National Stock Exchange of India (NSE) has barred Angel One from onboarding new authorised persons (APs) for six months and imposed a Rs 1.67 crore penalty for flouting norms. Authorised person means any -- individual, partnership firm OR LLP -- who is appointed as such by a stockbroker and who provides access to the trading platform of a stock exchange as an agent of the stockbroker.
The Member and Core Settlement Guarantee Fund Committee of NSE passed an order on July 14 against the broking company for an alleged failure to monitor the operations of its APs. By doing so, it allegedly flouted the capital market segment rules and Futures and Options segment norms of the NSE. Further, the Mumbai-based brokerage house has been directed to conduct an inspection of all its APs and submit a report to the exchange within 6 months.
Angel One is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares (through one of its Subsidiaries, AFPL) and financial products distribution to its clients under the brand ‘Angel Broking’.
