Have your stockbroker cheated you and engaged in unauthorized trading, charged excessive brokerage, or shut down the app during market hours? Now that you have decided to take action, you may be wondering where to file a complaint against your stockbroker.
If yes, then you’re not alone. Thousands of retail investors face such problems but aren’t sure where and how to complain.
Let’s get into the details and guide you with the process, including:
- What kind of complaints can be raised against a stockbroker
- Where to file a complaint.
- How to file a complaint against stock broker.
- What to expect from the resolution process
- How to get expert assistance
Common Complaints Against Stock Brokers
Before filing a complaint, understand what is considered a violation:
- Unauthorized trading in your account
- Funds or securities not being credited or withdrawn
- Imposed huge brokerage or unjustified charges
- Technical glitches leading to losses
- Misuse of Power of Attorney (POA)
- Not responding to queries or complaints
- Margin shortfall penalties without intimation
If you’ve faced any of the above, you can raise your voice.
Where to File Complaint Against a Stock Broker in India?
In India, there are multiple platforms where you can reach out to file a complaint against a stockbroker and escalate it if your issues are not resolved in the first place.
Below are some of the platforms where you can lodge your complaint:
1. Internal Grievance Redressal of the Broker
Start with the broker’s internal complaint mechanism. As per SEBI norms, every broker must:
- Have a grievance redressal system
- Display a complaint email/contact
- Resolve your issue within 7 working days
You can either contact via call or send an email highlighting your concern with all the valid proofs like contract note, trade details, etc.
2. Complaint to Stock Exchange (NSE, BSE, MCX)
If the broker does not resolve or provide a satisfactory response to your complaint, then you can escalate it to the relevant exchange:
- NSE Investor Grievance Portal
- BSE Investor Complaints Portal
- MCX Investor Services
The exchange will issue a complaint number and may conduct an initial investigation.
3. File a Complaint on SEBI SCORES Platform
If stock exchanges fail to resolve the concern or your issue is much bigger, leading to huge losses, then you can reach out to SEBI via the SCORES portal.
Here’s how to lodge a complaint in SCORES.
- Visit the SCORES portal.
- Register as a complainant with your PAN & contact details
- Select the complaint category: Stock Broker
- Upload supporting documents and describe the issue clearly
SEBI will forward the case to the broker/exchange for resolution. If unsatisfied, you can go for arbitration.
Make sure you submit the complaint by attaching important documents, including a ledger statement or contract note, screenshot of trades, broker’s response, ID proofs, etc.
What If SEBI Doesn’t Act?
Last but not least, if the regulatory body also fails in providing justice or a satisfactory response, then you can initiate arbitration proceedings through the exchange.
In this exchange legal team sits to hear the case of both sides and gives you the chance to claim financial losses or damages.
Exchanges like NSE and BSE provide online arbitration with timelines, fees, and a defined resolution window.
In case you need help in drafting a complaint for the above portals or need help in representing your case in arbitration, then REGISTER WITH US now.
We will provide you with personalized assistance in drafting, documenting, and escalating the complaint against the broker in the right way.
Conclusion
Complaining against a stockbroker can seem intimidating, but the system is designed to protect retail investors. If you know how to use it. Be proactive, be clear, and seek help if needed.
