ksbl

Central Crime Station (CCS) police have registered a case against Karvy Stock Broking Limited (ksbl), its promoter C Parthasarathy and others based on the complaint of Axis Bank for not repaying 159 crore borrowed from the bank in 2009.

Close on the heels of Karvy Stock Broking Ltd (ksbl) chairman and managing director C Parthasarathy’s arrest, Hyderabad police on Thursday took ksbl chief executive officer (CEO) Rajiv Ranjan Singh and chief financial officer (CFO) G Krishna Hari into custody.

A day after the chief executive officer and chief financial officer of Karvy Stock Broking Limited (ksbl) were arrested by Central Crime Station (CCS) sleuths of Hyderabad police, ksbl’s company secretary Y Sailaja was apprehended on Friday.

Markets watchdog Sebi on Tuesday confirmed the ban on Karvy Stock Broking Ltd (ksbl) from taking new clients and directed stock exchanges as well as depositories to take appropriate action against the entity and its directors.

The Central Crime Station (CCS) sleuths have filed a second chargesheet against Karvy Stock Broking Limited (ksbl) and its chairman and managing director C Parthasarathy for allegedly pledging shares of its clients without their consent in a local court at Nampally.

Capital markets regulator Sebi has penalised stock exchanges -- BSE and NSE -- for "laxity" on their part in detecting misuse of clients' securities worth Rs 2,300 crore by Karvy Stock Broking Ltd (ksbl).

: Nearly three-and-half years after the Karvy Stock Broking Ltd (ksbl) scam came to light, markets regulator Sebi has, in its final order, banned the stock broking firm as well as its promoter, Commandur Parthasarathy, from the stock markets for seven years and slapped a 21 crore penalty, including 13 crore on ksbl and 8 crore on Parthasarathy.

The Enforcement Directorate (ED) has provisionally attached properties and shareholdings worth 1,984 crore of Karvy Stock Broking Limited (ksbl), its chairman C Parthasarathy and other accused under the Prevention of Money Laundering Act (PMLA).

A day after Nampally Criminal Court granted custodial interrogation of Karvy Stock Broking Ltd (ksbl) chairman and MD C Parthasarathy, Hyderabad Central Crime Station (CCS) police on Wednesday took him into custody. Parthasarathy will be in police custody for two days.

Six financial firms, including three banks, which lent Rs 780 crore in loan to Karvy Stock Broking Ltd (ksbl), have engaged a firm to ascertain how the money was diverted, even as police said they will seek custodial interrogation of ksbl chairman and managing director C Parthasarathy.

Karvy Stock Broking Ltd (ksbl) raised loans by pledging shares of its clients and diverted around ₹1,100 crore to group companies like Karvy Realty, the Registrar of Companies (RoC), Hyderabad, has said its report to the Union ministry of corporate affairs (MCA) and other statutory authorities.

As many as six directors in nine alleged shell companies currently under the scanner of Hyderabad police in the ongoing Karvy Stock Broking Ltd's (ksbl) bank fraud case are ordinary employees of Karvy, top officials said.

After running afoul of market regulator Sebi for illegally pledging client securities with banks to raise funds, Hyderabad-based Karvy Stock Broking Ltd (ksbl) has now come under the scanner of the Union ministry of corporate affairs (MCA).

Less than two years after markets regulator Securities & Exchange Board of India (Sebi) banned Hyderabad-based broking firm Karvy Stock Broking Ltd (ksbl) for illegally pledging client securities to raise loans against shares, city police arrested ksbl chairman and managing director C Parthasarathy on Thursday based on a loan default complaint by IndusInd Bank.

Investigations into the Rs 780 crore bank loan default case of Karvy Stock Broking Ltd (ksbl) has revealed how 1,300 clients across the city had lodged complaints with National Stock Exchange (NSE) against ksbl between 2016 and 2021.

After nearly three-month investigation into the alleged financial irregularities by Karvy Stock Broking Ltd (ksbl), investigators have found that the company raised Rs 137 crore loan from Indus Bank by pledging shares of its clients and diverted the loan amount to 142 different firms, including 22 subsidiary companies. They also discovered that the stock broking firm allegedly misused money of its clients.

Cyberabad police have registered a case against Karvy Stock Broking Limited (ksbl) and its chairman C Parthasarathy for allegedly duping ICICI bank of Rs 563 crore. Parthasarathy is currently in judicial remand in a similar cheating case registered at Central Crime Station (CCS), Hyderabad.

November 22, 2019 – Markets regulator Sebi issues ex-parte order banning Karvy Stock Broking Ltd (ksbl) from broking activities