Sebi bans KSBL, promoter from securities mkt for 7 yrs; fines Rs 21 cr
Admin
May 8, 2023 11:23
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Sebi on Friday barred Karvy Stock Broking Ltd (KSBL) and its promoter Comandur Parthasarathy from the securities market for seven years and imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to it.
Further, the funds raised by pledging clients' securities were siphoned off by KSBL to its group firms -- Karvy Realty (India) Ltd and Karvy Capital Ltd, the Securities and Exchange Board of India (Sebi) said in its final order.
