NSE declares Karvy Stock Broking as defaulter, expels from membership


PTI, Nov 24, 2020, 12:59 PM IST

New Delhi: The National Stock Exchange (NSE) has declared Karvy Stock Broking as a defaulter for non-compliance with the regulatory provisions of the bourse.

In addition, Karvy Stock Broking has been expelled from the membership of the exchange, the NSE said in a circular.

The move effective from November 23, was taken as the broker failed to comply with NSE guidelines, it added.

Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.

Earlier, Karvy had unauthorisedly transferred securities of clients into its demat accounts by misusing the PoAs (Power of Attorney) given by its clients.

In November 2019, the market regulator Securities and Exchange Board of India (Sebi) had barred Karvy from taking new brokerage clients after it was found that the brokerage firm had allegedly misused clients” securities to the tune of more than Rs 2,000 crore. The firm misused client collateral for its own trades.

Besides, Karvy was disabled (trading rights withdrawn) by the NSE in December 2019.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Related Articles More

Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Air India Express increases flight operations from northeast destinations

Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.