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.

Complaint Against Stock Broker - NSE and BSE

FY Exchange Unique Active Clients Total Complaints Detail Report
2020-21NSE13,509,31712,315Broker wise Complaints
2020-21BSE2,512,4031,010Broker wise Complaints
2019-20NSE11,547,46623,205Broker wise Complaints
2019-20BSE3,066,1431,628Broker wise Complaints
2018-19NSE8,259,1845,254Broker wise Complaints
2018-19BSE1,889,743429Broker wise Complaints
2017-18BSE3,649,9481,143Broker wise Complaints
2017-18NSE7,617,0147,099Broker wise Complaints
2016-17BSE2,261,563635Broker wise Complaints
2016-17NSE5,447,6093,603Broker wise Complaints
2015-16BSE2,269,9421,131Broker wise Complaints
2015-16NSE4,759,1704,494Broker wise Complaints
2014-15BSE3,133,1601,633Broker wise Complaints
2014-15NSE4,706,5526,888Broker wise Complaints
2013-14NSE3,955,3004,781Broker wise Complaints
2013-14BSE19,656,6791,339Broker wise Complaints
2012-13BSE19,067,7821,654Broker wise Complaints
2012-13NSE19,586,0244,661Broker wise Complaints
2011-12NSE18,068,0145,318Broker wise Complaints
2011-12BSE17,812,1302,918Broker wise Complaints

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.

How to file a complaint against a broker?

  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; attach 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?

Investor <> Broker <> Exchange

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

If an investor doesn't get an appropriate response from the broker; he can file a complaint about the broker with the exchange. Following are some of the common 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 / closeout 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)

18 Comments

Pramila kanwar
18. Pramila kanwar  Oct 13, 2020 09:24 I Like It. | Report Abuse Reply
I have IIFL LTD broker demat account without permission or any message the broker sell my holding share on dated 12/10/2020 for annually charges of swing trading but i am not interested in as above . Last 2 days call me by broker service for swing trading charges but i don't agree for as above .but company sell holding share in my without agree .please register my complaint.
Lata modi
17. Lata modi  Oct 11, 2020 23:21 I Like It. | Report Abuse Reply
Alankit link share issue cheated
The Indian public.they have not alloted of
Shares of maggav doc and take all the retail
Allotment in their own account
Sebi should take action against Alankit registry
I am hundred percent right
Lata
Prabhat Chopra
16. Prabhat Chopra  Sep 29, 2020 13:24 I Like It. | Report Abuse Reply
My broker Shriram Insight Share broker ltd not giving me the details of my holding.I close my account in 2011, My holding details is not giving me inspire of my respected requests as I required to calculate the long term capital gain/loss.He is giving me the BSE/NSE trade list from 2004 to 2011.I need the Date of accusations Rate of purchase .Invoice no..My D.P.I.D.12038400 Client.I.D.00178908 Trading Code P201P1. As I am not traded from 2011 . Please ask the broker to give me the detail so that I calculate the loss/Gain.and pay to Govt. Iam a female senior citizen of 63 years old.I request you to please help me. As you are the only safe guard if investor.
Prabhat Chopra
16.1. Prabhat Chopra  Sep 29, 2020 13:57 I Like It. | Report Abuse
My D.P I.D.12038400 Client.I.D.00178908 Trading code P201P1 Shriram Insight Share Brokers Ltd.Calcutta. I required the holding details transfered in April2011 You sent BSE/NSE trade list instead holding transfered detail required for LTCG/Loss calculation.
1.Date of accuization of Share
2.Rate of Purchase
3.Invoice nos.
Not giving inspite of related reminders. /phone calls.Please help.
Seema Pant
15. Seema Pant  Jun 10, 2020 21:15 I Like It. | Report Abuse Reply
I had bought 1000 shares of Ruchi Soya Industries at 12.70 but after some months i surprised to see that only 10 shares are there and 990 disaapeared .I cotacted to my broker Religare but they say that Ruchi Soya have done this with all its stock holders. Is is true ? Where should it be complained
MR Kadam
15.1. MR Kadam  Jun 12, 2020 15:15 I Like It. | Report Abuse
Same with me. I dont even see it in my portfolio..
uma sankara mahanty
14. uma sankara mahanty  Sep 1, 2020 08:16 I Like It. | Report Abuse Reply
I buy some shares for delivery basis last weak but still the stocks were not delivered in m demate account till today . I called several times but they mislead me. if my issue was not solved today further i will lodge a complaint in SEBI and i take legal action also.
Kamaldeep Singh
13. Kamaldeep Singh  Jun 15, 2020 22:27 I Like It. | Report Abuse Reply
Report Abuse
I have invested a sum of Rs 400000 with "my capital grow" account which was being operated in the pool account with BMA without my knowledge and on asking the Representatives of MY CAPITAL GROW they said BMA is defaulted by SEBI and now not taking any responsibility for refund of my money can anyone suggest please refund my amount
Umeshkarthik
13.1. Umeshkarthik  Aug 24, 2020 17:57 I Like It. | Report Abuse
I am also facing the same problem sir
Ravi
12. Ravi  Aug 10, 2020 19:15 I Like It. | Report Abuse Reply
I am registered with Standard Chartered Securities Chennai Branch and of late have been experiencing frequent outages/disruptions confined to this Chennai Branch.
Last Monday 3 Aug the lines were down from 830 am till 1020 am due to lack of battery back up. This means that I couldn't call the agent to place order.
Same thing happened this morning for 25 minutes from 9 AM till 0925 hrs. As a result I incurred loss as I couldn't sell the shares.
Is the brokerage not responsible to compensate for the loss. What are the obligations of the broker to give uninterrupted service to clients
Kamal sinha
11. Kamal sinha  Jun 28, 2020 23:07 I Like It. | Report Abuse Reply
My mother had stocks worth more than a few crores. A family member was a stockbroker and handled her stocks. I was in America. After mother passed away and I came back to India. The stockbroker talks only to my younger brother and in last ten years he has been collecting dividends amd info about the stocks is kept secret from me. Do I have any recourse as I should get half of her property?
Piyush
10. Piyush  Jul 17, 2020 17:36 I Like It. | Report Abuse Reply
Yes securities was after me to open an account now they dont seem to have time.
Their dealer at the desk complaints about all FPO's being due today. I wanted to apply for Bharat Bond ETF but it was neither available on their website. They took it off today to promote their own FPO. Dealer hung up
Gaurav
9. Gaurav  Jun 29, 2020 23:37 I Like It. | Report Abuse Reply
PRABHUDAS LILADHAR STOCK BROKER , mentioned stock broker agent cheated me by given false information about trading in currency and Nifty put option calls and made me lost ₹50000 in one day by false guide.
Archana Chauhan
8. Archana Chauhan  Jun 24, 2020 11:14 I Like It. | Report Abuse Reply
As per your offer the plan period can be extended further. You would have observed that due to limited funds I am not able to trade much thus the balance brokerage utilisation can not happen . Also due to outbreak of COVID-19 pandemic it has reduced further considerably. I understand your concern and looking for the refund of the balance fund into my account to utilise it for further purchase at your normal brokerage. Also my queries below has remained unattended.

