NSE declares Anugrah Stock and Broking as defaulter

nse

On November 13, markets regulator Securities and Exchange Board of India (Sebi) suspended Anugrah Stock & Broking Pvt Ltd (ASBPL) till the completion of enquiry proceedings

After withdrawing trading rights of Anugrah Stock and Broking, the National Stock Exchange has declared Anugrah Stock and Broking a defaulter and expelled the brokerage house’s membership. The move comes a few days after the National Stock Exchange of India (NSE) scrapped the membership of Karvy Stock Broking and declared it a defaulter.

In a circular on Thursday, NSE said the trading member has been “expelled from the membership of the exchange under…. NSEIL Rules and has been declared as defaulter under provision… of exchange bye laws with effect from November 26, 2020, after close of market hours”.

This comes two days after BSE and NSE declared Karvy Stock Broking as a defaulter and expelled the brokerage house from membership.

On November 13, markets regulator Securities and Exchange Board of India (Sebi) suspended Anugrah Stock & Broking Pvt Ltd (ASBPL) till the completion of enquiry proceedings, after finding it in violation of several market norms.

The matter pertains to involvement of ASBPL in activities other than securities, collecting funds from clients under assured return schemes, misappropriation of clients’ funds and securities, among others.

In addition, the regulator also passed directions against the directors of ASBPL, Teji Mandi Analytics, its directors and Om Sri Sai Investments.

Teji Mandi Analytics was registered with NSE as an authorised person of ASBPL while Om Sri Sai Investments was a sister concern of ASBPL.

Till the completion of proceedings ASBPL, its directors– Paresh Mulji Kariya and Sadhana Paresh Kariya, Teji Mandi Anlytics, its directors– Anil Gopal Gandhi and Riddhi Kalapi Shah — and Om Sri Sai Investments were directed not to dispose of or alienate any assets except with the prior permission of NSE, as per the Sebi order.

News Source:- Moneycontrol

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