NEW DELHI: Markets regulator Sebi on Thursday ordered the attachment of financial institution accounts in addition to shares and mutual fund holdings of Karvy Inventory Broking and its CMD C Parthasarathy to get well dues of round Rs 25 crore.
The regulator on Aug 7 despatched a discover to Karvy and Parthasarathy asking them to pay dues inside 15 days in a case pertaining to misappropriation of purchasers’ funds by misusing the energy of legal professional (PoA).The discover got here after the entities didn’t pay the wonderful imposed on them by Sebi.
Sebi in April 2023 barred KSBL and Parthasarathy from the securities market for seven years and in addition imposed a penalty of Rs 21 crore on them for misappropriating purchasers’ funds by misusing the PoA given to the broking agency. Individually, the regulator levied a wonderful of Rs 13 crore on Karvy Inventory Broking (KSBL) and Rs 8 crore on Parthasarathy, promoter-cum-managing director.
In 4 separate attachment notices issued on Thursday, the markets watchdog has ordered the attachment of financial institution, demat accounts, and mutual fund folios of the 2 entities to get well the pending dues.
The regulator on Aug 7 despatched a discover to Karvy and Parthasarathy asking them to pay dues inside 15 days in a case pertaining to misappropriation of purchasers’ funds by misusing the energy of legal professional (PoA).The discover got here after the entities didn’t pay the wonderful imposed on them by Sebi.
Sebi in April 2023 barred KSBL and Parthasarathy from the securities market for seven years and in addition imposed a penalty of Rs 21 crore on them for misappropriating purchasers’ funds by misusing the PoA given to the broking agency. Individually, the regulator levied a wonderful of Rs 13 crore on Karvy Inventory Broking (KSBL) and Rs 8 crore on Parthasarathy, promoter-cum-managing director.
In 4 separate attachment notices issued on Thursday, the markets watchdog has ordered the attachment of financial institution, demat accounts, and mutual fund folios of the 2 entities to get well the pending dues.
