Below is a detailed analysis of Sharekhan (now Mirae Asset Sharekhan) based on the requested criteria, focusing on online complaints, risk assessment, website security, WHOIS lookup, IP and hosting, social media, red flags, regulatory status, user precautions, and potential brand confusion. The official website is https://www.sharekhan.com/.

1. Online Complaint Information ¶

• Sources of Complaints:
• Trustpilot (): Sharekhan has a limited number of reviews (5 total), with negative feedback focusing on delays in fund updates, poor customer support, and issues transferring funds to savings accounts. Users describe Sharekhan as “one of the worst companies” based on their experiences, indicating dissatisfaction with operational efficiency.
• Google Play Store (,): Reviews highlight issues such as high brokerage fees (e.g., ₹100 per lot per transaction instead of the advertised ₹40), hidden charges, and app functionality problems after updates (e.g., issues with Jio SIM data and difficulty setting alerts). Some users warn against opening accounts, citing deceptive practices.
• BSE and NSE Complaints (): Sharekhan received 26 complaints in the financial year 2019-20 at BSE and NSE, a relatively low number for a broker of its size, suggesting that formal exchange-related grievances are limited compared to its client base.
• Nature of Complaints:
• Fund Delays: Users report delays in fund credits (e.g., funds added on a Friday not reflecting by Monday).
• High Fees: Complaints about unexpected or high brokerage charges and hidden fees.
• Customer Support: Lack of responsive support for resolving issues like fund transfers or app functionality.
• App Issues: Post-update glitches, such as connectivity problems with specific SIMs or cumbersome alert settings.
• Analysis: The complaints indicate operational and transparency issues, particularly around fees and app reliability. However, the volume of formal complaints (26 in 2019-20) is low relative to Sharekhan’s 3.1 million clients (), suggesting that while some users face issues, widespread systemic problems may not be prevalent. Negative reviews on platforms like Trustpilot and Google Play are concerning but limited in number, potentially skewed by vocal dissatisfied users.

2. Risk Level Assessment ¶

• Fraud Risk ():
• Scamalytics rates Sharekhan Limited as a low fraud risk ISP, with a risk score of 0/100. This indicates that web traffic from Sharekhan’s IP addresses shows little to no fraudulent activity. They manage 768 IP addresses, none of which host high-risk services.
• The low fraud risk aligns with Sharekhan’s established reputation and regulatory oversight.
• Operational Risks:
• Complaints about fund delays and hidden charges suggest operational inefficiencies or lack of transparency, which could pose risks for users relying on timely transactions or clear cost structures.
• App-related issues (e.g., post-update bugs) could disrupt trading, particularly for active traders who need reliable platforms.
• Financial Risks:
• Sharekhan does not offer negative balance protection (), meaning clients could incur losses beyond their account balance in volatile markets, a common risk with full-service brokers.
• No investor protection is provided under SEBI regulations (), so clients bear the full risk of losses, unlike in jurisdictions with compensation schemes.
• Overall Risk Level: Moderate
• Low fraud risk due to clean IP activity and regulatory compliance.
• Moderate operational risk due to complaints about fees, delays, and app issues.
• Moderate financial risk due to lack of negative balance protection and investor compensation.

3. Website Security Tools ¶

• Website Security Features:
• SSL/TLS Encryption: The website (https://www.sharekhan.com/) uses HTTPS, indicating secure data transmission. A valid SSL certificate is likely in place, as is standard for financial platforms.
• Two-Factor Authentication (2FA): Sharekhan offers 2FA for account logins, which must be enabled in settings (). This enhances account security against unauthorized access.
• Risk Disclosure: The website includes SEBI-mandated risk disclosures and advises users to read related documents before investing (,).
• Potential Vulnerabilities:
• No specific information is available on advanced security measures like intrusion detection systems, regular penetration testing, or data encryption standards beyond SSL.
• User complaints about app functionality (e.g., connectivity issues) suggest potential reliability concerns, though not directly tied to security breaches.
• Analysis: Sharekhan implements standard security practices (HTTPS, 2FA), which are adequate for a financial platform. However, the lack of detailed public information on additional security protocols (e.g., SOC 2 compliance, firewall configurations) limits a full assessment. The low fraud risk score from Scamalytics supports the website’s integrity.

