Karvy Stock Broking Ltd suspended for 3 months, barred from opening Demat account

Shri G.Anantharaman, Whole Time Member, SEBI has passed final order on June 22, 2007 against M/s. Karvy Stock Broking Ltd. (KSBL) as a Depository Participant, M/s. Karvy Stock Broking Ltd. (KSBL) as a Stock Broker and M/s. Karvy Computershare Pvt. Ltd (KCPL), Registrar to the Issue, in the matter of IPO Investigations.

M/s. Karvy Stock Broking Ltd, registered as Depository Participant is prohibited from opening fresh demat accounts till December 31, 2007. The direction against the DP shall come into force immediately.

M/s. Karvy Stock Broking Ltd, registered as stock broker is suspended for a period of three months. The order against the stock broker shall come into force immediately on the expiry of 21 days from the date of this order.

No further directions are issued against M/s. Karvy Computershare Pvt. Ltd. (KCPL), registered as Registrar to the Issue, in view of the suspension already undergone.

Source : Equity Bulls

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