Mumbai : Sebi has found that Karvy Stock Broking indulged in irregularities with respect to initial public offerings of various companies, including Suzlon and IDFC, way back in 2005.
Citing that the depository participant “has already undergone such prohibition for 18 months and 26 days”, Sebi has decided not to impose any further penalty. The Securities and Exchange Board of India (Sebi), in its order today, said the, “acts and conduct of Karvy Stock Broking are unfair and fraudulent” within the scope of regulations. Sebi said the entity is liable to be prohibited from taking up any new assignment for a period of 18 months for its involvement in IPO irregularities. However, the regulator said that Karvy has already undergone such prohibition for 18 months and 26 days. “In view of the same, there need not be any further penalty,” the order said.