What to do if you are a client of Karvy Stock Broking3 min read . Updated: 23 Nov 2019, 03:26 PM IST
- According to the SEBI order, Karvy transferred client securities to itself
- If you are among the roughly 2.44 lakh clients of Karvy Stock Broking, what should you do?
Yesterday, on 22nd November, SEBI issued an interim ex parte order against Karvy Stock Broking Ltd. The order restricted Karvy from taking on new clients. It also directed the two depositories – NSDL and CDSL from honouring instructions given by Karvy. These instructions are given in the ordinary course of events for settlement of trades through a Power of Attorney (PoA). The order was issued against Karvy for numerous violations of SEBI norms including the transfer of client shares to itself and pledging of client shares to raise money for itself. If you are among the roughly 2.44 lakh clients of Karvy Stock Broking, what should you do?
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