You may be a victim of a fraud or you may have faced a problem while trading in stocks. While the first point of addressing your concern has to be your stock broker, you can file a complaint against the broker or investment advisor with the NSE (National Stock Exchange) or SEBI (Securities and Exchange Board of India).
However, you are required to file a written complaint with the broker and then with the higher managment at the brokerage before you go to NSE or SEBI. The written file will serve as proof of your concerns not being addressed by the broker.
Types of complaints
Complaints against broker on
- Non-Issuance of the Documents by the Trading Member
- Non-receipt of funds / securities
- Non-receipt of margin/security deposit given to the Trading Member (TM)
- Non-Receipt of Corporate Benefit (dividend / interest / bonus etc.)
- Auction value / close out value received or paid
- Execution of Trades without Consent
- Excess Brokerage charged by Trading Member / Sub-broker
- Non-receipt of credit balance as per the statement of account
- Non-Receipt of Funds / Securities kept as margin
- Excess Brokerage Charged (other than on Option Premium)
Complaints against listed companies on non-receipt of
- Allotment Advice, securities allotted, refund order
- Interest on delay in Redemption / Refund Amount
- Sale Proceeds of Fractional Entitlement
- Composite Application Form (CAF) for Rights offer Rights for (CAF) Application
- Securities purchased through a Rights Offer
- Letter of offer for Buyback
- Interest on Debentures, Bonds or other Debt Instruments
- Securities on account of a Bonus / De-merger / Merger / Stock Split
- Redemption Amount
- Securities after Dematerialization
- Securities after Transfer/Transmission
- Duplicate Certificate relating to Securities
NSE Investor Service Centre (NICE)
NSE has an e-compliant register called the NICE Plus, where you can file a complaint against a broker or trading member.
- Visit www.nse-investorhelpline.com/NICEPLUS/
- Register as a 'New User' by creating a username and password. To do so, you will have to fill in details like name, PAN, address and bank account details (to receive funds).
- An OTP will be sent to registered number on completing the registration. Once the OTP is entered, username and password will be sent to your registered email address.
- Revisit the NICE Plus website and file your complaint by clicking on the services tab and select "New Complaint" and "Complaint against TM" in that order.
- In the part A of the complaint form, enter the respondent's (entity against whom you wish to file complaint) and your details. You will have to specify if you are an investor, sub-broker, or an authorized person. Investors will have to give the unique client code assigned to them. You will also have to confirm that you have already taken up the complaint with the broker.
- Part B of the form requires detailed information on the type of complaint like name of the security and date of the contract note.
- Part C will deal with the total amount to be claimed.
- A summary page will appear. Check for any corrections, if required.
- Note the Unique Reference Number (URN) generated in the end to track the status of the compliant.
If the issue is not resolved within 15 days, the complaint will be referred to the Investor Grievance Resolution Panel.
Toll-free number: 1800 266 0058 (9:30 AM to 5:45 PM from Monday to Friday)
SEBI Complaints Redress System (SCORES)
SCORES is a web based centralized grievance redress system of the SEBI that allows you to lodge a complaint against:
- Listed companies / registrar & transfer agents
- Brokers / stock exchanges
- Depository participants / depository
- Mutual funds
- Portfolio Managers
- Other entities (KYC Collective investment scheme, Merchant banker, Credit rating, Foreign institutional investor etc)
This means that if you have a complain against NSE or BSE, you can take up with SEBI.
- Visit www.scores.gov.in and register as a new user. Important personal information like name, e-mail, address, PAN no. etc will have to be provided. On successful registration, SCORE will send user name and password to registered e-mail ID.
- On the login page, enter username and password provided and click "SIGN IN".
- After successful login, click on "COMPLAINT REGISTRATION" option to raise new complaint.
- Fill the Complaint Registration Form with personal details like name, address, mobile no. etc.
- Select category of complaints like Mutual fund, Depository participant listed companies, Broker, etc and provide other details like type of complaint, name of mutual fund company, descriptions of complaints etc. User can also upload supporting document up to 1MB. Then click submit.
- Note the complain registration number to track its status. (SMS and e-mail confirmation)
The response will take a maximum of 30 days.
Toll-free number: 1800 266 7575 or 1800 22 7575