Stocks

Yuvraj Securities declared a defaulter by NSE

Our Bureau Chennai | Updated on September 08, 2021

Investigations found it had misused client funds and failed to segregate their a/cs

The National Stock Exchange has declared Yuvraj Securities as defaulter and expelled the trading member from the membership of the Exchange from September 6. Constituents of Yuvraj Securities are advised to lodge complaints, if any, in prescribed claim form within 3 months, NSE said in an advertisement.

Compensation limit

According to a public notice by NSE, “All claims submitted by investors will be considered for processing if found due and payable in accordance to rules, bylaws, regulations and guidelines of the exchange, SEBI circulars and regulations and the maximum compensation limit per invest is ₹25 lakh out of the Investor Protection Fund (IPF).”

Earlier, market regulator SEBI and the NSE found that Yuvraj Securities had misused client funds, illegally pledged client securities and failed to segregate clients’ funds after investigating the brokerages record from April 1, 2017 to February 28, 2019.

The investigation found that the amount payable to the clients was about ₹5.26 crore as on December 31, 2018, whereas it had a total balances of ₹4.70 crore, a short fall of ₹56.16 lakh. Yuvraj Securities is the eighth broker to be declared defaulter this year. The other brokerages were suspended Star Share & Stock Brokers, Destiny Securities, Arcadia Share & Stock Brokers, Conard Securities, Bezel Stock Brokers, Reflection Investments and Action Financial Services.

Published on September 07, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like