Re: RKSV - Unlimited Online Trading @ 1947/-
I have recently opened an account with RKSV. traded just last 2 days. I have couple of questions regarding your exposure and square off..
I have been told that if i execute an order with MIS then only i will get 50% exposure if its NRML then it requires 100%
if i carry forward position to next day ( has too be changed NRML to carry) 100%. Next day morning after market opens still margin is 100% and i cant convert this overnight position to MIS. so you are not giving exposure Futures 50% on positions from day 2 onwards .. this is not good .
I have been told by your customer care executive that if i want to have exposure the funny suggestion was given tat i have to clear and then buy again in MIS section so that i will get exposure. who will bare all the STT.Clearing etc... charges
the way this works in ZERODHA..everyday overnight carry forward they need 100% margin but next day market open all these positions automatically converted to their regular intraday exposure.. YOU ARE CLEARLY LAG in this exposure front.
Also i have been told tat if i execute order with MIS and if I want convert this carry forward I need to manually change this order to NRML if not these potions will be squared of even if i have sufficient margin in my account . this is also not good . your system suppose to do all these stuff ...another basic LAG.. ZERODHA does automatically .
if i have money in my account it should allow to carry automatically if i want too.. if i don't want to carry i will close my position
please answer my queries
The goal of our risk policies is that they are safe and clear to understand, and definitely not to make things more confusing. It was a deeply thought out decision on our part to opt for two product codes.
Bifurcating margin positions and carry forward positions was a choice to give our clients complete freedom as to which positions do and do not get automatically squared off by their broker. Let me give you an example.
Suppose we did not bifurcate margin positions and applied intraday margin rates up to 3:15 pm, and automatically switched over to 100% applicable margin at 3:15 pm. At 3:15 pm, assume that you are over-margin and need to have positions squared off.
It would be cumbersome for you to call us every time and tell us which positions to square off, and suppose this did not happen- how would we know which positions we should square off? We do not want to take subjective decisions -- it can lead to discrepancies.
This is why we opted to have two product codes- one for MIS, and one for NRML, each with their own applicable margin rates. If a product is in MIS, it will automatically get squared off; if it is in NRML, it will be carried forward. Separating MIS and CarryForward allows the user to know exactly which positions he's prepared to have squared off at 3:15 pm and which ones he is going to hold.
The ideal solution would be for NSE NOW to let the trader convert their carry forward positions to MIS the next day. However, this is not possible since converting carry forward positions is not possible on NSE NOW .
Sorry to hear that the risk policies are not to your liking. Our RMS team has standard policies across the board for all of our clients. Should you have any other questions, let us know.