Explained: What is the Karvy Stock Broking case & what should investors do?

Karvy Stock Broking, one of the largest retail brokerage houses in India, got mired in controversy last year after several investors complained about the delay in receiving their transaction payout funds. The Securities and Exchange Board of India, after taking cognizance of the case and undertaking due-diligence, banned the brokerage firm from taking fresh business on November 22, 2019 for misappropriating clients' funds.

Cut to an year later, the NSE and BSE on November 24, 2020 declared the brokerage firm as 'defaulter' and expelled it from their membership.

In this edition of the Business Standard Podcast Nikita Vashisht talks to B Gopkumar, MD and CEO of Axis Securities to what is the way forward for the firm's clients