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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 29-APR-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

NSDL DEPOSITORY PARTICIPANTS: VIOLATIONS SPECIFIED IN EARLIER SEBI/NSE ORDERS/CIRCULARS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person IFCI FINANCIAL SERVICES LTD.

(PAN:AAACI0567P)   (Depository Participant : NSDL)
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF SEBI CIRCULAR NO.CIR/MRD/DMS/13/2010 DATED 23/04/2010 READ WITH CIR/MRD/DMS/28/2010 DATED 31/08/2010 VIOLATING CLAUSE 11 OF CODE OF CONDUCT SPECIFIED UNDER THIRD SCHEDULE READ WITH REGULATION 20AA AND 20(2)(B) OF SEBI (DEPOSITORIES & PARTICIPANTS) REGULATIONS, 1996

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS  		IMPOSED PENALTY RS.2,00,000

16-MAY-2019
2 
History of entity/person KARVY STOCK BROKING LTD.

(PAN:AABCK5190K)   (Depository Participant : NSDL)
  MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

DID NOT MAKE DISCLOSURE OF DP ACCOUNT OF KARVY STOCK BROKING LTD. TO STOCK EXCHANGE

DID NOT REPORT DP ACCOUNT NO. 1458979 (KARVY STOCK BROKING LTD.) (BSE) IN THE FILINGS FROM JANUARY, 2019 TO AUGUST, 2019

CREDITED FUNDS RAISED BY PLEDGING OF CLIENT SECURITIES TO SIX OF ITS OWN BANK ACCOUNTS (“STOCK BROKER-OWN ACCOUNT”) INSTEAD OF “STOCK BROKER-CLIENT ACCOUNT” AND DID NOT REPORT THESE TO EXCHANGE

CREATED PLEDGE ON SECURITIES OF CLIENTS AND GENERATED FUNDS

SOLD EXCESS SECURITIES (SECURITIES NOT AVAILABLE IN DP ACCOUNT) OF RS.485 CRORE THROUGH 9 RELATED CLIENTS AND TRANSFERRED EXCESS SECURITIES TO 6 OUT OF THESE 9 RELATED CLIENTS OF RS.162 CRORES

TRANSFERRED SECURITIES WORTH RS.27.8 CRORES, OFF-MARKET, FROM BENEFICIAL OWNER ACCOUNTS (BO ACCOUNTS) OF 156 CLIENTS WHO HAVE NOT EXECUTED SINGLE TRADE WITH THEM

TRANSFERRED NET AMOUNT RS.1096 CRORES TO ITS GROUP COMPANY I.E. KARVY REALTY PVT.LTD.

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS  		DIRECTED NOT TO ACT UPON ANY INSTRUCTION GIVEN BY KSBL IN PURSUANCE OF POWER OF ATTORNEY GIVEN TO KSBL BY ITS CLIENTS

DIRECTED DEPOSITORIES TO MONITOR MOVEMENT OF SECURITIES INTO AND FROM DP ACCOUNT OF CLIENTS OF KSBL

DIRECTED NOT TO ALLOW TRANSFER OF SECURITIES FROM DP ACCOUNT

DIRECTED DEPOSITORIES AND STOCK EXCHANGES TO INITIATE APPROPRIATE DISCIPLINARY PROCEEDINGS FOR MISUSE OF CLIENTS’ FUNDS AND SECURITIES

22-NOV-2019 		SEBI VIDE ITS ORDER DATED 29/11/2019 DISPOSED OFF THE REPRESENTATIONS DATED 24/11/2019, 25/11/2019 AND 26/11/2019 BY NOT ALLOWING KARVY TO USE POWER OF ATTORNEY

SAT: SAT VIDE ITS ORDER DATED 29/11/2019 DISPOSED OFF THE APPEAL AND DIRECTED WTM TO CONSIDER REQUEST OF THE APPELLANT AND PASS APPROPRIATE ORDER AFTER GIVING OPPORTUNITY OF HEARING BY 02/12/2019

SAT: SAT VIDE ITS ORDER DATED 03/12/2019 DISPOSED OFF THE APPEAL AND DIRECTED WTM OF SEBI TO HEAR THE APPELLANT ON THE BASIS OF THEIR REPRESENTATION DATED 23/11/2019 AND/OR ANY OTHER ADDITIONAL REPRESENTATION. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 04/12/2019 DISPOSED OFF THE APPEAL WITHOUT CHANGING THE DIRECTIONS AS PER EX-PARTE AD INTERIM ORDER DATED 06/12/2019. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 17/12/2019 DISPOSED OFF THE APPEAL AND DIRECTED APPELLANT TO FILE APPROPRIATE REPRESENTATION BEFORE SEBI. INTERIM STATUS QUO SHALL BE MAINTAINED IN RESPECT OF SECURITIES IN ACCOUNT NO.19502787 NAMED “KARVY STOCK BROKING LTD.-CLIENT ACCOUNT-NSE CM”. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 20/12/2019 DISPOSED OFF MISC. APPLICATION AND ORDER DATED 17/12/2019 MODIFIED TO THE EXTENT THAT SEBI WILL PASS APPROPRIATE ORDER ON REPRESENTATION OF THE APPELLANT ON OR BEFORE 15/01/2020

