Shares of Angel One tank following action by National Stock Exchanges

Shares of Angel One fell more than 7 percent on Monday after regulatory action by the National Stock Exchanges (NSE) against the brokerage. In an order dated July 14, the NSE imposed a fine of ₹1.67 crore and banned Angel One from joining new authorized persons for a period of six months. An authorized person – also referred to as a sub-broker – is any individual or entity designated by the broker to provide access to an exchange’s trading platform. The NSE said the action against Angel One was due to a failure to monitor the APs’ operations, resulting in an alleged breach of capital market rules. Angel One said that NSE’s request does not affect the company’s current business or access point activities. Furthermore, the brokerage firm said it was evaluating the various options available including filing an appeal against the order. Shares of Angel One closed at Rs 1,581, down 7.4 percent from the previous day’s close.