Business as usual: Karvy tells clients it can keep trading despite Sebi ban

Karvy Private Wealth, a unit of the brokerage, issued a note after Sebi's ban to tell its clients that it will continue to provide trading services

Karvy Stock Broking Limited (KSBL), which has been barred from taking on new clients and executing trades for allegedly misusing client securities, is using physical delivery instruction slips to continue “full support and services as usual” to its clients, according to a note from division of the brokerage.

The Securities and Exchange Board of India (Sebi) on November 22 barred the broker from using clients’ power of attorney after it found clients' shares being diverted to raise funds. It ordered the National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) to not let KSBL use their clients power