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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
2020-21	NSE	11,328,450	6,447	Broker wise Complaints
2019-20	BSE	3,066,143	1,628	Broker wise Complaints
2019-20	NSE	11,547,466	23,205	Broker wise Complaints
2018-19	NSE	8,259,184	5,254	Broker wise Complaints
2018-19	BSE	1,889,743	429	Broker wise Complaints
2017-18	BSE	3,649,948	1,143	Broker wise Complaints
2017-18	NSE	7,617,014	7,099	Broker wise Complaints
2016-17	BSE	2,261,563	635	Broker wise Complaints
2016-17	NSE	5,447,609	3,603	Broker wise Complaints
2015-16	BSE	2,269,942	1,131	Broker wise Complaints
2015-16	NSE	4,759,170	4,494	Broker wise Complaints
2014-15	BSE	3,133,160	1,633	Broker wise Complaints
2014-15	NSE	4,706,552	6,888	Broker wise Complaints
2013-14	NSE	3,955,300	4,781	Broker wise Complaints
2013-14	BSE	19,656,679	1,339	Broker wise Complaints
2012-13	BSE	19,067,782	1,654	Broker wise Complaints
2012-13	NSE	19,586,024	4,661	Broker wise Complaints
2011-12	NSE	18,068,014	5,318	Broker wise Complaints
2011-12	BSE	17,812,130	2,918	Broker wise Complaints

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

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
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.
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?

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.
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.
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)

14 Comments

14. Ravi Aug 10, 2020 19:15

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

13. Kamal sinha Jun 28, 2020 23:07

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?

12. Piyush Jul 17, 2020 17:36

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

11. Gaurav Jun 29, 2020 23:37

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.

10. Archana Chauhan Jun 24, 2020 11:14

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.

9. prakash bista chhetri Jun 20, 2020 12:28

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?

8. Kamaldeep Singh Jun 15, 2020 22:27

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

7. Seema Pant Jun 10, 2020 21:15

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

7.1. MR Kadam Jun 12, 2020 15:15

Same with me. I dont even see it in my portfolio..

6. Golmei Kumar Rongmei Mar 7, 2020 14:42

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?

6.1. Aurobinda May 2, 2020 15:04

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.

5. Rehan Naqvi Apr 10, 2020 14:41

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

4. Dhan Singh Rawat Apr 8, 2020 08:01

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

3. RAJESH KUMAR JALAN Apr 7, 2020 17:56

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.

2. U.Priya Apr 1, 2020 22:17

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.

1. Prashant Feb 27, 2020 06:26

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.

More Stock Broker reports ...List of all reports

Stock Broker Complaint Monitor

Complaint Against Stock Broker - NSE and BSE

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

How to file a complaint against a broker?

What types of complaint against broker are resolved by exchanges?

14 Comments

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