Tejas Khoday

Co-Founder & CEO, FYERS
Hi @Tejas Khoday,

I was looking to open an account with Fyers today but there were few questions that were left unanswered by your support team, so I thought I will post them here to get quick answers.

1. Whats your margin policy for options selling on the last 2 days of monthly expiry and on the day of expiry?
2. Do you have any plans to change the margins in near future (how frequent)?
3. Do you allow 'trading' only account opening?

I trade with significant amounts and its difficult to switch brokers due to margin changes. Hence, I would like some genuine answers to the above questions.

Regards,
Hey @EquityTrader,

Thanks for writing to me.
  1. Our Margin policies are standardized across the month/expiry week as mentioned in our Margin Calculators. We do not provide any additional margin for option sellers on or before expiry day. Frankly, I believe that any broker that provides excessive margin on expiry day to traders for option selling is asking for trouble and is inviting black swan events to wreck their business one a fateful day. We follow conservative risk management practices and avoid too much leverage.

  2. We do not change the margins for option selling and it has stayed the same for over 2 years. We intend to keep it in a range that is manageable depending on the market volatility.

  3. Yes, you can open a trading account with us without having to open a demat account as long as you trade in F&O. If you trade in equity (Intraday equity included), you will have to open a demat account. It's free to open and maintain a demat account with us. For more information, read this post.
You can open an account here.
 

Tejas Khoday

Co-Founder & CEO, FYERS
There are some issues i want to point out regarding the features of Web, One & Mobile applications. I believe there is a relevant thread somewhere for this. Can the team please direct me to it. TY!

That apart, it's been quite some time since i wrote here what features I in particular want to see with Web. Some have been implemented. There are other features about which i am curious as to when they will come about.

1. Scripting language : Since Fyers has implemented API, it only makes sense to have the Pine Script enabled as otherwise the API is only a half baked cake. Even though it might not be for all the Fyers clients but those willing to go down that road will at least have the gates open to do so. And Fyers can charge a reasonable fee for the same. I am very much eager to see that option.

2. Common Ledger : I can't see what's stopping Fyers in implementing it as i see a lot of novice and seasoned brokers having it. If they have been able to row around the current, so can you guys too.

3. I would like to see the margins clearly spelt out rather than having to check with the margin calculator for individual scripts. I understand that the equation is variable, yet describing it in Min, Max or Range format will give more clarity.

I don't trade with Fyers currently cause i need a common ledger, an API, and clear definition of margins as i use that margin figure in my AFL to trigger trades. But i am very eager to trade with Fyers as the rest of the features are quite attractive. Am sure there are others like me who wish the same.

I have account with over half a dozen brokers but i trade with only 2 of them. The rest i opened over time to see what actual facilities they provide. Almost all of them, with an exception of a few, don't walk the talk. But that is not the case with Fyers as i haven't seen them say things that are non existing with them. That is a big plus, to stay true to one's words.

I hope Fyers can implement these features ASAP. Just my 2 cents.
Regards, :)
HE @McNish, How are you? Thanks for writing.
  1. Scripting Language - TradingView's scripting language is proprietary and we can only request them. So far, they are not open to it. Of all the third-parties associated with the around the globe, we have been the most active when it comes to feature requests. Anyways, we will figure out what else can be done in this area. Stay tuned!

  2. Common Ledger - I personally want to make this happen but we need the exchanges to give us clarity about the compliances. The last time we checked, neither NSE or MCX gave us a clear answer about providing a common ledger for trading. Cross-margin utilization across exchanges could perhaps attract penalties at a client level. In the best interests of our clients, we choose to be safe than sorry. In fact, from an entity perspective, we are in a better position to implement this as compared to most brokers because we have NSE, BSE & MCX licenses in the same entity. When we get clarity, we shall do it.

  3. Margins - The margin requirements are different for each F&O scrip and thus, the margin calculator shows you the requirements. IMO, it's the simplest way to do it. The minimum, maximum and range depend on the product type. For instance, if you have placed an intraday order for BNF futures, the margin requirements are vastly different from CO/BO. All this is separately shown in the margin calculators.
I understand that as a client, you want the features and I concur with you @McNish. We are trying our best to introduce new features. In the near future, you will see that we will introduce something that will enhance the use of our Trading API. We have finished testing the product and preparing for the launch, stay tuned. It will open up an array of possibilities. Quite a few things are in the pipeline and we shall introduce things one by one in 2020.
 
