Tejas Khoday

Co-Founder & CEO, FYERS
Any plan to introduce commodities anytime soon? MCX or NCDEX or both?
Hello @MetatraderUser , MCX is on the horizon. NCDEX, not yet! From October 2018 on wards, stock exchanges will mostly introduce commodity derivatives segment. Things will take a different turn and we are agnostic as of now since NSE's equity stake in NCDEX is not large enough to warrant aggressive leadership from NSE in the administration of the exchange (Maybe, a requirement in order to compete).
 
Yeah, I know currently it is an issue but luckily it is a one-time process. We will try and change this when possible but for now, we'll have to live with our limitations with regards to account opening process.
Hi Tejas - This is actually quite significant. The mandatory Aadhaar requirement poses a problem when you ask for copies of Aadhaar instead of doing eKYC like Zerodha and others. There is a reason why UIDAI introducted Virtual IDs so that people won't have to expose their Aadhaar number cuz it's fraught with risks. One sees news on Aadhaar related breaches every so often and that is a reason why the Aadhaar act itself might be struck down by the SC in the several ongoing cases.

So, my point is, it might seem like the offline process isn't a big deal cuz it's a one time thing but it makes a lot of difference in converting people who come to know of Fyers into clients. Wouldn't a person be more likely to sign up with another broker if they offer a quick online process with less risk to security ? In my case, I found you guys to be the most suited for my purpose but decided against it only for the reason stated above. Security risks are high, even if you haven't had incidents thus far, and there is no legal recourse for us if a breach happens.
 

Tejas Khoday

Co-Founder & CEO, FYERS
Hi Tejas - This is actually quite significant. The mandatory Aadhaar requirement poses a problem when you ask for copies of Aadhaar instead of doing eKYC like Zerodha and others. There is a reason why UIDAI introducted Virtual IDs so that people won't have to expose their Aadhaar number cuz it's fraught with risks. One sees news on Aadhaar related breaches every so often and that is a reason why the Aadhaar act itself might be struck down by the SC in the several ongoing cases.

So, my point is, it might seem like the offline process isn't a big deal cuz it's a one time thing but it makes a lot of difference in converting people who come to know of Fyers into clients. Wouldn't a person be more likely to sign up with another broker if they offer a quick online process with less risk to security ? In my case, I found you guys to be the most suited for my purpose but decided against it only for the reason stated above. Security risks are high, even if you haven't had incidents thus far, and there is no legal recourse for us if a breach happens.
Hello @anwyl, Your Aadhar details are not compromised by us in any way. All financial service providers will need access to this to ensure that your Aadhar details are updated in the KYC Registration Agencies. Whether this is done physically or digitally does not make too much of a difference. It's just that our process is a bit slower as of now (Take a few days) due to IL&FS (Our DP partner). Yes, although I agree with you the implementation of Aadhar based E-KYC has not been smooth by the government. So far, it has at best been patchy. Now finally, things are looking more organized and soon we will have the digital account opening process when we become a Depository Participant (DP) ourselves.

Yes, you are right. Maybe, some people would sign up with another broker because the process is quicker but that's their decision at the end of the day. We have to live with our limitations until we have the solution ready. Just to let you know, security risks are not high as you are assuming. Historically, KYC process has been physical for every financial agency and the process was slow but relatively efficient. I speak from years of personal experience. Aadhar will make things easier and consolidate records, that's about it. If you consider changing your decision, do try us out. We'll try to make it worth it.

All the best!
 
Hello @anwyl, Your Aadhar details are not compromised by us in any way. All financial service providers will need access to this to ensure that your Aadhar details are updated in the KYC Registration Agencies. Whether this is done physically or digitally does not make too much of a difference. It's just that our process is a bit slower as of now (Take a few days) due to IL&FS (Our DP partner). Yes, although I agree with you the implementation of Aadhar based E-KYC has not been smooth by the government. So far, it has at best been patchy. Now finally, things are looking more organized and soon we will have the digital account opening process when we become a Depository Participant (DP) ourselves.

Yes, you are right. Maybe, some people would sign up with another broker because the process is quicker but that's their decision at the end of the day. We have to live with our limitations until we have the solution ready. Just to let you know, security risks are not high as you are assuming. Historically, KYC process has been physical for every financial agency and the process was slow but relatively efficient. I speak from years of personal experience. Aadhar will make things easier and consolidate records, that's about it. If you consider changing your decision, do try us out. We'll try to make it worth it.

All the best!

Appreciate the response, Tejas !

Just want to add that the security risks are indeed real and, if anything, I have only understated them. Why do you think they would introduce the Virtual ID ( sort of a proxy for Aadhaar number generated using the same ) if exposure of Aadhaar number wasnt risky ? There are reports on breaches every so often.

Anyway, I only hear good things about you guys. hope you continue the good work :)
 

Tejas Khoday

Co-Founder & CEO, FYERS
In 2016, we had met with NSE officials and at the time, they had communicated to us that they will be launching trading in cross-currency pairs (Think, EURUSD, USDJPY etc). We were the first ones to write a post about it back then and that created quite a lot of anticipation among traders but the launch kept getting postponed due to issues regarding foreign exchange regulator RBI and the securities market regulator, SEBI. Here's the link to the post . There was a pleasant surprise this morning when this news was announced:
IMG_20180221_121120347 (1).jpg
 
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Tejas Khoday

Co-Founder & CEO, FYERS
Appreciate the response, Tejas !

