Karvy Stock Broking license revoked, no longer able to trade in stock market
Karvy Stock Broking license revoked, no longer able to trade in stock market
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The trading license of Karvy Stock Broking Limited has been suspended by the National Stock Exchange (NSE) on 2 December following Sebi's order of 22 November 2019 for not complying with the regulations of the Exchange and Securities and Exchange Board of India (Sebi). The NSE has provided information in this context by making a circular available. BSE, Multi Commodity Exchange (MCX) and MSEI along with NSE have also suspended the trading license of Karvy Stock Broking.

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Action on Karvy Stock Broking began on November 22 when market regulator Sebi, in its primary investigation, found that the brokerage company used illiquid client securities and used them for its other needs. According to the SEBI order, Karvy sold the securities of the client and transferred his money to his entity named Karvy Realty Limited. See circular of NSE here.

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In the case of Karvy stock broking, the amount involved was being estimated earlier, this amount is actually much larger than that. According to market regulator Sebi, Karvy had misappropriated client securities worth around Rs 2,800 crore. This amount is 40 percent more than the number of Rs 2,000 crore revealed earlier. Rafiq Dada, who was present on November 29 in the Securities Appellate Tribunal on behalf of SEBI, said that the figures of misappropriation of money in the primary investigation of SEBI's forensic audit may be more than that.

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