The Securities and Exchange Board of India (SEBI) would take further steps to avoid issues like the recent development involving Karvy Stock Broking, said a top securities market regulator official, here on Monday."We have taken some steps and will take more steps," said SEBI Chairman Ajay Tyagi.

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The regulator had taken prompt action regarding regulatory issues arising from companies and broking firms, he said on the sidelines of an event. The regulator would take steps to avoid a situation like the recent developments when Karvy Stock Broking pledged Rs 2,300 crore securities of over 95,000 clients with HDFC Bank, ICICI Bank, Bahah Finance and IndusInd Bank as collateral to raise money.

On the significance of the Insolvency and Bankruptcy Code (IBC), he said it would have a positive impact on the market in five years. Though recent developments regarding defaults and corporate misgovernance had impacted the investor sentiment, "it doesn`t mean everything is bad or wrong," Tyagi said.