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The National Stock Exchange (NSE) has finally moved to cancel the licence of Karvy Stock Broking (KSBL).
The brokerage house was restricted by SEBI from doing client business as cases of client default came to light. KSBL is one of the largest case of broker defaults so far. The NSE said it took the step against Karvy due to non-compliance of the regulatory provisions of the Exchange. In a circular, the exchange informed that the brokerage firm has been suspended from capital market, Futures & Options (F&O), Currency derivatives, Debt, Mutual Fund Service System (MFSS) and commodity derivatives segments.
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