IndiaNivesh shutters brokerage business
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Synopsis
The 14-year brokerage has become the first casualty of the turmoil in the stock market over the past 40 days triggered by the global pandemic. The firm has shut down its PMS business called IndiaNivesh Small Cap (Sprout) last week.
The brokerage said in a late night statement on Wednesday that it will not take any new clients or fresh orders with existing clients.
“Due to the ongoing global pandemic, coupled with the present lockdown in India, has led to an unprecedented fall in the markets and has brought grinding halt to the economic activity,” said the brokerage firm.
“These extraordinary events have exacerbated an economic slowdown and led to an unprecedented and unanticipated liquidity crunch,due to which, the firm is unable to raise funds from financial institutions and banks, resulted in unfavourable situation.”