Rajesh invests in the share market in India. He wants to complain about his share broker's wrong practices. Which institution should he approach?

Securities and Exchange Board of India (SEBI)

The correct answer is Option (4) → Securities and Exchange Board of India (SEBI)

Securities and Exchange Board of India (SEBI) is the correct institution Rajesh should approach.

SEBI is the primary regulator of the securities and share market in India. It oversees stock brokers, stock exchanges, depositories, and other market intermediaries. Investors can file complaints against brokers for wrongful practices (such as unauthorized trades, mis-selling, delay in payouts, or fraud) through SEBI's dedicated investor grievance redressal mechanism, including the SCORES (SEBI Complaints Redress System) portal.

• Reserve Bank of India (RBI): Regulates banks, NBFCs, and monetary policy; not directly responsible for stock brokers.
• National Financial Reporting Authority (NFRA): Oversees auditing and accounting standards for companies; does not handle individual investor complaints against brokers.
• Insurance Regulatory and Development Authority of India (IRDAI): Regulates the insurance sector only.