Hey, one of my friends is facing an issue, he opened a new account with Upstox a few months back. He was paying the full demat charges even when his holdings are less than 2 lakhs (greater than 50k). I told him about the BSDA, where he could be paying less AMC of 100. He asked upstox to convert his account to BSDA, but they told him that for BSDA, he would need less than 50k and then he wouldn’t have to pay any AMC. He specifically asked for reduced AMC and they blatantly refused…
All of his communication is through email and so he has proof that they denied. What should be the next step now? Where should he proceed to complaint? I know that we can raise a complaint with CDSL, NSE/BSE or SEBI, but what is the proper course here?
They are not doing so, as they have already deducted Monthly charges for the past two months, where his holdings were less than 2 lakhs. They are straight away denying any reduced AMC, giving options of no AMC or full AMC only.
Can you suggest a course of action to be followed? There are so many intermediaries, so I am a little bit confused what to suggest.
Yes I’m aware of that situation, zerodha automatically converts your account to bsda if you meet the requirements but upstox doesn’t do that you have to manually send a paper to their office and its a cumbersome process, what an irony account opening is fully paperless cause they’ll get money from it and just for 1 bsda form the process is offline. That’s the reason i love zerodha they’re the most transparent company although their UI is one of the most basic I’ve ever seen which sometime makes it boring but anyways we are here to earn not to see the interface lol
I completely forgot about this. Just an update: I got him to close his upstox account and transferred his holdings to a new zerodha account. They also caused issues for this closure-cum-transfer, I think I made a thread for advice on that also.
Upstox may have superior interface, but that was not the case when he was using it. Ask any long time user of upstox. Although I prefer the zerodha interface anyway.
In my limited experience with capital markets, people start with a full time broker, meddle with shitty services like upstox, paytm etc and in the end, settle with zerodha.
Zerodha is not the journey, it is the destination.
I had the good luck to start with zerodha, just because I searched best stock brokers and everywhere zerodha was at first, I didn’t take a chance and fared better than most of my friends.
