New Delhi, Aug. 18 -- Investor complaints against listed companies jumped to record highs in FY25, but not for the reasons one might assume. Far from signalling a collapse in corporate behaviour, experts say the spike reflects a more vocal investor base, easier online filing, and the Securities and Exchange Board of India's (Sebi) tightened surveillance.

Yet, the surge also exposes cracks that persist beneath the surface: companies continue to falter on basic compliance, back-end resolution remains sluggish, and a new layer of risk has emerged with finfluencer-led mis-selling.

At the same time, Sebi's enforcement arm has been flexing more muscle. Settlements have scaled up to record levels, scrutiny of advisers and pseudo-educators has ...