Just want to add that the security risks are indeed real and, if anything, I have only understated them. Why do you think they would introduce the Virtual ID ( sort of a proxy for Aadhaar number generated using the same ) if exposure of Aadhaar number wasnt risky ? There are reports on breaches every so often.

Anyway, I only hear good things about you guys. hope you continue the good work :)
Aadhar was introduced so that we finally make the transition to a digital ID. The implementation is the issue. In this day and age, a digital ID is missing in India. For instance, only a very small fraction of the population has PAN Nos. (Tax paying citizens is less than 1.6% of our population of our country), Driving licenses are not digital, Voter ID cards are not fool-proof, only a small fraction of people have passports etc. So the larger question was "How do we introduce an ID that can record the identity of everyone in the country. The answer: Issue a new ID card called Aadhar and use it for all purposes in the future. Thus, by making Aadhar mandatory, eventually other IDs will be linked to it and after that it is likely that it will be used just like how the Social Security No. in the US is used (Basically to track everything about a person).

Thanks, we are doing our best. This week, we have started moving our clients to the new system which has cover orders.
 

john302928

Well-Known Member
Hi, no we don't square off OTM options trades that are expiring worthless. Will revert on this after confirming with my team EOD.
Hi did you get a chance to discuss with your team?
 

cloudTrader

Well-Known Member
In 2016, we had met with NSE officials and at the time, they had communicated to us that they will be launching trading in cross-currency pairs (Think, EURUSD, USDJPY etc). We were the first ones to write a post about it back then and that created quite a lot of anticipation among traders but the launch kept getting postponed due to issues regarding foreign exchange regulator RBI and the securities market regulator, SEBI. Here's the link to the post . There was a pleasant surprise this morning when this news was announced: View attachment 24053
@Tejas Khoday

Nice to read that you were the first one to highlight the need for the introduction of trading in cross currency pairs in Indian context.
But I have always felt that can it really help Indian traders a lot as timing of trading till 7:30 pm will not let the real movement be covered when the US markets are open. When the US mkts will open we will close the session.

Whats your take ?
 
Aadhar was introduced so that we finally make the transition to a digital ID. The implementation is the issue. In this day and age, a digital ID is missing in India. For instance, only a very small fraction of the population has PAN Nos. (Tax paying citizens is less than 1.6% of our population of our country), Driving licenses are not digital, Voter ID cards are not fool-proof, only a small fraction of people have passports etc. So the larger question was "How do we introduce an ID that can record the identity of everyone in the country. The answer: Issue a new ID card called Aadhar and use it for all purposes in the future. Thus, by making Aadhar mandatory, eventually other IDs will be linked to it and after that it is likely that it will be used just like how the Social Security No. in the US is used (Basically to track everything about a person).

Thanks, we are doing our best. This week, we have started moving our clients to the new system which has cover orders.
Well, the task of identification is only meaningful with regard to a broad purpose and it should be handled separately for every such purpose.If IDs are found wanting for a specific purpose, the intent should be to fix that instead of linking everything under the sun to one all-powerful Aadhaar failure/breach of which can amount to "digital death" where personhood is lost and the consequences are grave, especially for those less privileged. (you dont have to trust me, please look online for examples ). Why on earth would anyone support a unified system to "track everybody" ? If you think about it, Aadhaar isnt even the answer to the problem you say it solves because it needs to be seeded with a pre-existing proof of identity.

I would agree that the purpose of Aadhaar has some merit but the architecture itself is flawed, not just the implementation. It is a centralized database which allows for aggregation of unrelated silos of online information and facilitates profiling / surveillance ( whether or not there is intent on the part of the govt to do that is immaterial, having to trust their benevolence isnt what the cosntitution requires of a citizen ).It shifts the burden of proof of identity from the state to the citizen. Mandatory collection of biometrics in itself poses a serious problem. You can change your password but, if compromised, not your fingerprints.

Still, if you think that the problem lies only with the implementation, even a failure on that front alone is unacceptable if it leads to exclusion to the point that someone is denied basic human rights because if it. (Again, you can find news pieces online documenting the same ) The expansion of Aadhaar has been reckless and grossly disproportionate to the scope of the problems it was supposed to solve ( like deduplication and related illicit activities ) and many of the government's lofty claims about it's benefits have been shown to be false by eminent economists like Reetika Khera and Jean Dreze. I dont mind a digital ID if it is limited in scope ( like Public Dist Systems for welfare schemes and such and even there it should NOT be the only method of identification ) not shoved down our throats and if it is backed by a cogent legal framework to addesss issues regarding protection from violation of fundamental rights etc. No such framework or robust privacy laws exist today in the country. You should perhaps follow the proceeedings in the SC cases to find out what I am talking about.Anyone familiar with the evolution of SSN since its introduction in the 1930s can tell you that there is a world of difference between the way SSN works and the all pervasive intent and flawed legislation of Aadhaar.
 
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