An erroneous email from Upstox caused panic among clients on Wednesday when it incorrectly stated that their trading accounts had been frozen. Some clients reported losses after hastily exiting positions. The brokerage quickly issued a correction and apology.
The email prompted immediate concern among Upstox users who received the false notice about account freezes. A number of clients acted on the message and incurred losses before the follow-up arrived.
Upstox described the incident as an inadvertent error, possibly due to human mistake. The firm sent a clarifying message instructing clients to ignore the original email and confirmed that all funds and securities remained secure.
The brokerage apologized for the confusion caused by the mix-up and reassured clients of the safety of their holdings.
