Sebi refuses to provide any relief to lenders of Carvy Stock Broking

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Mumbai, Ta. December 14, 2019, Saturday

The capital markets regulator Securities and Exchange Board of India (SEBI) has refused to provide any relief to Bajaj Finance Ltd, ICICI Bank, HDFC Bank and IndusInd Bank, the four lenders of Karvi Stock Broking Limited. The lenders lost control of these mortgage stocks by transferring mortgage shares to clients' accounts through National Securities Depository Limited (NSDL).

Shortly after the transfer, the lenders filed an appeal in the Securities Appellate Tribunal (SET) seeking to reverse the transfer of these related shares on December 1. Showing reversal through set untenable The matter was handed over to Sebi to consider the lenders' request. The SEBI said in a Friday order that Sebi found that all mortgage stocks came from client accounts and that lenders did not perform proper due diligence-scrutiny.

When loans were issued against stocks, the banks did not realize that most of the mortgage stocks did not come from a proprietary account, but from a non-house account. In which Sebi has been found to be negligent of the lenders, the shares held by Carvi were loaned out to them as belonging to the broking house.

Four lenders, Bajaj Finance, gave loans of Rs 1 crore, ICICI Bank Rs 1 crore, HDFC Bank Rs 5 crore and IndusInd Bank loan of Rs 5 crore against mortgage shares worth Rs 5 crore. These mortgage stocks rose to Rs 1 crore on November 3. It is worth mentioning that on November 1, the SEBI banned Carvin from acquiring new customers and forbade him to be active in trading on behalf of customers. Carvy abused clients' securities by lending them to various lenders without any authority.

These securities were created by Carvi to raise funds from banks and some securities were sold, and the money was transferred to real estate firm Carvi Realty Limited. Karvi Stock Broking has raised funds for the personal use of own-group companies by securing illegal mortgages of more than Rs 5 crore to more than 5 clients, the NSE's Interim Report said.


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