India Brokers Fall as Watchdog Bars Tiered Transaction Fees (1)

Shares of Indian brokerages tumbled after stock exchanges were ordered to charge a flat fee for transactions, reducing some firms’ income.

Angel One Ltd., the largest-listed brokerage by clients, sank as much as 11%, while IIFL Securities Ltd. and 5Paisa Capital Ltd. each dropped by at least 5% after the market regulator ordered stock and commodity exchanges to restructure charges.

The Securities and Exchange Board of India on Monday after markets closed issued the new rule barring brokers from taking more money from clients for exchange-related charges than they payout, saying the model is unfair to smaller firms with ...