Broking stocks drop up to 12% as Sebi bars pledging of clients’ shares

INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of most stocks broking companies slipped in Monday's morning session after with the market regulator barred them from
Shares of Vertex Securities (down 12.66 per cent), Prime Securities (down 3.20 per cent), Stampede Capital (down 3 per cent), LKP
Securities (down 2.06 per cent), Aditya Birla Money (down 1.02 per cent), ICICI Securities (down 0.91 per cent), 5Paisa Capital (down 0.62
per cent), Alankit (down 0.32 per cent), BN Rathi Securities (down 0.80 per cent) and Inditrade Capital (down 0.75 per cent) slumped upto 12
misuse securities of one client to fund another client
market participants said
September 1, shares lying with a trading or clearing member in client collateral account, client margin trading securities account and
client unpaid securities account will not be permitted to be pledged or transferred to banks or nonbanking financial companies (NBFCs) for
raising funds by members, ET reported