Refer & Earn

Terms & Conditions

1. 1.

   Please note, your 'Refer and Earn' reward will be as per the offer that was active when your invited friend successfully completed their mobile number verification via OTP, for an Upstox account.

2. 2.

   Your referral reward will become active 7 calendar days after your friend has onboarded on Upstox.

3. 3.

   The offer is valid from 5th October 2026 till it lasts.

4. 4.

   Referral rewards are only applicable if your referred friend completes the account opening process through the Upstox mobile app. Referrals who complete the process through any other channel will not be eligible for referral rewards.

5. 5.

   Referrer will be eligible for rewards only if their referred friend downloads the Upstox app using their unique link and friend's PAN number has not been used for creating an upstox account in the past.

6. 6.

   For the referrer to be eligible for the referral reward the referee needs to successfully open their Upstox account within 7 days of signing up (signing up means successfully completing their mobile number & email verification via OTP).

7. 7.

   You will only get your referral reward once your referred friend signs up on Upstox by submitting their mobile number and verifying it with an OTP and after they successfully open their account (within 7 days of signing up with the link)

8. 8.

   To withdraw your referral rewards, you need to be an active Upstox user who has placed at least one trade in the last 365 days.

9. 9.

   You can earn referral rewards for successful referrals up to a certain limit, which may change from time to time. Once you reach the applicable limit for the month, you will not receive rewards for any additional successful referrals. (A successful referral is when your referred friend completes the Upstox account opening process.)

10. 10.

    The referrer will receive the referral reward only once the referee account is activated. (i.e. Demat and Trading account is opened after complete document & application verification in lines with the SEBI / Exchange regulations and internal policies and procedures of the company)

11. 11.

    The company reserves the right to withdraw the offer as per its discretion.

12. 12.

    This offer cannot be combined with any other offer.

13. 13.

    Any dispute arising out of referral schemes shall not be covered under grievance mechanism of Exchange.

14. 14.

    You agree that the following activities are expressly prohibited and engaging in any of these will lead to initiation of legal and criminal action against you and also result in immediate termination and disqualification from the Referral Program, forfeiture of existing referral invitations and accrued, but not yet received, referral rewards:

    • Spam, bulk distribution of invitations, distribution to strangers or any other promotion of Upstox Referral offer through invitations that would constitute or appear to constitute unsolicited commercial e-mail, sms, publishing any article or content about upstox products, services etc.
    • Advertisement* of any kind in any form on any medium print, audio visual form, web etc including social media (facebook, twitter, whatsapp, instagram, youtube etc), or spam under any applicable law or regulation.
    • Fraud, attempted fraud or abuse of the Upstox Referral offer or these Terms & Conditions.
    • Selling, trading, bartering or providing anything of value to your Invitee beyond the referral invitation or otherwise using Your Program invitations or Rewards for promotional purposes.
    • Organising competition, contests online, posting content about upstox etc.
    • Any act or omission resulting in damage to upstox in any form whatsoever in nature.
15. 15.

    Advertisement includes all forms of communications like any information about upstox products, services etc, form of document, pamphlets, circulars, brochures, notice or any research reports or any other literature or information, material published, or designed for use in a newspaper, magazine, SMS or other periodical, radio, television, telephone or tape recording, video tape display, signs or billboards, motion pictures, telephone directories (other than routine listings) or other public media including any generally accessible websites or emails, whether in print or audio visual form or used in workshop/seminar or public speaking or in any other manner. This also includes social Media including but not limited to Facebook, Twitter, Instagram, YouTube, WhatsApp, etc.

16. 16.

    In addition to the one-time account-opening reward, a referrer may earn a percentage of the brokerage revenue actually recovered by Upstox from the clients they have referred, for a limited period, subject to these terms. This benefit is separate from and additional to the account-opening reward, which continues to apply as above.

17. 17.

    Only referrals mapped on or after the launch of Brokerage Sharing are eligible. The referred friend must open a verified Upstox account and trade; brokerage is shared only for days on which recovered brokerage is generated within the applicable period. Referrals created before launch are not eligible for Brokerage Sharing.

18. 18.

    The applicable percentage, the validity period, and any per-referred-client or periodic caps are determined by the referrer's category and may differ across referrers and referred clients. Upstox may vary the percentage, duration, caps or eligibility, and may apply such changes to new and/or existing referral relationships, or pause or withdraw the benefit, at its sole discretion. Amounts already credited will not be reversed on account of such changes.

19. 19.

    The shared amount is computed on brokerage actually recovered from the referred client, and not on brokerage merely generated. Any virtual money, cashback or promotional credit used by the referred client for trading is deducted before the share is calculated; where such credit equals or exceeds the brokerage, no amount is shared. Reversed or cancelled trades are netted and the daily shared amount will never be negative. If brokerage remains unrecovered for 30 days, the corresponding share stands forfeited.

20. 20.

    Eligible amounts accrue on a per-referred-client, per-day basis and are credited to your Refer and Rewards wallet, which is separate from your trading wallet. Brokerage Sharing rewards cannot be transferred to the trading wallet.

21. 21.

    TDS is deducted at the time the reward is credited, from the first rupee earned, and the balance displayed is net of TDS. Upstox will deposit the deducted TDS with the tax authorities on your behalf. Any excess TDS may be claimed by you at the time of filing your income tax return. You remain responsible for your own tax obligations on rewards earned.

22. 22.

    You may request withdrawal of your available Brokerage Sharing balance to your registered bank account, subject to applicable minimum and maximum limits. Only one withdrawal request may be in progress at a time. Requests are processed in periodic settlement cycles; a request placed after the daily cut-off will be processed in the next cycle. Brokerage earnings displayed include amounts already withdrawn; only your available balance can be withdrawn. A failed or returned payout will be re-credited to your Refer and Rewards wallet.

23. 23.

    If you enrol as an Affiliate Partner, you will cease to earn under normal-user Brokerage Sharing and partner terms will apply instead. You may still withdraw amounts already earned in your Refer and Rewards wallet. Brokerage Sharing rewards are not shown in, and cannot be claimed through, the Affiliate Partner dashboard.

24. 24.

    On launch of Brokerage Sharing, existing brokerage-sharing records and any old referral wallet balances are written off and will not be carried into or displayed in the Refer and Rewards wallet.

25. 25.

    Self-referrals, circular referrals, acting as both the referrer and the referred client, or any attempt to manipulate the generation or recovery of brokerage may result in forfeiture of rewards, reversal of credited amounts, and action on the account.

26. 26.

    Brokerage Sharing is a discretionary benefit and not guaranteed or assured income. Upstox may modify, suspend or discontinue it, in whole or in part, at any time without prior notice.