On November 13, markets regulator Securities and Exchange Board of India (Sebi) had ordered the scam-tainted broking firm to stop its operations and barred its promoters Paresh Kariya and Sadhana Kariya from the market.
The orders came on the back of an NSE forensic report that found the broker to have violated several market rules including misstatement about debtors and creditors, shortfall of client funds and securities, payments made to clients having running debit balances and discrepancies in the maintenance of records.
The broking house is alleged to have illegally offered assured return schemes to its investors through which it lured several investors across India and eventually failed to meet its promises.
“Anugrah Stock Broking is suspended till the completion of the enquiry proceedings,” the Sebi order had said.
The broking house, its directors, Teji Mandi Analytics (an authorised person of the broking house), the directors of Teji Mandi Analytics and Om Sri Sai Investments were directed not to dispose of any assets.