Digital brokerage platforms have made investing more accessible for millions of investors across India.
Platforms like ICICI Securities Limited provide a wide range of trading and wealth management services through both online and offline channels.
However, with increasing participation in the markets, concerns around brokerage charges and transaction transparency have also gained attention.
This article reviews complaint data related to ICICI Securities and highlights what investors should know about excess charges and brokerage practices.
ICICI Securities Excess Charges Overview
ICICI Securities Limited is a SEBI-registered financial services company in India that offers brokerage and investment services to retail and institutional investors.
It provides equity and derivatives trading, mutual fund investments, IPO access, and wealth management solutions through its digital platforms and advisory network.
ICICI is a well- known and trusted name in India; however, despite that, there are still several issues faced by the users of the platform.
Let’s dive deeper into the details to understand the user’s point of view better.
ICICI Securities Complaints
Churning in Share Market happens when a broker excessively trades in a client’s account to generate more commission.
Common signs for the same are constant transactions, high brokerage costs, rapid portfolio changes, and trades that do not match the investor’s risk profile or long-term investment plan, often reducing the client’s overall returns.
For ICICI Securities, there are quite a few complaints regarding the same.
Let us dive deeper into the details.
Exchange Complaint Data
This is the data from the official NSE platform:
|
Financial year |
Total clients | No. of complaints | % of complaints w.r.t. clients | Resolved complaints | % resolved w.r.t. Total complaints |
Arbitrations |
|
2022-23 |
1845202 | 628 | 0.03 | 604 | 96.17 | 13 |
| 2023-24 | 1845202 | 971 | 0.05 | 932 | 95.98 |
10 |
|
2024-25 |
1946882 | 1067 | 0.05 | 1067 | 100 | 0 |
| 2025-26 | 2045086 | 607 | 0.02 | 546 | 89.95 |
0 |
In this table, the total number of clients grows steadily from 2022–23 to 2025–26, but the number of complaints does not follow a clear downward trend.
Complaints rose from 628 to a peak of 1067 before dropping to 607, which may look positive at first, but still suggests recurring service issues across years.
|
Financial year |
No. of complaints | Excess Charges complaints |
% of excess charges complaints w.r.t. complaints |
|
2022-23 |
628 | Around 135 | 21.49% |
| 2023-24 | 971 | Around 498 |
51.28% |
|
2024-25 |
1067 | Around 525 | 49.20% |
| 2025-26 | 607 | Around 329 |
54.20% |
In this table, the number of complaints related specifically to excess charges forms a large share of total complaints every year.
The percentage jumps sharply from about 21% in 2022–23 to over 50% in the following years, meaning more than half of the complaints in some years are about brokerage churning.
This pattern suggests that charging practices might be a persistent issue, and the consistently high share of such complaints could be a signal that customers are repeatedly facing similar financial concerns.
When to Take Action Against Brokers?
Investors should consider taking action against their broker as soon as they notice any irregularities in their trading account. Some indicators that something may be wrong include:
- Trades being executed in your account without your knowledge or approval.
- Receiving promotional calls or messages from unfamiliar numbers claiming assured profits.
- A broker repeatedly insists that you invest in certain trades or products.
- Failure of the broker to provide proper transaction records or account details when requested.
- Any behaviour that violates the regulatory standards established by the Securities and Exchange Board of India.
If any of these warning signs appear on your broking platform, it is advisable to take action immediately and report the issue before it escalates.
How to File an Issue Against the Stock Broker Online?
Excessive trading or brokerage manipulation can gradually impact your overall returns. Taking the right steps at the right time can help you identify the issue early and ensure that your complaint is addressed properly.
1. Monitor Your Account Activity
Regularly review your trades, investment positions, and account statements to ensure that all transactions have been authorised by you.
If you notice any unfamiliar or frequent trades, collect supporting evidence such as screenshots, transaction details, call logs, or communication records. This helps in clearly establishing your concern.
2. Contact the Broker
Reach out to your broker’s customer support team and explain the issue in detail.
In many cases, discrepancies related to charges or trades can be clarified or resolved directly at this stage. Make sure to keep a record of your communication for future reference.
3. File a Complaint in SCORES
If the broker fails to provide a suitable resolution, you can submit a complaint through SEBI’s SCORES platform.
Make sure to attach all relevant documents and evidence so that the complaint can be reviewed properly.
4. File a Complaint in BSE
If the issue is still unresolved, you can escalate it further and file a complaint in BSE / NSE through the exchange’s investor grievance mechanism.
This ensures that your concern is formally reviewed at the exchange level.
5. Lodge a complaint in SMART ODR
If the matter continues even after this, you can proceed to a complaint in SMART ODR, which is designed to facilitate dispute resolution between investors and market intermediaries.
If the issue is not resolved at this stage, it may move further to arbitration in Share Market, where an independent arbitrator reviews the case and the evidence submitted by both sides.
This process helps provide a structured and fair resolution when earlier steps do not lead to a satisfactory outcome.
Need Help?
Unexpected charges or suspicious activity in your trading account can create confusion and distrust in the investment process.
Our professionals analyse your trade history, statements, and account ledgers to detect where irregularities may have occurred.
We also help organise evidence, submit complaints, and represent your interests during arbitration if required.
If you believe your broker has acted unfairly, do not delay in addressing the issue. Register with us today and allow us to support you in resolving the matter.
Conclusion
In conclusion, while ICICI Securities is a well-known and trusted brokerage platform, the pattern of complaints highlights concerns that should not be ignored.
Complaints about excess charges and trading practices can affect trust and overall investment outcomes if they continue unchecked.
Clients should remain attentive, regularly monitor their accounts, and question any activity that seems unusual or unclear.
