Trouble may be brewing for clients of yet another Mumbai-based broker. The National Stock Exchange (NSE) has withdrawn trading rights of Andheri based Balance Equity Broking. This is the second broker after Anugrah in around three months that have face such action from NSE.
NSE did not give any reasons for cancellation of trading rights of Balance Equity Broking, but sources say that it is likely that the exchange may have come across some unauthorised offerings by the broker. The brokerage has been in existence for nearly two decades. Further details from the exchange are awaited.
In August NSE had withdrawn the trading rights of Anugrah Borking and asked it to deposit ₹165 crore. The exchange had said that the broker was running an unauthorised derivative scheme.