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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – CONSENT ORDERS/ PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS
PERIOD COVERED : 30-OCT-2007 TO 13-JUL-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

PORTFOLIO MANAGERS: MISUSED/DEFAULTED IN MAINTAINING CLIENT ACCOUNTS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person KARVY STOCK BROKING LTD.

(PAN:AABCK5190K)  
  ALLEGED INDULGENCE IN MANAGEMENT OF FUNDS IN MANNER WHICH PARTAKES CHARACTER OF MUTUAL FUND

ALLEGED NOT TAKEN INTO ACCOUNT CLIENT NEEDS WHILE MANAGING CLIENT PORTFOLIO

ALLEGED USED TERM ‘SCHEME’ IN VARIOUS PLACES, INCLUDING IN AGREEMENT AND DISCLOSURE DOCUMENT

ALLEGED KYC OF CERTAIN CLIENTS FOUND TO BE INCOMPLETE

ALLEGED DID NOT PROVIDE ACTUAL AMOUNT OF FEES PAYABLE BY CLIENT AND FROZEN CLIENT’S ACCOUNTS AND NOT MANAGED FUNDS OF CLIENT

ALLEGED NOT ACT IN FIDUCIARY CAPACITY WITH REGARD TO CLIENT'S FUNDS, NOT OBSERVED HIGH STANDARDS OF INTEGRITY AND FAIRNESS IN CONDUCT OF BUSINESS AND NOT RENDERED HIGH STANDARDS OF SERVICE

ALLEGED NOT UPLOADED EXISTING KYC WITH KRA

ALLEGED IMPOSED A LOCK-IN ON CLIENT'S FUNDS AND DID ALLOW CLIENTS TO WITHDRAW THEIR ASSETS BY VOLUNTARILY TERMINATING THE AGREEMENT

ALLEGED NOT DISCLOSE VARIOUS ACTIONS INITIATED/TAKEN BY SEBI AGAINST KSBL AND ITS ASSOCIATES IN DISCLOSURE DOCUMENT AND DISCLOSED THOSE PRODUCTS WHICH WEE NOT BEING OFFERED TO CLIENT

ALLEGED MISLED CLIENTS ON PERFORMANCE OF PORTFOLIOS BY MAKING EXAGGERATED STATEMENTS

ALLEGED VIOLATION OF VARIOUS SEBI CIRCULARS/ORDERS  		REACHED SETTLEMENT (SETTLEMENT CHARGES RS.6,80,000 VIDE CONSENT ORDER)

11-SEP-2017
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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