Announcements

L&T Finance Holdings has credited existing shareholders’ Demat accounts with REs (Rights Entitlements) after it announced a Rights Issue.

What does this mean?
A company announces a Rights Issue to invite existing shareholders to buy more shares, usually at a discounted price. These shares are known as Rights Shares.

After the Rights Issue is announced, the company then credits its existing shareholders’ Demat Accounts with REs (Rights Entitlements).

These REs are not the Right Shares but the benefit given to existing shareholders to apply for the Right Shares. If shareholders do not wish to apply for these Rights Shares, they can even trade these REs in the market until a particular date.

To learn more about rights, click here.

What does this mean for L&T Finance Holdings shareholders?
Existing shareholders of L&T Finance Holdings (as on record date 22nd Jan’21) have the following two options -

1. They can use their REs to apply for more shares of L&T Finance Holdings (in proportion to their existing shares - 17 for every 74 shares held) at a discounted price of Rs.65.

2. If they do not wish to apply for more shares, they can even trade their REs in the market.

For the above corporate action keep these dates in mind

Last trading day of RE  - 10th February 2021.
If you do not wish to apply for the rights shares, you can trade your REs in the market on or before this date.
Last date to apply for Right Shares - 15th February 2021.
If you’re interested in applying for the right shares, you can apply on or before this date, after which the RE ceases to exist.

How To Apply For Rights Shares?
There are 3 ways to apply -
1. Online through ASBA (Applications Supported by Blocked Amount) if your bank supports it just like you do for an IPO. Most large banks including Axis, HDFC, ICICI, SBI, Kotak support this method.
https://web.linkintime.co.in/RightIssues/index.html

2. Online through the RTA (Registrar and Transfer Agent) website 

3) Offline by filling the Composite Application Form (CAF) received in your courier from the company’s RTA and then submitting it at a Self Certified Syndicate Banks (SCSBs) branch.

Read more about this RE by clicking here.

Here are the revised margins for today. 4th February.

? Up to 5X margins on Intraday orders in EQ (for F&O-listed stocks only).
? Up to 2X margins on Intraday orders in Futures and Options (selling) only.
? Up to 2X margins on Intraday orders in Currencies and Commodities (for Futures only).
? All CO & OCO orders are blocked for the day.

Here are the revised margins for today. 3rd February.

? Up to 5X margins on Intraday orders in EQ (for F&O-listed stocks only).
? Up to 2X margins on Intraday orders in Futures and Options (selling) only.
? Up to 2X margins on Intraday orders in Currencies and Commodities (for Futures only).
? All CO & OCO orders are blocked for the day.

Let me start by saying that we’re truly sorry.

The Upstox vision is to make trading easy & accessible to all, and somewhere along our journey, we could not deliver our promise. What some of you faced yesterday has been one of our biggest challenges. While we as a brand take complete responsibility for the errors that persisted, kindly allow me to explain why this happened in the first place.

On 1st February 2021, we were facing hardware issues at our end, and one of our primary order management servers (an exchange approved OMS vendor) failed at around 1:20 PM, and our back up server took longer than expected to restore. 80% of our systems are on the cloud; in fact, Amazon has even written a case study on us as a fintech player at the forefront of innovation in cloud. For the part of our system that is still on physical non-cloud infrastructure, we have the latest next-generation servers and invest heavily behind our hardware and tech stack, but sometimes even the best can fail. This was an extremely rare situation, and our team has been continuously at work to ensure that something of this magnitude does not occur ever again. We sincerely apologize for the truly unfortunate incident and are working hard at ensuring an even lower dependence on physical (non-cloud) infrastructure.

In the immediate term, we have fixed the faulty hardware and added multiple layers of backup. To ensure the systems were fully functional today and customers do not suffer any further, as a precautionary measure with an abundance of caution, we blocked fresh intraday trading at 12 PM requesting users to square off their positions by 2 PM. There were no order placement issues today. We opened up MCX intraday after 3:30 PM. 

We understand some of you have faced losses during this turbulent period, and for what it’s worth we are extremely apologetic about this. We will reach out to each of you over the next few days. 

Let me end by saying, we’re not perfect. We are constantly working. We are working day in and day out. We are working round the clock only to ensure we can provide a seamless trading experience to you. I would like to personally thank those of you who stuck by us through all these challenges. And for those who’re upset with us, give us another chance to show you that Upstox is dedicated to serving the best trading experience, and nothing short of that.

Once again, we’re incredibly sorry for the inconvenience we have caused you. 

Sincerely,
Shrini Viswanath (Co-founder & CTO, Upstox)

Our regular margins will be applicable for all intraday orders today. All CO and OCO orders will be blocked for the day. Margins available today are as follows.

?Up to 8X margins on Intraday orders in EQ (for F&O-listed stocks only).
?Up to 3X margins on Intraday orders in Futures
?Up to 3X margins on Intraday orders in Currencies and Commodities (for Futures only).