Mumbai: 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 a defaulter under provision… of exchange bye-laws with effect from November 26, 2020, after the close of market hours”.
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.
