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The Securities and Exchange Board of India (Sebi) has penalised NSE Clearing Corporation Limited (NCL) and Indian Clearing Corporation Limited (ICCL) for violations of its early warning mechanism (EWM) norms in the matter of Karvy Stock Broking Limited (KSBL).
In an order issued on Wednesday, Sebi imposed a penalty of Rs 50 lakh on ICCL and Rs 25 lakh on NCL for not alerting the stock exchanges regarding diversion of client’s securities by KSBL.
The broking firm had misused securities from clients through unauthorised pledging which were used to raise funds from several banks.
In the show cause notice, it was alleged
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