IIFL Securities is another well-known stockbroker in the Indian stock market with a good client base caters to thousands of retail investors through its trading and investment services. However, like any large institution, it occasionally faces allegations of misconduct, poor service, or unauthorized activity from clients. If you are one among them, here is how to file a complaint against IIFL Securities.
How to file a Complaint Against IIFL Securities?
Over the years, several investors have raised concerns about IIFL Securities on public forums, including SEBI SCORES, consumer complaint boards, and legal platforms. Some of the common issues include:
- Unauthorized trading
- Delay in fund withdrawals
- Hidden charges or churning in stock market
- Poor customer service
- Account freezing or login issues
For all the above issues, here is how to file a complaint against stock broker:
If you are dissatisfied with any service or suspect malpractice, you can take the following steps:
Step 1: Raise a Complaint with IIFL Support
- Visit the broker’s support portal.
- Call to their customer care
- Send an email drafting your complaint.
Keep records of your complaint ID and email acknowledgment.
Step 2: File a Complaint in SEBI
If your issue is not resolved within 15 working days, file an online complaint at SEBI SCORES portal. Make sure you keep following details handy:
- Client ID
- Broker name
- Trade or transaction proof
- Written complaint trail
Step 3: File a Complaint in SMART ODR
You can also raise complaints with NSE or BSE grievance portals if the issue pertains to trading or demat transactions.
The SMART ODR platform provides an update within 21 days of filing a complaint.
Make sure you submit details of your concern and also the screenshots related to filing it in the broker’s and SEBI portals.
Step 4: Arbitration in Share Market
If you’re seeking financial compensation, you can opt for Exchange Arbitration, a quasi-legal process to resolve unresolved claims.
Here, you can put your case in front of the legal team of SEBI and the stock exchange, who, after hearing both sides, provide a fair resolution and award.
Need help? Register with us now! Our team will assist you in filing the case and in representing your concern in the arbitration, if required!
Complaint Against IIFL Securities Letter Format
When filing a complaint against IIFL Securities, it’s important to use a clear and structured format.
Your letter should include key details like your:
- Client ID
- Account number
- Nature of complaint
- Specific trade details (if applicable)
- Financial impact
- Supporting documents.
Be polite yet firm, and mention that you have already approached customer support (if applicable).
End the letter by requesting prompt resolution and mention your intention to escalate the matter to SEBI/SCORES or the exchange if not resolved within a reasonable timeframe.
Conclusion
Whether you’re a new or experienced investor, you must regularly review your account statements, contract notes, and trading activity.
If something seems unusual, act quickly.
IIFL Securities, like any regulated broker, is answerable to the exchange and SEBI, and you have the right to raise your voice.
