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+{{htmlmetatags>metatag-title=(Broker Ledger Mismatch: Reconcile, Complain, Escalate to SEBI)&metatag-description=(Broker ledger does not match your contract notes or demat holding? Reconcile the three records, demand correction, and escalate via exchange IGRC and SCORES.)&metatag-keywords=(Investments and Securities)&metatag-robots=(index,follow)&metatag-og:title=(Broker Ledger Mismatch: Reconcile, Complain, Escalate to SEBI)&metatag-og:description=(Broker ledger does not match your contract notes or demat holding? Reconcile the three records, demand correction, and escalate via exchange IGRC and SCORES.)&metatag-og:type=(article)}}
+====== Broker ledger mismatch: reconcile it, then make the broker prove it ======
+<WRAP center round info 95%>
+**Quick Reply:** Broker ledger does not match your contract notes or demat holding? Reconcile the three records, demand correction, and escalate via exchange IGRC and SCORES.
+</WRAP>
+**Reviewed on:** 2026-06-12.
+{{:practical-guides:broker-ledger-mismatch.webp|Indian document desk for broker ledger mismatch complaint and escalation}}
+Start with a real-shape example. Suresh sold 200 shares of an auto stock at Rs 312 on a Tuesday. His contract note shows a net sale credit of Rs 62,108 after brokerage, STT and charges. Two days later his broker ledger shows a credit of only Rs 57,448. The difference, Rs 4,660, appears as two unexplained lines: "DP and other charges" of Rs 660 and an "adjustment" of Rs 4,000. His demat statement separately shows 50 shares of another company moved out through an off-market debit he never signed. Each of these is a different problem with a different fix, and the way to untangle them is the same three-record reconciliation every exchange and SEBI forum will ask for.
+===== The three records that must agree =====
+  - **Contract notes.** The legal record of every trade, with quantity, price and itemised charges. The broker must send one within 24 hours of trade day. These are your anchor; the ledger must follow them.
+  - **Broker ledger (funds statement).** Every debit and credit in your trading account: trade settlements, charges, payouts, interest, adjustments. Download it from the broker's back office for the full period, not just the month in question.
+  - **Demat holding and transaction statement.** What you actually own, held at NSDL or CDSL, visible in the depository's own apps (IDeAS, Easi) and the monthly consolidated account statement. This record is independent of the broker, which is why it matters.
+Lay the three side by side. A genuine mismatch falls into one of these buckets: charges in the ledger that are not on any contract note, a trade in the ledger that you never placed, a payout shown as made that never reached your bank, shares missing from demat against no sale, or a pledge or off-market entry you did not authorise.
+===== Common explanations that are actually legitimate =====
+Before alleging fraud, eliminate the boring causes. Quarterly account maintenance charges and DP transaction fees often post to the trading ledger without a contract note. A buy that failed margin checks may show a debit and a reversal. Shares bought yesterday sit in transit until settlement and show in demat a day later. And under SEBI's running account settlement rules, brokers must return unused funds to your bank account periodically, on the first Friday of the quarter (or monthly if you opted for that), so a sudden "missing" balance in the ledger may simply be a settlement payout. Check your bank statement for that credit and the "retention statement" the broker must send with each settlement.
+===== When the mismatch is real: the written reconciliation demand =====
+Email the broker's support and compliance officer (every broker publishes the compliance officer's email on its website and on the contract note itself). Attach your reconciliation and ask for a line-by-line explanation with documents within 15 days. Be specific.
+<code>
+To: Compliance Officer, [Broker name]
+Subject: Ledger reconciliation dispute, client code [code]
+Sir/Madam,
+. My ledger for the period [dates] does not match my contract notes
+   and demat statements. The disputed entries are:
+   a) [date] debit Rs [amount] described as [narration]: no contract
+      note or authorisation exists for this entry.
+   b) [date] off-market debit of [qty] shares of [scrip] from my demat:
+      no delivery instruction or eDIS was given by me.
+. Please provide, within 15 days: the contract notes or vouchers
+   supporting each entry, my running account settlement and retention
+   statements for the period, and reversal of entries that cannot be
+   supported.
