Although the stock market industry is tightly regulated by SEBI followed by its registered indices NSE (National Stock Exchange) and BSE (Bombay Stock Exchange), still there could be situations where clients get some bad taste in their mouth. In such cases, clients can directly complain against the broker either by following the online process or they could carry it forward in the traditional offline way.
In this review, we have compiled a list of 10 most complained stockbrokers that have received the highest number of complaints in this financial year. The industry complaint average is 0.06% which basically means for every 1000 clients across stock brokers, 6 of those have registered complaints against one stockbroker or the other.
The criteria of this list is that the Stock Broker must be registered with SEBI and must have at least 5000 active clients for the financial year 2017-18.
List of Most Complained Stock Brokers for January to June 2018
List of Most Complained Stock Brokers for July 2018
Industry Average: 0.01
Stock Broker Name
Kantilal Chhaganlal Securities
Basan Equity Broking
Quantam Global Securities
Alice Blue Securities
BMA Wealth Creators
This list gives you an idea that what percentage of the clients of these stockbrokers are not happy with their stockbroker. Higher the percentage, worst the experience provided to the clients by the broker. In the next part, we will come up with a list of stockbrokers with the highest number of active clients but the lowest percentage of complaints against them.
The list does not talk about the highest number of complaints simply because bigger stockbrokers have a higher number of active clients in total and correspondingly high “number” of complaints. But this does not imply that their percentage of complaints are high too.
At the same time, there are few stockbrokers such as Samco, that offer reasonably low-quality services but their overall percentage is still intact. Furthermore, you can also refer to this article on Worst Stock Brokers in India from other perspectives too.