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The Securities and Exchange Board of India (Sebi) has suspended Anugrah Stock & Broking till the completion of the enquiry proceedings for alleged violation of several securities laws.
It has also directed Anugrah Stock & Broking’s directors, Paresh Mulji Kariya, Sadhana Paresh Kariya, Teji Mandi Anlytics and it’s directors and Om Sri Sai Investments, not to dispose of or alienate any assets till the completion of proceedings.
The regulator based on market intelligence about Anugrah Stock & broking being involved in business or activities other than securities and collecting funds from clients under assured return schemes had asked National Stock Exchange( NSE) in April to appoint a forensic auditor.
Subsequently, Sebi also advised NSE to disable the trading terminal of the stock broker if it deemed fit.
On August 03, 2020, NSE disabled the trading terminal of Anugrah Stock & Broking in derivatives segment.
Last month, NSE submitted its observation on the findings of forensic audit report as advised by Sebi.
The major findings of the forensic audit report on Anugrah Stock & Broking was misstatement about debtors and creditors, shortfall of clients funds and securities, payments made to clients having running debit balance and discrepancies in maintenance of records.
Post disablement of trading terminals of Anugrah Stock & Broking by NSE on August 03, 2020, Sebi has received 2352 complaints under the mechanism of SCORES (SEBI Complaints Redress System) against it as on November 11, 2020, Sebi said in its order on Friday.
It has also directed Anugrah Stock & Broking’s directors, Paresh Mulji Kariya, Sadhana Paresh Kariya, Teji Mandi Anlytics and it’s directors and Om Sri Sai Investments, not to dispose of or alienate any assets till the completion of proceedings.
The regulator based on market intelligence about Anugrah Stock & broking being involved in business or activities other than securities and collecting funds from clients under assured return schemes had asked National Stock Exchange( NSE) in April to appoint a forensic auditor.
Subsequently, Sebi also advised NSE to disable the trading terminal of the stock broker if it deemed fit.
On August 03, 2020, NSE disabled the trading terminal of Anugrah Stock & Broking in derivatives segment.
Last month, NSE submitted its observation on the findings of forensic audit report as advised by Sebi.
The major findings of the forensic audit report on Anugrah Stock & Broking was misstatement about debtors and creditors, shortfall of clients funds and securities, payments made to clients having running debit balance and discrepancies in maintenance of records.
Post disablement of trading terminals of Anugrah Stock & Broking by NSE on August 03, 2020, Sebi has received 2352 complaints under the mechanism of SCORES (SEBI Complaints Redress System) against it as on November 11, 2020, Sebi said in its order on Friday.
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1 Comment on this Story
 | Manish4 hours ago Never buy Equity. Always buy Debt instruments only if you do not want to lose your hard earned money. |
