Online investment platforms and brokerage services have made it easier for investors in India to participate in financial markets.
Institutions like SBICAP Securities Limited, a brokerage arm of the SBI Group, provide trading and investment services to retail investors and businesses.
As more investors enter the market, understanding brokerage charges and trading costs becomes increasingly important.
Some investors have also raised questions about transparency in certain account charges.
This blog reviews complaint data related to SBICAP and highlights what investors should know about brokerage practices and potential excess charges.
SBICAP Excess Charges Overview
When managing a portfolio with a major institutional player like SBICAP Securities Limited, it is easy to assume that your interests are always perfectly aligned with your broker’s.
However, even with established firms, investors must stay vigilant against a subtle but costly phenomenon known as churning in the stock market.
Brokerage churning occurs when a broker or an automated trading platform encourages the frequent, and often unnecessary, buying and selling of securities.
In these scenarios, the primary objective shifts from growing the investor’s wealth to maximising the volume of transactions.
Since brokerage fees are applied to nearly every execution, this cycle of “over-trading” can quietly erode your capital, leaving you with high costs and diminished net returns.
SBICAP Excess Charges Complaints
Check out the SBICAP Complaints according to NSE data:
| Financial year |
Total clients |
No. of complaints | % of complaints w.r.t. clients | Resolved complaints | % resolved w.r.t. Total complaints |
Arbitrations |
| 2022-23 |
863824 |
234 | 0.02 | 222 | 94.87 |
8 |
| 2023-24 |
863824 |
212 | 0.02 | 206 | 97.16 |
8 |
| 2024-25 |
981477 |
291 | 0.02 | 291 | 100 |
0 |
| 2025-26 |
1142868 |
256 | 0.02 | 236 | 92.18 |
0 |
The table portrays that the number of clients has grown steadily over the years, crossing 11 lakh by 2025–26, which means more people are using the platform.
At the same time, complaints continue to appear every year, with the numbers staying in the 200–290 range despite the growth in users.
Also to be noted, the stagnant percentage of complaints with respect to total users.
While most complaints seem to be resolved, the consistent presence of issues may raise concerns about service quality and whether customer support is keeping up with the expanding client base.
| Financial year |
No. of complaints |
Excess Charges complaints |
% of excess charges complaints w.r.t. complaints |
| 2022-23 |
234 |
Around 30 |
12.82% |
| 2023-24 |
212 |
Around 110 |
51.88% |
| 2024-25 |
291 |
Around 137 |
47.07% |
| 2025-26 |
256 |
Around 131 |
51.17% |
This table focuses on complaints related specifically to excess charges, and the numbers appear quite noticeable.
From around 30 complaints in 2022–23, the figure jumps sharply to over 100 in later years, making up nearly half of all complaints in some periods.
This trend could be worrying for investors, as it suggests that billing transparency and brokerage charges may be an area where customers feel dissatisfied.
Impact on Investors
Let us take a look at what actually makes brokerage churning so bad for you and why you need to be aware of it:
- Excessive Trading Can Affect Profitability: An investor’s account is often flooded with trades because of brokerage churning. In spite of the fact that some trades may generate gains, brokerage fees and transaction costs can adversely affect overall profitability.
- Complaint Records Help Investors Research Brokers: Before opening an account, many traders review complaint histories to learn about the experiences of other investors using the same broker.
- Rising Complaints Can Draw Investor Attention: An increase in complaints over time may encourage traders to look more carefully at a broker’s services and customer practices.
- Monitoring Trading Activity Is Important: Investors often review contract notes and account statements to understand how trades are being carried out and whether they match their instructions.
- Keeping Track of Charges Helps Investors Stay Informed: Observing brokerage deductions and trade frequency can help investors better understand the financial impact of their trading activity and stay aware of the costs involved.
When To Take Action Against Brokers?
Keeping a close watch on your trading account can prevent problems from escalating by letting you find out about them early.
Investors who keep track on a regular basis would even be able to spot cases of fraud at a very early stage.
- Some signs that the help of a professional broker might be needed include unauthorized trades, a sudden increase in brokerage charges and, in general, a lack of clear explanation from the broker.
- Also, if investors are constantly being pushed to make fast and frequent trades without the broker simply explaining or giving a clear investment plan, this should raise serious concerns.
- Besides being costly, excessive trading can also negatively impact overall returns.
- Investors should start by seeing their account statements and making notes of all the communication and transaction details if they experience any of these situations.
After getting in touch with the broker, if the issues are still not solved, then investors can proceed to raise the issue via official regulatory channels.
Where To Complaint Against Stock Broker?
If you believe your trading account has been mishandled, taking a structured approach can help resolve the issue more effectively.
1. Document Account Activity
Start by reviewing your trading history carefully. Keep records of approved transactions, invested amounts, and any communication you had with the broker.
Save important documents such as screenshots, trade confirmations, contract notes, messages, and call recordings. These records help support your complaint.
2. Contact the Broker First
Start by contacting the broker’s customer support team and clearly explaining the issue in detail.
Provide all relevant information such as your account details, transaction references, screenshots, and any prior communication to help them understand the problem quickly.
In many cases, issues can be resolved promptly once the broker thoroughly reviews the details and investigates the matter.
Maintaining clear and documented communication also helps if you need to escalate the concern later.
3. File a Complaint in SCORES
If the response from the broker is not satisfactory, investors can file a complaint in SEBI thorugh the SCORES system.
his online system allows investors to submit their grievances, track the status of their complaint, and receive updates throughout the resolution process.
It ensures that complaints are reviewed by the regulatory authority and helps facilitate a fair and transparent resolution.
4. Arbitration in Stock Market
If the issue remains unresolved even after contacting the platform or support team, investors can escalate the matter to the Online Dispute Resolution (ODR) system.
This platform allows an independent and neutral arbitrator to carefully review the case, examine the evidence provided by both parties, and facilitate a fair resolution.
It ensures a transparent process and gives investors an additional layer of protection when their concerns are not adequately addressed through regular channels.
Need Help?
Unexpected brokerage charges or irregular account activity can leave investors feeling uncertain about their next steps.
If you suspect that something is not right with your trading account, professional guidance may help you understand the situation more clearly. Register with us.
Our team can review your account statements, analyze trading records, and identify possible discrepancies.
We can also assist in preparing documents, filing complaints, and supporting you through the dispute resolution process.
With the right guidance, investors can take informed action and work toward protecting their financial interests.
Conclusion
As trading platforms continue to attract a growing number of investors, understanding brokerage practices becomes an important part of responsible investing.
Complaint trends and fee structures can offer useful insights into how services are experienced by other traders.
Regularly reviewing statements, keeping track of charges, and asking for clarification when needed can help investors avoid confusion and make more confident decisions in their financial journey.
