Just want to know how safe our money with any broker even when he is a registered. and what are the SEBI provisions that make this safe ??
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Can you check out my answer here: http://tradingqna.com/2302/how-safe-is-it-to-trade-with-zerodha, you will get answer to your question as well.
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Want to know the vanilla answer? Your money isn't safe with anyone except you, doesn't matter whoever claims it! It's like you deposited all your money to a person and you just authorize the trades and the person executes and after that, the person keeps the profit also. Once a morning, he was tired of these and saw he had a lot more money, so he just decides to run away with his wallet to Mauritius and you won't be able to do a damn thing.
TRY THINKING ABOUT IT. IT'S THE TRUTH AND YOU KNOW IT.