Karvy Inventory Broking now BSE defaulter

New Delhi, November 25

Leading bourse BSE has also declared Karvy Stock Broking as a defaulter and expelled the brokerage house from its membership after a similar action was taken by the National Stock Exchange (NSE).

Investors having any outstanding claims against the brokerage can file their claims with the exchange within 90 days from the date of issue of the notice — by February 22, 2021 — the BSE said in a circular on Tuesday.

Karvy had “unauthorisedly” transferred securities of clients into its demat accounts by misusing PoAs (Power of Attorney) given by its clients. The firm had misused client collateral for its own trades. On Tuesday, Sebi confirmed the ban on Karvy from taking new clients.

The regulator passed the final order, a year after passing an interim order wherein the ban on Karvy was imposed for misusing clients’ securities. — PTI

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