Most Complained Stock Brokers

some of the brokers on the otherway trying to cheat and on the otherway many times change the charges .
samco and fyers in demat account opening form advise mandetorily sign on a ecs form which authorise them to debit client’s bank account at their will. recently many brokers start leving minimum brokarage (eg for any trade minimum brokarage of rs 20 to 40) and also for trading terminal for clients. most terrible on the part of sharekhan. client sud be cautious about this broker. in there site sharekhan under terms and condition mention the charge of 10000/ per anum plus gst for their trading terminal tradetiger but most of their representative deny about it

I have a similar experience to share about the so call discount broker ZERODHA. On the face of it their claim to fame is that they are the biggest and number one discount broker. Yes they are superficially, but they have hidden charges to just about every damn thing. The call on trade is charged Rs. 20 they charge you GST on that too. No company I have heard of charges for Auto-square off at 3:20 pm, yes you might get a huge surprise when you are charged 47 or 100 plus ( GST separately) and you just cant avoid the frustration and laugh. If you go minus on your trade you are charged separately (with GST). And they charge you two ways for buying and selling (well this practice is with the recent lot of discount traders sprouted up). So in short you laugh, sing or fart you are charged alongwith GST, seriously. And they really shy away for customer service, yes they do. Its pathetic customer service. I recommend to actually stay away from such New Kids On The Block, who are rather Bullish to make quick bucks. And yes they cheat on their referrals too. Stay away from ZERODHA.

I have dealt with some top stock brokers during last 20 years and found that all of them are engaged in fraudulent trade practices.
Although, they are subjected to half yearly Internal Audit and periodic inspections by Exchanges/SEBI but it is really shocking that various modus operandi adopted by them are never reported, thus raising the quality of audit/inspection and leading to believe that these stock brokers are being shielded.
It is obvious that illegally charged amount from the investors, most of whom don’t know about various charges, is routed to brokers books. In fact, it is an On-going SCAM since long, involving thousands of crores, may be in connivance with SEBI/Exchange officials.
One can find various circulars on SEBI website, stating various modus opernadi, which fall under fraud and warrant criminal action against the companies and its directors from the end of SEBI, which is a regulatory authority and supposed to protect interest of investors. Some such modus operandi, accepted by SEBI in its circulars are as under
1. Using softwares, which are NOT IN THE INTEREST OF SECURITIES MARKET.
2. Non-passing actual transacted rate to the clients.
3. Realization of Statutory and Regulatory at excess rates.
4. Realization of charges/levies, not prescribed by SEBI/Exchanges.