SEBI Cancels Registration Certificate of Karvy Stock Broking

• The market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration of Karvy Stock Broking (KSBL) through an order issued on May 31, 2023.
• SEBI has banned the company and its promoters from the market for seven years through its order issued on April 28, 2023.
• This move has been taken following various violations by the stock broking company, including misappropriation of clients’ securities and diverting the proceeds from pledging them to the stock broker’s associate companies.