No interim relief for Karvy as Sebi refuses permission to enrol new clients

The markets regulator has refused any modifications to its order dated November 22 against Karvy Stock Broking (Karvy), banning the firm from enrolling new clients for alleged misuse of client funds.

The Securities and Exchange Board of India (Sebi) order also highlighted the alleged misuse of power of attorney (PoA) by Karvy.

The brokerage had moved the Securities Appellate Tribunal (SAT) seeking some relief on the use of PoA on the grounds that it was causing losses to its existing clients. The tribunal had directed a Sebi whole-time member (WTM) to provide a hearing to Karvy and consider its plea