The Association of National Exchanges Members of India (Anmi), an industry body for brokers, confirmed on Thursday that 21 trading members had submitted a written complaint against IL&FS Securities. The same was stated by Vijay Bhushan, president of the industry body.
Close to two dozen brokers were barred from buying shares on account of collateral shortfall at their clearing member, IL&FS Securities Services. A clearing member is responsible for providing collateral and margins on behalf of the brokers.
The brokers alleged that they had provided adequate collateral to IL&FS Securities, yet the exchange systems showed a deficit ahead of the opening trade.