+. If unresolved, I will escalate to [NSE/BSE] and SEBI SCORES.
+Name, client code, PAN, date.
+</code>
+Off-market or unauthorised demat movements deserve a parallel complaint to the depository participant and, if fraud is suspected, to [[https://cybercrime.gov.in|cybercrime.gov.in]]. Do not delay this part; speed matters when securities have moved.
+===== Escalation: exchange IGRC, SCORES, then ODR arbitration =====
+  - **Broker compliance officer:** 15 days with your reconciliation. Most billing-type mismatches end here.
+  - **Stock exchange investor grievance:** file with NSE or BSE (electronic complaint on the exchange investor service portal) against the broker. The exchange seeks the broker's reply, and unresolved money claims go before the Investor Grievance Redressal Committee (IGRC), which hears both sides and can determine an admissible claim.
+  - **SEBI SCORES:** lodge at [[https://scores.sebi.gov.in|scores.sebi.gov.in]] in parallel or after the exchange route. The broker must file an action taken report within 21 days under SCORES 2.0.
+  - **SMART ODR:** if the IGRC outcome does not satisfy either side, the matter proceeds to online conciliation and then arbitration through [[https://smartodr.in|smartodr.in]], the securities market ODR portal. Awards are enforceable.
+  - **Broker default scenario:** if the broker stops responding, freezes withdrawals, or is declared a defaulter by the exchange, file your claim with the exchange's Investor Protection Fund quickly. IPF claims have strict cut-off dates announced per defaulter, and your reconciliation file becomes the claim's backbone.
+===== Protect yourself while the dispute runs =====
+Move what you can. Withdraw free funds, and if trust is broken, transfer holdings to a demat account with another DP using your own delivery instructions. Keep trading records, emails and the broker's replies in one folder. Check your registered email and mobile on the exchange records, because brokers facing complaints sometimes "update" contact details; the exchange portal lets you verify what is registered against your client code.
+===== Where RTI fits =====
+Brokers, depositories and exchanges are private or quasi-private bodies outside RTI. SEBI is a public authority, so once a SCORES complaint is filed you may use RTI to SEBI's CPIO for the status and action taken on your complaint number, useful when a complaint is closed without explanation. RTI cannot make a broker correct a ledger. See [[/file-rti-online-india|how to file RTI online]] for drafting basics.
+===== Related guides =====
+  * [[practical-guides:bonus-shares-not-reflected|Bonus shares not credited to demat]]
+  * [[practical-guides:bank-refuses-share-lien-order-cyber-complaint-details|Bank refuses details of a share lien order]]
+  * [[practical-guides:bank-refuses-transaction-dispute-form|Bank refuses to register a transaction dispute]]
+  * [[practical-guides:bnpl-account-unknown-dues-late-fees-credit-report|Unknown dues hitting your credit report]]
+The full index is at [[practical-guides:start|all practical guides]].
+===== FAQ =====
+==== The broker says the debit is "delayed payment interest". Is that allowed? ====
+Brokers can charge interest on margin shortfalls or debit balances if your account agreement provides for it, but the charge must be computable and disclosed. Ask for the calculation and the clause. Arbitrary round-figure "adjustments" are challengeable.
+==== My ledger shows a payout that never reached my bank. ====
+Ask the broker for the UTR of the transfer and check the destination account. If the UTR does not exist or the money went elsewhere, escalate the same week to the exchange and SCORES, and alert your bank.
+==== Trades appear in my ledger that I never placed. ====
+Demand the order logs, including the IP address, terminal ID and call recordings if it was a dealer-assisted account. Unauthorised trading is a serious violation; complain to the exchange even if the broker offers to "settle" informally.
+==== How far back can I dispute entries? ====
+Reconcile at least the current and previous financial year. Forums weigh delay against you, and arbitration claims have limitation linked to when the dispute arose, so act within months, not years.
+==== Is the IGRC decision binding? ====
+The IGRC determines the admissible claim and the exchange can direct a deposit, but either side can take the matter to ODR arbitration. The arbitration award is binding, subject to challenge under arbitration law.
