3
Mumbai-based Arcadia Share & Stock Brokers Pvt Ltd, whose trading rights have been withdrawn by the National Stock Exchange (NSE) for failing to adhere to its regulatory provisions, was found reporting incorrect data about clients’ funds, cash and cash equivalent balances, during the weekly enhanced supervision.
Based on data collected by the forensic auditor, the amount payable to the clients was about Rs47.51 crore as on 31 December 2020, whereas the clients payable as reported in the cash and cash equivalent balances submission by Arcadia as on the same date were to the tune of around Rs11.17 crore. This clearly establishes that Arcadia has been intentionally filing incorrect information and data with a view to conceal the true position of the availability of clients’ funds and securities, says an order passed by the NSE s member and core settlement guarantee fund committee (MCSGFC).