Ever scrolled through a broker’s website and felt like you’d landed in a perfectly designed dream?
Shiny interfaces, bold promises, testimonial videos that make trading look effortless. It all looks so trustworthy.
But here’s the truth every investor learns the hard way: a beautiful website doesn’t guarantee beautiful handling of your money. Take Marwadi Shares and Finance reviews, for instance.
While this Rajkot-based broker commands respect for its long presence since 1992, the real story emerges only when you dig past the marketing polish and check what actual clients experienced.
And more importantly, what the regulator SEBI had to say about their practices.
Because when it comes to your hard-earned money and trading account, you deserve to know not just the website version of Marwadi Shares, but the version SEBI knows about.
This guide walks you through the company details, then transitions directly into what matters most: verified complaints, regulatory findings, and actionable steps to protect yourself if something goes wrong.
Let’s start with the basics, then move into the reality check.
What is Marwadi Shares and Finance?
Marwadi Shares and Finance Limited is an established stockbroking firm founded in 1992 and headquartered in Rajkot, Gujarat.
The company offers retail trading in equities, derivatives, commodities, and mutual funds through its online platform and branch network across India.
With over 1.4 lakh active clients on NSE as of FY 2024-25, Marwadi positions itself as a full-service financial intermediary backed by the Marwadi Chandarana Group.
The firm holds SEBI registration number INZ000250531, along with NSE membership (No. 90197) and BSE membership (No. 4091). On the surface, these registrations and memberships suggest a legitimate, regulated operation.
The company website highlights “client-first service,” security protocols, and competitive brokerage rates. Many retail investors see the SEBI registration and the established brand name and assume they’re safe.
But regulatory registration alone doesn’t promise perfect operations or flawless service. As we’re about to show you, SEBI has had reasons to look closer at how Marwadi handled client funds and reporting obligations.
Complaints Against Marwadi Shares and Finance
On the company’s website and marketing materials, Marwadi Shares and Finance comes across as diligent and professional.
The website lists features, security measures, and customer support channels.
But here’s the insider perspective: between the polished webpage and the inbox of real investors lies a gap.
Before you decide whether Marwadi Shares suit your trading needs, it’s essential to understand these documented issues, the penalties SEBI imposed, and how the firm responded.
This isn’t about scaremongering; it’s about making an informed decision with full facts.
Exchange complaints filed against Marwadi reveal a pattern worth noting.
Have a look at the table given below:
| YEAR | CLIENTS | COMPLAINTSRECEIVED | COMPLAINTS RESOLVED | RESOLUTION PERCENTAGE |
| 2025 | 139953 | 25 | 25 | 100% |
| 2024 | 127449 | 9 | 9 | 100% |
| 2023 | 127449 | 17 | 17 | 100% |
The good news: all these complaints were handled and closed.
The concerning news: the volume increased nearly two-fold year-over-year on NSE, suggesting growing friction with clients.
Types of Complaints Against Marwadi Shares and Finance
- Type IV: Unauthorized Trading
These complaints involve trades executed without the client’s permission or misuse of client funds/securities. It usually indicates a breach of trust or improper access to the client’s account.
- Type V: Service-related
These issues arise from delays, poor customer support, wrong information, or system/platform problems. They mostly relate to the broker’s overall service quality and responsiveness.
- Type IX: Others
This category covers all issues that don’t fit into specific complaint types, technical glitches, account update delays, settlement mismatches, or any miscellaneous concerns raised by clients.
Some clients faced delays in fund settlement, technical issues with the trading app, or unresponsive support when problems arose. Others questioned the accuracy of statements or the clarity of charges.
These aren’t isolated whispers, but they’re documented patterns that SEBI itself investigated and responded to with formal orders.
SEBI Orders Against Marwadi Shares and Finance Ltd.
SEBI imposed this order on Marwadi Shares and Finance Limited, a stock broker, after an inspection found delays in settling client funds and wrong reporting.
Violations Done
The broker failed to settle funds for inactive clients (who hadn’t traded for 30 days) within 3 working days in 1,465 cases, totalling over Rs 1 crore initially (later adjusted to Rs 12.8 lakh).
For active clients, it used cheques instead of bank transfers (NEFT/RTGS) in 750 cases on quarterly settlement days, causing delays. It also misreported client bank balances to stock exchanges once due to a clerical error.
Penalty Imposed
SEBI fined the broker Rs 2 lakh under Section 15HB for these repeated lapses in following the circulars on fund segregation and reporting.
Key Learnings
- Always check if your broker settles your unused funds quickly, and prefer those that use direct bank transfers.
- Update your KYC and bank details regularly to avoid delays.
- Watch for quick payouts; delays might mean your money is tied up, risking safety. Choose compliant brokers to protect your investments.
How to File a Complaint Against Stock Broker?
Now that you know the kinds of problems users face, let’s talk about how to report SEBI complaint against broker.
Being systematic helps ensure your issue gets resolved faster.
Step 1: Identify and Record the Problem
Start by noting down what exactly went wrong. Take screenshots or screen recordings of any error messages, orders, or transactions involved.
Also, note details like:
- date
- time
- order number
- transaction ID
Sharing complete information makes it easier for the support team to trace your issue in the backend system.
Step 2: Try Basic Troubleshooting
Before raising a complaint, try these quick fixes:
- Log out and log back into your account
- Clear app cache or browser cookies
- Reinstall or update the 5paisa app
- Switch network connections
Many minor bugs disappear instantly with these steps.
Step 3: Contact Customer Support
If the issue persists, contact support directly.
You can reach them in several ways:
- Helpline number: Check the official website for the latest contact number.
- Email: Write them an email with full details.
- Live chat: Available through the website and app.
- Social media: Tweet or message their verified handle for quick attention.
Always mention your registered client code and attach screenshots wherever possible.
Step 4: Raise a Ticket
Visit their official support portal and select the relevant issue category, such as “Funds,” “Orders,” or “Login.”
Fill out the form, attach documents, and submit it.
You’ll get a ticket number, so keep it safe, as you’ll need it for follow-ups or escalation.
Step 5: Escalate If It’s Not Resolved
If 48–72 hours pass without proper action, it’s time to escalate.
You can write to the company’s grievance officer or file a complaint with SCORES.
This official complaint route ensures that the matter gets reviewed by regulatory authorities.
Step 6: Follow Up Politely
Check on your ticket every one or two days, but avoid raising multiple separate complaints for the same issue; it can slow down the process.
Consistent yet polite follow-ups usually get faster responses.
Need Help?
We understand the frustration that is caused when your money gets stuck due to Marwadi Shares and Finance.
But we are here to help you!
We are a firm that specialises in money recovery for our clients.
Our team supports you in every step, starting from gathering evidence to the complex process of filing an arbitration in the stock market and representing your case in counselling and legal meetings.
Conclusion
Marwadi Shares and Finance is a regulated, established broker with a significant client base and operational infrastructure spanning decades.
The company isn’t a scam or a fly-by-night operation. However, regulatory registration and a long history alone don’t guarantee perfect service or seamless client handling.
The SEBI orders, the spike in NSE complaints in FY 2024-25, and community feedback all point to operational stress points: settlement delays, app reliability issues, and support responsiveness.
These are solvable problems, but they indicate the broker is stretched or cutting corners in some areas.
The real lesson here is simple: never assume a broker is risk-free just because they have a SEBI registration or a polished website.
Do your homework. If something feels off, don’t wait. Document it and escalate through the proper channels. In today’s market, your money is only as safe as your vigilance.
Choose your broker wisely, but monitor them constantly. That’s the investor’s edge.
