NSE Expels 35th Broker since 2018: First Futures And Stocks of Chennai Is the Latest
Moneylife Digital Team 19 October 2021
The National Stock Exchange (NSE) has expelled Chennai-based First Futures And Stocks Pvt Ltd due to a shortfall of client funds and non-resolution of investor complaints. With this expulsion, the number of brokers expelled by NSE since January 2018 has gone to 35.
In a release, the NSE says, "All members are hereby informed that the following trading member has been expelled from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules from 18 October 2021 before market hours."
In a public notice, NSE says, "The constituents of First Futures And Stocks are hereby advised to lodge claims, if any, in the prescribed claim form, against the member within three months from the date of this notice. All claims submitted by investors will be considered for processing if found due and payable in accordance to rules, bye-laws, regulations and guidelines of the Exchange, SEBI circulars and regulations and the maximum compensation limit per invest is Rs25 lakh out of the Investor Protection Fund (IPF)."
According to the public notice, investor-clients of First Futures And Stocks can file their claims online on https://investorhelpline.nseindia.com/NICEPLUS/welcomeUser and upload relevent documents.
Last month, the Exchange expelled Kolkata-based Indovision Securities Ltd, while disqualifying three directors of the firm from holding the office of a director or partner in a company or firm. NSE also expelled Yuvraj Securities for failing to recoup client funds and securities and resolve investor complaints.
Before that, in July, NSE expelled two brokers, namely, Kolkata-based Destiny Securities Ltd and Mumbai-based Star Share & Stock Brokers Ltd, from its membership while declaring these brokers as defaulters. (Read: NSE Expels Destiny Securities and Star Share & Stock Brokers after Declaring Them as Defaulters)
During the same month, the Exchange had declared as a defaulter and expelled Mumbai-based Arcadia Share & Stock Brokers Pvt Ltd. Arcadia's managing director (MD) Antony Sequeira and director Narendra Brahmbhatta were disqualified by NSE from holding any position as director or partner in any listed company. (Read: Arcadia Share & Stock Brokers Declared Defaulter; NSE Asks Investor-Clients To Submit Claims within 3 Months)
SEBI Asks RTAs To Transmit Securities in Favour of Surviving Joint-holder
Moneylife Digital Team 18 October 2021
Market regulator Securities & Exchange Board of India (SEBI) has asked registrars to issue and share transfer agents (RTAs) to transmit securities in favour of surviving joint-holder(s) in the event of the demise of one or more...
RBI Imposes Rs1.95 Crore Penalty on StanChart for Deficiencies in Regulatory Compliance
Moneylife Digital Team 18 October 2021
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs1.95 crore on Standard Chartered Bank - India (StanChart) for non-compliance with RBI's directions on customer services. 
RBI found StanChart failed to...
Transparency is at a premium in IRDAI
Venkatachari Jagannathan (IANS) 18 October 2021
Transparency is certainly at a premium in cash-rich Insurance Regulatory and Development Authority of India (IRDAI) that had earned over about Rs268 crore during FY19-20, mostly from policyholders and has fixed deposits of over...
Indian Regulatory Changes To Boost Corporate Governance, Ease Delisting Process: Fitch
Moneylife Digital Team 18 October 2021
Recent changes made by the Securities and Exchange Board of India (SEBI) will tighten the rules governing related-party transactions (RPT) and ease the delisting process, says Fitch Ratings.
In a note, the ratings agency...
Free Helpline
Legal Credit