Shares of Angel One tank following action by National Stock Exchanges

Shares of Angel One dropped over 7 per cent on Monday following regulatory action by the National Stock Exchanges (NSE) against the brokerage. In an order dated July 14, NSE slapped a monetary penalty of Rs.1.67 crore and prohibited Angel One from onboarding new authorised persons for a period of six months. An authorised person—also referred to as sub-broker—is any individual or entity appointed by a broker to provide access to the trading platform of a stock exchange.

NSE said the action against Angel One was for failing to monitor the operations of its APs, which resulted in alleged violation of capital market regulations. Angel One has said NSE’s order does not affect the existing business or the activities of the APs affiliated with the company. Further, the brokerage has said it is evaluating various options available including filing an appeal against the order. Shares of Angel One closed at Rs 1,581, down 7.4 per cent over its previous day’s close.