/-.

Yes, of course it is viewable in the ledger, but is there any sort of bill, if required ?? Like for trading you have the contract note.

 

[Tejas Khoday]

Can anyone please tell me if the right click context menu option to apply ltp in the basket order window available in the new update?

Thanks

Sent from my Redmi 4A using Tapatalk

Nopes, you can expect that in a future update. We received some good requests with regards to Basket orders which we have taken up seperately. We will include your requests in it as well. Stay tuned.

 

[Tejas Khoday]

Yes, of course it is viewable in the ledger, but is there any sort of bill, if required ?? Like for trading you have the contract note.

The contract note format is a standard one given by NSE. We cannot change that format as per our convenience. Hence, other service charges such as Call & Trade / Admin Square off charges will only be available in the ledger as of now. However, I do get your point. And for that, you have to export your ledger to an excel sheet, apply filters and check as of now. In the future, we'll have a more simple way to get a consolidated view of these charges.

 

[timepass]

The contract note format is a standard one given by NSE. We cannot change that format as per our convenience. Hence, other service charges such as Call & Trade / Admin Square off charges will only be available in the ledger as of now. However, I do get your point. And for that, you have to export your ledger to an excel sheet, apply filters and check as of now. In the future, we'll have a more simple way to get a consolidated view of these charges.

I am not suggesting changes to the contract note. My point is, when you levy auto-square off charges, you raise separate journal entries (at your end) for the charge and for the tax. My point is, how about raising a document which tells the trader the details like charge for which order and the tax. A user could have multiple instances of auto-square off charge in a session. So any journal entry must be supported by a document. Maybe your accountants will provide a solution for this.

 

[Tejas Khoday]

I am not suggesting changes to the contract note. My point is, when you levy auto-square off charges, you raise separate journal entries (at your end) for the charge and for the tax. My point is, how about raising a document which tells the trader the details like charge for which order and the tax. A user could have multiple instances of auto-square off charge in a session. So any journal entry must be supported by a document. Maybe your accountants will provide a solution for this.

Will discuss the feasibility of this internally. Thanks for your suggestions @timepass.

 

[Tejas Khoday]

hello, Tejas you probably have missed this.

Oops, I missed your earlier post. So, we have done as much as possible right now. The order entry window functionality has some limitations of design and features and we have done the maximum with the existing possibilities. Maybe we can introduce customization in the future but it will take time. In this case, I would request you to make the necessary adjustment while trading and enter the order type when trading.

 

[john302928]

Thank you Tejas, It was very detailed information. thanks.

Hello @john302928, Good question. First of all, I'd like to let you know that even bank deposits are not guaranteed by the government beyond a sum of ₹1,00,000/- . So the perception that your money is safe in your savings bank/fixed deposit is by the virtue of RBI regulations and the fact that the banking industry has not gone bankrupt. Also, to safeguard the faith in the system, whenever a bank is stressed or in deep trouble, larger banks acquire them thereby providing immunity to deposit holders. Otherwise, deposit holders would be exposed to the risk of banks going broke too.

Stockbrokers are tightly regulated by SEBI, the exchanges & Depositories (Regulated by SEBI & monitored/overseen by the exchanges & the concerned Depository). You may say that they can go absconding or bankrupt but that can happen with a bank too. A case in point is Amanat Co-operative Bank. At the end of the day, the integrity of the brokerage matters. At FYERS, client deposits are safely stored without using it for any speculative/untoward activities which can jeopardize the value of your deposits. We follow compliance to the highest standards and have been routinely audited by NSE compliance team who are very strict about these things. Also, an additional element of safety if you choose us, is that we don't do any kind of prop-trading activities. It means that there is a zero chance of us being exposed to financial indiscipline in that regard. Why don't we do prop-trading? To avoid conflict of interest with clients. Many professional and serious traders do not like to trade with brokers who are also taking positions on their prop book. This is because these brokers have access to the order/trade book and there is a chance for front-running of trades. Although this may or may not happen, it is a concern that goes silently unexpressed by most of them because there is barely any broker who refrains from prop trading.

Another important thing to consider is the risk management practices of a broker. If a broker is giving unreasonably high leverage, then they are exposing themselves. We don't do this. As you already know by now that we are conservative about providing unreasonable leverage and our systems will be able to manage volatility without jeopardizing ourselves. We are in this for the long haul and we don't believe in taking unworthy risks if that is your concern. Apart from that, your investment in shares is in custody of the depository (CDSL/NSDL) as the case may be. So even if the broker goes bankrupt, your holdings will not be affected.

However, if you still are concerned about losing your deposit, then I suggest you start small. Also, you can take payouts whenever you want. So when you feel like you're not going to trade, you don't have to leave your deposits overnight. Hope this makes sense.

 

[john302928]

@timepass , the charges for auto-square off and Call & Trade is viewable in the ledger that can be accessed in back-office. Yes, GST of 18% is applicable so it is ₹20 + 18% = ₹23.60/-.

From your comments I understand you charge for auto square off. Probably it is for ITM (In the money).Please correct me if i am wrong.And please let me know if you charge anything for AUTO EXPIRY of OTM (out of the money) contracts.

 

[Tejas Khoday]

Thank you Tejas, It was very detailed information. thanks.

Glad you found it useful.

 

[Tejas Khoday]

From your comments I understand you charge for auto square off. Probably it is for ITM (In the money).Please correct me if i am wrong.And please let me know if you charge anything for AUTO EXPIRY of OTM (out of the money) contracts.

By Admin Square off charges, we mean all those trades which are squared off from our end and not squared off by the client at the end of the trading day as applicable.