Online trading platforms have made investing in the stock market much easier for investors. Many people rely on brokerage platforms to buy and sell shares quickly and conveniently.
However, sometimes investors may notice unexpected or unusually high charges in their trading accounts.
These charges can reduce overall investment returns if they occur frequently. In some situations, the charges may result from excessive trading carried out in the account.
This practice is commonly referred to as churning in Share Market.
Understanding how these charges occur can help investors take the right action and protect their interests.
m.Stock Excess Charges Overview
m.Stock is a trading platform offered by Mirae Asset Capital Markets that allows investors to trade in stocks, derivatives, and other securities.
Like other brokerage platforms, it charges certain fees such as brokerage, transaction charges, and other service-related costs.
However, some investors may notice excess charges in their accounts over time.
Why Does Brokerage Churning Happen?
Brokerage churning generally occurs when frequent trades are executed in a client’s account, mainly to generate higher commissions.
Since brokers earn brokerage on each transaction, excessive trading can increase the broker’s revenue while adding unnecessary costs for the investor.
In such cases, the investor’s account may show frequent buying and selling of securities, leading to higher brokerage charges and lower overall returns.
m.Stock Excess Charges Complaints
The data below in the table reflects complaint records from the reporting platform and may not represent the company’s total customer base.
Summary table: Year, No. of active clients, No. of complaints, Complaints against excess charges
|
Year |
No. of Active Clients | No. of Complaints |
Complaints against Excess Charges |
|
2021-22 |
– | – | – |
| 2022-23 | 352937 | 194 |
Around 123 |
|
2023-24 |
352937 | 506 | Around 344 |
| 2024-25 | 518180 | 1206 |
Around 821 |
|
2025-26 |
268305 | 649 |
Around 460 |
For 2021–22, the data for active clients and complaints is not available, as shown by the dashes in the table. Therefore, no comparison can be made for that year.
In 2022–23, the company had 352,937 active clients and received 194 total complaints, out of which around 123 were related to excess charges.
This shows that a significant portion of the complaints during that year were connected to charging issues.
In 2023–24, the number of active clients remained the same at 352,937, but the total complaints increased sharply to 506.
Out of these, around 344 complaints were related to excess charges, indicating a notable rise in investor concerns about brokerage or fee-related matters.
The upward trend continued in 2024–25, when the number of active clients increased to 518,180.
During this year, the total complaints rose significantly to 1,206, and around 821 complaints were related to excess charges, which represents the highest number of complaints in the data.
In 2025–26, the number of active clients decreased to 268,305, and the total complaints also reduced to 649.
However, around 460 complaints were still related to excess charges, showing that a large share of the complaints continued to be associated with charging issues.
Overall, the data suggests that complaints related to excess charges form a substantial portion of the total complaints, especially from 2023–24 onwards, indicating growing investor concerns regarding brokerage or fee-related practices.
In certain situations, such concerns may also overlap with issues like mStock Unauthorised Trading, particularly when investors question the frequency or purpose of trades executed in their accounts.
When Can It Be Considered Brokerage Churning?
Certain situations may indicate brokerage churning in a trading account.
A common sign is unauthorized trading, where trades are placed in your account without your prior knowledge or approval.
Another indicator is unusually high trading activity, where there is frequent buying and selling of securities that do not match your investment plan or strategy.
Brokerage churning may also occur when the account appears to be handled mainly to generate brokerage fees rather than to support your investment goals.
Additionally, a lack of proper communication from the broker, such as not clearly explaining the trades, their purpose, or the charges involved, can also be a warning sign of brokerage churning.
How to File a Complaint Against a Stockbroker?
If you notice excess charges or suspicious trading activity in your account, the following steps may help:
1. Review Your Contract Notes and Account Statements
Check your contract notes and transaction statements carefully. Look for trades that you did not authorize or that seem unnecessary.
2. Contact the Broker for Explanation
Reach out to your broker or the platform’s support team and ask for clarification regarding the trades and charges applied to your account.
3. Keep All Relevant Documents
Maintain records of trade confirmations, account statements, emails, and messages. These documents can help support your claim if you raise a complaint.
If the issue remains unresolved, you can lodge a complaint in SCORES with the Securities and Exchange Board of India (SEBI), which regulates the securities market and protects investor interests.
Investors can also raise grievances with exchanges such as the National Stock Exchange of India or the Bombay Stock Exchange, which monitor the activities of registered brokers.
6. Consider Arbitration
If the dispute is still not resolved, you may opt for arbitration through Stock Exchange. In this process, an independent arbitrator examines the case and provides a decision based on the evidence presented.
Need Help?
If you are facing issues related to excess brokerage charges or suspect brokerage churning in your account, professional assistance can make the process easier. Register with us.
Our team can help you review your trading records, identify irregular transactions, and understand whether any unfair practices have occurred.
We also assist investors in filing complaints with authorities such as the Securities and Exchange Board of India (SEBI) and with exchanges like the National Stock Exchange of India and the Bombay Stock Exchange.
If required, we can also guide you through the arbitration process to help you seek a fair resolution.
Conclusion
Excess brokerage charges can have a serious impact on an investor’s returns if they continue for a long period.
Practices such as brokerage churning may lead to unnecessary trades and increased costs.
If you notice unusual activity or high charges in your m.Stock account, it is important to review your statements and take prompt action.
Being aware of your rights and raising concerns through the proper channels can help protect your investments and ensure fair treatment in the securities market.
