Religare Securities Limited is an Indian stock brokerage company that helps people invest and trade in the financial markets.
It allows users to buy and sell financial products like stocks, derivatives, currencies, and mutual funds through its platform.
The company is part of Religare Enterprises Limited and offers both online and offline trading services. It also provides research, trading tools, and investment support to its clients.
Being as diverse as it is in the services it offers, Religare Securities Limited has its own set of issues from its users.
One such issue arises in the matter of unauthorised trading, that is, when the broker executes trades and handles the funds of its clients without their explicit consent.
For a broker to handle its users’ money, it must first obtain written consent from the user- not doing so leads to complaints from the users.
Religare Securities Unauthorised Trading Complaints
The complaints data over the past few financial years show a few noticeable trends. One area that stands out is complaints related to unauthorised trading.
Unauthorised trading refers to a situation where a broker or any third party executes trades in an investor’s trading account without the investor’s clear permission or instruction.
Looking at how many complaints were received, resolved, or left pending gives more context. It also helps understand whether these are isolated cases or something more frequent.
Complaint Data
The following Religare Complaint analysis looks at the available data to identify patterns and highlight areas that may need closer attention.
| Financial Year | Total clients | No. of complaints | % of complaints w.r.t. Total clients | Resolved complaints | % of resolved w.r.t. complaints | Arbitrations |
| 2022-23 | 143983 | 79 | 0.05 | 72 | 91.11 | 3 |
| 2023-24 | 143983 | 104 | 0.07 | 96 | 92.30 | 1 |
| 2024-25 | 146307 | 154 | 0.10 | 154 | 100 | 0 |
| 2025-26 | 136837 | 102 | 0.07 | 65 | 63.72 | 0 |
By 2025–26, both the number of clients and complaints declined. The pattern becomes more concerning. Out of 102 complaints, only 65 were resolved.
For investors, unresolved complaints should raise doubts about how effectively issues are being addressed.
Finally, when we focus specifically on complaints related to unauthorised trading, the data becomes even more important to examine.
| Financial Year | No. of complaints | No. of unauthorised trading complaints | % of unauthorised trade w.r.t. complaints |
| 2022-23 | 79 | 14 | 17.77 |
| 2023-24 | 104 | 15 | 14.42 |
| 2024-25 | 154 | 26 | 16.88 |
| 2025-26 | 102 | 21 | 20.58 |
In 2022–23, a meaningful portion of the complaints involved trades that clients claim they never approved.
The following year, in 2023–24, this number increased slightly to 15 complaints. While the increase may appear small, it shows that the issue did not disappear.
In 2024–25, the highest number recorded in the data appears and suggests that concerns about trades being executed without clear client approval were continuing to surface.
In 2025–26, despite the decrease, the issue still remained present.
When complaints about unauthorised trading appear repeatedly across multiple years, it becomes difficult to ignore the pattern.
When Can You Take Action Against Brokers?
Look for any emails/ SMS your broker might have sent you about a trade which you yourself did not place, nor gave your permission to the broker to place in your stead.
Once you obtain proof of such a trade, take action as soon as you can.
Reach out to the broker’s support and grievances team within a week of the order being placed.
For an official complaint with SEBI, you must complain within a year (as per SEBI’s recommendation).
The broker will maintain your records for 3 years, but it is better to complain as soon as possible; your silence might be interpreted as ‘silent consent’.
You should take action if:
- The broker cannot provide valid order records when asked.
- Arbitration confirms trades were placed without the client’s approval.
- An exchange inspection finds the broker did not follow SEBI’s order-recording rules.
- SEBI determines that regulatory norms were violated.
- There is a recurring pattern of serious investor protection issues.
How to Complain Against a Stock Broker?
If your broker has utilised your fund to make a trade without your knowledge, the right course of action now is to report the matter. To do so:
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Gather Evidence
You must first find and compile all evidential material regarding that specific trade- screenshots, contract notes, call recording, etc.
This forms the basis of your complaint that an unauthorised trade did, in fact, take place.
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Complain To The Broker
Talk to the broker about your issue, as many complaints can be resolved by the broker itself.
To do so, you may contact the broker’s support or grievances team via email and the contact number present on their official site.
Present your problem along with all the proof you gathered earlier.
Complaining to the broker might not be sufficient. In that case, file a formal complaint to SEBI at the online complaint redressal site- SCORES.
Filing a complaint with SCORES makes the matter official, and the broker will be required to respond to you formally.
Lastly, if the matter still remains unresolved, escalate the matter further and file for an arbitration against the broker on SEBI’s Online Dispute Resolution site.
Need help?
We understand that discovering unauthorised activity in your trading account can be stressful.
The complaint process can often feel tedious and confusing, leaving you wondering, ‘What happens next?’ or ‘Am I doing this right?’
You don’t have to figure it out alone. Let us simplify the process for you. We provide end-to-end assistance to help you build a strong case and get the resolution you deserve. Here’s how we can help:
- Review your transaction history
- Arrange your documents in a clear order
- Identify possible compliance gaps
- Draft clear and structured complaints
- Prepare submissions for regulatory authorities
Register with us today if you, too, are someone who has complaints against their broker.
Conclusion
Looking at the numbers over these years, a few things start to stand out.
Complaints have gone up in some years, and concerns about unauthorised trading appear more than once in the data.
Even if the data suggests that most users have a smooth experience, the existence of these patterns should make you pause and ask: Does your stockbroker actually care for you, or are you simply a “unit of revenue” in a high-volume business?
A broker who truly cares for your financial health doesn’t just provide a slick UI; they provide a dedicated support system that doesn’t hide behind a chatbot when an error occurs.
If something in your account looks unfamiliar, even a small deduction or a trade you don’t remember authorising, it is worth checking immediately.
Raising the concern early prevents a minor “glitch” from spiralling into a significant financial loss.
In the world of high-speed trading, silence is often interpreted as consent.
