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Karvy Group's mistakes likely to cost firm stock broking business

KSBL is among the country's top 10 brokerage companies, with 244,000 customers in the country

B Dasarath Reddy  |  Hyderabad 

When the issue of delay in client payouts started figuring in social media posts a couple of weeks earlier, C Parthasarathy, chairman and managing director of Karvy Group, told his stockbroker group in Hyderabad that everything was alright with his business. He continued to be in denial of any issues or actions of a non-compliant nature involving Karvy Stock Broking (KSBL) even after the Stock Exchange Board of India’s (Sebi)’s Friday order.

That was based on preliminary findings that KSBL seemed to have used client money and shares for own trades and pledges. The full ...

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First Published: Mon, November 25 2019. 01:21 IST
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