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Sebi wants to protect investors, and also make financial markets more robust with the use of technology. This includes extending trading hours for derivative markets, putting in ASBA-like facilities for secondary markets, and reducing the settlement process from T+1 to one hour. While the broking community has welcomed the move, implementation is easier said than done.
A penalty of Rs 1 crore has been levied on Krishna Hari G, whereas Raju has been ordered to pay Rs 40 lakhs and Gurazada and Mahesh have been ordered to pay Rs 30 lakhs and Rs 20 lakhs respectively
SEBI chief Madhabi Puri Buch had earlier emphatically proclaimed that a Karvy-like incident would only happen over the regulator's dead body.
The markets regulator imposed a fine of Rs 3 crore on BSE and Rs 2 crore on NSE on Tuesday night.
The Sebi on Tuesday night imposed a penalty of ₹3 crore on BSE and ₹2 crore on NSE for supposed lax approach in detecting the misuse of client securities by Karvy Stock Broking