Register a Complaint Against Stock Broker

How to File a Complaint Against Stock Broker?

Stockbrokers are meant to provide you products & services that includes trading platforms, research tips, advisory etc. 

However, there are times when brokers misguide their clients by doing fake promises or charge hidden fees and brokerage charges. 

Other than this, the technical glitch in the trading app leads to loss of capital of traders. Now in all such cases, one can raise a concern to higher authorities and market participants by following the right steps. 

In case you face any issue with your stock broker then there are ways by which you can register you complaint against them. The first step is to register a complaint to NSE. The complaint is registered in NSE ISC Center to mutually settle the dispute between a trader and stock broker.

However, in case, the response in unsatisfactory or the matter is not resolved within 15 days then NSE arranges a GRC (Grievance Redressal Committee) within a 15 days of complaint.

Again in case the matter is not resolved or trading member didn’t receive a satisfaction from the decision of committee then there is a provision of arbitration.

These are some of the steps where a trader can register a complaint against stock broker in exchange. But this is not the end and a trader can reach out to higher authorities and can lodge a complaint in SCORES and then to SMART ODR to get the best response.

Now here is the complete guide of how to register complaint against stock broker in all these platforms.

Before you proceed with filing a complaint against your stock broker it is important to identify the issue. Some of the common issues against which you can raise a complaint are:

• High brokerage charges or hidden fees
• Technical glitch in trading app.
• False promises
• Poor research & advisory services that led to financial loss

Steps to File a Complaint Against Stock Broker in NSE

To report one or more of the above concerns, follow the steps below:

• In the issues related to stockbroker, you can proceed by first reaching to the broker itself by contacting on phone or sending email to support. 
• In case you don’t get a satisfactory response you can then escalate the case to Broker’s compliance officer. 
• If the brokerage firm fails to find an effective solution then you can take the case to the stock exchange (NSE). 
• Visit the exchange portal and register to file your complaint by choosing the right category & subcategory of the issue and proceed accordingly.

Steps to File a Complaint Against Stock Broker in SCORES

In case you don’t get a satisfactory response of your issue in NSE then you can raise the concern in SCORES by following the steps below:

• Begin by completing the registration step by entering DOB & PAN Card details.
• Login using credentials.
• Click on lodge a complaint and then choose stock broker option.
• Provide complete detail of a complaint.
• Submit the complaint.

SEBI looks into such matters and provide a response after doing proper investigation of the issue.

The last step is to report the concern to SMART ODR. It is the platform. The complaint is then forwarded to MII who aims to provide the resolution within 21 days of filing a complaint.

Steps to File a Complaint Against Stock Broker in SMART ODR

To file a complaint in SMART ODR, first complete the registration process and then proceed further by following the steps below:

• Login & click on Complaint Portal.
• Enter complete detail of the complaint.
• Upload supporting documents like screenshots, call recordings, messages, etc.
• Click on Submit button.

Here it is important to note that on filing a same complaint on SMART ODR & SCORES, the complaint get disposed off from SCORES automatically. Also, if someone has directly report a complaint in SMART ODR then the same complaint cannot be filed in SCORES portal.

Filing a complaint against a stockbroker is a critical step in protecting your investments and ensuring accountability in the financial market. 

By following the steps outlined in this guide, you can effectively address your concerns and seek appropriate solutions and recovery of financial loss.