Stock exchanges declared 8 brokers default in six months

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AHMEDABAD: Even after a year and a half, the fear of a default on carve stock broking has not gone away in the minds of investors and even after that, the stock broker default has continued. During the first six months of the current calendar year 2021, nine more stock brokers have been defaulted or suspended by the National Stock Exchange, out of which five brokers have been suspended by the BSE.

Among the stock brokers defaulted or suspended by the stock exchange are Stamped Capital Ltd., Star Share & Stock Broker Ltd., Destiny Securities Ltd., Arcadia Share & Stock Brokers Pvt. Ltd., Conard Securities Pvt. Ltd. (India) Ltd. In most cases of broker default, it is the turn of investors to suffer huge losses. Thus, since November 2016, 6 stock brokers have defaulted.

It may be mentioned that during the calendar year 2020, the highest number of brokers defaulted in the last two decades, 18 brokers of NSE and 18 brokers of BSE were declared defaulters.

The stock broker secured credit from the market by mortgaging investors' shares for speculative trading. In some cases, brokers even paid investors interest on mortgaged shares. But in most cases, investors were unaware that their stockbrokers were mortgaged.

Notably, the recent default of Carvy Stock Broking in 2016 has come as a big shock to small investors. SEBI banned Carvey Stock Broking in November 2016 for defaulting on payments of Rs 2,000 crore to clients, which is probably the largest stockbroker default in India.

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