Angel One shares slump over 6% after NSE imposes penalty

By India Today Business DeskStockbroking firm Angel One witnessed a significant decline in its shares on Monday, dropping by as much as 6.7 per cent.

The Member and Core Settlement Guarantee Fund Committee (MCSGFC) of the National Stock Exchange of India Limited (NSE) passed an order dated July 14, prohibiting Angel One from onboarding new authorised persons (APs) for a period of six months, citing alleged failure to adequately monitor the operations of existing ones.

In a stock exchange filing, Angel One revealed over the weekend that India’s National Stock Exchange (NSE) had imposed penalties and restrictions on its operations. However, it said the order does not affect existing business or the activities of the APs affiliated with the company.

“It may be noted that the order does not affect the existing business or the activities of the APs affiliated with the company. The company is evaluating various options available including filing an appeal against the order,” Angel One said.

“The company has always strived to and has carried out its business in compliance with the extant laws and regulations in letter and spirit,” the statement added.

It may be noted that the penalty imposed by NSE also includes a fine of Rs 1.66 crore.