How to File a Complaint Against a Stock Broker: SCORES, Exchange Grievance and SMART ODR Explained

Step 1: write to the broker. Step 2: escalate on SEBI SCORES, usually after about 21 days. Step 3: use SMART ODR for conciliation and arbitration. Filing is free for investors.

Updated: 12 Nov 2026 • 10:00 am

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How to File a Complaint Against a Stock Broker: SCORES, Exchange Grievance and SMART ODR Explained

Quick Answer

To file a complaint against a stock broker, write to the broker's grievance or compliance officer first and keep the reference. If it is not resolved, escalate on SEBI SCORES, which routes it to the broker and then to the exchange and SEBI for review. You can also raise a dispute on SMART ODR for online conciliation and arbitration, and registering on these portals is free for investors.

A complaint against a stock broker can feel intimidating, but the system has clear steps, and most genuine issues are solved without going to court. Unauthorised trades, delayed fund payouts, wrong charges and mis-selling are the usual reasons investors escalate.

This guide explains the three-step route, what to attach to the investor grievance, how SEBI SCORES and SMART ODR differ, and the special case of fraud. It is written for retail investors who want a practical process.

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Table of Contents

Step 1: Complain Directly to the Broker

Begin with the broker's customer care and then the grievance or compliance officer, in writing. Email is best because it creates a record with a date. State the issue, the amount involved, the dates, and what outcome you want. Keep the broker's reference number.

Attach the evidence: contract notes, ledger statements, screenshots of orders and messages, and the account details. A clear complaint is resolved faster than a vague one.

Technical trouble on a busy day, such as a sharp fall in the Nifty 50, can delay orders, and delays are a common reason investors complain to a broker. Your depository participant also handles demat issues, so name it in your complaint when shares are involved.

Step 2: File on SEBI SCORES

SEBI SCORES is the regulator's online grievance system for investors. If the broker does not resolve the issue within about 21 days, or you are not satisfied, register on SCORES with your PAN, select the entity, and file the complaint with your documents. SCORES sends it to the broker for a response and tracks it with a complaint registration number.

If the issue is not resolved, the investor grievance can be reviewed by the designated body, such as the exchange or depository, and then by SEBI. SCORES is free to use.

SCORES gives you a complaint registration number, so note it down for every follow-up.

Step 3: Use SMART ODR for Online Dispute Resolution

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SMART ODR is an online platform run by the market infrastructure institutions for resolving disputes through conciliation and then arbitration. You can use it after the broker's response or after SCORES, and it is free for investors, with conciliation fees borne by the market participant. Check the current rules before you switch between routes, because moving to SMART ODR while a SCORES complaint is pending can close the SCORES complaint.

Route	Who handles it	Best used when
Broker grievance	Broker's compliance or grievance officer	First attempt at a fix
SEBI SCORES	Broker, then exchange or depository, then SEBI	Broker has not resolved the issue
SMART ODR	Conciliators and arbitrators	Dispute needs a formal resolution

What to Attach to Your Complaint Against a Stock Broker

Account details, client code and PAN.
Contract notes, ledger and statements for the period.
Screenshots of orders, trades and platform messages.
Emails or call records with the broker, and the reference numbers.
A clear summary of the issue with dates and the amount involved.

If You Suspect Fraud or Unauthorised Access

If the issue involves unauthorised login, phishing or a fraudulent app, act at once. Change your passwords, inform the broker and your bank, and report the incident on the national cyber crime helpline 1930 or the cyber crime portal. A normal delay in payout is a securities-market grievance, but fraud needs the faster route.

If a broker defaults, claims are handled through the exchange's investor protection mechanism and not through the ordinary investor grievance route. Keep records of your holdings and funds, and check the exchange's guidance for the process.

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Conclusion

Filing a complaint against a broker follows a clear path: write to the broker, escalate on SEBI SCORES, and use SMART ODR if the dispute needs formal resolution. Keep every document and every reference number.

File early, stay factual and keep copies. A well-documented complaint is the best chance of a quick and fair outcome.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

How do I file a complaint against a stock broker?

Ans. Write to the broker's grievance or compliance officer first, with evidence and dates. If it is not resolved, file on SEBI SCORES, which sends it to the broker and escalates it to the exchange and SEBI. You can also use SMART ODR for conciliation and arbitration.

What is SEBI SCORES?

Ans. SEBI SCORES is the regulator's online grievance redress system for investors. You register with your PAN, choose the entity, and file the complaint with your documents. It tracks the response and escalates unresolved cases. Using it is free.

What is SMART ODR?

Ans. SMART ODR is an online dispute resolution platform for the securities market. It offers conciliation first and arbitration if conciliation fails. Investors do not pay to file, and it can be used after the broker's response or after SCORES.

How long does the broker have to respond to a complaint?

Ans. Under the SCORES process, entities are expected to resolve an investor grievance within about 21 days, after which you can escalate. Timelines can be revised, so check the current rule on the portal when you file.

What documents should I attach?

Ans. Attach your client code, PAN, contract notes, ledger, screenshots of orders, emails or call records and a clear summary with dates and the amount involved. Good evidence makes it easier for the broker and the regulator to act.

Can I file a complaint for an unauthorised trade?

Ans. Yes. Unauthorised trades, delayed payouts, wrong charges and mis-selling are common grounds. Raise the issue in writing with the broker immediately, keep the contract note, and escalate on SCORES if it is not resolved.

What should I do if my account was hacked or I lost money to a fake app?

Ans. Change your passwords, inform the broker and your bank at once, and report the incident on the national cyber crime helpline 1930 or the cyber crime portal. Then file a complaint with the broker and escalate through SCORES if needed.