Online trading platforms have made it much easier for people in India to start investing in the stock market.
Companies like Nirmal Bang Securities offer various trading and investment services through digital platforms that aim to make investing simple and convenient.
As more investors enter the market, transparency in brokerage fees and other charges becomes increasingly important.
This article looks at complaint data related to Nirmal Bang and discusses what investors should know about excess charges and brokerage practices.
Users, somehow, do face some challenges on this platform. Here’s more about the user issues.
Nirmal Bang Excess Charges Overview
Nirmal Bang Securities Pvt. Ltd. has long been a trusted name for individuals looking to trade and invest across different financial markets.
The platforms are designed to deliver smooth execution and useful insights.
By blending traditional brokerage experience with digital tools, Nirmal Bang helps investors navigate the markets with clarity.
Churning in the stock market happens when trading activity in an account becomes unusually high compared to the investor’s objectives or risk profile.
Brokers may suggest repeated trades that are not truly beneficial for the client.
As a result, investors may end up paying excessive brokerage charges while gaining little investment value.
Nirmal Bang users have reported some instances of this. Here’s a deeper analysis of the topic.
Nirmal Bang Excess Charges Complaints
The following data is about Nirmal Bang Complaints from the official NSE site:
| Financial year | Total clients | No. of complaints | % of complaints w.r.t. clients | Resolved complaints | % resolved w.r.t. Total complaints | Arbitrations |
| 2022-23 | 141246 | 61 | 0.04 | 59 | 96.72 | 3 |
| 2023-24 | 141246 | 49 | 0.03 | 46 | 93.87 | 4 |
| 2024-25 | 149851 | 110 | 0.07 | 110 | 100 | 0 |
| 2025-26 | 135936 | 40 | 0.02 | 33 | 82.5 | 0 |
The table displays how client complaints changed across the financial years from 2022–23 to 2025–26.
Even though the total number of clients stays high, the number of complaints rises sharply in 2024–25 before dropping again in 2025–26, which suggests inconsistency in service quality.
While most complaints are resolved, the falling resolution rate in 2025–26 and the earlier presence of arbitrations raise some concern about how effectively issues are being handled.
| Financial year | No. of complaints | Excess Charges complaints | % of excess charges complaints w.r.t. complaints |
| 2022-23 | 61 | Around 8 | 13.11% |
| 2023-24 | 49 | Around 16 | 32.65% |
| 2024-25 | 110 | Around 33 | 30% |
| 2025-26 | 40 | Around 15 | 37.5% |
This table focuses on complaints specifically related to excess charges and how large a share they form of total complaints.
Over time, the percentage of these complaints rises significantly, reaching about 37.5% in 2025–26.
This pattern suggests that issues related to excess charges may be becoming more common, which could indicate deeper problems in pricing practices or billing transparency that deserve closer attention.
Impact on Investors
Now that you are aware of the data points, let us learn why brokerage churning is actually bad for you:
- Brokerage Churning Can Reduce Investment Gains
When an account experiences frequent buy–sell activity, brokerage charges and transaction fees can build up quickly, which may reduce the investor’s profits. - Complaint Data Helps Investors Understand Broker Performance
Investors often check complaint records to learn about the experiences of other traders and evaluate whether a broker is suitable for them. - An Increase in Complaints Can Draw Attention
If the number of complaints grows over time, investors may take a closer look at the broker’s services and customer practices. - Monitoring Trading Activity Is a Good Practice
Reviewing contract notes and account statements allows investors to understand how trades are being carried out in their accounts. - Keeping Track of Brokerage Charges Helps Investors Stay Aware
By tracking brokerage deductions and trade frequency, investors can better understand the costs associated with their trading activity.
When to Take Action Against A Broker?
Being aware of how your trading account is managed can help you stay in control of your investments.
Certain red flags should immediately attract your attention, such as unauthorised trades, unusually high trading activity, or brokerage charges that appear disproportionate to your transactions.
Another concern arises when brokers fail to provide proper contract notes, order confirmations, or transaction details upon request.
In such cases, investors should begin documenting all account activity and communication related to the issue.
Taking prompt action and using the available complaint mechanisms can help investors address problems and safeguard their financial interests.
How to File a Complaint Against a Stockbroker in India?
SEBI has provided several avenues through which you can report the issue, whichever you choose.
Here’s what to do:
1. Compile All the Information
Gather all materials related to the transaction, such as contract notes, call recordings, emails, and messages.
This will help you prove your case and showcase that the incident did indeed occur.
2. Contact the Broker
Talk to the broker’s grievances team directly about your problem. Show them all the evidential documents.
Chances are, they will resolve your issue.
3. Lodge Complaint in SCORES
If the broker does not resolve your issue, however, file a formal complaint in SEBI on their SCORES platform.
Bringing matters to SEBI guarantees that the broker will have to acknowledge and respond to your complaints.
4. Arbitration in the Stock Market
If you are not satisfied with the solutions so far, the last option is to file an arbitration with SEBI on their ODR platform.
An unbiased arbitrator will look into your case- you will have to upload all your documents.
Need Help?
Resolving trading issues with a broker can sometimes be complex. While investors may raise concerns, delays in responses or unclear explanations can make the situation harder to navigate.
Issues such as technical glitches, order disputes, or platform-related complaints often require proper documentation and a clear understanding of the complaint process.
However, many investors are not fully aware of the correct way to escalate such matters through the appropriate regulatory channels.
Our team is always here for your support. Register with us today.
Conclusion
In conclusion, while Nirmal Bang Securities Pvt. Ltd. offers a wide range of trading services and research support, the complaint data highlights areas that deserve closer attention.
The rising share of excess charge complaints and fluctuations in resolution rates may signal possible gaps in transparency or client servicing.
If something feels wrong, acting quickly and using the proper complaint channels can help protect your interests and ensure accountability.
