Broker defaults near 20-year high amid slowing economy hit by Covid-19

The total number of such defaults between September 2019 and September 2020 is almost higher than the sum of the previous 10 years' defaults on the BSE

Topics
Brokers | stock market trading

Sachin P Mampatta  |  Mumbai 

The recent economic pain, compounded by Covid-19, has left a string of brokerages unable to meet their obligations. The National Stock Exchange has declared 15 brokers as defaulters since September 2019. The BSE has 14 defaulters, with most being common to both exchanges.

The total number of such defaults between September 2019 and September 2020 is almost higher than the sum of the previous 10 years’ defaults on the BSE. It exceeds the sum of all brokerage defaults on the NSE over around the previous 15 years. Some recent defaulters were Modex International Securities, ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, October 10 2020. 00:44 IST
RECOMMENDED FOR YOU
.