Authority and scope
Sections ↑Registers and permission checks
Sections ↑Check the intermediary
| Question | Reference and action |
|---|---|
| Legal entity | Look for the company in the customer agreement, including an applicable former name. Match its registration category and identifier rather than relying only on a trading brand.Source 1 |
| Separate activities | A stockbroker and a depository participant perform different functions. Check the applicable registration and the exchange or depository arrangement for the account.Source 1 |
| Limits of the check | A genuine registration number does not authenticate an unsolicited payment request or a lookalike website. Use the official intermediary record and established account channels.Source 1Source 3 |
Check the exact legal entity, permissions, current status and scope in the official record. A brand connection in our coverage does not establish authorisation.
Rules for firms and products
Sections ↑SEBI’s stockbroker framework covers the handling of orders, investor records and client assets as well as registration. The published master circular is the starting document for those operational obligations; subsequent circulars must be checked for the specific provision. Registration is therefore only the first part of assessing a broker’s service.[6]
Client assets and protection boundaries
Sections ↑Evidence and product boundaries
| Question | Reference and action |
|---|---|
| Useful records | Retain the client code, contract notes, ledger or demat statements, relevant order identifiers and provider correspondence. Do not put passwords or OTPs in a public complaint.Source 3 |
| Market-specific protection | Investor-protection arrangements and failure procedures need their own product, institution and eligibility checks. This guide does not apply one compensation limit to every Indian brokerage account.Source 3 |
| Official source review | Recheck the current register and grievance procedure before acting, especially where the intermediary, account provider or product has changed.Source 1Source 2 |
Client-asset safeguards include pledge/re-pledge arrangements, upstreaming client funds to clearing corporations and direct payout of securities. SEBI’s October 2026 account of these measures identifies their purpose as reducing misuse and increasing client-level transparency. They address how assets move through the system; they do not eliminate market losses.[5]
Account evidence worth matching
| Topic | Published position and meaning |
|---|---|
| Trading account | Contract notes and the trading ledger identify execution, charges and the broker’s account of the transaction.Source 3 |
| Demat account | The depository record concerns the securities holding; compare it with the broker’s trade and settlement records.Source 3 |
| Collateral | A pledge is not the same event as an outright sale or a withdrawal. Keep the relevant authorisation and depository confirmation.Source 6 |
Complaints and dispute resolution
Sections ↑Use the grievance process correctly
| Question | Reference and action |
|---|---|
| Complain to the provider | First give the relevant regulated entity an opportunity to resolve the issue. Keep its complaint reference, response and dated evidence.Source 2 |
| Escalate through SCORES | SCORES facilitates redress of grievances in its remit. Use the portal’s current registration, submission and review instructions for the affected intermediary or market institution.Source 2 |
| Do not substitute an email | The SCORES homepage directs grievances to the portal and states that grievances emailed to SEBI email addresses will not be entertained.Source 2 |
| Grievance versus legal remedy | Do not interpret a grievance acknowledgement as a damages award, deposit insurance or a promise of repayment. Follow the receiving platform’s current directions for unresolved disputes.Source 2 |
SCORES review clocks
| Topic | Published position and meaning |
|---|---|
| Entity response | The entity must resolve the complaint and upload its Action Taken Report within 21 calendar days of receipt.Source 4 |
| First review | Request review within 15 calendar days of the entity’s report. The designated body has 10 calendar days for its review report.Source 4 |
| Second review | An unsatisfied complainant has 15 calendar days after the first review report to request SEBI review.Source 4 |
| Different remedy | SCORES facilitates grievance handling; it does not adjudicate private disputes. SMART ODR provides a separate conciliation/arbitration route, subject to its rules.Source 4 |
Compensation and firm failure
Sections ↑A dispute-resolution outcome, an exchange investor-protection claim and the return of securities held in a depository are different mechanisms. Identify the relevant exchange, defaulting member, eligible transaction and claim instructions before quoting compensation. A SEBI registration number alone does not establish one uniform insured sum for all products.[3]
Report misconduct, scams or a clone
Sections ↑This profile has not yet established the applicable procedure, receiving body and eligibility for this task. Consult the authority’s official resources and check your firm, product and circumstances before acting.
Contacts & official resources
Sections ↑Use the authority’s official website for current official routes. Purpose-specific resources have not yet been established in this profile.
