Picture this: your ₹3 lakh payout request is processed, but only ₹2.93 lakh reaches your bank. You call customer care. They say you drew from a “spare balance.”
Your money is short, their explanation makes no sense, and nobody is solving anything. This is not a hypothetical; it is a real Aditya Birla Money complaint from a verified user in December 2025.
Moreover, this is far from the only case. SEBI inspections, exchange data, and penalty orders clearly show a pattern beyond isolated complaints.
This also raises a critical question many investors hesitate to ask openly: can a stockbroker steal your money, or are such incidents the result of deeper systemic issues within broker operations?
If you know your rights and follow the correct steps, your chances of recovery improve significantly.
Keep reading, this may be the most important thing you read before your next move.
Aditya Birla Money Complaints Overview
Aditya Birla Money Limited (ABML) is the financial services arm of the Aditya Birla Capital Group.
Incorporated in 1995 and listed on both BSE and NSE, ABML holds three significant SEBI registrations that define its scope of operations:
- Stock Broker: SEBI Registration No. INZ000172636, with memberships across NSE, BSE, MCX, and NCDEX. This is the primary capacity in which most retail clients interact with ABML.
- Research Analyst (RA): Registration No. INH000002145. Additionally, ABML holds an Investment Adviser registration under INA000009214.
- Portfolio Management Services (PMS): Registration No. INP000003757. ABML provides PMS to eligible clients with minimum portfolio thresholds as prescribed by SEBI.
Elevate by Aditya Birla Money is the broker’s primary mobile trading platform, available on Android and iOS. It targets retail investors seeking access to equity, F&O, IPOs, and mutual funds through a single interface.
However, users occasionally report situations like Aditya Birla Money app not working, especially during critical trading hours, which can directly impact trade execution and risk management.
Types of Complaints Clients File Against Aditya Birla Money
The exchanges officially handle the following categories of investor complaints against registered brokers:
- Type I/II: Delays in payment of funds or delivery of securities
- Type IV: Unauthorised or unsuitable trades, including F&O and MTF
- Type V: Service-related complaints, including platform failures and RM conduct
- Type IX: Miscellaneous complaints, including excess charges and margin disputes
The Investor Grievance Redressal Committee (IGRC) at NSE and BSE serves as the first formal hearing mechanism beyond the broker.
Aditya Birla Money Exchange Complaint Data
The following data is sourced from NSE’s publicly available complaint monitoring records for Aditya Birla Money Limited.
| Financial Year | Active Clients | Complaints Filed | Complaint % | Resolved | Unresolved | Arbitration Cases |
| 2025–26 | 68,189 | 81 | 0.119% | 63 | 18 | 0 |
| 2024–25 | 97,953 | 65 | 0.070% | 65 | 0 | 0 |
| 2023–24 | 80,479 | 47 | 0.050% | 46 | 1 | 0 |
| 2022–23 | 80,479 | 39 | 0.040% | 38 | 1 | 1 |
What does this data really mean for investors?
At first glance, the numbers look contained. However, they are not. So what does this trend actually signal?
Complaints Are Rising While Client Base Is Shrinking
Active clients dropped from 97,953 in 2024–25 to 68,189 in 2025–26, a 30% decline. Meanwhile, complaints rose from 65 to 81.
As a result, a shrinking client base is generating more complaints, not fewer. That is a deeply unfavourable signal for any investor evaluating this broker.
Unresolved Complaints Have Spiked Sharply
In 2025–26, 18 out of 81 complaints remain unresolved, a resolution rate of only 77.78%.
In addition, this marks a sharp deterioration from 2024–25, when all 65 complaints were resolved. For the 18 investors behind those open cases, the system has failed at the first level.
Aditya Birla Money SEBI Order
According to SEBI Adjudication Order No. Order/KS/AE/2021-22/13679, SEBI imposed a total penalty of ₹1.02 crore on ABML.
SEBI documented multiple serious violations in its 258-page adjudication order:
Violations by Aditya Birla Money
These are the key regulatory violations identified in relation to Aditya Birla Money’s operations.
