Investors often lose crucial time because they send the wrong complaint to the wrong system.
A fake WhatsApp “institutional trading account” that asks you to transfer money to a personal bank account is primarily a cyber/financial fraud problem.
A genuine SEBI-registered broker failing to return securities or resolve an account discrepancy is a securities-market grievance. Some incidents involve both – for example, an impersonator using the name and logo of a real broker.
| Situation | First action | Then consider |
| Money transferred to fake app/person/UPI/bank account | 1930 + cybercrime portal + bank/payment provider | Police/cyber cell; preserve evidence; verify impersonated entity |
| Complaint against genuine SEBI-regulated broker/intermediary | Complain to entity through official grievance channel | SCORES 2.0; exchange/designated body; SMART ODR if unresolved |
| Dispute over trade, funds, securities or broker service | Broker/entity first | NSE/BSE/SCORES; ODR depending dispute |
| Fake research adviser/Telegram tip seller | Stop payments; preserve proof; cybercrime if money loss | Verify SEBI registration; report impersonation/unregistered activity |
| Unauthorised transaction in trading/demat account | Immediately contact broker/DP and secure credentials | Exchange/depository/SCORES; cybercrime if credentials/funds stolen |
Subtopics Covered in This Guide
- What counts as stock-market fraud or grievance
- What to do in the first 30 minutes
- 1930 and the cybercrime portal
- When to complain to the broker/intermediary first
- How SEBI SCORES 2.0 works
- 21-day entity response and two-level review
- When SMART ODR is appropriate
- How NSE and BSE investor grievance channels fit in
- Registered intermediary vs fake/unregistered scammer
- How to verify SEBI registration and authorised mobile apps
- Evidence checklist
- Recovery expectations
- Common mistakes after a scam
- FAQs
What to Do in the First 30 Minutes
- Stop further payments. Do not send a “tax”, “unlock fee”, “margin top-up”, “withdrawal charge” or “recovery fee” simply because the scammer promises to release your money.
- Call 1930 for cyber financial fraud. The National Cyber Crime Reporting Portal directs victims of cyber financial fraud to the 1930 helpline for immediate reporting.
- Contact your bank/UPI/payment provider. Report the transaction as fraudulent and request urgent action on the beneficiary/transaction according to their fraud process.
- Secure your accounts. Change passwords, revoke suspicious sessions, reset trading PINs/UPI PINs where appropriate and enable stronger authentication.
- Preserve evidence before blocking anyone. Save chat exports, phone numbers, URLs, app names, APK files if available, bank account details, UPI IDs, transaction IDs and screenshots.
- Do not delete the fake app before documenting it. Record the app name, permissions, website, login screen, claimed SEBI number and deposit/withdrawal pages. Then follow device-security guidance.
How to Use Cybercrime 1930 and the National Cyber Crime Reporting Portal
The Government of India’s National Cyber Crime Reporting Portal states that you can report cyber financial fraud through helpline 1930. The portal also provides a “Report and Track” process for online complaints.
For a recent transfer to a scammer, this is often the most time-sensitive channel because the objective is not only to create a grievance record but to trigger the cyber-fraud response ecosystem as quickly as possible.
Keep the complaint factual: amount, date/time, bank/UPI channel, beneficiary details, transaction reference, scam platform, phone numbers and the sequence of events.
Avoid long emotional descriptions that bury the actionable payment information.
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Step 1 for a Regulated-Entity Dispute: Complain to the Entity
If your complaint is against a genuine SEBI-regulated entity – such as a stock broker, depository participant, mutual fund intermediary, research analyst or investment adviser – use the official grievance contact shown on the entity’s website, contract note, investor charter or regulatory record.
Keep the complaint number and written response.
This first step matters because the regulatory grievance framework gives the market participant an opportunity to resolve the complaint before escalation.
Do not send sensitive account credentials in an email simply because someone claims to be “compliance.” Use official contact details.
How SEBI SCORES 2.0 Works in 2026
SCORES is SEBI’s centralised online grievance-redressal facilitation platform. SCORES 2.0, introduced in 2024, automatically routes complaints to the relevant regulated entity and provides structured escalation and tracking.
| Stage | Who handles it | Key timeline |
| Initial complaint | Concerned regulated entity | Entity has 21 calendar days to submit Action Taken Report (ATR) |
| Investor review window | Investor | 15 calendar days from ATR to seek first-level review if dissatisfied |
| First-level review | Designated Body | If review requested or entity misses timeline, Designated Body reviews; FAQ states 10 calendar days for ATR at this level |
| Second review window | Investor | 15 calendar days from first-review ATR |
| Second-level review | SEBI | SEBI takes up second review when triggered |
SCORES lets the investor track the complaint, view the action history and receive email/SMS updates. A critical operational point: if you are dissatisfied with an ATR, do not ignore the 15-day review window.
When Should You Use SMART ODR?
SMART ODR stands for Securities Market Approach for Resolution Through Online Dispute Resolution.
It provides an online route for dispute resolution through processes such as conciliation and arbitration for covered securities-market disputes.
It is not simply another place to report a fake WhatsApp scam. It is most relevant when there is an actual dispute with a covered market participant or regulated entity and the grievance has not been satisfactorily resolved through the normal path.
SEBI’s investor material describes SMART ODR as an alternative dispute-resolution route outside the courtroom.
NSE’s investor charter similarly notes that an investor dissatisfied with the resolution provided by market participants may use SMART ODR for online conciliation or arbitration.
Practical distinction: SCORES is a regulatory grievance-redressal facilitation system. SMART ODR is a dispute-resolution mechanism. Cybercrime 1930 is for urgent cyber financial fraud. They solve different problems.
How NSE and BSE Complaint Channels Fit In
Stock exchanges operate investor-service and grievance mechanisms for complaints against their trading members and for specified listed-company matters.
