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Record broker defaults in 20 years cause crippling losses to investors


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. ....

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Highest number of broker defaults cause crippling losses to investors

Action Financial Services Declared Defaulter, Expelled by NSE


Action Financial Services Declared Defaulter, Expelled by NSE
Moneylife Digital Team
 0
Mumbai-based Action Financial Services (India) Ltd (AFSL), a listed company, which in October last year closed its business, has been declared as defaulter member and expelled by the National Stock Exchange (NSE).
 
Similarly, NSE Clearing Ltd has also declared AFSL as defaulter. The exchange has also advised investors to file their claims within three months. 
 
In a public notice, NSE says, .Action Financial Services has been declared defaulter under Byelaws  1(a) of Chapter XII of the Byelaws of the Exchange and expelled under Rules 1 and 2 of Chapter IV of the Rules of the Exchange. ....

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