InvestorQ : After Karvy, NSE has also expelled Anugrah Stock Broking; what happens to the clients now?
NISHA Nayak made post

After Karvy, NSE has also expelled Anugrah Stock Broking; what happens to the clients now?

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Priyanka N answered.
2 months ago
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Like in the case of Karvy, the NSE has gone ahead and expelled Anugrah Broking for defaulting on commitment sin violation of exchange bye laws. The trading accounts of Anugrah have been frozen for some time now after the assured return scam broke out.

On November 13, SEBI suspended Anugrah Stock Broking till the enquiry proceedings were completed. This pertains to Anugrah being guilty of collecting funds from clients under assured return schemes, misappropriation of client funds and securities etc

The directors have been instructed not to dispose of or alienate any asset except with the prior permission of NSE, as per SEBI order. This virtually brings the Anugrah story to a close. Clients with dues will have to wait for SEBI to finalize the scheme under which IPF compensates such customers.

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