Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.
Earlier, Karvy had unauthorisedly transferred securities of clients into its demat accounts by misusing the PoAs (Power of Attorney) given by its clients.
In November 2019, the market regulator Securities and Exchange Board of India (Sebi) had barred Karvy from taking new brokerage clients after it was found that the brokerage firm had allegedly misused clients' securities to the tune of more than Rs 2,000 crore. The firm misused client collateral for its own trades.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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