Karvy Private Wealth Management

Market regulator Sebi on Wednesday suspended the registration certificate of Karvy Stock Broking Ltd (PMS Karvy) as a portfolio manager for one month for flouting regulatory norms. In its order, the markets regulator said that Karvy Stock Broking Ltd or PMS Karvy failed to provide certain details in disclosure document, including details of penalties, pending litigation or proceedings and finding of investigation. In addition, the company mentioned contrary provision in its disclosure document and did not maintain uniformity in the condition of notice period mentioned in the model portfolio agreement regarding termination of agreement with clients. Also, it failed to appoint appropriately qualified or experienced principal officer as well as compliance officer and failed to rectify the discrepancies in the auditor's report. Through such acts, PMS Karvy has violated the provisions of portfolio managers rules. Accordingly, Sebi has directed "the suspension of certificate of ...

The ED case, filed under criminal provisions of PMLA, is based on multiple Telangana Police FIRs filed by HDFC Bank, few other banks and investors alleging clients' securities were illegally diverted

Group is restructuring its overall business into two verticals - financial services and non-financial services - in a move aimed at improving governance and functioning

In ICICI Bank's DRT plea, Karvy group's chairman and managing director C Parthasarthy, was also listed as one of the respondents

Karvy said in a statement over the weekend that there was no "mis-utilisation" of client securities

Overall individual wealth is currently estimated to be Rs 430 trillion

The wealthy, Bhave says, have evolved a lot in the past two - three years, especially in terms of making learned decisions and considering the costs involved in the investments