The regulator had conducted an inspection of Karvy Investor Services last year, during its onsite visit it found that it was not functioning both at the registered as well as in the correspondence address.
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration of Karvy Investor Services Ltd for failing to meet fit and proper criteria as a merchant banker.
During an on-site inspection at Karvy Investors registered office in March last year, the regulator found inadequate infrastructure concerning office space, equipment, and manpower to effectively discharge the activities.
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A Sebi probe found that the Karvy Investor Services, among other things, did not have adequate office space, and was also non-compliant with the minimum staff strength as laid down by the SEBI (Merchant Bankers) Regulations, 1992