India Global News

Angel One is penalized by the NSE with a $1.67 million fine and is prohibited from adding new APs

<p>Following a ruling by the National Stock market of India (NSE), the country’s main stock market, Angel One’s shares fell 5.2% on Monday. Due to claims of poor supervision of its current staff, the exchange fined Angel One and forbade it from hiring any new authorized workers for six months.</p>
<p>The Mumbai-based brokerage company Angel One was penalized Rs 1.67 crore (more than $203,000) by the NSE over the weekend. Additionally, it gave the corporation instructions to check all of its existing authorized people (APs) and report on those inspections as well as any investor complaints that had been made in the year prior to the order date.<img decoding=”async” class=”alignnone wp-image-82929″ src=”” alt=”” width=”1333″ height=”887″ srcset=” 275w,×100.jpg 150w” sizes=”(max-width: 1333px) 100vw, 1333px” /></p>
<p>The company’s shares suffered a substantial slump earlier in the day, falling as high as 6.7% to Rs 1,593.45 per share. Since March 20, this was the biggest intraday percentage drop seen.</p>
<p>The NSE website states that an authorized person represents a stockbroker and grants access to a stock exchange’s trading platform. The business admitted that the exchange fined them in a statement related to the ruling, citing suspected market law breaches brought on by their claimed insufficient oversight of the activities of its APs.</p>
<p>According to Angel One, the injunction has no effect on their ongoing operations or those of their connected APs. The business said that it is considering all of its options, some of which may include appealing the ruling.</p>
<p>Angel One said last week that its first-quarter earnings had increased, mostly due to a considerable rise in new clients and orders.</p>
<p>Angel One’s stock price fell more than 7% in early trading on Monday. The brokerage firm’s stock fell as a result of the National Stock Exchange of India’s decision to restrict the onboarding of new APs for a six-month period. On the BSE, the stock dropped as much as 7.17% to an intraday low of 1,585.00 per share.</p>
<p>Indian stockbroker company Angel One Limited, formerly known as Angel Broking Limited, was founded in 1996. It was first established on August 8th, 1996 as a private limited company, and it extended its activities to include wealth management, retail, and corporate broking services in September of 1997. A subsidiary named Angel Capital and Debt Market Ltd. joined the National Stock Exchange as a legal entity in November 1998.</p>
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