Broking stocks slide on Sebi pivot; exchanges, depositories feel the heat

Shares of brokerages and market infrastructure institutions (MIIs) faced heavy selling pressure after the Securities and Exchange Board of India (Sebi) announced a uniform fee structure that could impact revenues. Discount brokerages, like Angel One, saw an 8.7% drop in their shares, with fears that the new rules will eliminate a crucial revenue stream from rebates between client charges and exchange fees. Listed firms such as Geojit Financial Services and Share India Securities also experienced declines of over 5%. Central Depository Services Limited (CDSL) fell 2.1% despite a one-for-one bonus issue. Conversely, Allied Blenders and Distillers saw a 13% surge on its debut, with shares ending at Rs 317.85.