How and where can a person check financial status of an Indian stock and commodity broker before opening an account with them? Are those details declared by a brokerage are audited by somebody e.g. regulator or exchange etc.?
You should check out http://comparebrokerages.in/. We update the website with the latest financials available on the brokerage business from the MCA website.
Anyone can download this, it is publicly available information. All companies have to update their financials on the MCA website.