Channel: A Digital Blogger

Category: News & Politics

Tags: nsehow sebi workskarvy scambse karvykarvy scam explainedsebibse nse scamnse karvysebi penalty on nsesebi karvybsekarvy stock brokingkarvy broker scamstock market newssebi scam

Description: Karvy Stockbroking is again in news, but this time not for its own crimes, but because of exchanges failure, i.e., NSE and BSE's failure to handle the Karvy Scam case. And for this SEBI has imposed a big punishment on both NSE and BSE. SEBI on Tuesday slapped a fine of ₹3 crores on BSE and ₹2 crores on NSE for gross lax approach in detecting the misuse of client securities by Karvy Stock Broking. SEBI in two different orders found that exchanges could have detected this misuse of clients' data by Karvy, however, failed miserably. The Karvy Scam took place when it was found that Karvy was transferring securities worth Rs. 2300 crores of more than 95,000 clients into just one Demat account, named Karvy Stock Broking Ltd (BSE). These securities were unauthorisedly pledged by the brokerage firm for itself and its group entities to raise Rs.851.43 crores. That is why SEBI has punished BSE and NSE for their laid-back approach in the detection of this scam. Well, this order comes in wake of SEBI's new wave of house cleaning attitude since Madhabi Puri Buch has taken over. Believe it or not, this much-needed drill by SEBI is really making life at NSE and BSE difficult especially for the administration. But kudos to Madhabi and her team at SEBI for being steadfast in coming up with these measures, desperate times, really. ✅Follow us on Social Media Handles: Instagram - bit.ly/adb_insta Twitter- bit.ly/adb_twt Facebook- bit.ly/adb_fb LinkedIn- bit.ly/adb_linkdin 🎧 Listen to Our Podcast on Spotify: spoti.fi/3JnpmSQ 🎥Subscribe to our Stock Market Learning Channel: bit.ly/sp_ytube 🎥Subscribe to our Vlog Channel ADB Vlog - bit.ly/adb_vlog ✅Visit Our Website adigitalblogger.com ✅Visit our Hindi Website hindi.adigitalblogger.com #SEBI #KarvyScam #ADigitalBlogger