The registration of which brokerage firm was recently cancelled by SEBI for mis-utilising clients' funds and securities?
As per the information given below, the correct answer is option C. Capital markets regulator Sebi cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients' funds and securities. Cancelling the registration, Sebi said that Karvy was involved in transferring of funds from clients' accounts to own accounts. Such funds were, in turn transferred to the group companies of the brokerage house. Further, it raised funds by pledging clients' securities. Going by the order, the overall borrowing of Karvy, which was raising loans from financial institutions by pledging shares of its clients as collateral, was Rs 2,032.67 crore by September 2019 and the value of securities pledge by the stock broker was Rs 2,700 crore during the period. In addition, the brokerage firm did not settle clients' funds and securities, failed to furnish details of bank accounts and depository participant accounts and failed to cooperate with the forensic auditor in the proper assessment of the assets and liabilities of the member towards clients, Sebi said in its order.
The researcher, along with his colleagues, (1)/ have been invited to present (2)/ their findings at the (3)/ international conference. (4)
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