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Recently, a scam of 1000 Crore came into light which no one is talking about. The broker in question is Anugrah Stock and Broking Limited, a Mumbai based stockbroking company. They raised money from their clients promising very good returns.
After some time, they stopped paying money to their clients. Prima facie, it is a misuse of POA or Power of Attorney of the clients. The majority of the investors are linked to the associate firm of Anugrah Stock and Broking Limited i.e. Teji Mandi Analytics which is managing a derivatives portfolio of 1,000 crores. NSE had barred Anugrah from running a derivative trade advisory service but the SAT stayed that order subject to the company depositing Rs165 crore with it within two weeks. The deadline has ended but as per some reports, Anugrah was yet to make the payment. On 4th Sep 2020 NSE withdrew all the trading rights of Anugrah Stock and Broking Limited.
The matter is sub judice in Bombay High Court and this story is covered in detail by the website moneylife.
To cut the long story short, STAY away from SMALL BROKERS & trade only with reputed & big brokers.
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