Markets regulator widens investigation into Karvy Stock Broking to include exchanges and a dozen brokerage.
Case in Point: Markets regulator Securities and Exchange Board of India (SEBI) has widened its investigation into Karvy Stock Broking to include exchanges and a dozen brokerage.
The development comes shortly after SEBI on November 22 banned stock broker Karvy from taking new clients and from executing trades for existing clients due to client defaults to the tune of INR2,000cr. Moneycontrol
Within this backdrop, SEBI Chairmam Ajay Tyagi noted that brokers cannot be allowed to misuse clients’ securities as rules clearly prohibit it and said that the regulator is looking at improving the existing norms on related party transactions for companies and concerns over independent directors not being “truly independent” especially in promoter-dominated companies ET Markets
(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)