Online brokerage platforms have made investing in financial markets more accessible than ever.
The Aditya Birla Group, through Aditya Birla Money Limited, offers a wide range of trading and investment services to both retail and institutional investors.
Alongside these offerings, concerns around excess charges and brokerage practices have begun to emerge.
Let us discuss the data to better understand in this blog.
Aditya Birla Money Excess Charges Complaints
In trading, when a broker buys and sells stocks in your account excessively, they aren’t trying to grow your wealth; they’re just trying to generate more sales commissions for themselves at your expense.
This is what we formally call churning in the stock market.
Here’s what the data says about Aditya Birla’s brokerage churning complaints:
| Financial year |
Total clients |
No. of complaints | % of complaints w.r.t. clients | Resolved complaints | % resolved w.r.t. Total complaints |
Arbitrations |
| 2022-23 |
80479 |
39 | 0.04 | 38 | 97.43 |
1 |
| 2023-24 |
80479 |
47 | 0.05 | 46 | 97.87 |
1 |
| 2024-25 |
97953 |
65 | 0.06 | 65 | 100 |
0 |
| 2025-25 |
70099 |
59 | 0.08 | 53 | 89.83 |
0 |
The number of complaints increased over the years but the client base barely rose and then inevitably fell.
The complaint rate also rose, which suggests issues may be becoming a bit more frequent.
At the same time, the resolution rate looks very high (around 90–100%), which on the surface suggests the company is resolving most complaints.
However, the increase in complaint percentage despite high resolution rates could raise some concern, as it may indicate that underlying issues are still appearing even if they are eventually resolved.
| Financial year |
No. of complaints |
Excess Charges complaints |
% of excess charges complaints w.r.t. complaints |
| 2022-23 |
39 |
Around 7 |
17.94% |
| 2023-24 |
47 |
Around 26 |
55.31% |
| 2024-25 |
65 |
Around 23 |
35.38% |
| 2025-26 |
59 |
Around 26 |
44.06% |
This table focuses on complaints related to excess charges, and the numbers show a noticeable jump from around 7 complaints (17.9% of the total complaints) in 2022–23 to around 23–26 complaints in later years.
We see fluctuations in the proportion of excess charges complaints, with consistently high levels in recent years.
For the last three financial years, it has constantly been above one-third of the total complaints.
This pattern may raise questions about pricing clarity or billing practices, since a consistent portion of complaints seems to come from customers feeling they were charged more than expected.
Aditya Birla Brokerage Churning SEBI Order
This order by the Securities and Exchange Board of India (SEBI) looks into the conduct of Aditya Birla Money, after inspections by SEBI, stock exchanges, and depositories.
Regulators found several issues, such as possible unauthorized trading, misleading profit-loss statements, charging clients unfairly, weak internal controls, and compliance failures.
The order examines these violations and decides whether the company should face penalties.
Penalties
SEBI imposed a total penalty of ₹1.02 crore on Aditya Birla Money Ltd.
This includes ₹75 lakh for fraudulent or unfair trade practices, ₹25 lakh for regulatory violations and ₹2 lakh for issues related to client securities handling.
The company must pay this amount within 45 days of receiving the order.
Why Should this Matter to You?
It demonstrates how brokers can misuse trading authority when proper controls are not in place, potentially leading to hidden losses or misleading profit reports for investors.
At the same time, regulators continue to actively monitor broker activities and impose penalties in cases of misconduct.
This underscores the importance for investors to regularly review their trades, statements, and charges to ensure transparency and accuracy.
Key Takeaways
- Brokers must execute trades only with clear client authorization.
- Firms must not mislead clients about profits or losses.
- Strong internal controls and transparent reporting are essential.
- SEBI can impose large financial penalties when rules are violated.
When To Take Action Against A Broker?
You should consider taking action against a broker when trading activity or charges begin to feel inconsistent with your investment goals.
Early identification of such patterns can help prevent further financial impact.
- Frequent buying and selling without clear strategy or your consent
- Charges or fees that seem higher than what was agreed or expected
Ignoring early warning signs can lead to larger losses over time.
Another key moment to act is when communication becomes unclear or your concerns are repeatedly overlooked.
A lack of transparency or delayed responses can indicate deeper issues.
- Unauthorised trades or changes in your portfolio
- Delayed or unsatisfactory responses to complaints
Taking timely action protects your capital and ensures accountability. Acting early also increases the chances of resolving disputes efficiently through formal channels.
How to File a Complaint Against a Stock Broker in India?
If you, too, relate to the people who feel personally victimised by brokerage churning, it is not too late to complain yet.
Here’s how:
Step 1: Collect Proof
Take screenshots, save transaction details, record all calls from the broker, save contract notes.
Keeping a comprehensive record of all communications and transactions ensures that you have sufficient proof to support your case if required.
Doing so makes your complaints verifiable. It also helps authorities or support teams review your issue more efficiently and take appropriate action based on clear evidence.
Step 2: Talk to the Broker
Contact the broker with your proof. Chances are high that your issue will be resolved by the broker.
Providing clear and complete evidence helps the broker understand the concern more accurately and respond promptly, increasing the likelihood of a quick and satisfactory resolution.
Step 3: Lodge a Complaint in SCORES
In the case that the broker is unable to solve your issue, file a complaint in SEBI under the SCORES platform. This platform formalises your grievance and ensures that it is officially recorded.
SCORES makes complaints official, and your broker will have to reply on the record.
This not only creates accountability but also provides a clear paper trail, helping regulators monitor the resolution process and take appropriate action if needed.
Step 4: Arbitration in the Stock Exchange
If you are still left with your grievances, file an arbitration with SEBI’s ODR. This allows an independent arbitrator to review your case in detail and provide a fair, binding decision.
Filing a complaint in SMART ODR ensures that your concerns are formally addressed in a structured and transparent manner, giving you a clear path toward resolution even when previous attempts have not succeeded.
Need Help?
Having trouble navigating the complaint process?
Getting the right steps in place at the right time can make a significant difference, and we are here to simplify it for you.
We assist you at every stage by helping you organise and compile strong evidence, including transaction records, contract notes, and communication logs.
We also guide you in drafting clear and effective complaints that improve the chances of a proper response.
Our goal is to make the entire journey less stressful, more efficient, and outcome-focused so that your concerns are properly addressed.
Register with us today to access guided support and take the right action with confidence.
Conclusion
In conclusion, while Aditya Birla Money Limited offers a wide range of trading and investment services, the data shows that complaints, especially those related to excess charges, have remained a consistent concern in recent years.
Even though most complaints are eventually resolved, the recurring nature of these issues highlights the need for clearer pricing practices and stronger oversight.
Investors should stay alert, regularly review their account statements, and question any unusual trading activity or charges to ensure their investments truly serve their financial goals.