Sources & further reading
- Registered intermediaries Securities and Exchange Board of India · Accessed 13 Oct 2026
- SEBI Complaint Redressal System Securities and Exchange Board of India · Accessed 13 Oct 2026
- SEBI investor resources Securities and Exchange Board of India · Accessed 13 Oct 2026
- SCORES FAQs and review stages SEBI · Accessed 15 Oct 2026
- SEBI chairman address to BSE Brokers Forum, October 2026 SEBI · Accessed 15 Oct 2026
- Master Circular for Stock Brokers, 17 June 2025 SEBI · Accessed 15 Oct 2026
A documented resource is not a finding of eligibility or compensation coverage. Consult the named body and current official terms for your firm, product and circumstances.
Report an error or submit an update
Covered broker profiles
Profiles connected to this authority in our coverage. This is not a complete official register or a list of approved brokers; see each entity’s dated status.
5paisa
Indian securities broker with standard order-based pricing, a separate Scalper tariff, MTF and T+5 financing, specialist trading tools, and a Vested route for US investing. Account eligibility, subscription renewal, settlement and product-specific risk controls determine the usable service.
- Operating status
- Active
- Headquarters
- Thane, Maharashtra, India
- Sources checked
- 11 Oct 2026
Angel One
An India-focused review of Angel One’s resident and NRI accounts, brokerage, depository fees, MTF, settlement, withdrawal windows, trading tools and separate DriveWealth-based US access.
- Operating status
- Active
- Sources checked
- 10 Oct 2026
Axis Direct
Axis Securities’ Indian brokerage combines 2-in-1 and Axis Bank-linked 3-in-1 accounts, five resident pricing plans, separate NRI arrangements, funded equity, specialist platforms and investment distribution. Trading authority, depository charges and partner contracts differ across these services.
- Operating status
- Active
- Headquarters
- Mumbai, India
- Sources checked
- 11 Oct 2026
Dhan
Dhan’s Indian brokerage combines a trading and demat account, specialist options tools and trading APIs. This profile separates resident and NRI eligibility, brokerage from other charges, funded share positions, withdrawable balances and account controls.
- Operating status
- Active
- Sources checked
- 13 Oct 2026
FYERS
FYERS combines Indian exchange trading, a demat account and optional Prime membership. This profile compares resident and NRI tariffs, interest and payout conditions, account security, API entitlements and the consequences of stopping or manually intervening in an automation.
- Operating status
- Active
- Sources checked
- 13 Oct 2026
Geojit
Geojit Investments Limited provides Indian trading and demat accounts through FLIP and MyGeojit. This profile separates 0.30% delivery from 0.03% intraday pricing, explains demat and pledge charges, and identifies the current broker and DP registrations.
- Operating status
- Active
- Headquarters
- Kochi, Kerala, India
- Sources checked
- 29 Oct 2026
Groww
An India-focused guide to Groww’s resident, minor, HUF and NRI routes, transaction costs, MTF risks, settlement, withdrawals, 915 terminal, APIs and the separate Alpaca-based US service.
- Operating status
- Active
- Sources checked
- 10 Oct 2026
HDFC Securities
Compare HDFC Securities’ distinct InvestRight and SKY relationships: resident and NRI plans, custody tariffs, MTF and T20 financing, Indian and US products, software, settlement and support. Current official evidence separates applicable terms from conflicting or older public wording.
- Operating status
- Active
- Headquarters
- Mumbai, India
- Sources checked
- 11 Oct 2026
ICICIdirect
Compare ICICIdirect’s two-in-one and three-in-one accounts, resident and NRI tariffs, MTF financing, settlement, research and Breeze tools, with a separate review of Global investing and custody. Official evidence checked on 11 October 2026 distinguishes current and legacy pricing.
- Operating status
- Active
- Headquarters
- Mumbai, India
- Sources checked
- 11 Oct 2026
INDmoney
A comprehensive profile of INDmoney’s Indian brokerage and GIFT City global-investing routes, including equity and F&O prices, DP charges, TradeMargin+, US-stock brokerage, currency conversion, wallet funding, fractional shares, SIPs, entities and protection limits.
- Operating status
- Active
- Headquarters
- Gurugram, India
- Sources checked
- 15 Oct 2026
Kotak Securities
A detailed Indian securities profile covering Kotak Neo’s Youth, Trade Free and Pro plans, MTF, NRI accounts, API and TradingView restrictions, custody charges, withdrawals, expiry obligations, research and client protection.
- Operating status
- Active
- Headquarters
- Mumbai, India
- Sources checked
- 11 Oct 2026
m.Stock
The current Indian retail offer, including capped welcome rebates, MTF and pledge costs, GTT, withdrawal procedures, telephone dealing, advisory consent and MCP permissions.
- Operating status
- Active
- Sources checked
- 14 Oct 2026