The National Stock Exchange (NSE) today said that funds and securities worth Rs 2,300 crore belonging to about 2.35 lakh investors of Karvy Stock Broking Ltd have been settled so far. The case related to Karvy unauthorisedly transferring securities of clients into one of its Demat accounts by misusing the Power of Attorney given by its clients.

The NSE in coordination with other market infrastructure institutions and under the guidance of SEBI, transferred securities to respective clients, invoked bank guarantees deposited with clearing corporations and liquidated securities held by Karvy Group companies.

The disciplinary proceedings are underway, funds and securities of approximately Rs 2,300 crore belonging to about 2.35 lakh investors have been settled so far, with efforts focused on the settlement of small investors," the exchange said.

 Last November, 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.

India's GDP to rebound to 13 pc riding on vaccine ready: Goldman Sachs

DIPAM inks accord with World Bank for advice on asset monetization

PM Modi to address Bloomberg New Economy Forum today