ISSL brokers continue to face difficulty with new orders
These entities faced similar issues for almost two hours in early trades on Thursday.
By ET Bureau | Updated:
MUMBAI: Brokers linked to IL&FS Securities Services (ISSL) were once again not allowed to put in fresh orders on Friday morning after the clearing arm of IL&FS failed to fulfill its settlement payment obligations. These entities faced similar issues for almost two hours in early trades on Thursday.
NSE declined to comment, while an email query sent to ISSL did not elicit any response.
The Association of National Exchanges Members of India has organised a conference call between its members, ISSL and NSE Clearing to sort out this issue.
IL&FS Securities Services is a clearing member. Smaller brokers take help of these third-party clearing members for the settlement of the trades of their clients.
About .Rs 380 crore of IL&FS Securities Services is stuck because of fraudulent trades by one of the members, Allied Financial Services. It is alleged that Allied Financial had stolen the mutual fund units it used as collateral largely from the cement-to-sugar conglomerate Dalmia Bharat Group.
NSE declined to comment, while an email query sent to ISSL did not elicit any response.
The Association of National Exchanges Members of India has organised a conference call between its members, ISSL and NSE Clearing to sort out this issue.
IL&FS Securities Services is a clearing member. Smaller brokers take help of these third-party clearing members for the settlement of the trades of their clients.
About .Rs 380 crore of IL&FS Securities Services is stuck because of fraudulent trades by one of the members, Allied Financial Services. It is alleged that Allied Financial had stolen the mutual fund units it used as collateral largely from the cement-to-sugar conglomerate Dalmia Bharat Group.
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