This is in with reference to the above mentioned subject, Support team and Complaint team of upstox only have given the details about how to place AMO order rather how AMO order executed without sufficient funds in my account and how margin credited to my account without my approval, here I would like support and help from your side so that my query can be resolved as soon as possible in the following points.
a. When I did not have sufficient funds (₹1,09,765 or more) in my account, how was such a high-value trade allowed to be executed? Under normal circumstances, this order should have failed due to insufficient balance.
b. If the trade was executed, how was margin made available in my account without my knowledge or consent, especially when I have not pledged any shares? On what basis was margin credited without authorization?
c. Why am I now being asked to bear or pay an amount that I never intended to trade for, never approved, and was never financially capable of undertaking?
In view of the above facts, I request you to kindly:
Rectify the trade and treat it as failed / invalid, as it was executed without sufficient funds.
Remove any margin amount that was credited to my account without my consent.
Please remove the margin amount from my account that was credited by your side without my consent, I shall be grateful for your consideration.
How much time they would take to resolve this issue which was created by them and moreover, receiving call from upstox everyday to square off my holdings without my approval and chaos has created by them and putting whole onus to the client that AMO order placed by client and sent to exchange for implentation, I would asked here how the AMO sent without funds in clients account and how the margin credited by upstox without any authorization from the client for executing the AMO order, please rectify this and reverse your margin amount from my account.
@ARUN_42418302 - We would like to inform you that since you have placed an AMO market order, please note that the price visible at the time of placing the AMO order is only indicative based on the last trade price. A market order does not carry any price protection. It is designed to execute at the best available market price once the exchange market opens on the next trading day.
Further, based on the volatility in the market or in a particular position, if the market opens significantly higher/lower on the next trading day, your AMO market order will execute at the market price prevailing at that time, even if it is materially different from the price you observed while placing the AMO order.
Further to this, it is observed that you have placed an AMO order in your account. Since, on 03/02/2025 due to volatility in the market, AMO market orders were exposed to overnight price gaps and any sharp movement between the closing price and the next day’s opening price, directly impacted the execution price for the AMO order placed by you.
Alternatively, as a best practice, if price certainty is important for you, we recommend using an AMO with limit price instead of AMO with market price. A limit order ensures execution only at your specified price or better.
Also, we would like to inform you that while placing an AMO order through trading applications, we have given notifications for the clients about the functioning of the AMO order which states that - ‘Placing AMO order can be risky due to price gaps, instead of this place limit orders’.
Then, how this AMO order executed without having sufficient fund in the Account balance, here the guidelines attached below regarding AMO which should be failed without funds issued by upstox, how can you people go against your rules which is itself self explanatory clearly, please rectify your misktakes and reverse the margin from my account
RMS is supposed to check and block the order. What you call- this is how it works is non-compliant with SEBI regulations.
You are risking over exposure of clients in market.
How is it that certain orders in your schedulers in exchange connector is checking margin and some not.
It’s a broker mis-handling and over- exposure of clients trade.Clients are not liable to any losses.
Any calls from Upstox regarding ledger clearances related to this issue without proper support answers to be considered harassment!
FYI -SEBI’s key circular on upfront margin collection (SEBI/HO/MRD2/DCAP/CIR/P/2020/127, July 20, 2020) mandates brokers to verify and collect margins from clients before trade execution, including for AMO (After Market Orders) placed pre-market.
Very worst service by support team which is unable to resolve the issue and tell me how AMO can placed without sufficient funds in my account and how margin credited to my account without my consent. You pls see your guidelines regarding AMO which clearly states that AMO cannot be executed without funds and margin cannot be credited without client approval. This is totally unacceptable and unbearable for me and you have break your own guidelines, pls find your guidelines for placing AMO which is being attached here in the form of screenshot and don’t send me the same reply again and again and don’t make me fool pls and resolve this matter at the earliest.
