RKSV is a discount broker operating from Mumbai and was started in 2009. It was started by 3 online entrepreneurs after returning from USA. As other discount brokers, they also have only 1 physical location and you have to send your completed form through courier to them. Once you send the form, your account would be opened in less than a week.
RKSV like other discount broker operates completely online and there is no physical office where a client can go to. Unlike other discount brokers, RKSV does provide you with news updates to keep you posted.
There account opening is also done online and a client have to fill a form, print it and send it to there office in Mumbai. Once they receive the form, they will go through a In person verification (IPV) online using webcam where they will check your PAN Card and any other address proof which you have submitted. Once the IPV is completed, it will take 2-3 business days for your account to be activated. You will not receive anything by mail but it will be sent to your email account. I just opened the account with them and the account opening was very easy. You can find detailed information about Account opening with RKSV here.
They provide two type of brokerage structure :
Regardless of the size of the trade you place, you will only be charged a flat fee of Rs. 20 per order traded. They are even offering 5 free trades every month without any brokerage. So if you trade just a few times a month, you don’t have to pay any brokerage. You only pay Rs. 20 per trade across all segments: Cash, Futures, Options, Currency F&O, and MCX Futures. Many brokers charge you brokerage as a percentage of turnover or on the size of the trade. For example, a broker might charge you Rs. 20 per lot on Options, so on a trade of 10 lots you are paying Rs. 200 in brokerage while using this plan you will only end up paying Rs 25 thus saving Rs. 175.
Intraday leverage of 20x on Equities, 4x on NSE F&O, 4x on BSE/NSE Currency F&O and 3x on MCX Futures.
They have introduced their own Demat and:
a) They are not charging any AMC for life time
b) They do not charge any transaction charges except actual charged by CDSL + service tax.
c) They will be charging Rs. 250 as account opening fees and Rs. 300 as first time AMC for demat for all the clients coming to RKSV.
The only negative point with these discount brokers are you don’t see there physical location and so it would be tough to trust them. But they are operating for 2009 and have a good reputation in the market. I would suggest to give a call to discount brokers and talk to few of them before deciding. As far as the security is concerned, RKSV is a member of NSE, BSE and MCX like other full service brokers.
They have also launched Trade Academy which deals which deals with the Basic of Stock markets.