5paisa.com's ad campaign 'broker hatao, brokerage bachao' draws ire

Anmi has asked 5paisa.com's promoter IIFL to withdraw the advertisement and issue a clarification that the campaign was misleading

Discount brokerage 5paisa.com’s ad campaign broker hatao, brokerage bachao (remove the broker, save on brokerage) has come under fire from the broking community.

The Association of National Exchanges Members of India (Anmi) has shot a letter to exchanges stating the ad is incorrect “legally and factually”, and is promoting the misconception that brokers are not needed to carry out trades.  

The industry body added that the ad is propagating incorrect legal notion and promising various benefits to investors that are in violation of Sebi (Stock Brokers & Sub Brokers) Regulations, 1992.

Anmi has asked 5paisa.com’s promoter IIFL to withdraw the