New Delhi, Jul 16 (IANS): Member and Core Settlement Guarantee Fund Committee (MCSGFC) of National Stock Exchange of India Limited has passed an order dated July 14 against broking company Angel One, formerly known as Angel Broking in respect of an alleged failure to monitor the operations of its Authorised Persons (APs).

This resulted in alleged violation of the Capital Market Segment Regulations and Futures and Options Segment Regulations of the Exchange.

NSE has issued directions to Angel One for monetary penalty of Rs 1.66 crore. The company has been prohibited from onboarding new APs for a period of six months from the date of the Order.

The brokerage has been directed to conduct inspection of all its APs and submit a report thereof to the satisfaction of the Exchange within six months from the date of the Order.

It has also received a direction to submit a detailed report on its investor grievance redressal mechanism comprising of total investor complaints and arbitration matters registered against the Company and its APs in the past one year from the date of this Order, including those pertaining to assured returns and unauthorised trading, total investor complaints and arbitration matters redressed/resolved in the past one year from the date of the Order and the timelines for the same; and total pending investor complaints and arbitration matters.

"It may be noted that the Order does not affect the existing business or the activities of the APs affiliated with the Company. The Company is evaluating various options available including filing an appeal against the Order. The Company has always strived to and carried out its business in compliance with extant laws and regulations in letter and spirit," Angel One said in a regulatory filing.