NSE declares Karvy Stock Broking as defaulter, expels from membership

The compliance department of NSE (National Stock Exchange of India) declared Karvy Stock Broking Ltd as defaulter and expelled from the membership of the Exchange under Rules 1 and 2 of chapter IV of the NSEIL Rules, as per a statement from NSE. The reference number issued by the compliance department for the order is: NSE/COMP/46425 and the Circular Reference Number is:  77/2020.

Karvy Stock Broking has been declared as a defaulter under provision 1 (a) of chapter XII of Exchange Bye Laws with effect from November 2020 after close of market hours.

As per the Exchange records, the Authorized Persons (mentioned in Annexure I) affiliated with the aforesaid trading member (Karvy Stock Broking) are henceforth not authorized to deal in that capacity.

National Stock Exchange of India has informed that all the trading members of the Exchange are requested to comply with the relevant applicable provisions of Chapter XII of the NSEIL Byelaws and Chapter IV of the NSEIL Rules in respect of their transactions with the above mentioned trading members. 

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Members and investors are required to take note of the same.