Karvy’s Trading License Suspended by India’s Top Exchanges
Hyderabad based financial service company, Karvy Stock Broking Limited trading license was suspended by National Stock Exchange(NSE) and Bombay Stock Exchange (BSE) due to non-compliance of norms with the Government of India’s regulator for the securities market, Securities and Exchange Board of India(SEBI).
Earlier on 22nd November, SEBI in its initial findings found that Karvy had misused its client securities by using them for other purposes.
On the basis of initial findings, SEBI barred Karvy from opening new Demat accounts or from taking new clients and limited its power of attorney for existing clients.
SEBI estimated a misuse of RS 2,000 crore at initial findings, which later was estimated to be Rs 2,800 crore, 800 crores higher than the initial estimates of SEBI.
Category: Economy & Banking Current Affairs