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Record broker defaults in 20 years cause crippling losses to investors

Record broker defaults in 20 years cause crippling losses to investors IANS New Delhi: With broker defaults continuing, the industry has witnessed a record 28 defaults or expulsions since November 2019, just a little before the Covid-19 pandemic hit the world. This is the highest number of broker defaults in the past 20 years. Until then, there were 18 broker defaults on the National Stock Exchange (NSE). If the brokers have a membership of the Bombay Stock Exchange (BSE), they are suspended by that exchange too. Ten more brokers have been defaulted or been expelled by the NSE between December 2020 and July 2021. Of these, five have been expelled by the BSE too, MoneyLife reported.

NSE Expels Sumpoorna Portfolio, Asks Investors to File Claims for Outstanding

NSE Expels Sumpoorna Portfolio, Asks Investors To File Claims for Outstanding Moneylife Digital Team  0 The National Stock Exchange (NSE), on Tuesday while declaring as defaulter, expelled Sumpoorna Portfolio Ltd from its membership from 14 December 2020. NSE has also asked investor-clients of Sumpoorna Portfolio to submit their claims of outstanding from the Investor Protection Fund (IPF).   In a release, the bourse says, NSE has expelled Sumpoorna Portfolio, a trading member from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules and also declared it as a defaulter under provision 1 (a) of Chapter XII of Exchange Bye laws.  

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