As can be seen from the volumes in the following 1 minute chart, MILLIONS of shares were being traded every minute during the fall, so I don't understand why Upstox wouldn't have been able to sell 1000 shares if they had tried but again, it's likely that their RMS failed somewhere. Of course, there would likely have been some slippage in a fast-paced fall but certainly not worth 49k as that would be a slippage of Rs.49 or more, which is unacceptable given the following 1 minute chart where none of the relevant 1minute candles around 414 area (when OP's account would likely have hit Rs.0) are wide enough to justify a slippage of Rs.49 or more, & Rs.366 is WAY too distant. Moreover, if Upstox was supposed to close the position at 70% loss of the original margin, then as OP has said, Upstox's RMS should have issued the closing order around 425-430, & again, Rs.366 is WAY too distant to be accounted for by slippage. So, there's no excuse for Upstox to not have squared off the position a LOT earlier rather than waiting for a loss of -49k.
It may be that IF they took legal action (which I doubt they will since the costs of that might be prohibitive), then they might be eligible to be compensated for the negative balance BUT that won't be in Upstox's interest either since that will only further publicize their RMS failure to even more traders, earning them more negative publicity.
Let me ask. Why is it that only Upstox keeps having this issue of negative balance over & over? (I've already provided links to previous instances) Why didn't other brokers have the same issue on DHFL with their clients? Why didn't other brokers have the same issue during previous instances when other Upstox's clients were hit with negative balances?
It may be that IF they took legal action (which I doubt they will since the costs of that might be prohibitive), then they might be eligible to be compensated for the negative balance BUT that won't be in Upstox's interest either since that will only further publicize their RMS failure to even more traders, earning them more negative publicity.
Let me ask. Why is it that only Upstox keeps having this issue of negative balance over & over? (I've already provided links to previous instances) Why didn't other brokers have the same issue on DHFL with their clients? Why didn't other brokers have the same issue during previous instances when other Upstox's clients were hit with negative balances?