Karvy Stock Broking

Sat, 16 May 2026 00:00:00 +0000

Karvy Stock Broking Limited was an Indian stockbroker, member of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), and depository participant with both NSDL and CDSL , affiliated with the Karvy group based in Hyderabad. Karvy Stock Broking was the subject of one of the most consequential SEBI enforcement actions in modern Indian capital-markets history: on 22 November 2019, SEBI issued an ex-parte order under Section 11B of the SEBI Act, 1992 barring Karvy Stock Broking from taking new clients and freezing the broker’s operational ability to deal in client securities, following the discovery that the broker had pledged approximately Rs 2,000 crore of client securities without authorisation to raise loans for its own operational needs. The case precipitated a comprehensive regulatory reset of the relationship between stockbroker, depository participant, and registrar functions in India, with consequential reforms in 2020 to 2021 that fundamentally altered the structural framework under which retail securities are held.

Zerodha penalties and SEBI orders (historical)

Mon, 11 May 2026 00:00:00 +0000

This article provides an overview of the historical record of regulatory proceedings, exchange-level penalties, and SEBI orders involving Zerodha Broking Limited, drawing from publicly available SEBI orders, exchange notices, and SEBI annual reports. Where specific orders are discussed, the factual content is drawn from the order text as publicly available on the SEBI website. Where the specific details of an order cannot be verified from primary sources, this article characterises the matter in terms of the general categories of violations that have been the subject of regulatory proceedings against brokers in India, and notes the uncertainty accordingly.

SEBI Enforcement on WebNotes

Karvy Stock Broking

Zerodha penalties and SEBI orders (historical)