{"id":99018,"date":"2023-04-03T17:32:00","date_gmt":"2023-04-03T12:02:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=99018"},"modified":"2023-04-03T17:29:22","modified_gmt":"2023-04-03T11:59:22","slug":"lsq-karvy","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/lsq-karvy\/","title":{"rendered":"Rs 414 cr paid to 34,497 Karvy clients from NSE&#8217;s investor protection fund"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4254015258\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The government on Monday said Rs 414.24 crore has been paid to a total of 34,497 clients of Karvy Stock Broking Ltd (KSBL) from the National Stock Exchange&#8217;s (NSE) investor protection fund till March 2023.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-135741038\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>In addition,&nbsp;NSE along with other market infrastructure institutions (MIIs) have also monetised the mutual fund distribution business of KSBL, and funds amounting to Rs 150 crore have been realized and the same is being utilized for distribution to clients of KSBL, Minister of State for Finance Pankaj Chaudhary said in a written reply to Lok Sabha.<\/p><p>The case pertains to Karvy unauthorisedly transferring securities of its clients in one of its demat accounts by misusing Power of Attorney (PoA) given to its clients.<\/p><p>NSE and BSE suspended trading terminals of KSBL from December 2, 2019 and declared it a defaulter on November 23, 2020&nbsp;&nbsp;for misusing clients&#8217; funds and securities.<\/p><div class=\"trade-content_5\" id=\"trade-3552557838\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Moreover, NSE has declared 32 stock brokers&nbsp;as defaulters in the past five years for failing to comply with the bourse&#8217;s guidelines.<\/p><p>The minister said capital markets regulator Sebi, along with exchanges, conducts regular inspection of brokers based on certain criteria and takes action as per its regulations and bye-laws of the exchanges.<\/p><p>Under NSE guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.<\/p><p>&#8220;The claims of investors in the matter are being dealt with and settled by NSE as per its bye-laws. As on March 20, 2023, an amount of Rs 414.24 crore has been paid to 34,497 clients from Investor Protection Fund (IPF) of NSE,&#8221;&nbsp; Chaudhary said.<\/p><p>Also, the&nbsp;minister said securities worth around Rs 2,000 crore and belonging to 82,559 clients were transferred to fully paid-up clients of KSBL citing Sebi orders passed in November&nbsp;2019 and November 2020.<\/p><p>Further, based on the findings of a forensic audit report and observations of NSE, Sebi initiated enforcement action against KSBL, its directors, CEO and against two group companies of KSBL under its relevant regulations.&nbsp; PTI SP SP ANU ANU<\/p><div class=\"trade-content-10\" id=\"trade-1424882340\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><div class=\"trade-after-content\" id=\"trade-1208217224\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The government on Monday said Rs 414.24 crore has been paid to a total of 34,497 clients of Karvy Stock Broking Ltd (KSBL) from the National Stock Exchange&#8217;s (NSE) investor protection fund till March 2023. In addition,&nbsp;NSE along with other market infrastructure institutions (MIIs) have also monetised the mutual fund distribution business of KSBL, and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":81072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-99018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rs 414 cr paid to 34,497 Karvy clients from NSE&#039;s investor protection fund - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The government on Monday said Rs 414.24 crore has been paid to a total of 34,497 clients of Karvy Stock Broking Ltd (KSBL) from the National Stock Exchange&#039;s (NSE) investor protection fund till March 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=99018\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rs 414 cr paid to 34,497 Karvy clients from NSE&#039;s investor protection fund\" \/>\n<meta property=\"og:description\" content=\"The government on Monday said Rs 414.24 crore has been paid to a total of 34,497 clients of Karvy Stock Broking Ltd (KSBL) from the National Stock Exchange&#039;s (NSE) investor protection fund till March 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/?p=99018\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T12:02:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/market-cover-image-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/market-cover-image-1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/?p=99018\",\"url\":\"https:\/\/tradebrains.in\/features\/?p=99018\",\"name\":\"Rs 414 cr paid to 34,497 Karvy clients from NSE's investor protection fund - 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