upstox stole my 20,000

[timepass]

Understanding why it pains does not reduce the pain.

Since they have not addressed the issue directly, I suppose you can now escalate it with the other authorities.

In my case on 13th March, the problem occurred around 9:30am, I tried to solve it with them till noon, and around 12 o'clock I had already written a letter to scores.gov.in; then later in the evening I also wrote to nsevadodara

 

[chaku101]

Understanding why it pains does not reduce the pain.

Since they have not addressed the issue directly, I suppose you can now escalate it with the other authorities.

In my case on 13th March, the problem occurred around 9:30am, I tried to solve it with them till noon, and around 12 o'clock I had already written a letter to scores.gov.in; then later in the evening I also wrote to nsevadodara

The representative who called me said to give him 24 hours til he gets back to me with a solution. Should I get wait for that ? or write the letter to sebi ?

 

[cinderblock]

What is the amount you are claiming from them?

The exact amount you want them to repay you because of the glitch?

 

[chaku101]

What is the amount you are claiming from them?

The exact amount you want them to repay you because of the glitch?

I had 23000 approx fund in my upstox account. And since my stop loss was hit I want my fund minus stop loss back.

 

[timepass]

The representative who called me said to give him 24 hours til he gets back to me with a solution. Should I get wait for that ? or write the letter to sebi ?

What was the name of the representative ?? Did you record the call ??

Anyway, write to them now telling them that "your representative xxxxxx had called me and promised that a solution would be found within 24 hours. I am willing to wait 24 hours, but please confirm that it was a genuine representative calling me".

Edit : As for the claim, my claim was my full balance be restored and a penalty of equal amount. I finally settled for my full amount + 1Rs. penalty. You don't want to harass the broker much, but you want fairness.

 

[chaku101]

What was the name of the representative ?? Did you record the call ??

Anyway, write to them now telling them that "your representative xxxxxx had called me and promised that a solution would be found within 24 hours. I am willing to wait 24 hours, but please confirm that it was a genuine representative calling me".

I don't remember his name and no I didn't record his call.
Okay i will do that.

 

[Newbie Day-Trader]

We all should have auto call-recorder app on our phones, you never know whose call you might need to refer to at some future date.

 

[RKSV]

i had placed bracket order buy quantity of 3000 for pc jeweler on 4/5/2018
@ 9.30 am I didn't do anything manually after my order was placed.

And all my order was executed and completed before 12 pm but position book was stil showing pcjweler trade and mtm in negative balance.

and it was showing that i sold 5300 around quantities. First i placed 3000 buy quantity only so how can i sell 5300 quantity ? and second in bracket order i can not manually buy or sell any quantity while the order is placed.

And even if my stop loss was partially triggered, I should gain profit not lose bcause pcjweler went upto 40% on friday, it didn't come down.

and even if it was mistake that i placed a sell order, i didn't have an option to square off the position because it said " there is no open order"
and at the end of the day it was showing me loss of -76000
how can i lose more than what i have in my fund ?? i only had 20000 rupees.

I called customer care and email team several times but nobody is solving my problem. They say that I need to add 76000 rs in order to start trading.
Please help me where I can complaint against it and get my money back or else I would have to quit trading

If they can wipe out my 20000 capital today then can wipe out 2000000 tomorrow, so there is point in trading

Hi chaku101,

Sad to hear that OCO order took over the winning opportunity in your trade. Let me narrate to you what happened here.

OCO gives you a flexibility of placing a SL and Target at the time of initiation. This helps traders to stay calm and focused of not monitoring the position way throughout.

But as this is an Algorithmic order, there are also few things needed to be kept in mind while you use this. The initial order that you placed for buy was at 135.15. The difference that was kept for SL and target was 1.30 and 0.25 (always advisable to keep 1% or more on both sides for OCO). Such a small difference is highly risky for OCO orders as 2nd and 3rd leg are created once the 1st leg is traded.

In your case the scrip was so much volatile that it created 2nd leg and quickly executed it before creating 3rd leg which further also got executed (rather than getting cancelled). This is why your position went short in no time and resulted in a loss.

We normally block such volatile scrips from trading CO/OCO but there was a requirement from many users as they wanted to trade PCJEWELLERS for making profit (being volatile), unfortunately it affected you. As far as your loss is concerned, let us see how we can figure out to as positive conclusion.

 

[timepass]

Hi chaku101,

Sad to hear that OCO order took over the winning opportunity in your trade. Let me narrate to you what happened here.

OCO gives you a flexibility of placing a SL and Target at the time of initiation. This helps traders to stay calm and focused of not monitoring the position way throughout.

But as this is an Algorithmic order, there are also few things needed to be kept in mind while you use this. The initial order that you placed for buy was at 135.15. The difference that was kept for SL and target was 1.30 and 0.25 (always advisable to keep 1% or more on both sides for OCO). Such a small difference is highly risky for OCO orders as 2nd and 3rd leg are created once the 1st leg is traded.

In your case the scrip was so much volatile that it created 2nd leg and quickly executed it before creating 3rd leg which further also got executed (rather than getting cancelled). This is why your position went short in no time and resulted in a loss.

We normally block such volatile scrips from trading CO/OCO but there was a requirement from many users as they wanted to trade PCJEWELLERS for making profit (being volatile), unfortunately it affected you. As far as your loss is concerned, let us see how we can figure out to as positive conclusion.

Thanks for participating here.

The issue of why it happened is well understood. I think the major issue the customer has is your response to it, and that no corrective action was taken till it was the time of auto-square off.

 

[chaku101]

Hi chaku101,

Sad to hear that OCO order took over the winning opportunity in your trade. Let me narrate to you what happened here.

OCO gives you a flexibility of placing a SL and Target at the time of initiation. This helps traders to stay calm and focused of not monitoring the position way throughout.

But as this is an Algorithmic order, there are also few things needed to be kept in mind while you use this. The initial order that you placed for buy was at 135.15. The difference that was kept for SL and target was 1.30 and 0.25 (always advisable to keep 1% or more on both sides for OCO). Such a small difference is highly risky for OCO orders as 2nd and 3rd leg are created once the 1st leg is traded.

In your case the scrip was so much volatile that it created 2nd leg and quickly executed it before creating 3rd leg which further also got executed (rather than getting cancelled). This is why your position went short in no time and resulted in a loss.

We normally block such volatile scrips from trading CO/OCO but there was a requirement from many users as they wanted to trade PCJEWELLERS for making profit (being volatile), unfortunately it affected you. As far as your loss is concerned, let us see how we can figure out to as positive conclusion.

Yeah I understand that due to extreme volatility both my sl and target were triggered and I am ready to take the loss I suffered when my stop loss hit.
But I didn't get to square of that excess quantity that had been traded as the orderbook said " you don't have any open orders". Secondly when I called customer care and email support they didn't even look deep into the issue and asked me to wait till the day is over. Third as I wasn't able to auto square off my losses kept on increasing beyond my margin and I had suffered a loss of 90000 by the end of the day which should absolutely not happen.
Fourth one of your chat representative even told me to add 76000 funds to upstox to start trading again ??
There was enough time for all orders to be completed after the sl hit and so my request is that upstox refund me my fund minus what i would have lost when my stop loss was hit.