The Delhi High Court, in an interim order, has prohibited unidentified parties from infringing upon the 'UPSTOX' trademarks, work marks, and copyrighted photographs. 'UPSTOX' is an online trading application owned by RKSV Securities India Pvt. Ltd., an Indian brokerage firm offering stock trading services.
The plaintiff, RKSV Securities India Pvt. Ltd, stated that it, along with its group companies, owns and operates UPSTOX, a platform where investors engage in stock market trading as well as various investment and financial activities.
The plaintiff asserted that these operations are regulated by authorities such as the Securities and Exchange Board of India (SEBI), the Pension Fund Regulatory and Development Authority (PFRDA), and the Insurance Regulatory and Development Authority (IRDAI).
RKSV highlighted its ongoing investments in marketing, branding, and strategic initiatives to enhance the recognition and trust associated with the Upstox brand. It further emphasized that the platform boasts over 1 crore customers and has built a strong reputation in the market.
RKSV Securities India Pvt. Ltd. alleged the infringement of its registered 'UPSTOX' trademarks, word marks, and copyright, as well as the act of passing off by unknown defendants (John Does/defendant no. 1). The plaintiff claimed it had been receiving multiple complaints regarding several domain names, WhatsApp groups, Facebook groups, and Telegram groups impersonating the company. These fraudulent entities were accused of deceiving clients and users by misusing the company's brand, logo, word mark, and copyrighted materials, leading to financial losses.
The plaintiff alleged that unknown defendants have registered multiple infringing domain names and are operating fake and fraudulent websites, WhatsApp, and Telegram groups under the name of RKSV with the intent to deceive unsuspecting customers. These fraudulent entities are said to be luring individuals with promises of various incentives related to stocks, IPOs, and other financial activities. The infringing domain names are registered with domain name registrars Gname, BIZCN, and JUMING (defendant nos. 2 to 4).
Taking into account the various documents presented by the plaintiff, which allegedly show the defendants' unauthorized use of its mark "to dupe and defraud people," Justice Mini Pushkarna, in her order, stated:
"In view of the above circumstances, the plaintiff has demonstrated a prima facie case for grant of injunction and in case no ex-parte ad-interim injunction is granted, the plaintiff will suffer an irreparable loss. Further, the balance of convenience also lies in favour of the plaintiff and against the defendants".
The Court issued a notice to the defendants in the interim application and scheduled the matter for hearing on May 20, 2025. It also issued summons in the main lawsuit.
Case title: MS RKSV Securities India Pvt. Ltd. Upstox vs. John Does And Ors.
(CS(COMM) 1215/2024, I.A. 49976/2024)
Counsels for Plaintiff: Senior advocate Balbir Singh, with advocates M. P. Devnath, Abhishek Anand, Rahul Kumar, Karan Sachdev and Monica Benjamin
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