Let's discuss this topic with multiple dimensions:
Investment in stock market is subject to market risk, which is inevitable. No broker can change it. He can only assure that your fund is available to trade and reverted back when you request a payout. In this matter, almost all discount and full-service brokers are at par with SEBI's guideline.
Technology is playing a major role in the growth of brokerage industry. Adding new feature for the trader is one aspect and coping with growing number of users, platform scale is a second major challenge with technology-driven companies.
Brokers like Zerodha, Upstoks, Samco are working towards platform scale to manage the growth of upcoming demand.
The issue with trading application due to network glitch is the second big issue with few brokers and they need to find an alternate option as disaster recovery plan and invest heavily on this.
All Brokers are following data security guidelines from SEBI, under that, all transaction with exchange must be SSL (256-bit encryption) and all Aadhar related account opening process follow UIDAI guidelines. Most brokers highlight that they don't sell your personal information to the 3rd party for marketing and advertisement purpose.
When it's come to reliability, all brokers come under SEBI's tight guidelines and need to follow the same. Before opening an account, one need to do due diligence about broker's background, SEBI, NSE, BSE, MCX and other exchange approvals. Also, beginners need to keep eye on complaints again broker and their resolution percentage.
I have seen many questions related to reliability like:
Is Zerodha a reliable broker?
Is Upstox a reliable broker?
Is Samco a reliable broker?
The answer is yes. Brokers who are registered with SEBI, NSE, BSE, MCX, NSDL, CDSL are reliable in terms of their service. You can't blame broker for your trading decisions.
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