NSE declares ‘Anugrah Stock & Broking’ as defaulter

Mumbai, Nov 27 (Bureau) National Stock Exchange of India (NSE) has declared ‘Anugrah Stock & Broking’ as a defaulter, expelling from the membership. Anugrah Stock & Broking has been expelled from the membership of the exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules and has been declared as a defaulter under provision 1 (a) of Chapter XII of Exchange Bye-laws wef November 26, 2020, after the close of market hours, NSE release said.

On November 13, markets regulator Securities and Exchange Board of India (Sebi) had ordered the scam-tainted broking firm to stop its operations and barred its promoters Paresh Kariya and Sadhana Kariya from the market. The orders came on the back of an NSE forensic report that found the broker to have violated several market rules including misstatement about debtors and creditors, shortfall of client funds and securities, payments made to clients having running debit balances and discrepancies in the maintenance of records. The broking house is alleged to have illegally offered assured return schemes to its investors through which it lured several investors across India and eventually failed to meet its promises. ”Anugrah Stock Broking is suspended till the completion of the enquiry proceedings,” the Sebi order had said.