sebi:CGM/AA/QJC-1/IMD/IMD-II_DOF7/21673/2022-23

SEBI · SEBI · 2011-12-15 · Dr. Anitha Anoop, Chief General Manager

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Multiple violations established against the Noticee; specific penalty not stated in the provided excerpt

Provisions invoked

s. 19
s. 12
s. 10
s. 12(3)

Regulations relied on

SEBI (Intermediaries) Regulations, 2008 — 27
SEBI (Portfolio Managers) Regulations, 1993 — 1
SEBI (Portfolio Managers) Regulations, 1993 — 13
SEBI (Portfolio Managers) Regulations, 1993 — 14(2)(a)
SEBI (Portfolio Managers) Regulations, 1993 — 15(2)
SEBI (Portfolio Managers) Regulations, 1993 — 16(5)
SEBI (Portfolio Managers) Regulations, 1993 — 22
SEBI (Portfolio Managers) Regulations, 1993 — 23A(1)
SEBI (Portfolio Managers) Regulations, 1993 — 3
SEBI (Portfolio Managers) Regulations, 1993 — 4
SEBI (Portfolio Managers) Regulations, 1993 — 6(2)(c)
SEBI (Portfolio Managers) Regulations, 1993 — 8
SEBI (Portfolio Managers) Regulations, 1993 — 9

Parties

Karvy Stock Broking Ltd. (PMS-Karvy)

Holding

Multiple violations of the SEBI (Portfolio Managers) Regulations, 1993 were established against PMS-Karvy, including failure to appoint a qualified Principal Officer, misleading provisions in the Disclosure Document, a clause permitting outsourcing of core activities, non-uniform termination provisions, open positions in day's allocations, failure to rectify audit deficiencies, and failure to appoint a qualified Compliance Officer.

Full text

Order in the matter of Karvy Stock Broking Ltd. ___________________________________________________________________ Page 2 of 46

Order in the matter of Karvy Stock Broking Ltd. ___________________________________________________________________ Page 3 of 46

Order in the matter of Karvy Stock Broking Ltd. ___________________________________________________________________ Page 4 of 46

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Source: SecMarx — sebi:CGM/AA/QJC-1/IMD/IMD-II_DOF7/21673/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.