Hey @EquityTrader,

Thanks for writing to me.
  1. Our Margin policies are standardized across the month/expiry week as mentioned in our Margin Calculators. We do not provide any additional margin for option sellers on or before expiry day. Frankly, I believe that any broker that provides excessive margin on expiry day to traders for option selling is asking for trouble and is inviting black swan events to wreck their business one a fateful day. We follow conservative risk management practices and avoid too much leverage.

  2. We do not change the margins for option selling and it has stayed the same for over 2 years. We intend to keep it in a range that is manageable depending on the market volatility.

  3. Yes, you can open a trading account with us without having to open a demat account as long as you trade in F&O. If you trade in equity (Intraday equity included), you will have to open a demat account. It's free to open and maintain a demat account with us. For more information, read this post.
You can open an account here.
Hi @Tejas Khoday,

Thanks for the quick reply. Maybe I was not clear. I do not need any extra margins on the expiry day. Few brokers are now collecting additional margin on the expiry week citing 'Compulsory Physical Delivery' risk. For example, my current broker collects double the normal margins on the last 2 days of the expiry week.

So my question was, does Fyers also do this? For example, your margin calculator shows that the TITAN 1200 CALL for Jan month can be shorted for around 165000 INR as margin. Does the margin remain more or less the same in expiry week or do you collect more than that?

Thank you.
 

Tejas Khoday

Co-Founder & CEO, FYERS
Hi @Tejas Khoday,

Thanks for the quick reply. Maybe I was not clear. I do not need any extra margins on the expiry day. Few brokers are now collecting additional margin on the expiry week citing 'Compulsory Physical Delivery' risk. For example, my current broker collects double the normal margins on the last 2 days of the expiry week.

So my question was, does Fyers also do this? For example, your margin calculator shows that the TITAN 1200 CALL for Jan month can be shorted for around 165000 INR as margin. Does the margin remain more or less the same in expiry week or do you collect more than that?

Thank you.
Hey @EquityTrader, Oh yes, due to the compulsory physical delivery risk, the exchange has mandated that brokers block additional margin for clients who have open positions in options. The incremental margin requirement increases in phases. This is new and has become difficult to implement.

Does FYERS do this - Yes, we have to. We have to collect more than what is required in the week prior to expiry as per the exchange requirements. Although it makes life complicated for brokers and traders, we have no choice.
 

Tejas Khoday

Co-Founder & CEO, FYERS
Anyways, I'm logging out of Traderji for the week. @FYERS_Team will be available to take queries. The year 2019 is coming to an end and it has been really eventful for us in many aspects. You can say, it was the year that moulded our approach to stockbroking and our initiatives which will come to fruition in 2020. On behalf of the team of 100 at FYERS, I wish all the @Traderji members, the mods and our 30,000 clients a belated Merry Christmas and a Happy new year in advance! As usual, we enjoy interacting with the active traders on this website and we hope that the community grows manifold.

Cheers!

FYERS Christmas Celebrations..jpg
 
merry Christmas @Tejas Khoday and team..... I always praise your company transparency honesty and sincere efforts. I am so happy with your modern platform and approach towards broking business that not even in back of my mind I like to criticise you, In one words I just love your platform...… but here is a serious issue with me.... today I was trading in crude oil, your watchlist is showing different prices and candles are not moving at all.....just check the pics when crudeoil in watchlist is 4392 candles showing 4388...… In second pics crude moved to 4418 in watchlist while candles are showing 4388...…. when I refresh candles show right prices but again it stays at same price while watchlist moves...…… It happens not only in crude but in other scripts also...…… Is this problem only with me or with others also...…….. Its a serious issue and I expect you to please instruct your technical team to resolve this issue...…………..Again wishing you and your team a great year ahead...…… always love trading with FYERS...….
 

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