BSE, NSE suspend Karvy Stock Broking trading licence
Team Udayavani, Dec 2, 2019, 2:20 PM IST
New Delhi: Leading stock exchanges BSE and NSE on Monday suspended Karvy Stock Broking Ltd’s trading licence for all segments due to non-compliance of the regulatory provisions of the bourses.
The move comes after Sebi, through an order passed on November 22, barred Karvy from taking new clients in respect of its stock broking activities and had also prevented it from using the power of attorney (PoA) given by clients after the broker was found to have allegedly misused clients’ securities.
In two separate circulars, the bourses announced that they “have suspended Karvy Stock Broking Ltd with effect from December 2, 2019 due to non-compliance of the regulatory provisions of the exchange”.
The BSE said it has deactivated trading terminals of Karvy in equity and debt segment and put them in the risk reduction mode in equity derivatives, currency derivatives and commodity segment.
Sebi’s directive had come after the National Stock Exchange forwarded a preliminary report to it on the non-compliances observed with respect to pledging/misuse of client securities by Karvy.
The exchange’s preliminary report is the result of the limited purpose inspection of Karvy conducted by it on August 19, covering a period from January 1 onwards, Sebi had said in its order.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
MUST WATCH
Latest Additions
NIA arrests key accused in 2023 attack on Indian High Commission in London
Three persons run over by train in Bengaluru
Indian nationals aboard ‘MSC Aries’ in good health, return delayed due to technicalities: MEA
Husband has no control over wife’s ‘stridhan’: SC
IT sleuths threatening raided leaders to claim money belongs to me, Cong: DK Shivakumar