+==== Should I stop trading with the broker during the dispute? ====
+Reduce exposure. Keep only the minimum funds needed, withdraw the rest at each settlement, and consider shifting your demat to an independent DP so the dispute cannot touch your holdings.
+Download the broker ledger reconciliation checklist (PDF).
+===== Broker ledger mismatch: How to reconcile, complain to SEBI, and claim shortfall? =====
+When your broker's ledger does not match your records, here is the complete guide:
+  - **Step 1: What is a broker ledger?** (a) the broker ledger is the record of all transactions in your trading account (funds deposited, trades executed, brokerage charged, margins blocked, funds withdrawn), (b) the ledger is available on the broker's website/app (typically under "Reports" → "Ledger" or "Funds Statement"), (c) the ledger must match your records (if there is a mismatch — the broker may have made an error or may be misusing your funds).
+  - **Step 2: Common mismatches.** (a) brokerage charged higher than agreed (the broker charges a higher brokerage rate than the agreed rate — check the brokerage contract), (b) charges not disclosed (the broker deducts charges that were not disclosed — e.g., DP charges, call-and-trade charges, SMS charges), (c) margin not released (the broker blocks margin for a trade but does not release it after the trade is squared off), (d) funds not credited (you deposited funds but the broker's ledger does not reflect it — the broker may have a system error or may have misappropriated the funds), (e) trades not shown (the broker executed trades that you did not authorize — this is unauthorized trading).
+  - **Step 3: How to reconcile.** (a) download the broker ledger for the relevant period, (b) download your bank statement (to verify fund deposits and withdrawals), (c) download the contract notes (for each trade — verify the trade details and brokerage), (d) compare: (i) funds deposited (bank statement vs ledger — any mismatch means the broker has not credited your deposit), (ii) trades executed (contract notes vs ledger — any mismatch means the broker has made an error), (iii) brokerage charged (contract notes vs agreed rate — any excess is overcharging), (e) identify the mismatch amount and the specific transactions.
+  - **Step 4: How to complaint.** (a) file a written complaint with the broker's grievance officer (SEBI mandates every broker to have a grievance officer — the email is on the broker's website), (b) the complaint should include: (i) the client code, (ii) the period of mismatch, (iii) the specific transactions (with dates and amounts), (iv) the expected ledger balance vs actual ledger balance, (v) the mismatch amount, (c) if the broker does not resolve within 30 days: file a complaint with SEBI (at scores.sebi.gov.in — SEBI Complaints Redress System).
+  - **Step 5: SEBI SCORES complaint.** (a) register on scores.sebi.gov.in (with your PAN and email), (b) file the complaint (against the broker — with the mismatch details and supporting documents), (c) SEBI forwards the complaint to the broker (the broker must respond within 30 days), (d) SEBI reviews the response and can: (i) order the broker to rectify the ledger, (ii) order the broker to pay the shortfall, (iii) initiate disciplinary action against the broker.
+  - **Step 6: File RTI.** File RTI with SEBI asking for: (a) the status of SCORES complaint number [number] filed on [date] against [broker name], (b) the action taken by SEBI on the complaint, (c) the number of complaints received against [broker name] for ledger mismatch, (d) the action taken by SEBI on those complaints (including any penalty or suspension), (e) SEBI's inspection report of [broker name] (if SEBI has inspected the broker — the inspection report is a public document).
+  - **Step 7: Escalation.** (a) file an arbitration claim (the broker's agreement typically has an arbitration clause — the arbitration is conducted by the stock exchange), (b) file a consumer complaint (the ledger mismatch is a deficiency of service — the consumer forum can order the broker to rectify and pay compensation), (c) file a complaint with the stock exchange (NSE/BSE — the exchange has a grievance redressal mechanism for broker disputes), (d) file a criminal complaint (if the broker has misappropriated funds — this is criminal breach of trust under BNS).
+See [[https://righttoinformation.wiki/sebi-valid-upi-handle-check-genuine-broker-india|SEBI UPI Handle]] and [[https://righttoinformation.wiki/guide/applicant/application/find-pio-2026|Find PIO]].
+{{tag>broker ledger mismatch reconcile sebi scores complaint shortfall overcharging unauthorized trading arbitration 2026}}