Bezel Stock Brokers Declared Defaulter, Expelled by NSE
Moneylife Digital Team 25 March 2021
The National Stock Exchange (NSE) has declared Delhi-based Bezel Stock Brokers Pvt Ltd as a defaulter and expelled it from its membership. The NSE notification says, “All members are hereby informed that the following trading member has been expelled from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules and has been declared as defaulter under provision 1 (a) of Chapter XII of Exchange Bye laws w.e.f. March 24 2021, after close of market hours.”
In the same release, the bourse says, “Member’s attention is also drawn to the sub-rule 4(A) & 5 under Rule 8 of Securities Contract (Regulations) Rule, 1957 (SCRR) which provides for disqualification on persons from holding the office of a Director/Partner in a company/firm if such persons had previously held the office of the Directors/partners in any company/firm which had been a Member of the Exchange and has been declared defaulter or expelled by the stock exchange.” Angad Singh Bhatia and Gurbachan Singh Bhatia are the directors of Bezel Stock Brokers Pvt Ltd. 
Additionally, NSE revealed that, as per its records, there are no authorised persons affiliated with the Bezel Stock Brokers Pvt Ltd. 
NSE has requested all trading members of the Exchange to comply with the relevant applicable provisions of Chapter XII of the NSEIL Byelaws and Chapter IV of the NSEIL Rules in respect of their transactions with the above-mentioned trading member.
There have been a series of 21 broker defaults (including Modex International Securities, Anugrah Stock and Broking Pvt Ltd, Karvy Stock Broking, BMA Wealth Creators, Fairwealth Securities) on NSE since November 2019 till date. Moneylife has been writing about the sudden increase in broker defaults in the past two years, which has led to thousands of investors losing big chunks of their savings. Our ‘well-regulated capital market’, which boasts multiple safeguards such as investor protection funds and settlement guarantee funds, has turned out to be a mirage. You can read this story here.
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