1. Unauthorised Trading and PMS Without Agreement
SEBI observed that the firm executed trades in client accounts without prior approval. In many cases, confirmation was taken only after the trades were already done.
This is exactly the type of situation investors describe when they realise their stockbroker has done a few unauthorised transactions in their account.
The regulator also found that clients were mostly passive, while trading decisions were taken by the firm itself.
There was also prima facie evidence of PMS being offered without a mandatory agreement, which is a clear regulatory breach.
2. Misleading Clients Through False Profit and Loss Statements
ABML allegedly shared statements that showed lower losses or even fake profits. These statements did not reflect the actual financial position of clients.
SEBI treated this as a serious issue and linked it to possible violations of fraud and unfair trade practice rules. Such actions can mislead investors and delay corrective action.
3. Hiding Losses Through Options Selling
The regulator noted that the firm sold options in client accounts to generate payouts. These payouts were shown as profits, even when clients were actually in loss.
This method helped delay the visibility of real losses. Over time, it led to a buildup of hidden financial damage in client accounts.
4. Charging Late Pay-In Fees Without Consent
ABML reportedly charged late pay-in fees on F&O positions. These charges were applied without clear and documented consent from clients.
Such fees can increase overall trading costs without the client’s knowledge and are often reported under concerns like Aditya Birla Money excess charges.
This raises concerns about transparency and fair practice.
5. Non-Settlement of Inactive Client Funds
SEBI found that funds in inactive client accounts were not settled on time. The sample showed around ₹63.94 lakh lying unsettled.
This goes against SEBI rules that require periodic settlement of client funds.
Delays in settlement can restrict client access to their own money.
6. Transfer of Securities from Client to Proprietary Account
During inspection, multiple cases were found where securities were moved from client demat accounts. These were transferred to the firm’s own proprietary accounts.
Such transfers raise serious concerns about the misuse of client assets. Proper authorisation and transparency are essential in such transactions.
Penalty
The penalty breakdown, as confirmed in the SEBI order:
- Section 15HA of SEBI Act, 1992: ₹75 lakh
- Section 15HB of SEBI Act, 1992: ₹25 lakh
- Section 23D of SCRA, 1956: ₹2 lakh
SEBI specifically noted that certain violations by ABML were repetitive in nature.
What to Learn from This Case?
- SEBI’s own inspection found evidence of trades executed without prior client instruction; this is not a “misunderstanding” between a client and broker
- Providing PMS-style management to retail clients without a written agreement is a specific regulatory breach, not just poor service
- Sending statements that show profits when clients are actually in losses can constitute an unfair trade practice under SEBI law
- Unsettled funds of inactive clients expose those accounts to the risk of unauthorised transactions
- SEBI described the violations as “repetitive”, meaning the broker had opportunities to correct and did not
Aditya Birla Money User Reviews
User reviews of Aditya Birla Money highlight recurring concerns around fund handling, platform reliability, and response quality from customer support.
1. Payout Shortfall and Unexplained Deduction
A December 2025 Google Play review describes a payout request of ₹3 lakh being credited as approximately ₹2.93 lakh, a shortfall of roughly ₹6,000.
When the investor raised the discrepancy with customer care, the explanation given was that the amount was drawn from a “spare balance.”
This kind of unexplained fund deduction is among the most serious Aditya Birla Money complaints, as it directly affects capital security.
2. Trade Appearing in an Account That Was Never Executed
An April 2026 Google Play review states that a trade the investor did not execute is reflected in their account.
This is precisely the type of alleged unauthorised trade that SEBI’s own inspection highlighted in its 2021 adjudication order.
3. Stocks Purchased Four Months Ago Cannot Be Sold
A December 2025 review reveals that a user who purchased stocks worth ₹5,000 has been unable to sell them for four months.
However, despite repeated emails and calls to customer service, no resolution has been provided. Customer care teams reportedly respond with “I don’t know”, leaving the investor with frozen holdings and no clear path to resolution.
4. High Brokerage, No Branch Support, Unresolved Promises
A January 2026 review flags delivery brokerage at 0.5%, described as very high, alongside excessive MTF interest rates.
