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Proceeding against NSE in Karvy case initiated by SEBI
By IANS |
Published on
Thu, Mar 11 2021 12:42 IST |
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National Stock Exchange. (File Photo: IANS). Image Source: IANS News
New Delhi, March 11 : The Securities and Exchange Board of India (SEBI) has initiated proceedings against the National Stock Exchange (NSE) in the fraud case wherein Karvy Stock Broking Pvt Ltd (KSBL), transferred securities worth around Rs 2,300 crore of more than 95,000 clients into its account and pledged them with the banks and NBFCs.
In a reply to the Lok Sabha, the Minister of State for Finance and Corporate Affairs, Anurag Thakur said: SEBI has initiated proceedings against NSE in the matter of KSBL for violating provisions of SEBI Circulars pertaining to monitoring of brokers and oversight of members.
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Market regulator Securities and Exchange Board of India (SEBI) has initiated proceedings against National Stock Exchange (NSE) in the Karvy Stock Broking Ltd (Karvy or KSBL) default matter, the Lok Sabha was informed.
Replying to a question, Anurag Thakur, minister of state for finance, says, SEBI has initiated proceedings against NSE in the matter of KSBL for violating provisions of SEBI circulars pertaining to monitoring of brokers and oversight of members.
Further, SEBI has already initiated the action against the directors and key management personnel (KMP) of KSBL as per the provisions of SEBI Act, 1992, Securities Contract Regulation Act, 1956, SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 and SEBI (Stock Brokers) Regulation, 1992, the minister says.