Upstox, with a large user base, is one of the leading brokers in India. However, issue related to technical and service-related have become common. If you are facing a problem and want to file a complaint against Upstox, here is a step-by-step process to help you take appropriate action.
Complaint Against Upstox in SEBI
Although SEBI is the regulatory body that has enacted regulations to protect investors’ interests in the stock market, one cannot approach directly to SEBI directly in case of any issue or dispute with stock broker.
One needs to follow a process and guidelines for the same. But before we move ahead, let’s have a look at what matters you can escalate to SEBI.
- Login failure or application crash during market hours
- Delay in executing or cancelling orders
- Funds not credited or withdrawal delays
- Misplaced or incorrect trades
- High charges
- Churning in stock market
- Lack of timely response from support
- Account freeze or deactivation without warning
You can follow the following steps of the escalation to raise and resolve your concern effectively:
Step 1: Raise a Support Ticket with Upstox
- Visit the official Upstox Help Portal.
- Log in and submit a detailed support ticket through their system.
- You can also raise issues via the help section inside the Upstox app.
Keep a record of your ticket number and note down the date of submission.
Step 2: Escalate to Grievance Officer
If your ticket is not resolved within 7 business days or you are not satisfied with the resolution, escalate the issue internally to Upstox’s grievance officer by sending an email.
When escalating, ensure you mention your:
- Client ID
- Original ticket number
- Complete description of the issue
- Any attachments (screenshots, contract notes, etc.)
Step 3: Complaint in SEBI
If your concern remains unresolved, you can file a complaint with SEBI through its SCORES platform by following simple steps below:
- Register with your PAN and contact details
- Select Upstox as the intermediary
- Provide a brief description of the issue
- Upload relevant supporting documents
- Submit and track your complaint
SEBI requires brokers to respond to complaints within 30 days.
Step 4: Arbitration in Stock Market
If the complaint involves a financial dispute or claim for compensation, and SEBI/SCORES intervention does not resolve it, you can file for arbitration through the relevant stock exchange.
The arbitration process is a legal route for dispute resolution and should be considered if the monetary value of the complaint is significant.
Need help to file a complaint against stock broker?
Register with us, and we will guide you with the process and also represent your case in arbitration, if required.
Documents Required to File a Complaint Against Upstox
Before you escalate, make sure you have the following:
- Client ID and PAN card
- Contract notes or trade confirmations
- Fund transfer details
- Ticket number and support communication
- Screenshots or video proof of the issue (for tech problems)
Final Thoughts
While Upstox has enabled many to start their investing journey, system glitches and customer service gaps cannot be ignored. Thankfully, SEBI and the exchanges offer structured complaint mechanisms to protect investors.
If you approach the process in a stepwise and documented manner, you significantly increase your chances of a fair resolution.
