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UpstoxDoes Away With Physical Power of Attorney (PoA) Document With the Launch of e-DIS Facility

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(Disclaimer: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same).

MUMBAI, July 30, 2018 /PRNewswire/ -- " Discount broker is the first in the industry to start the e-DIS or electronic Delivery Instruction Slip facility, which will enable clients to complete all their paperwork online while opening an account " Submitting a physically signed copy of the POA (Power Of Attorney) form was mandatory when opening a demat account by clients for selling their holdings " However, the e-DIS facility will enable clients to electronically sign the form, saving them the hassles of sending out a physical courier Upstox (formerly RKSV Securities), the new-age online discount brokerage firm funded by Mr. Ratan Tata, Kalaari Capital and GVKDavix, has become the first broker to implement an electronic delivery instruction slip (e-DIS) that allows clients to sell their stocks in real-time without submitting the physical delivery instruction slip (DIS) or the Power of Attorney (PoA) form. Signing of the PoA or sending out the physical DIS was the biggest hindrance towards making the process of stock market participation completely paperless, despite the client on-boarding system becoming online with most brokers. However, with the launch of the e-DIS facility by Upstox, their clients would be able to sell their holdings without having to go through the hassle of sending out a physical courier. "Being able to sell shares online without submitting a physical POA is yet another step that Upstox has taken to enhance our users' overall trading experience. Our relationship with our customers goes beyond just the demat account opening process. It transcends into their daily lives to find a way to instil sound investing and trading habits," said Ravi Kumar, Co-Founder and Chief Executive Officer (CEO) of Upstox. "With the e-DIS technology, we hope to scale up and reach more and more people who can invest in various financial instruments and book their profits without having to even courier a single piece of paper. We hope to see about 2x growth in our performance overall in light of the recent updates to our customer on-boarding processes. The economy that we live in is ripe for stock market investments and it is important to make capital market participation as easy as possible." ShriniViswanath, Co-Founder and Chief Technology Officer (CTO) of Upstox, added, "Thanks to technology, gone are the days when clients had to send out physical slips. Clients of Upstox placing a sell order via either of the two Upstox Pro platforms - mobile or web - will be able to avail this facility. We have ensured that e-DIS is completely secure through an OTP-based authentication process. Clients can sell their holdings with their brokers with an OTP confirmation that's just as valid and legal as the DIS." The e-DIS facility is applicable only for delivery trades and not intraday orders. The clients can sell up to Rs 20 lakhs of shares per day using e-DIS. The facility is currently available only on the Upstox platforms (Web, Android, iOS). Upstox is a new-age discount broking firm that looks beyond just costs and empowers its clients with technology tools for savvier investment decisions. Its 'zero brokerage' rests on prudent use of design and technology to cut costs at every level and transferring this cost benefit to the end customer. Currently, the fastest growing discount broker, Upstox has witnessed at least a three-fold increase in its total client-base and turnover within a year. The pan-India client base of Upstox increased from 25,000 to 100,000 in the last one year, a growth of 300 per cent. Its revenues also increased by 200 per cent during the same period. The contribution of Upstox to daily notional turnover of exchanges increased to a range of Rs. 14,000 to Rs. 18,000 crores per day from around Rs. 5,000 to Rs. 6,000 crores per day last year. This high-growth performance has catapulted Upstox to the league of those extremely rare venture capital-funded startups in India that turned profitable at an early stage. More PRNewswire.


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