Your stock broker is an important person helping you achieve your investment objective. He should be able to give you proper advice, comply with regulations governing the intermediary and provide you good service. There have been several cases of investors losing their entire savings because of entrusting their money and securities to dubious characters.
The first step is to understand the difference between a broker and a subbroker. Both entities are registered with SEBI and stock exchanges but their responsibilities are different. Brokers are liable to fulfill contracts with the investor. The sub-broker is the broker s agent and a local facilitator only. If you do not receive your securities or payments, then it is the broker you should hold responsible.