Many investors depend on brokerage firms to execute their trades and manage transactions in the stock market.
These brokers charge certain fees for their services, which usually include brokerage and other transaction-related costs.
However, sometimes investors may notice higher-than-expected charges in their trading accounts.
Such charges can gradually reduce the overall returns on investments. In some situations, these costs may arise because of excessive trading in the account.
When trades are carried out mainly to generate brokerage fees instead of benefiting the investor, it may indicate brokerage churning.
Understanding this issue can help investors recognise problems early and take the right steps.
Moneylicious Securities Excess Charges Overview
Moneylicious Securities is a brokerage firm that offers trading services to investors in the securities market.
Like other brokers, it provides access to stock exchanges and charges brokerage fees for each transaction made through the platform.
In certain cases, investors may come across excess or unexpected charges in their accounts.
These charges may arise when the trading activity in the account becomes unusually frequent without a valid investment purpose. Such activity can increase brokerage fees and other related costs.
This situation is often linked to churning in stockmarket, where repeated buying and selling of securities takes place mainly to generate commissions.
When this happens, investors may end up paying higher charges while their investment goals receive little attention.
Moneylicious Securities Excess Charges Complaints
The data reflects Moneylicious Securities 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 | 32388 | 1 |
|
| 2022-23 | 469961 | 14 | Around 4 |
| 2023-24 | 469961 | 200 | Around 141 |
| 2024-25 | 971760 | 377 | Around 214 |
| 2025-26 | 999144 | 142 | Around 72 |
In 2021–22, the company had 32,388 active clients and received only 1 complaint, with no complaints related to excess charges reported during that year.
In 2022–23, the number of active clients increased significantly to 469,961.
During this period, 14 complaints were recorded, out of which around 4 were related to excess charges.
In 2023–24, the number of active clients remained the same at 469,961, but there was a sharp rise in complaints.
The total complaints increased to 200, and around 141 complaints were related to excess charges, indicating a major increase in concerns related to brokerage or fee-related issues.
The trend continued in 2024–25, when the number of active clients increased further to 971,760.
In that year, 377 total complaints were reported, with around 214 complaints related to excess charges, showing that a large portion of the complaints were connected to charging issues.
In 2025–26, the number of active clients grew slightly to 999,144, while the total complaints decreased to 142.
Among these, around 72 complaints were related to excess charges, suggesting some reduction compared to the previous year, but still indicating that excess charge complaints remain a concern.
When Can It Be Considered Brokerage Churning?
You may suspect brokerage churning if you observe the following situations:
- Trades Without Your Permission- Transactions appear in your account that you did not approve or were not informed about beforehand.
- Excessive Buying and Selling- Your account shows a large number of trades within a short period without a clear investment strategy.
- Focus on Generating Brokerage Fees- The account activity seems aimed at increasing brokerage charges rather than improving your investment performance.
- Lack of Proper Communication- You are not given a clear explanation about why trades are being executed or how the charges are calculated.
How to File a Complaint Against a Stockbroker in India?
If you notice excess charges or suspicious trading activity, you can take the following steps to address the issue.
1. Examine Your Trade Records and Statements
Check your contract notes and account statements carefully. Identify any unusual trades or repeated transactions that do not match your instructions.
2. Seek an Explanation from Your Broker
Contact your broker and ask them to explain the trades and charges in detail. Understanding the reason behind each transaction can help clarify whether the charges are justified.
3. Keep Documentation of All Interactions
Maintain copies of your account statements, emails, and other communication related to your trading account. These records can be useful if you need to raise a complaint later.
4. File a Complaint with SCORES
If the issue is not resolved, you may lodge a complaint with the Securities and Exchange Board of India (SEBI), which regulates the securities market and handles investor grievances.
5. Approach the Stock Exchanges
You can also submit your complaint through the investor grievance systems of the National Stock Exchange of India or the Bombay Stock Exchange, which review complaints against registered brokers.
6. Opt for Arbitration if Necessary
If the dispute continues, you may choose arbitration through the stock exchange where the broker is registered.
An independent arbitrator reviews the matter and provides a decision based on the evidence submitted by both sides.
Need Help?
If you believe you have been charged excessive brokerage fees or suspect brokerage churning in your account, professional support can help you handle the situation effectively.
Register with us. Our team can review your trading records, identify irregular or unauthorised transactions, and help you understand your rights as an investor.
We can help you in filing an SEBI complaint and tracking the online SEBI complaint status.
Our team will also guide you through the arbitration process.
If required, we can also guide you through the arbitration process to help you pursue a fair resolution.
Conclusion
Unexpected or excessive charges in a trading account can significantly affect an investor’s financial outcomes.
Brokerage churning, where unnecessary trades are executed to generate commissions, is an issue that investors should be aware of.
If you notice unusual activity or higher-than-normal charges in your Moneylicious Securities account, it is important to review your records and take timely action.
By raising concerns through the proper channels, investors can protect their interests and promote fair practices in the securities market.
