Karvy Stock Broking now BSE defaulter

Tribune Web Desk

Updated At : 01:14 PM Nov 26, 2020 IST

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits

Yearly Premium ₹999 ₹349/Year

Yearly Premium $49 $24.99/Year

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

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Unlock Exclusive Insights with The Tribune Premium

Suggested Articles