Angel One Clarifies Association with DB Stock Broking Amidst News Reports

Angel One has issued a clarification regarding recent news articles linking the firm to "DB Stock Broking."

The company emphasizes that DB Stock Broking is not an authorized partner of Angel One. Instead, Deepankar Barman, who is reported to be associated with DB Stock Broking, is registered with Angel One as an Authorized Person (AP) in his individual capacity since 2019.

Angel One has initiated the process of terminating its association with Deepankar Barman on August 21, 2024, and has notified the relevant exchanges. Despite being registered with Angel One for several years, Barman's client base has been relatively small, with only 44 of 280 clients trading in the past 12 months. The total pay-in amount from these clients over the same period is INR 82,77,367, which Angel One reports as a minimal trading volume.

In the clarification statement, Angel One also stated, “The Company conducts thorough audits of its APs as per the NSE Circulars dated October 18, 2019, and June 02, 2023, with no negative findings reported in the recent audits of Barman. Angel One also employs a robust web-crawling system to detect prohibited content. No such impermissible content has been found related to Barman.”

Further, Angel One assures that it strictly follows and complies with all applicable laws and regulations. "A comprehensive investigation of Deepankar Barman is underway, and the company is committed to taking the strictest action against him, as mandated under the law. It is important to note that the events reported have no material impact on the company. Additionally, under broking regulations, Angel One has appropriately submitted its clarification to the concerned regulators," the statement reads.