Karvy Stock Broking

Hyderabad-based Karvy Stock Broking is accused of raising loans from IndusInd Bank, HDFC Bank, ICICI Bank, and others pledging clients' securities and using the funds as working capital. It has defaulted on several such loans, the police have said.

Sebi barred Karvy on Friday after a preliminary investigation by the National Stock Exchange (NSE) showed the brokerage pledged and sold some of its client securities to raise funds for its own use, without client authorisation and in violation of new rules.

However, Sebi has allowed the entity to continue with primary market activities that have been undertaken before Monday's order.

In a major order with regard to the IPO scam of 2003-2005, market regulator Securities and Exchange Board of India (Sebi) has barred Karvy Stock Broking Ltd (KSBL) from taking up new assignments or launching new schemes for six months in respect of its role as a stock broker.

Sebi has found that Karvy Stock Broking Depository Participant indulged in irregularities with respect to initial public offerings of certain companies way back in 2005.

Shares in Maruti Suzuki India rose by more than 4 per cent today after the company reported over two fold jump in net profit for its third quarter ended December, 2012.

The lockout at the Manesar plant could cause a serious damage to Maruti Suzuki's financials if it continues without a resolution.

Cement producers ACC and Ambuja Cements reported a fall in quarterly profit, hit by retrospective depreciation charge.

India's telecom auction may be sending telecom stocks into a tailspin, but it’s the plethora of operators that is causing concern. London-based Vodafone has taken a massive impairment charge of more than 2 billion pounds for its Indian unit and that’s because of intensifying competition. Vodafone's Zoozoo campaign may have wo...

Hyderabad-based Karvy Stock Broking is accused of raising loans from IndusInd Bank, HDFC Bank, ICICI Bank, and others pledging clients' securities and using the funds as working capital. It has defaulted on several such loans, the police have said.

Sebi barred Karvy on Friday after a preliminary investigation by the National Stock Exchange (NSE) showed the brokerage pledged and sold some of its client securities to raise funds for its own use, without client authorisation and in violation of new rules.

However, Sebi has allowed the entity to continue with primary market activities that have been undertaken before Monday's order.

In a major order with regard to the IPO scam of 2003-2005, market regulator Securities and Exchange Board of India (Sebi) has barred Karvy Stock Broking Ltd (KSBL) from taking up new assignments or launching new schemes for six months in respect of its role as a stock broker.

Sebi has found that Karvy Stock Broking Depository Participant indulged in irregularities with respect to initial public offerings of certain companies way back in 2005.

Shares in Maruti Suzuki India rose by more than 4 per cent today after the company reported over two fold jump in net profit for its third quarter ended December, 2012.

The lockout at the Manesar plant could cause a serious damage to Maruti Suzuki's financials if it continues without a resolution.

Cement producers ACC and Ambuja Cements reported a fall in quarterly profit, hit by retrospective depreciation charge.

India's telecom auction may be sending telecom stocks into a tailspin, but it’s the plethora of operators that is causing concern. London-based Vodafone has taken a massive impairment charge of more than 2 billion pounds for its Indian unit and that’s because of intensifying competition. Vodafone's Zoozoo campaign may have wo...