We have decided to discontinue our Priority Pack and move you to our Basic Pack from 1st March 2021 keeping in mind your best interests....
Read more
We have decided to discontinue our Priority Pack and move you to our Basic Pack from 1st March 2021 keeping in mind your best interests.
Why are we discontinuing the Priority Pack?
To comply with SEBI’s recent requirement for Peak Margins, Upstox, like all other brokers, needs to collect a minimum of 50% of funds on the prescribed limit, to offer intraday trading across various products. This means Upstox can no longer offer traders higher margins as we used to earlier under the Priority Pack. Hence, in your best interest, we have decided to discontinue the Priority Pack and move you to our Basic Pack from 1st March 2021.
What are Peak Margins?
Before 1st December 2020, margin reporting happened only at the end of the day for all the carry-forwarded trades executed by traders on that particular trading day. This reporting system enabled brokers like Upstox to provide higher leverages by offering products like intraday (MIS), cover order (CO), and bracket order (OCO).
Since brokers used to ask for lower margins from the prescribed limit of VAR (Value-At-Risk) + ELM (Extreme Loss Margin) for equities and SPAN + Exposure for F&O for creating an intraday position, it created a risk at brokers’ end. Hence SEBI mandated all brokers to report margins several times during the day. They also asked clearing members to monitor the margin activities. The changes as per these guidelines are being rolled out in phases. You can read more about it here.
What is the Basic Pack?
In our Basic Pack, you can continue enjoying the same trading tools on Upstox and you do not need to pay an additional brokerage of Rs. 10 to avail margins.
Here are details of our Basic Pack
1. The Upstox Basic Pack charges Rs. 20 per trade or 0.05% (whichever is lower) for intraday trading.
2. Just like the Priority Pack, equity delivery trades are brokerage FREE under this pack.
3. You can view updated margins under this pack here and detailed charges here.
Thank you once again for being a Priority Pack member. Be rest assured that we will continue serving you with the best trading experience.
Upstox is working towards other leveraged products just for you, so stay tuned for further updates on the same.
Download the Upstox App Today