Karvy Stock broking: After NSE, BSE declares Karvy Stock Broking as defaulter, terminates membership

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The BSE followed the National Stock Exchange suit and terminated the brokerage membership of Karvy Stock Broking with effect from Tuesday.

The leading stock exchange said 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).

Earlier in the day, the NSE declared Karvy Stock Broking as a defaulter for non-compliance with the regulatory provisions of the bourse. In addition, Karvy Stock Broking has been expelled from the membership of the exchange, the NSE said in a circular.

The move effective from November 23, was taken as the broker failed to comply with NSE guidelines, it added.

Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.

Earlier, Karvy had unauthorisedly transferred securities of clients into its demat accounts by misusing the PoAs (Power of Attorney) given by its clients.

In November 2019, the market regulator Securities and Exchange Board of India (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.

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