4. WHOIS Lookup ¶

• Domain Information:
• Domain: sharekhan.com
• Registrar: Likely a reputable registrar (e.g., GoDaddy, Namecheap), though exact details are not provided in the references.
• Registration Date: The domain has been active since at least 2000, aligning with Sharekhan’s founding (,). Long-term domain ownership is a positive indicator of legitimacy.
• Registrant: Likely Sharekhan Limited or Mirae Asset Sharekhan, though WHOIS privacy protection may obscure exact details, as is common for corporate domains.
• Status: Active, with no reports of domain hijacking or suspension.
• Analysis: The long-standing domain registration (over 24 years) and association with a regulated entity (Sharekhan Limited) indicate a legitimate and stable online presence. No red flags are evident from WHOIS data, though privacy protection may limit transparency.

5. IP and Hosting Analysis ¶

• IP Details ():
• Sharekhan operates 768 IP addresses, managed for organizations including Sharekhan Limited and Tata Communications Limited.
• Scamalytics reports no high-risk services running on these IPs, and fraudulent traffic is minimal (0% suspected fraud).
• Hosting Provider:
• Likely hosted by a reputable provider (e.g., Tata Communications or a similar tier-1 host), given the association with Tata Communications in IP management.
• No specific hosting provider details are provided, but the infrastructure appears robust, supporting a platform with 3.1 million clients.
• Analysis: The IP and hosting setup is low-risk, with no evidence of malicious activity or association with high-risk services. The involvement of a major provider like Tata Communications suggests reliable infrastructure, suitable for a large-scale financial platform.

6. Social Media Presence ¶

• Official Channels (,):
• LinkedIn: https://www.linkedin.com/company/sharekhan (60,024 followers) (). Active with posts about awards, research, and campaigns like #TohMarketMeinMatAa.
• Facebook: https://www.facebook.com/Sharekhan
• Twitter/X: https://twitter.com/sharekhan
• YouTube: https://www.youtube.com/user/SHAREKHAN
• Sharekhan uses social media to share market insights, podcasts (e.g., 3R Podcast), and promotional content. They also respond to user complaints on platforms like Google Play, directing users to email [email protected].
• Engagement:
• Social media posts highlight research reports, awards (e.g., Most Trusted Brand 2023, Best Retail Broker at AsiaMoney Brokers Poll 2023), and educational content.
• User complaints on Google Play indicate some responsiveness, though resolution effectiveness is unclear.
• Red Flags:
• Sharekhan warns of scams involving groups on messaging apps using names/images of senior management to solicit investments (). A scam alert PDF is provided: https://www.sharekhan.com/MediaGalary/Newsletter/Scam_Alert.pdf.
• No evidence of fake or suspicious social media accounts directly tied to Sharekhan, but the scam alert suggests vigilance is needed.
• Analysis: Sharekhan maintains a professional and active social media presence, consistent with a reputable broker. The scam alert indicates proactive efforts to protect users from impersonation, though it highlights a risk of brand misuse in unofficial channels.

7. Red Flags and Potential Risk Indicators ¶

• Complaints About Fees:
• Users report discrepancies between advertised and actual brokerage fees (e.g., ₹100 vs. ₹40 per lot) and hidden charges (). This suggests potential transparency issues in pricing.
• App Reliability:
• Post-update issues (e.g., Jio SIM connectivity, alert settings) indicate software reliability concerns, which could disrupt trading (,).
• Scam Alerts:
• The warning about fraudulent groups using Sharekhan’s branding on messaging apps is a significant red flag, indicating external risks of impersonation ().
• Lack of Investor Protection:
• No SEBI-backed investor protection or negative balance protection increases financial risk for clients ().
• Limited Public Reviews:
• Only 5 Trustpilot reviews and mixed Google Play feedback limit the ability to gauge overall customer satisfaction (,).
• Analysis: Key red flags include fee transparency, app reliability, and external scam risks. While these do not indicate systemic fraud, they suggest areas for improvement in operations and user communication. The lack of investor protection is a standard limitation in India but increases risk.

8. Website Content Analysis ¶

• Content Overview (,):
• The website promotes a full-service model with services like equity, F&O, commodities, mutual funds, IPOs, PMS, and NRI services.
• Features include trading platforms (TradeTiger, InvesTiger app), research reports, educational modules (Sharekhan Classroom), and tools like Pattern Finder and Option Chain.
• Emphasis on a “serious approach” to trading with expert research, relationship managers, and 120+ branches.
• Claims and Promises:
• Claims of being a pioneer in online trading (since 2000) and serving 3.1 million clients are substantiated by its history and scale (,).
• Research-backed recommendations and curated stock baskets (InvesTiger) are highlighted, with recent buy recommendations for stocks like TCS, UltraTech Cement, and Bajaj Finance (,).
• Transparency:
• Regulatory disclosures and risk warnings are present, as required by SEBI (,).
• Brokerage charges are detailed, but user complaints suggest discrepancies in actual costs ().
• Analysis: The website is professional, comprehensive, and aligned with a full-service broker’s offerings. It provides ample educational and research content, which is valuable for beginners and active traders. However, transparency issues with fees (based on user complaints) undermine trust in pricing claims.

