upstox stole my 20,000

[slevin]

Upstox had an issue today. They blamed the connectivity with NSE but who knows. Quite a few brokers have faced connectivity issues in the past few months. Anyways, I'm pretty sure the issue you have faced has to do with this fact. I've never had any experience with chasing brokers for losses but one thing I have learned from watching my friends do it is - a relentless and dogged pursuit if you are in the right.

 

[mohan.sic]

sir i have posted all the screenshots now. I wrote them on same day and called them on same day. They didn't assign a person nor called me giving any satisfactory answer

I think you have not posted all the screenshots.
Open your contract note and do the following:

1) Count the total Buy quantity traded initially and keep note of trade time.
*Now once the buy is executed, you have open target order and sl order

2) Have a look at the time stamp and see which order is executed next ( target order or sl order ) and what quantity.
I see from the execution time that sl order was triggered first, not the target order ( but only partial quantity ).
So if the sl order was partly executed, may be the target order quantity was not automatically reduced to the extent of sold shares and
when price went up, the full quantity in target order was traded. If this is the case, the initial quantity traded when sl was triggered remains as a short position and it was only squared off during closing ( as per your screenshot ) incurring this huge loss.
But even if we have to consider the above case, sell quantities traded at (9:53:06 hrs ) and buy qty traded at (15:24:33) should match, which is not the case as per screenshot you have given. Your full contract note may give clear picture.

First sort out the reasons for difference in orders/qty's placed and actual trades. ( If they are technical problems or is it due to drawback in their bracket order feature ) and be sure if you really did not place any new orders/edit open orders and then escalate the issue strongly.

But anyways try to sort out somehow and get the debit cleared from your ledger. Because this debit may impact your CIBIL score.

 

[amrutham]

I see from the execution time that sl order was triggered first, not the target order ( but only partial quantity ).
So if the sl order was partly executed, may be the target order quantity was not automatically reduced to the extent of sold shares and
when price went up, the full quantity in target order was traded. If this is the case, the initial quantity traded when sl was triggered remains as a short position and it was only squared off during closing ( as per your screenshot ) incurring this huge loss.

I also think this is what happened. SL order was hit first, but target order was not cancelled, which resulted in shorting of extra quantity.

Its scary to solely depend on technology. A simple bug in trading platform can create havoc.

 

[timepass]

OK chaku101, so your complaint has caught the eye of the top management of RKSV.

http://www.traderji.com/community/t...ne-trading-part-2.72820/page-478#post-1284050

Now I hope both the sides follow this up nice and persistently till the issue is amicably resolved.

Keep the community informed about this case.

 

[LOVEENAJYOTHI]

I also think this is what happened. SL order was hit first, but target order was not cancelled, which resulted in shorting of extra quantity.

Its scary to solely depend on technology. A simple bug in trading platform can create havoc.

Just a thought:
What if the very over cautious, "Double margin demand for BO" is causing these kind of havocs ? I mean if there was no required margin present for the second erroneous entry, there should not have been a second entry at all right ? bcuz even if the Bracket order mechanism erred, the Risk Management System should have prevented the execution of the erroneous Second Entry for lack of requisite margin, right ?

 

[newtrader101]

And you ended up with loss those few times ? What was your follow up actions with Zerodha ? and What was Zerodha's response ?

I was playing with very small amounts. I did not follow up. I should have. Because Zerodha has a host of technical glitches, I took it in my stride. This was with the old Kite.
If the platform did not reflect the actual position, and the trader took action based on that, it is the broker's mistake. But how do we prove it (that the platform did not show the position correctly)?

 

[imfine]

OK chaku101, so your complaint has caught the eye of the top management of RKSV.

http://www.traderji.com/community/t...ne-trading-part-2.72820/page-478#post-1284050

Now I hope both the sides follow this up nice and persistently till the issue is amicably resolved.

Keep the community informed about this case.

Good work @timepass

 

[amrutham]

Just a thought:
What if the very over cautious, "Double margin demand for BO" is causing these kind of havocs ? I mean if there was no required margin present for the second erroneous entry, there should not have been a second entry at all right ? bcuz even if the Bracket order mechanism erred, the Risk Management System should have prevented the execution of the erroneous Second Entry for lack of requisite margin, right ?

Here the RMS has failed spectacularly. The short positions were taken at around 10 AM and they were squared-off only after 3 PM, even though the position was in losses to the tune of 3 times the account size in between. In ideal scenario, the system should have closed the positions when the MTM loss is more than account size.

 

[slevin]

Here the RMS has failed spectacularly. The short positions were taken at around 10 AM and they were squared-off only after 3 PM, even though the position was in losses to the tune of 3 times the account size in between. In ideal scenario, the system should have closed the positions when the MTM loss is more than account size.

When they lose connectivity, as they have claimed, the orders won't hit the exchange. So yeah, you end up holding the bag.

 

[chaku101]

@chaku101
Sorry about this
It had happened a few times for me with Zerodha. After squaring off, my positions would still show balance, and in panic I thought the order had not executed and manually executed the order again. But it was for smaller amounts.

• You said you placed the order through OCO. Was the second order of 5300 also OCO?
• If you accessed their platform through your browser, it would be a good idea to save the history for that particular day and time.
• Btokers are supposed to keep record of every order for a stipulated period of time (not sure how long). They may not show you this, but if SEBI directs them, they have to. So make your case quickly.

I only placed one single order of 3000 quantity. I didn't do any modification or place any new order after that.