Firstly, Upstox blocked the earned commission around Jan 2025 and forced to register as AP by collecting the fee for each segment. I paid the fee and got re-registered as AP by paying the fee and suddently on 31 Mar 2025 my authorised partner agreement was terminated without any communication.
Since than I have been written emails for getting the reason for termination and refund of AP fee paid but no response for Upstox team.
Now I come to know that the similar thinks have happened to my people, Upstox has just collected the AP fee and then terminated the AP agreement abruptly.
Upstox team if you do not require the APs that is fine, but stop this loot and return the money that you have collected as AP fee, have some curtasy to atleast communicate the reason and respond back to the queries you are recieving.
If no responce is recieved than the last option has to be complaning to SEBI of the act of loot done by you.
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@YOGESH_BHU_3355724 - Whatâs your UCC?
@YOGESH_BHU_3355724 - Youâll get a call from us shortly.
@Ushnota, please confirm the refund status, by when it will be processed.
@YOGESH_BHU_3355724- Like I mentioned, the relevant team will call you and you can direct all your queries regarding this there. Thanks.
Hi,
It is 21 days and I have no update or call. Please refund the amount
I just checked and I see that AP fee has been refunded to me. Below are the unanswered question for which reply is awaited.
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Reason for terminating the AP agreement.
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What about the interest on the AP fees not refunded back to be for this many days.
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What about my share in the income you are yet earning from the clients that I brought on the Upstox platform. There should be some royalty or a lumpsum amount paid as royalty for efforts for getting clients on which you would be generating income for long time. You cannot just throw the APs out and earn money from the clients brought in by him/her.
Hi @YOGESH_BHU_3355724,
Thank you for reaching out and sharing your concerns. Please find the clarification below:
1. Reason for termination of AP agreement:
The AP agreement was terminated in line with business policy changes
2. Interest on AP fees:
As per company policy, the AP fee refund does not include interest, since the amount is considered a one-time non-interest-bearing fee and is charged by NSE. We have also refunded your NSE Fees as an exception.
3. Share in client income:
As per the terms of the AP agreement, revenue share/royalty is applicable only while the AP agreement remains valid and active. Once the agreement is terminated, there is no provision for ongoing payouts or royalty on clients brought in previously.
We appreciate your contribution and the efforts you have put in, and regret any inconvenience caused due to this termination.