Sebi orders attachment of bank, demat accounts of Karvy Stock Broking, its CMD
Markets regulator Sebi on Thursday ordered the attachment of bank accounts as well as shares and mutual fund holdings of Karvy Stock Broking and its CMD C Parthasarathy to recover dues of around Rs 25 crore. Before this, the regulator on August 7 sent a notice to Karvy and Parthasarathy asking them to pay dues within 15 days in a case pertaining to misappropriation of clients' funds by misusing the Power of Attorney (PoA).
The notice came after the entities failed to pay the fine imposed on them by Sebi.
The Securities and Exchange Board of India (Sebi) in April 2023 barred KSBL and Parthasarathy from the securities market for seven years and also imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to the broking firm.
Individually, the regulator levied a fine of Rs 13 crore on Karvy Stock Broking Ltd (KSBL) and Rs 8 crore on Parthasarathy, promoter-cum-managing director.
In four separate attachment notices issued on Thursday, the markets watchdog has ordered the attachment of bank, demat accounts, and mutual fund folios of the two entities to recover the pending dues.
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