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The Member and Core Settlement Guarantee Fund Committee of the National Stock Exchange of India Limited has barred Angel One broking from onboarding new authorised person (APs) for a period of six months.
Authorised persons are the market intermediaries who act as the contact point between the investors and the stockbrokers to facilitate the entire investment process for investors. The action has been taken on the alleged failure to monitor the operations of authorised persons by the broking firm.
- Also read: Angel One net climbs 22%, to pay ₹9.25 interim
“It may be noted that the order does not affect the existing business or the activities of the APs affiliated with the company. The company is evaluating various options available including filing an appeal against the order. The company has always strived to and has carried out its business in compliance with the extant laws and regulations in letter and spirit,” Angel One said in a stock exchange filing.
The directions issued by NSE to the company include a monetary penalty of ₹1.66 crore.
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