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SOURCE OF INFORMATION

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 : 03-JUL-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.

STOCK BROKERS: DIRECTED NOT TO ALLOW TRANSFER OF SECURITIES FROM DP ACCOUNT

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person KARVY STOCK BROKING LTD.

(PAN:AABCK5190K)

(Member : NSE/BSE,Depository Participants : CDSL/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   		PROHIBITED FROM TAKING ANY NEW ASSIGNMENT AS A STOCK BROKER FROM 22-NOV-2019

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  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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