SEBI VIDE ITS ORDER DATED 14/01/2020 DIRECTED TO ISSUE FIVE DAYS NOTICE TO THE CLIENTS OR THE REPRESENTOR TO REDEEM THE PLEDGED SHARES BY MAKING PAYMENT OF THE CORRESPONDING OUTSTANDING INDEBTEDNESS, FAILING WHICH REPRESENTOR BE PERMITTED TO INVOKE THE PLEDGE ON SHARES

SAT: APPEAL DISMISSED

SEBI VIDE ITS ORDER DATED 24/11/2020 A) CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS EX-PARTE AD INTERIM ORDER DATED 22/11/2019 B) FURTHER DIRECTED KARVY NOT TO ALIENATE ANY OF ITS ASSETS, EXCEPT WITH PRIOR PERMISSION OF NSE TILL SETTLEMENT OF CLAIMS OF INVESTORS OR UNDER DIRECTION OR ORDER BY ANY COURT OR TRIBUNAL

SAT: SAT VIDE ITS ORDER DATED 09/12/2020 ALLOWED THREE WEEKS TIME TO RESPONDENT TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 23/04/2021 DISMISSED THE APPEAL

SAT: SAT VIDE ITS ORDER DATED 08/06/2021 DIRECTED THE APPEAL TO COME UP ON 02/08/2021 FOR FINAL DISPOSAL

SAT: SAT VIDE ITS ORDER DATED 05/10/2021 ALLOWED APPELLANT THREE WEEKS TIME TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 18/10/2021 HDFC BANK TO FILE REPLY WITHIN TWO WEEKS FROM DATE OF THIS ORDER AND REJOINDER, IF ANY, MAY BE FILE WITHIN A WEEK THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 24/03/2022 DISMISSED THE APPEAL FOR WANT OF PROSECUTION

SAT: SAT VIDE ITS ORDER DATED 20/12/2023 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDERS DATED 03/12/2019 AND 14/01/2020. PERMITTED APPELLANT BANK AXIS BANK LTD. TO INVOKE THE SHARES PLEDGED IN ITS FAVOUR IN DEMAT ACCOUNT NO.19502787 IN ACCORDANCE WITH DEPOSITORIES ACT READ WITH DP REGULATIONS. DIRECTED SEBI, NSE AND NSDL TO RESTORE THE PLEDGE WHICH WAS MADE IN FAVOUR OF THE APPELLANTS WITHIN FOUR WEEKS FROM DATE OF THIS ORDER. IN THE ALTERNATIVE SEBI, NSE AND NSDL DIRECTED TO COMPENSATE THE APPELLANTS WITH THE VALUE OF UNDERLINED SECURITIES PLEDGED IN THEIR FAVOUR ALONG WITH INTEREST @10% P.A. WITHIN SAME PERIOD. PARTIES TO BEAR THEIR OWN COSTS

SAT: SAT VIDE ITS ORDER DATED 12/01/2024 CLARIFIED THAT FOUR WEEKS FROM DATE OF THIS ORDER WERE AVAILABLE BOTH TO APPELLANT AXIS BANK AND TO SEBI, NSE AND NSDL TO IMPLEMENT THE DIRECTIONS GIVEN BY THIS TRIBUNAL IN ITS ORDER DATED 20/12/2023
3 
History of entity/person RELIGARE SECURITIES LTD.   (Depository Participant : NSDL)
  DEFICIENCIES IN MEMBER-CLIENT AGREEMENTS

DEFAULTED IN MAINTENANCE OF BOOKS OF ACCOUNTS

DID NOT MAINTAIN RECORDS OF INVESTORS’ COMPLAINTS

DID NOT CONDUCT INTERNAL AUDIT OF BRANCH OPERATIONS AS PER SEBI CIRCULAR NO MIRSD/DPS-III/CIR-9/07 DATED 03/07/2007

CONDUCTED DEPOSITORY OPERATIONS WITHOUT NCFM QUALIFIED PERSONNEL AT BRANCHES

DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE IN COLLECTION OF INTRODUCERS DETAILS

DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE IN HANDLING AND PROCESSING MODIFICATION REQUESTS

DID NOT EXERCISE DUE DILIGENCE AND CARE IN PROCESSING VARIOUS FORMS AND REQUESTS SUBMITTED AT BRANCH LEVEL  		IMPOSED PENALTY RS.2,00,000

10-NOV-2010 		SAT: IMPUGNED ORDER SET ASIDE AND APPEAL ALLOWED
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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