Market regulator SEBI has said that steps can be taken to ensure that no other cases like Karvy Stock Broking arise. Sebi chairman Ajay Tyagi said that "we have taken some steps and some more steps can be taken". Tyagi said on the sidelines of a program that the regulator has taken quick steps on regulatory matters related to companies and broking companies. Recently, a case related to stock broking company Karvy came to light, where the company had pledged more than Rs 2,300 crore of consumer securities from 95,000 and transferred the amount to its account.
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Tyagi said about the Insolvency and Bankruptcy Code (IBC), that this will have a positive impact on the market in the next five years. The Sebi chairman said that investors' perception has been affected by the cases of loan default and corporate misgovernance, but this does not mean that everything is wrong or bad. He said, "Whatever is coming in the information of SEBI and whatever kind of improvement is needed, we are taking quick steps in that direction".
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Ajay Tyagi said on this issue that Karvy's issue was in his knowledge. We took prompt action in this matter. It is noteworthy that on 22 November, SEBI has banned KSBL from creating new clients for new stockbroking activities. Along with this, the use of the power of attorney granted by the client was also banned.
