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Broker complaints in India - Year wise complaints received by exchange

Stock and commodity exchanges in India i.e. BSE, NSE and MCX have established a strong mechanism to resolve investors' grievances. Dedicated departments exist in each exchange to redress investor's complaints and ensure the quick and transparent resolution.

Below list shows total number to investor complaints received against brokers. You can further drill down to get more detail.

Year wise Broker Complaints
FY Exchange Unique
Clients
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Total
Complaints
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Detailed Report
2016-17 BSE 1472987 299 List by brokers
2016-17 NSE 5127316 2721 List by brokers
2015-16 NSE 4943495 4523 List by brokers
2015-16 BSE 2349494 1143 List by brokers
2014-15 BSE 3994302 1667 List by brokers
2014-15 NSE 4761890 6970 List by brokers
2013-14 NSE 3955300 4781 List by brokers
2013-14 BSE 19656679 1339 List by brokers
2012-13 BSE 19067782 1654 List by brokers
2012-13 NSE 19586024 4661 List by brokers
2011-12 BSE 17812130 2918 List by brokers
2011-12 NSE 18068014 5318 List by brokers
Chart.

How investor's complaints or grievances are handled at exchange?

  1. Phase 1 - Filing the complaint
    1. Investor downloads the 'Complaint Form' from exchange's website.
    2. Investor fill the 'Complaint Form' and send though post or submit in person to the exchange's Investor Service Centre. Addresses and phone numbers of the service centers are provided in the 'Complaint Form'. A reference number is issued to the investor once the complaint is accepted by the exchange.
    3. Following are some of the documents you will need to attach with the complaint form. The detail list of supporting documents is available in the form.
      1. Copies of contract notes and bills, showing the sale and purchase transactions.
      2. Copy of proof of delivery of shares / debentures, etc.
      3. Copy of ledger account
  2. Phase 2 - Initial Resolution through 'Investors' Grievances Redressal Committee'
    1. Complaint is send to the broker. 3 working days are given to the broker to respond once the broker receives the complaint.
    2. If no response is received in 3 working days or exchange is not happy with the response; the complaint is given to Investors' Grievances Redressal Committee (IGRC) of the exchange.
    3. The redressal committee sends notice to both the parties to be present personally. This is to give one more opportunity to both the parties to resolve the issue by themselves.
    4. Brokers are penalized for not responding the complaints in the given time or if they are not present for redressal committee's meeting.
  3. Phase 3 - Disciplinary Action Committee
    1. If broker fails to implement the terms agreed before IGRC for the given complain; the complaint is forwarded to exchange's Disciplinary Action Committee.
    2. The disciplinary action committee levies the tough penalties to the broker including hefty fines, cancellation of membership etc.

How to file a complaint against a broker in India?

  1. Download 'Investors complaint form against trading member' from exchange's website i.e. bseindia.com, nseindia.com. Some exchange also allows online application through their website.
  2. Fill the form; attache the required documents and submit it to exchange's investor service center. You can send it by post or in person.
  3. Once accepted; you will receive a reference number; which can be used for any future communications with the exchange.

What types of complaint against broker are resolved by exchanges in India?

Investor <-> Broker <-> Exchange

Each broker is a member of an exchange in India. As per the SEBI guidelines; the exchange provides a comprehensive mechanism to resolve verity of issues investors faces with broker.

If an investor doesn't get appropriate response from the broker; he can file a complaint about the broker with the exchange. Following are some of the commonly problem where exchanges provide:

  • Non-Issuance of the Documents by the Trading Member
  • Non-receipt of funds / securities
  • Non-receipt of margin/security deposit given to the Trading Member (TM)
  • Non-Receipt of Corporate Benefit (dividend / interest / bonus etc.)
  • Auction value / close out value received or paid
  • Execution of Trades without Consent
  • Excess Brokerage charged by Trading Member / Sub-broker
  • Non-receipt of credit balance as per the statement of account
  • Non-Receipt of Funds / Securities kept as margin
  • Excess Brokerage Charged (other than on Option Premium)

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