mStock is an online discount brokerage platform operated by Mirae Asset Capital Markets (India) Pvt. Ltd.
It provides trading access in equities, derivatives, currencies, and other market segments through a digital interface designed for retail investors.
As a registered intermediary, it operates under the supervision of the Securities and Exchange Board of India and is connected to major stock exchanges.
While most users trade without issues, concerns can arise in certain cases, one of them being unauthorised trading.
This raises an important question: what exactly qualifies as unauthorised trading on mStock, and what should investors do if they encounter it?
Let’s uncover that in this blog.
mStock Unauthorised Trading Complaints
Unauthorized trading occurs when transactions are executed in your account without your clear knowledge or approval.
It can also involve trades that are significantly larger or riskier than what you intended.
Summary table: Overall Complaints, Unauthorised trading complaints, % of unauthorised trading
| Year | No. of complaints | No. of complaints for unauthorised trading | Percentage of unauthorised trading |
| 2022-23 | 194 | 9 | 4.64% |
| 2023-24 | 506 | 22 | 4.35% |
| 2024-25 | 1206 | 145 | 12.02% |
| 2025-26 | 649 | 66 | 10.17% |
From the data above, it is evident that the total number of complaints increased significantly from 194 in 2022–23 to 506 in 2023–24, and further surged to 1206 in 2024–25.
Although the total complaints decreased to 649 in 2025–26, they remained higher than the levels observed in earlier years.
Complaints related to unauthorised trading also followed a similar trend.
The number increased from 9 cases in 2022–23 to 22 cases in 2023–24, and rose sharply to 145 cases in 2024–25, accounting for 12.02% of the total complaints.
In 2025–26, the number of such complaints declined to 66, representing 10.17% of the total complaints.
This trend indicates that unauthorised trading continues to remain a significant concern for investors, particularly during periods when overall complaint volumes increase.
The data highlights the importance of investors regularly monitoring their trading accounts, verifying contract notes, and promptly reporting any suspicious or unauthorised transactions.
Increased awareness and timely action can help investors safeguard their investments and minimise potential financial losses.
When Can You Take Action Against A Broker?
Investors have the right to take action if a broker behaves improperly, violates regulations, or causes financial loss through misconduct.
Common issues include unauthorised trading, mis-selling of unsuitable financial products, or incorrect charges and hidden fees.
Regularly reviewing your account statements and trade alerts can help you identify problems early.
Staying informed about your transactions is one of the best ways to protect your investments.
You should act as soon as you notice suspicious activity in your trading account.
Action can be taken when:
- Trades are executed without your permission.
- The broker refuses to provide trade confirmations or ignores your complaint.
- There is misuse of account access or excessive trading without consent.
In such cases, immediately gather records like contract notes, account statements, emails, and SMS alerts.
These documents can help support your complaint if the issue escalates.
Ideally, contact your broker within a week of noticing the issue. If the matter remains unresolved, a complaint can be filed with SEBI within a year.
How To Report A Complaint Against Broker in India?
If you believe unauthorised trading has taken place in your account, it is important to act quickly. Taking timely action can help protect your funds and improve the chances of resolving the issue.
There are several official channels available for investors to report complaints and seek resolution.
Here are the steps you can follow:
Step 1: Contact the Broker First
The first step is to raise the issue directly with the broker. You can contact their customer support team or compliance department and explain the problem.
In many cases, issues are resolved at this stage after proper review.
Always maintain proper records such as contract notes, account statements, emails, messages, and communication with the broker.
These documents are important evidence when filing complaints or going through dispute resolution processes.
Step 2: Send a Written Complaint
If the issue is not resolved through customer support, send a formal complaint through email or written communication.
Clearly explain the problem and include details such as trade dates, transaction details, and your account information.
Always keep a copy of the complaint for your records.
Step 3: File a Complaint on SCORES
If the broker does not resolve your complaint, you can register your complaint on SEBI (SEBI Complaints Redress System) platform.
This is an online system where investors can lodge complaints against listed companies and registered intermediaries such as stockbrokers.
Step 4: Escalate Complaint on SMART ODR
Investors can also raise disputes through the SMART ODR (Online Dispute Resolution) platform provided by stock exchanges.
This platform allows investors and brokers to resolve disputes online through mediation and conciliation in a structured and transparent process.
Step 5: Arbitration in Stockmarket
If the dispute is still not resolved, investors can apply for arbitration through the stock exchange.
Arbitration is a formal process where an independent arbitrator reviews the case, examines the evidence, and gives a decision based on the facts presented by both parties.
Following these steps can help investors take proper action and seek a fair resolution if unauthorised trading occurs in their account.
Need Help?
If you are facing issues related to unauthorised trading in your account, you do not have to deal with it alone. Taking the right action at the right time is important, and we are here to help you through the process.
Our team helps investors understand their rights and guides them through the complete complaint procedure.
We carefully review your trading records, contract notes, and account statements to identify any unauthorised transactions.
We also assist in preparing and submitting complaints to the broker and on official platforms such as SCORES, SMART ODR, and through the arbitration process, if required.
From gathering the necessary documents to properly filing the complaint, we support you at every stage.
With proper guidance and accurate documentation, it becomes easier to take action and work toward resolving the issue effectively.
If you believe that unauthorised trading has taken place in your account, reaching out to us can help you move forward with confidence.
Conclusion
Online trading platforms offer speed and convenience, but consent and clarity must always come first. Unauthorised trading is a serious issue because it directly affects investor trust.
Whether a particular situation amounts to a regulatory concern depends on proper documentation, including contract notes, system logs, and communication records.
For investors using platforms like m.Stock, regular monitoring of your account, and understanding each trade before it is executed remain the most effective safeguards.
