SEBI Bars Karvy Stock Exchange - MMJC

The Securities and Exchange Board of India (Sebi) has barred Karvy Stock Broking (KSBL) and its chairman from accessing the securities market for seven years in a final order issued by SEBI.

Alongwith Chairman – Independent directors – have been similarly restrained for two years and have been asked to pay a penalty of Rs 5 lakh each.

Company and its chairman has been slapped with a penalty of Rs 13 crore and Rs 8 crore, respectively.

Our Partner – Makarand Joshi has highlighted that – This is one of the rare occasions where two independent directors have been debarred from the market and prohibited from continuing directorship in other companies for not supporting another independent director who suspected some fraudulent transactions.

https://www.financialexpress.com/market/sebi-bars-karvy-stock-broking-its-chairman-for-7-years/3067959/