1- RMAX plan document as agreed by me.

2- SEBI approval of the RMAX 25000 Plan .

Reliance Money is not paying heed to reply point wise rather emphasizing their plan on one or other pretext.
prakash bista chhetri
7. prakash bista chhetri  Jun 20, 2020 12:28 I Like It. | Report Abuse Reply
I Have submitted account closure cum transfer form along with new CMR to karvy stock brocking limited. they are not closing the DP account nor they are transferring the DP shares to new OWN DP account. Also they are not paying me the amount lying idle in the karvy account. Several times i have complaint the same and every time they give excuse that they are passing through rough time. how is that related to me. WHAT TO DO?
Golmei Kumar Rongmei
6. Golmei Kumar Rongmei  Mar 7, 2020 14:42 I Like It. | Report Abuse Reply
Sir/madam
I requested to you that if I open a demat account of Angel broking. How to get benefits, facilities, and profit or loss from Angel broking?
Aurobinda
6.1. Aurobinda  May 2, 2020 15:04 I Like It. | Report Abuse
My suggestion is go with any other brokers. Angels service is very poor, they always cheating clients. I am also a user of angel broking, I have a issue so I sent aail.but no one is responding to my mail.
Rehan Naqvi
5. Rehan Naqvi  Apr 10, 2020 14:41 I Like It. | Report Abuse Reply
Zerodha is block my account without any reason.
and i am calling so they don,t know why are block what is the problem...

please active my account then i will trade
Dhan Singh Rawat
4. Dhan Singh Rawat  Apr 8, 2020 08:01 I Like It. | Report Abuse Reply
Samco is give a very bad service. And customer service provider have not good knowledge. And portfolio is showing very wrong data so i got very much losses my clients ID- DD30961
RAJESH KUMAR JALAN
3. RAJESH KUMAR JALAN  Apr 7, 2020 17:56 I Like It. | Report Abuse Reply
In the event of failure of our security and investment firm " India nivesh securities" our total security and fund blocked how we can get these back.
U.Priya
2. U.Priya  Apr 1, 2020 22:17 I Like It. | Report Abuse Reply
My account has blocked and the amount is due for till date.Already sent four reminders. Today also CDSL reported amount as Rs. 49,890/. is differs from the last month balance. Why the difference occurs. Inform the details immediately.

U.Priya.
Belongs to Annamalai securities,
Coimbatore. Code P032.
Prashant
1. Prashant  Feb 27, 2020 06:26 I Like It. | Report Abuse Reply
Dear Sir,

There was a 'Execution of Trades without Consent' on my account at ICICI Direct. Can i lodge a complain online?
I bought a PUT using cash and they closed it saying insufficient margin. I am following up with them but they are not responding.








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