Upstox Account closure issues

conquistadorjd · January 18, 2021, 3:41am

hello,

I had closed my account with uptox but I keep getting following two emails

EOD market status from Upstox
Email from BSE and NSE saying my account balance is zero.

I got confirmation from Upstox that my demat as well as Trading account is closed.

We are sorry to hear that you will be closing your account. We hereby confirm that your account has been successfully closed. Particularly, the following activities have been done:

- Closed your account on the NEST
- Closed your trading account from Upstox Back Office
- Closed your Demat account on CDSL

If my account are closed, I should not be getting emails from Upstox. I followed with them thrice and I got confirmation from them twice that both accounts are closed however both emails (1. EOD Upstox & 2. NSE/BSE account balance emails) have not yet stopped.

After getting such a pathetic support from Upstox, I decided to follow up for one last time before filing complaint against upstox. I got following response

This is to inform you that we have successfully closed your demat account.
 
**This is to keep you informed that since your account was active with us in the past one year we need to report balance to exchanges for the coming 12 months irrespective of balance amount. Please be informed that your account with us stands closed.**

We would also request to ignore the mails as you have already closed the account with us and If you are getting promotional emails from Upstox, you can open the email and scroll at the bottom of that email and click on 'Unsubscribe' option to avoid getting the same in future. 

Meanwhile, we thank you for your patience.

This does not make sense at all.

I am thinking, may be Upstox is keeping account intentionally open to keep their customer count high ?

Any expert, please let me know what needs to be done ?
Note: I have checked eCAS statement from CDSL and Upstox DEMAT account does not show as active anymore. Issue is they are not closing my trading account even after follow up.

CoolBird · January 18, 2021, 10:25am

upstox is amongst the worst brokers we have…even my account wasn’t closed for more than a year after giving forms & they kept charging maintenance charges etc. i had to write to their management over email/twitter repeatedly as their guys ignore emails too.

conquistadorjd · January 19, 2021, 2:30pm

Any idea if we can file official compliant against Upstox for doing this malpractices ?
Should this be filed with NSE/BSE or SEBI ?

Natasha_Gupta · August 13, 2021, 7:08am

This is not a malpractice, the proof that the account is closed is that the balance remains 0 and does not becomes negative. Upstocks charge ₹ 29.5 monthly for active accounts. So if your account is active it will keep charging you. I have closed my Demat account on upstocks and yet BSE messages me to notify my balance, this is to keep the user (me) notified that nothing malicious is being done with my closed account. Don’t worry, they keep sending a PDF file with acc balance details. There you can see account status as “Closed”. I am too waiting for the 12 months to happen so I can stop receiving those BSE alerts.

theiconik · September 18, 2021, 5:41pm

I just get a PDF from BSE with my UCC id name and protected by password i.e my PAN number. It shows 0 entities/balance but I didn’t find a column that says account status. Please can you look into the image that I attached and verify that is it the same for you or you are talking about some other PDF!
Also I didn’t get the last line. Do they stop sending those alerts and all after 1 year?

Actually, I have closed my account with proper procedure and even have got mail from CDSL for account status closed, but I am kind of worried after receiving these mails from BSE/NSE.