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In February 2021, the NSE had directed the lender not to invoke the pledge of the securities till the ownership of the pledged securities were ascertained in the demat account of Arcadia Share and Stock Brokers. Thereafter, Central Depository Services (India) Ltd imposed a debit freeze, prohibiting the lender from invoking the pledged shares and recovering its dues.
The Securities Appellate Tribunal (SAT) has quashed the orders passed by the National Stock Exchange (NSE) and Central Depository Services (CDSL) directing Kotak Mahindra Bank not to invoke shares pledged by Arcadia Share & Stock Brokers.
Concunsmart Shares and Stock Brokers Pvt Ltd has become the 31st broker since May 2019, to be expelled by the National Stock Exchange for non-adherence to regulatory provisions.