Do you want to file a complaint against your securities broker? Here’s how to do it online

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Do you want to file a complaint against your securities broker? Here’s how to do it online

Highlights

  • Nice Plus, NSE’s online investor services portal, allows you to file a complaint against your broker or trader member
  • Complaints registered with the National Stock Exchange are resolved within 15 days
  • A Unique Reference Number (URN) will be generated and you can use the URN to track the status of the complaint

New Delhi: If you have a complaint against your stock broker and the company doesn’t resolve it or you’re not happy with the resolution, the National Stock Exchange (NSE) allows investors to file complaints online. You can file an online complaint against stockbrokers or trader members for fraud through its Nice Plus online investor service portal.

In order to file a complaint, you will first need to register with Nice Plus by providing your Permanent Account Number (PAN) and details such as name, contact number and permanent address. You can then submit your complaint in the format prescribed by the stock exchange accompanied by supporting documents.

Complaints handled by the NSE for resolution:

In general, complaints relating to the Non-delivery of documents by the Trader, Non-receipt of funds / securities, Non-receipt of the margin / deposit remitted to the Negotiator (TM), Non-receipt of the ’employee benefit (dividend / interest / bonus, etc.), Execution of transactions without consent, Excess brokerage charged by the member / commercial sub-broker, Excess brokerage charged (other than on option premium), etc. are supported by NSE.

Complaints against listed companies may also be filed in certain cases of public offerings / renewal of offers, corporate actions and transfer of securities. 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 Committee.

Registration process:

  • Step 1. For the registration of a new user, go to the link http://www.nseinvestorhelpline.com/NICEPLUS and click on “New user”.
  • Step 2. Enter all the required information such as name, cell phone number, email id, permanent address, KYC address, bank details and click Submit.
  • Step 3: Clicking on Submit will take you to another window where you will need to enter the One Time Password (OTP) sent to the registered mobile / email ID.
  • Step 4. By entering the OTP and clicking on “Continue to file a complaint” or “File a complaint later”, an email will be sent to the registered email id providing the login information.

How to file the complaint online:

  • Step 1: Log in with the username and password sent to the registered email address.
  • Step 2: If a complaint is to be made against the Trader, go to Services >> New complaint >> Complaint against TM.
  • Step 3: In Part A of the complaint form, enter the required details such as category and unique customer code.
  • Step 4: In parts B and C, mention the type of claim such as the name of the guarantee, the date of the contract note and the amount of the claim.
  • Step 5: Submit and note the Unique Reference Number (URN) generated at the end to track the status of the complaint.

It should be mentioned that during the complaint there will be communication between different entities or
stakeholders affected by the complaint. For example, if the exchange agent decides to request additional documents from the investor, these will be communicated to the investor which will be displayed on the complaint summary page under “Complaint resolution”.

The investor must provide the details sought by the Exchange from the tab “Communication between the plaintiff and the defendant”. The parties will be able to communicate with each other via the “Communication between the plaintiff and the defendant” tab.


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