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Anugrah Scam: SAT Asks Edelweiss Custodial Services To Reinstate Client Shares Worth Rs460.32 Crore Sold Illegally

While upholding an order passed by the member and core settlement guarantee fund committee (Committee) of NSE Clearing Ltd (NCL), the securities appellate tribunal (SAT) directed Edelweiss Custodial Services Ltd (now known as Nuvama Clearing Services Ltd) to reinstate shares belonging to clients of Anugrah Stock & Broking Pvt Ltd (Anugrah). In 2020, to recover these dues, Edelweiss sold the collaterals worth Rs460.32 crore furnished by Anugrah and applied the proceeds to meet Anugrah s clearing obligation towards NCL. ....

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Action Financial Services Declared Defaulter, Expelled by NSE

Action Financial Services Declared Defaulter, Expelled by NSE
Moneylife Digital Team
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Mumbai-based Action Financial Services (India) Ltd (AFSL), a listed company, which in October last year closed its business, has been declared as defaulter member and expelled by the National Stock Exchange (NSE).

Similarly, NSE Clearing Ltd has also declared AFSL as defaulter. The exchange has also advised investors to file their claims within three months.

In a public notice, NSE says, .Action Financial Services has been declared defaulter under Byelaws 1(a) of Chapter XII of the Byelaws of the Exchange and expelled under Rules 1 and 2 of Chapter IV of the Rules of the Exchange. ....

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