POA stands for Power Of Attorney. It is formal permission that clients give to their broker to process their (client’s) transactions with the exchange. Every broker including the Upstox requires it to debit the shares from the client’s Demat Account. Want to know about the Upstox POA, then read the complete information below.
Upstox Power Of Attorney
Upstox, one of the leading discount brokers presents a modified version of Power Of Attorney. The firm has digitalized its POA by introducing the “e-DIS” system. Moreover, Upstox is the first Indian broker to implement this paperless process.
In simple terms, the Upstox POA, now known as e-DIS (Electronic-Delivery Instruction Slip) allows the users to grant online permission during a trade. Under this, clients need not courier a hard-copy/physical slip of their POA to the Upstox head office.
Instead, they can directly sell their shares by giving online permission as and when prompted. To ensure the client’s security, an OTP is sent to his/her registered mobile number and email ID. The permission is granted only when the correct OTP is entered.
In case you do not wish to use the e-DIS option, you must courier a physical copy of your POA to Upstox’s corporate office.
The e-DIS facility is a substitute for the Upstox POA and is available on all Upstox trading platforms – web, android, and iOS. As of now, this facility is not available on any third-party platform.
In case you haven’t transferred your Demat account from IL&FS to RSKV, you will not be able to avail of the e-DIS facility. This is because the Upstox e-DIS is available only for Upstox Demat account holders.
Note that the e-DIS facility is only applicable to delivery trades and not to intraday trades. Also, it allows clients to sell stocks worth ₹20 lakhs per day.
This online facility has enabled clients to sell stocks in real-time without having to go through the hustles of courier/postal services.
Upstox e-DIS works only in these scenarios:
While placing a “sell” order
While modifying a “sell” order marketed as “delivery”
Changing a short “intraday” position to “delivery”
How Upstox e-DIS Works?
Assume that you are selling shares on the Upstox platform. Now, as and when you hit the “sell” button, you will be directed to a dialogue box that is seeking your permission. All you need to do is “confirm” the transaction to sell your shares.
Once you do so, an OTP will be sent to the mobile number and email registered with Upstox. Enter it correctly and you are done!
The OTP verification ensures the security of your account and financial data.
Upstox Power Of Attorney Form
Before the introduction of the e-DIS facility, it was mandatory for all Upstox Demat account holders to courier a physical copy of their Upstox POA.
Then, the duly filled power of attorney form had to be sent to the firm’s mailing address. Without this process placing a sell order was practically impossible for the Upstox Demat account holders.
To make trading seamless, the firm decided to make Upstox POA flexible by introducing the online permission granting method.
Clients can still opt for this traditional process if they desire. While filling the Upstox POA form, one must enter the exact name registered with Upstox.
If you are an individual account holder, just enter your name in “the first holder” section. Also, enter your Upstox registered address and other details in the Upstox POA form.
Attest the form with your signature (at FIRST/SOLE HOLDER SIGNATURE). The Upstox POA form is a 3-page form and you must sign at the end of each page.
A family member, neighbour or even a friend could act as a witness – who’s signature is required at the end of the document.
Upstox POA Form Download
If you are not comfortable with the e-DIS facility, you can opt for the traditional offline process. In this, you need to post/courier your Upstox POA to the firm’s head office.
If you opt for the offline method of granting permission through the Upstox POA, you must courier the accurately filled form to the firm.
The address for sending the Upstox POA is :
RKSV Securities India Private Limited Maxus Facility, 5th Floor Near Temba Hospital, Bhayander (West), Thane- 401101 Maharashtra
The physical process of signing and mailing the Upstox POA used to involve many obstacles, thereby delaying the entire process. The introduction of e-DIS has truly sorted things out for the firm as well as it’s clients.
Not only has it made the POA process paperless, but has also made trading seamless by eliminating the hassles of a physical courier.