BMA Wealth investors stage protests, demand Karvy-like refund action

Investors said while Sebi acted swiftly in the case of Karvy, it has done nothing to address their problem

With market regulator Securities and Exchange Board of India (Sebi) trying hard to resolve the Karvy fiasco, yet another hot potato has landed squarely in its lap.

Clients of BMA Wealth on Monday staged protest outside Sebi headquarters at Bandra Kurla Complex (BKC) in Mumbai, demanding their securities and funds be restored. Interestingly, Sebi had issued an order against BMA Wealth in October, a month before Karvy in a similar case of fraudulently transferring and pledging of client securities.

BMA’s clients allege that depository firm CDSL and stock exchanges did not act on their complaints, prompting them to protest before