Announcements

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)