The user reports that customer care promised to send a link for an online branch change, but never followed through.
When to Take Action Against a Financial Service Provider?
If something feels off in your account, then act immediately instead of waiting. Most issues escalate quietly unless you act early and document everything.
Research Analysts (RAs) can only provide advice, not execute trades or manage funds. PMS providers, on the other hand, must operate under a formal agreement before handling any portfolio.
- RAs cannot execute trades or accept funds for trading purposes.
- RAs cannot guarantee returns or operate beyond SEBI fee limits.
- PMS services without a signed agreement are a direct regulatory violation.
Brokers directly handle your trades and funds, which makes any discrepancy financially immediate. Even small irregularities in execution, reporting, or withdrawals should be treated as actionable issues.
- Unauthorised trades in your account require immediate written complaint within 24 hours.
- Fund shortfall after payout request must be formally raised the same day.
- Margin (MTF/F&O) positions without consent shift the burden of proof to the broker.
- App failure preventing exit from trades is a valid and documentable grievance.
- P&L mismatch with the ledger indicates potential misreporting and must not be ignored.
If customer care fails to resolve the issue within 30 days, then you must escalate formally through SEBI or exchange channels. Delays weaken your position and reduce recovery chances. Act with records, not assumptions.
Always rely on written communication, screenshots, and timestamps to build your case.
How Do I File a Complaint Against a Stock Broker?
If you are facing issues with your broker, following the correct escalation process is critical to protect your funds and rights.
Acting quickly with proper documentation can significantly improve your chances of resolution and recovery.
Below are the steps for filing your complaint against a broker:
Step 1: File a Written Complaint with Aditya Birla Money Directly
Send your complaint by email. Include your client ID, the specific trade or transaction date, the amount in dispute, and the resolution you are seeking.
The broker must respond within 30 days. If the response is unsatisfactory or absent, proceed immediately to the next step.
Step 2. File a Complaint in SCORES
If the broker fails to resolve your issue within a reasonable timeframe, you can raise a complaint with SEBI through the SCORES platform.
This is the regulator’s official online system for handling investor grievances.
Using this portal, you can submit your complaint and track your SEBI complaint status online throughout the resolution process.
Step 3. Report a Complaint in NSE
If you are not satisfied with the broker’s response, you can escalate the issue to the investor grievance cell of the stock exchange.
The exchange reviews such complaints and may guide the matter toward further dispute resolution if required.
Keeping proper records and documentation will help you present your case more effectively at this stage.
Step 4. Arbitration in the Stock Market
If the matter turns into a formal dispute, you can file your complaint in SMART ODR (Online Dispute Resolution) platform for further handling.
If it remains unresolved, you have the option to proceed with arbitration through the relevant stock exchange.
In this process, an independent arbitrator examines the case along with the evidence submitted by both sides.
Based on the review, the arbitrator issues a final decision on the dispute.
Need Help?
Dealing with an unresponsive broker while your funds or securities are at stake is an exhausting experience.
You may already know something is wrong, but the right sequence of escalation steps, the right documentation, and the right timing make all the difference between recovering your money and watching your window close.
Many investors lose their case not because they were wrong, but because they approached the wrong authority first or missed a critical deadline.
Register with us if you are facing issues with Aditya Birla Money or any other broker. We will help you take the right steps at the right time.
Conclusion
Aditya Birla Money Limited is a SEBI-registered stock broker (INZ000172636), Research Analyst (INH000002145), and Portfolio Manager (INP000003757) with over two decades of market presence under the Aditya Birla Capital umbrella.
However, legitimacy and reliability are not the same thing.
Overall, the data demands attention: Aditya Birla Money complaints have nearly doubled in three years, unresolved cases have surged to 18 in 2025–26 alone, and the broker’s complaint-to-client ratio has tripled, even as its active client base has shrunk by 30%.
SEBI’s own 258-page adjudication order found alleged unauthorised trading, misleading profit statements, PMS services provided without mandatory agreements, and unsettled inactive client funds.
Document everything, maintain a written trail, and know precisely where to escalate if your money is at risk.
