How to file an online complaint against your stock broker.
If you have a complaint against your stock broker and the firm is not resolving it or you are not satisfied with the resolution, you can raise an online complaint with the National Stock Exchange (NSE) online. Nice Plus, NSE’s online investor service portal (Nseinvestorhelpline.com/NICEPLUS), allows you to file a complaint against your broker or trading member.
You will first need to register with Nice Plus by providing your Permanent Account Number (PAN) and details like name, contact number and permanent address. Remember to give the address you used for your KYC (know your client) compliance since all correspondence will be sent to that address. You will also need to provide the details of your bank account in which you want any claim or award to be paid. Once you input all the information, you will get an OTP on your registered mobile number. After you key in the OTP, a user name and password will be sent to your registered email ID.
To file a complaint, visit the Nice Plus website, and log in with the user name and password sent to your email address. Click on the services tab and select “New Complaint” and “Complaint against TM” in that order.
Here you will need a fill a complaint form that will have three parts. Under part A, you will have to enter the respondent’s (entity against whom the complaint is being registered) and your own details. You will be required to specify whether you are an investor who has a trading account with the respondent, or a sub-broker, or an authorized person. If you are an investor, you will need to give the unique client code assigned to you by the broker. You will also need to confirm that you have already taken up the complaint with the broker.
In part B of the complaint form, you will need to select the type of complaint from the options provided. The complaint could deal with non-receipt or delay in receiving securities or funds, corporate benefits, contract notes and others; or it could relate to unauthorized transaction, closing off positions without consent or non-settlement of accounts or brokerage and charges; or it could be about wrong or non-execution of order or non-bidding or wrong bidding in the primary markets; or other complaints. Once the nature of complaint is selected a window will open where you need to provide details such as the name of the security, quantity, price, and date of contract note.
In part C of the form, the total claim amount has to be verified. You will then be directed to the summary page to confirm all the information provided and make corrections, if any, before submitting the complaint. You can even save the complaint and submit it later. You will also need to upload supporting documents such as the complaint letter, demat transaction statement and account statement.
A Unique Reference Number (URN) will then be generated and the complaint will be taken up by NSE. You can use the URN to track the status of the complaint. The exchange may ask you and the respondent for additional information during the course of resolution. All interaction among you, the respondent and the exchange will reflect on the website’s dashboard.
Complaints registered with the NSE, whether online or offline, are resolved within 15 days, failing which the complaint is referred to the exchange’s Investor Grievance Resolution Panel.