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Sebi flags concern on brokers shutting shop

The regulator discussed the data that showed how a high compliance cost had forced 85% of brokers having capital between Rs 1-10 crore to shut shop

Sebi slaps Rs 1 crore fine on Classic Global Finance

In a meeting with representatives of stock brokers on Thursday, the Securities and Exchange Board of India (Sebi) has raised concern over loss-making brokers operating in the cash segment. The regulator discussed the data which showed how a high compliance cost had forced 85 per cent of brokers having capital between Rs 1 crore and Rs 10 crore to shut shop. The number of brokers in the cash segment has halved in the past eight months — declining volumes in this segment and the high compliance costs have led to 3,187 brokers shutting shop, shows market data. The meeting was part ...