Stock Broker Complaint Monitor

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 quick and transparent resolution.

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

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

1. Phase 1 - Filing the complaint
   1. Investor downloads the 'Complaint Form' from the exchange's website.
   2. Investor fills the 'Complaint Form' and send through 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. The complaint is sent 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 to 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 the broker fails to implement the terms agreed before IGRC for the given complaint; the complaint is forwarded to the exchange's Disciplinary Action Committee.
   2. The disciplinary action committee levies the tough penalties to the broker including hefty fines, cancellation of membership etc.