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After it withdrew the trading rights of Mumbai based Anugrah Stock Broking in September, the National Stock Exchange (NSE) has now declared the broker as a defaulter. This comes just two days after announcing Karvy Stock Broking, leading retail broker, as a defaulter.
The exchange said it had expelled Abugrah as its member from November 26. In August NSE had asked Anugrah to deposit Rs 165 crore. The exchange had said that the broker was running an unauthorised derivative scheme.
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NSE declares Karvy a defaulter a year after its payment ‘failure’ came to light
Just two weeks ago SEBI had suspended Anugrah till the completion of the enquiry proceedings for alleged violation of several securities laws. It has also directed Anugrah's directors to and its affiliate company Teji Mandi Anlytics, and it’s directors and Om Sri Sai Investments, not to dispose of or alienate any assets till the completion of proceedings. SEBI had based its actions on market intelligence that the broker was diverting client money. Anugrah now owes several hundred crores to clients.
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