NSE states that investors can lodge eligible complaints through channels including SCORES, SMART ODR and its investor-service infrastructure. It also operates NICE Plus for online investor complaints.
For a broker-related issue, identify the exchange on which the transaction/member relationship exists and use the exchange’s current investor grievance page.
Exchange escalation can be especially relevant for non-receipt of funds/securities, document issues, corporate benefits, auction/close-out disputes and similar member-related matters.
Registered Broker or Fake App? Verify Before You Complain
Scammers increasingly impersonate legitimate brokers, research analysts and advisers. A logo, GST number, app-store listing or WhatsApp profile is not proof of SEBI registration.
SEBI provides a searchable Recognised Intermediaries database, and its investor-support page also points users to authorised mobile-app lists maintained by exchanges and other regulatory channels.
- Search the SEBI intermediary database. Match the legal name and registration number.
- Check the official website independently. Do not use a link sent by the suspected scammer.
- Verify authorised mobile apps. SEBI’s investor-support page links to exchange lists for stock-broker mobile applications.
- Match payment instructions. Be suspicious if a “broker” asks you to pay into a personal account or unrelated company.
- Call the entity using a number sourced independently. Ask whether the person, Telegram channel, app or bank account is genuinely theirs.
Evidence Checklist for a Strong Complaint
- Your name and verified contact details.
- Broker/intermediary/scammer name used and claimed SEBI registration number.
- Trading account/DP/client ID where relevant – redact publicly shared copies.
- Date/time of each incident and payment.
- Bank account, UPI ID, wallet, payment gateway and transaction reference numbers.
- Contract notes, ledger statements, demat statements and order logs for genuine-market disputes.
- Screenshots and exported chats from WhatsApp/Telegram/SMS/email.
- Website URLs, domain name and app-store/APK details.
- Audio recordings or call logs if lawfully available.
- Previous complaint IDs and responses from broker/exchange/bank/SCORES.
- A one-page chronology summarising what happened.
Can You Recover Money Lost in a Stock Market Scam?
Recovery is possible in some cases, but nobody can guarantee it.
The probability depends on how quickly the fraud is reported, whether the payment can be traced or frozen, whether the counterparty is a regulated entity, whether assets remain identifiable, and whether legal/enforcement processes succeed.
Be particularly careful after the first fraud. Victims are frequently targeted by “recovery agents” who claim to be SEBI, police, a law firm, an exchange or a hacker and demand an upfront fee.
Verify every recovery contact independently.
Common Mistakes After an Investment Scam
- Paying more to unlock withdrawals. A fake platform often invents taxes, AML deposits, margin deficits or verification fees.
- Deleting evidence. Block the scammer only after preserving records.
- Using only social media to complain. A viral post is not a substitute for 1930, bank reporting, SCORES, exchange grievance or police channels.
- Missing SCORES review windows. If dissatisfied, act within the stated review period.
- Believing a SEBI registration number without matching the entity. Scammers can copy a genuine number belonging to someone else.
- Sharing OTPs or remote-access control with “support.” No recovery process should require you to surrender control of your device or banking credentials.
A Simple Escalation Map
| If this happened… | Use this route first | Possible next route |
| Fake investment/trading app took your money | 1930 + cybercrime portal + bank | Police/cyber cell; report impersonation to the real entity/regulator |
| Registered broker has not resolved grievance | Broker official grievance channel | SCORES 2.0 / exchange; SMART ODR if dispute persists |
| Research analyst/adviser dispute | Entity grievance channel | SCORES; designated supervisory body; ODR where covered |
| NSE trading-member dispute | Trading member | NSE investor grievance/NICE Plus, SCORES, SMART ODR |
| BSE trading-member dispute | Trading member | BSE investor grievance, SCORES, SMART ODR |
Frequently Asked Questions
What number should I call immediately after an online investment scam?
For cyber financial fraud, the National Cyber Crime Reporting Portal directs victims to the 1930 helpline to report immediately.
Can I complain directly to SEBI?
SCORES is SEBI’s online grievance-redressal platform for complaints against SEBI-regulated entities and securities-market participants. For an urgent cyber fraud, use cybercrime channels as well rather than waiting.
How long does a broker/entity get on SCORES 2.0?
SCORES FAQs state that the concerned entity has 21 calendar days to resolve the complaint and upload its Action Taken Report.
What if I am unhappy with the SCORES response?
You can seek first-level review within 15 calendar days of the entity’s ATR. A further second-level review can be sought within 15 calendar days of the Designated Body’s response.
Is SMART ODR the same as SCORES?
No. SCORES facilitates regulatory grievance redressal; SMART ODR provides online dispute resolution such as conciliation/arbitration for covered market disputes.
How do I verify whether a broker or adviser is genuine?
Use SEBI’s Recognised Intermediaries search and, for trading apps, the authorised-app links provided through SEBI Investor/exchange resources. Match the legal entity, registration number, domain and payment instructions.
Editorial Conclusion
The right complaint route depends on what actually happened. If money was just sent to a fake trading setup, treat it as an urgent cyber financial fraud and report through 1930, the cybercrime portal and your bank.
If the problem is with a genuine regulated market participant, create a documented grievance trail and use SCORES, the relevant exchange/designated body and SMART ODR where appropriate.
The fastest path to a useful outcome is usually a short factual chronology backed by transaction-level evidence – not a long complaint sent to every authority at once.
If money has just been transferred: Call the National Cyber Crime Helpline 1930 immediately for cyber financial fraud and report the incident through the National Cyber Crime Reporting Portal.
Speed matters because payment rails and beneficiary accounts may still be traceable or flaggable. Do not wait for a SEBI grievance response before reporting an active cyber fraud.