Karvy investor faces Sebi ban

economictimes.indiatimes.com:

Sebi) has cancelled the registration of Karvy Investor Services, as the merchant banker was found non- complaint with its rules.

The regulator had conducted an inspection of Karvy Investor Services last year, during its onsite visit it found that it was not functioning both at the registered as well as in the correspondence address.

Consequently, Sebi had passed an ex- parte interim order against the company restraining it from taking any new clients or assignments until further order for violating its merchant bankers regulations.

Sebi alleged Karvy Investor Services did not have the necessary infrastructure like adequate office space, equipment’s, and manpower to effectively discharge the duties of merchant banker and also did not have two persons who have experience to conduct the business of merchant banker.

Besides, it had not paid the renewal fee for the block December 13, 2022 to December 12, 2025.