Upstox's erroneous a/c freeze mail sparks client panic

Upstox mistakenly sent emails to clients stating their trading and demat accounts were temporarily frozen and would be closed within 30 days due to discrepancies, triggering panic across social media. The brokerage later clarified the communication was an inadvertent error, issued a follow-up email asking customers to disregard it, and reassured that client funds and securities remain safe. A senior executive at another brokerage said the incident appears to be a human error, as account closures are typically directed by exchanges or Sebi.