Did you ever try stock trading or hear about investing in the market? If yes, then you must have come across broker apps like SMC Global.
These platforms make trading simple and accessible for beginners as well as experienced investors.
However, many traders are not always aware of the different types of charges involved in each transaction.
Sometimes, users feel they are charged more than expected, which raises concerns about excess brokerage or hidden fees.
Understanding these charges is important to ensure transparency and better control over your trading costs.
SMC Global Excess Charges Overview
SMC Global Securities is a well-known stockbroking and financial services company in India. It provides access to trading in equities, derivatives, commodities, and other investment products.
With its range of services and trading platforms, many investors and traders use it for their daily market activities.
However, like with any brokerage firm, some users may feel that they are being charged more than expected.
This can happen due to frequent trades, repeated order changes, or transactions that don’t align with the trader’s original plan.
Such situations are often referred to as excess charges or brokerage churning.
Brokerage churning in Stock Market occurs when trading activity increases mainly to generate higher fees, rather than to serve the investor’s financial goals, which can lead to unnecessary costs over time.
SMC Global Excess Charges Complaints
The data reflects 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 |
160010 | 91 | Around 16 |
| 2022-23 | 178712 | 61 |
Around 11 |
|
2023-24 |
178712 | 84 | Around 38 |
| 2024-25 | 179621 | 480 |
Around 83 |
|
2025-26 |
158044 | 140 |
Around 52 |
The platform had 160,010 active clients and received 91 total complaints. Out of these, 16 complaints were related to excess charges, showing that only a small number of users reported issues about additional fees.
In 2022–23, the number of active clients increased to 178,712, while total complaints decreased to 61. Among them, 11 complaints were about excess charges, indicating a slight improvement in fee-related concerns.
For 2023–24, the number of active clients remained 178,712, but total complaints increased to 84. Out of these, 38 complaints were related to excess charges, suggesting that more users started raising concerns about brokerage or extra fees.
In 2024–25, the active client base grew slightly to 179,621, which is the highest in the table. However, total complaints increased sharply to 480, and 83 complaints were about excess charges, indicating a noticeable rise in overall grievances.
In 2025–26, the number of active clients dropped to 158,044, and total complaints reduced to 140. Among these, 52 complaints were related to excess charges, showing that while total complaints decreased, fee-related issues still remained present.
Ultimately, the data indicate that complaints fluctuated over the years, but concerns about excess charges appeared consistently, highlighting the need for clear and transparent brokerage fee structures.
In What Case Can You Say It’s Brokerage Churning?
You can consider it brokerage churning when there is excessive trading activity in your account without your clear intention or approval.
This may include situations where too many trades are executed unexpectedly, your positions are repeatedly squared off and re-entered without a valid reason, or your brokerage charges become unusually high compared to your normal trading pattern.
It can also occur when a dealer or relationship manager pushes unnecessary trades or when you notice sudden excessive activity in your account, even though you did not place those trades yourself.
If such patterns appear consistently, it may indicate brokerage churning.
How to File a Complaint Against a Stock Broker Online?
If you suspect excess charges or unauthorized trading, it is important to take prompt and structured action to protect your interests.
1. Contact Your Broker’s Customer Support
The first step is to reach out to your broker’s customer support team and raise a formal complaint.
Clearly explain the issue and provide details of the trades or charges you believe are incorrect. Many issues are resolved at this stage once the broker reviews your account activity.
2. Ask for a Detailed Trade Statement
Request a complete trade statement that includes timestamps, order details, and all applicable charges.
This helps you understand exactly when the trades were placed and how the brokerage fees were calculated. Reviewing this document can reveal whether the charges or trades were justified.
3. Escalate the Issue to the Grievance Team
If customer support does not resolve your concern, escalate the matter to the broker’s grievance or compliance team.
Most brokerage firms have a dedicated department to handle such complaints. Provide all supporting documents and communication records to strengthen your case.
4. File a Complaint in SCORES
If the broker still does not resolve the issue, you can file a complaint with SEBI through SCORES, the official grievance platform managed by SEBI.
This platform allows investors to submit complaints directly to the regulator. Once filed, SEBI forwards the issue to the concerned broker for resolution.
5. Apply for Arbitration Through NSE/BSE
As a final step, you can apply for arbitration in stock exchange like the National Stock Exchange of India or the Bombay Stock Exchange.
Arbitration is a formal process where the dispute is reviewed by an independent authority. It helps investors seek a fair resolution if earlier steps fail.
Need Help?
Dealing with unclear charges or unexpected trading activity can feel confusing and stressful. You don’t have to handle it alone. Register with us.
We provide expert support to help you understand, identify, and resolve such issues effectively.
- Review and analyze your trade statements
- Identify excess or hidden brokerage charges
- Detect signs of unusual or unauthorized trading
- Guide you through complaints and arbitration
With the right guidance, you can take control of the situation and protect your investments.
Our goal is to ensure clarity, confidence, and fair outcomes at every step.
Conclusion
Brokerage platforms have made trading more accessible and convenient than ever, but ease of use should not replace awareness.
Staying informed about how charges are applied and how your trades are executed plays a crucial role in avoiding unnecessary financial losses over time.
If you ever feel that you have been charged unfairly or notice unusual activity in your account, it is important to take timely and well-informed action rather than ignoring the issue.
Understanding the concept of brokerage churning, along with being aware of your rights as an investor, empowers you to identify irregularities early, question unjustified charges, and take the necessary steps toward resolution.
