Record broker defaults in 20 years cause crippling losses to investors
IANS
New Delhi: With broker defaults continuing, the industry has witnessed a record 28 defaults or expulsions since November 2019, just a little before the Covid-19 pandemic hit the world.
This is the highest number of broker defaults in the past 20 years. Until then, there were 18 broker defaults on the National Stock Exchange (NSE). If the brokers have a membership of the Bombay Stock Exchange (BSE), they are suspended by that exchange too.
Ten more brokers have been defaulted or been expelled by the NSE between December 2020 and July 2021. Of these, five have been expelled by the BSE too, MoneyLife reported.