Hey, welcome to my new blog. You might not have heard in a long time scams in the broking firms last time was happen Karvy Scam. Now this blog, we discuss ANUGRAH stock broking scam. ANUGRAH is a stock broking firm located in Mumbai. This company had a lot of clients, and they noticed a mess a few months back.
The company was shown their investors stock holdings in statements, but the investors’ stock holdings were not reflected in their accounts. They checked their holdings in a depository account; they could not even see their holdings. After this, the investors were shocked. Then Investors wanted to know about it, but no response came from the broking firm, and customer support was also not given by the firm.
How exposed Anugrah Stock Broking scam 2020:
If you have to invest in the stocks market, then you must have a demat account, because you cannot trade and invest stocks without a demat account. There are many brokers in India which are discounted and full service. You can only buy and sell stocks by a broker, but your stocks are deposited in the depository. Therefore, even if your broker is closed, your stocks will remain safe in the depository.
CDSL and NSDL are the two depositories in India (National Securities Depository Ltd) and (Central Depository Services (India) Limited). When you buy any stock in delivery, your stock gets deposited in these depositories.
Your stocks can only be deposited in one NSDL or CDSL, you can know from the broker in which depository your stocks are deposited. And your broker sends the holding statement, then you can also know from the statement in which depository your stocks are stored.
Investors stock holding not shown in their Account:
The anugrah broking firm also sent holdings statements to their clients, the stocks holding in the statements was clearly visible. But, when Clients checked their holdings into a depository, they could not see their holdings. There was no notice from anugrah on this subject. Due to the absence of holding, the investors were shocked and tried to contact the broker but they was unable to contact them.
NSE suspended Anugrah’s derivatives trading license:
The NSE had no news of this happening. When the clits of anugrah complained to the NSE, then nse started investigating it. An investigation by the NSE revealed that Anugrah is providing derivatives trade advisory service and is using investors’ money for its own investment. The NSE suspended Anugrah’s derivatives trading license as soon as the NSE came to know about it.
After this Anugrah appealed to SAT (Securities Appellate Tribunal). SAT did allow for derivative trading but told to deposit investors 165 crore rupees to NSE which used Anugrah for his own investment. But Anugrah could not return the money in the given time. After this, the NSE has banned Anugrah from doing any kind of business with the NSE.
So right now Anugruh’s Clints is in the question of how to get their money back? Clints from Anugruh have complained to EOW (Economic Offences Wing). And EOW has registered FIR on Anugrah.
This should not happen to you, so you should open an account with a good and trusted broker. There are many brokers in India, so you can open your account with any broker among the top 5 brokers. Those who are trustworthy brokers I keep the links of their opening account, so you can open your account by clicking below.