Is Groww app safe for stocks?

Short Answer

Groww has more than 6.5 lakh, active clients, as of FY 2020-21 which constituents of 3.65% of the total clients on the NSE. The total customer complaints against the Broker are also very low at only 0.004%. Grow is a SEBI registered Stock Broker and is registered with CDSL, hence it is completely safe for investing in Stocks Mutual Funds, etc.

Detailed Answer

Groww-

Groww is an online investment platform and a Stock Broker that allows its users to invest in Stocks, Mutual Funds, FD’s, etc. Groww is a SEBI registered Stockbroker registered under the name “NextBillion Technology”. It is authorized to transact both on the NSE (National Stock Exchange) as well as the BSE (Bombay Stock Exchange). It is registered under CDSL (Central Depository Services Limited).

Groww was founded in 2017 where it allowed its users to invest in Mutual Funds. It introduced investing in Stocks recently in 2020. Groww is one of the fastest-growing Investing platforms in India with an active client base of 6.56 lakh which is 3.65% of the total Client base of the NSE.

Is Groww Safe?

Groww has a good number of Clients which is 3.65% of the total number of clients of NSE. The total number of complaints against the broker in FY 2020-21 is 28 which turns out to be 0.004%, which is quite good compared to the industry average which is at 0.01%. This tells us that Groww is a Trustable Broker and very few people have any complaints against it.

Apart from the complaints, Groww is also one of the fastest-growing online investing platforms in India. The rising customer base and less than average customer complaints show that Groww is a good Stock Broker and more and more people are choosing Groww as an investment platform.

One more thing to be kept in mind is that, whatever Shares one owns, are not held by the broker. All the Holdings of the particular client are maintained by the Depository, in this case, it is CDSL (Central Depository Services Limited). The Broker maintains all the holdings with the depository and provides a Trading account through which one can buy and sell those securities. Therefore even if a Stock Broker closes its business, all the holding of individual customers will be safe with the Depository. Only the Account balance might be at stake.

Conclusion- Looking at the Customer complaints and overall customer base it can be said that Groww is safe to Invest in Stocks and Mutual Funds as it is Sebi registered and all the holdings are maintained by CDSL.

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