At a press conference on 29th March, Madhavi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), made a bold pledge that has gone viral. She declared, “There will not be another Karvy issue in our capital markets. If another Karvy-like instance happens, it will be on our dead bodies.
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration certificate of Anugrah Stock and Broking Pvt Ltd (Anugrah/ ASBPL) for indulging in unregistered portfolio management services (PMS) activities
In addition, Sebi has levied a penalty totaling ₹8 crore on Anugrah Stock, its directors and the associate entity and the fine needs to be paid within 45 days.