9. Regulatory Status ¶

• Regulation (,):
• Regulator: Sharekhan is regulated by the Securities and Exchange Board of India (SEBI) under registration number INZ000171337.
• Exchange Membership: Registered with NSE (code: 10733), BSE (code: 748), and MCX (code: 56125) for capital markets, F&O, currency, and commodity segments.
• Depository Services: Registered with CDSL and NSDL for demat services.
• Acquisition: The 2024 acquisition by Mirae Asset Financial Group was approved by the Competition Commission of India (CCI) (), confirming regulatory compliance.
• Compliance:
• Sharekhan adheres to SEBI’s risk disclosure requirements and provides a complaint email ([email protected]) and compliance officer details (,).
• No major regulatory violations are reported, and the low number of exchange complaints (26 in 2019-20) supports compliance.
• Analysis: Sharekhan’s SEBI regulation and exchange memberships confirm its legitimacy. The CCI approval for the Mirae Asset acquisition further validates its regulatory standing. No evidence suggests non-compliance, making it a trustworthy broker from a regulatory perspective.

10. User Precautions ¶

To mitigate risks when using Sharekhan, users should:

• Verify Fees: Request a detailed brokerage schedule and clarify hidden charges before trading, as discrepancies have been reported ().
• Enable 2FA: Activate two-factor authentication to secure accounts ().
• Beware of Scams: Avoid unofficial groups or individuals claiming affiliation with Sharekhan, especially on messaging apps, and verify communications via official channels ().
• Test the App: Use the demo mode or start with small transactions to ensure app reliability, given reported glitches (,).
• Monitor Funds: Regularly check account balances and transaction statuses to catch delays early, and contact support ([email protected]) if issues arise.
• Understand Risks: Review SEBI’s risk disclosure documents, as Sharekhan offers no investor protection or negative balance protection ().
• Use Official Platforms: Trade only via the official website (https://www.sharekhan.com/) or apps from Google Play/App Store to avoid phishing sites.

11. Potential Brand Confusion ¶

• Brand Evolution:
• Sharekhan was acquired by Mirae Asset Financial Group in November 2024 and rebranded as Mirae Asset Sharekhan (,). This transition may cause confusion, as older materials or reviews still refer to “Sharekhan” or “Sharekhan by BNP Paribas” (pre-acquisition branding).
• Mirae Asset also operates m.Stock, a discount brokerage, which could confuse users seeking Sharekhan’s full-service model ().
• Scam Risks:
• Fraudulent groups on messaging apps misuse Sharekhan’s branding, posing as management or research team members (). This could lead users to trust unofficial sources, risking financial scams.
• Competitor Similarity:
• Other Indian brokers like Zerodha, Groww, or Angel One offer similar services (e.g., demat accounts, trading apps), and their branding (e.g., simple, tech-focused names) may cause confusion for novice investors ().
• Analysis: The rebranding to Mirae Asset Sharekhan and the presence of m.Stock create moderate risks of brand confusion, especially during the transition period. The scam alert about impersonation is a critical concern, requiring users to verify sources. Clear communication of the new brand identity and distinct offerings (full-service vs. discount) is essential to avoid mix-ups.

Summary ¶

• Strengths:
• Regulated by SEBI with a strong compliance record and low formal complaints (26 in 2019-20 for 3.1 million clients).
• Low fraud risk (Scamalytics score: 0/100) and secure website features (HTTPS, 2FA).
• Established since 2000, with a robust presence (120+ branches, 4400+ partners) and professional social media engagement.
• Comprehensive services, research, and educational content suitable for beginners and active traders.
• Weaknesses:
• Complaints about high/hidden fees, fund delays, and app issues indicate operational and transparency challenges.
• No investor protection or negative balance protection increases financial risk.
• External scam risks involving brand impersonation require user vigilance.
• Limited public reviews (e.g., 5 on Trustpilot) make it hard to assess overall satisfaction.
• Risk Level: Moderate
• Low fraud and regulatory risks, but moderate operational and financial risks due to user complaints and lack of protections.
• Recommendations:
• Users should verify fees, enable 2FA, and avoid unofficial groups to mitigate risks.
• Sharekhan should address fee transparency, improve app reliability, and enhance scam awareness campaigns to build trust. This analysis is based on available data and critical evaluation of Sharekhan’s operations, ensuring a balanced view without accepting the establishment narrative uncritically. For further details, users can visit https://www.sharekhan.com/ or contact [email protected] for complaints.,