Stock Broker Complaints & Ratings
Whenever an investor wants to open a demat account with the stock broker, the investor digs in the history of the stock broker to check his records. It means that the person is doing the research before opening a demat account. This is a good practice as it helps to discard the broker who could be a problem in future. This is one common problem where the stock broker convinces an investor for investment but does not deliver what is being promised.
It is the biggest advantage to check the ratings and reviews and it could change certain decisions of the investors.
Types of Complaints against Stockbroker
Although the stock market industry is regulated by SEBI followed by registered brokers, still there may be cases where the customers could be in situations that are not very pleasing. Clients can directly complain against the stock broker by the online process or they can carry it forward in an offline process. The quality of stock brokers may decline because of the following reasons:
- Trading platforms
- Customer service
- Range of trading products
- Research and recommendations
- Brokerage and other charges
Where to lodge the Complaint?
An investor may file a complaint against the stock broker if an investor is mistreated by the stockbroker or the brokerage firm. There are certain ways in which the complaints can be lodged. The major complaint centres are as follows:
- NSE – NATIONAL STOCK EXCHANGE: It is a service centre where a customer can register a complaint against the broking house or a listed company. The investors lodge the complaint with the documents that support the complaint. The investor should go to the website and follow the instructions to lodge the complaint.
- BSE- BOMBAY STOCK EXCHANGE: It is another portal where a complaint can be filed by the investors against the stock broker, the complaint should be filed with the required documents. The complaint can be filed through e mail and also on the website under the section of “e-complaint registrations”
- SOCIAL MEDIA WEBSITES- These days when the technology is at its peak, customers are treated as the king of the market. Investors have the option to file the complaint just by posting complaints on the social media websites. The complaints are posted on social media websites against the brokers and the chances are high that they get the reply for the complaints as it is discussed publicly.
Stock brokers Reviews and Ratings
An investor needs to check the review and ratings of the stock broker as it helps the investor to make the decisions wisely for which broker to choose. It will be good to check the ratings before an investor chooses a broker to avoid any kind of hassle during the trading or investing time. Investors or traders get an idea about the service of the brokers. Here are list of portals that provide unbiased reviews
- Google Play store reviews and ratings
- Mouthshut reviews and ratings
- Google review and ratings
- Glassdoor review and ratings
- Indeed reviews and ratings
Online reviews are very helpful for consumers to take help before they want to invest their money. You can get honest user reviews from here. Google play store will give you the chance to post review and ratings. It is a very simple way to post a review on Google play store and if you are looking for honest reviews, then, of course, you trust the users who already posted their reviews.
The Glassdoor is an online portal from where you can get an authentic and genuine review about a company.
Indeed reviews and ratings can also help you to make certain decisions about some particular company.
How to file a complaint against a broker?
- Download ‘Investors complaint form against trading member’ from exchange’s website i.e. bseindia.com, nseindia.com. Some exchange also allows online application through their website.
- Fill the form; attach the required documents and submit it to exchange’s investor service center. You can send it by post or in person.
- Once accepted; you will receive a reference number; which can be used for any future communications with the exchange.
CONCLUSION- COMPLAINTS & RATINGS
There are many stockbrokers with a high number of clients but even higher number of complaints. The clients come up with complaints and write reviews when they face the worst experience with the brokers.
Everyone faces problems and unsatisfactory services but it can be mitigated. Every broker is a member of SEBI and stock exchange, as per the SEBI guidelines, the exchange provides a detailed mechanism to resolve the variety of complaints of investors.
The committees formed to resolve the investors grievances are the stock exchanges i.e. the NSE or BSE. Proper departments have been formed to redress the investors complaints and ensure quick and transparent solutions to the investors against the brokers.