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<ul><li><keyword id="6354646" type="General" weightage="20" keywordseo="nse" source="Orion">NSE</keyword> cautioned investors from investing in some guaranteed returns schemes offered by two individuals -- Shubhrakanti Nag and Suprakash Debnath.</li><li>They are operating proprietary bank accounts in the name of Profit Axis PMS Services, Stox Gurukul, Tradenext securities to collect funds from the public through assured/guaranteed return schemes.</li><li>After the <keyword id="8391725" type="General" weightage="20" keywordseo="karvy-scam" source="Orion">Karvy scam</keyword> in 2019, stock exchanges NSE and BSE have been proactive in identifying such scam entities.</li><li>This April, SEBI penalised BSE and NSE for ‘laxity’ in detecting the scam at <keyword id="66049" type="General" weightage="20" keywordseo="Karvy-Stock-Broking" source="Orion">Karvy Stock Broking</keyword>.</li></ul>NSE cautioned investors against investing in guaranteed returns schemes offered by two individuals -- Shubhrakanti Nag and Suprakash Debnath, in a statement on Wednesday. After the Karvy scam in 2019, stock exchanges NSE and BSE have been proactive in identifying scam entities. In the statement, NSE informed investors that these individuals are operating various proprietary bank accounts in the name of Profit Axis PMS Services, Stox Gurukul, Tradenext securities etc for collecting funds from the public through assured/guaranteed return schemes. “Investors are cautioned and advised not to subscribe to any scheme/ product offered by these or any entities/ individuals offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. Participation in such prohibited schemes is at investors’ own risk, cost and consequences as such schemes are neither approved nor endorsed by the exchange,” said the stock exchange. Moreover, these entities are not registered either as a member or as an authorised person of any registered member of the exchange. However, they are found to be associated with a registered trading member Tradenext Securities and its directors are Shubhrakanti Nag and Suchana Das Nag. For any kind of disputes relating to such prohibited schemes, mechanisms such as benefits of investor protection under exchange's jurisdiction, exchange dispute resolution mechanism and investor grievance redressal mechanism administered by exchange, would not be available to investors. This April, SEBI penalised both the exchanges with penalties worth ₹3 crore and ₹2 crore respectively, for laxity in detecting Karvy Stock Broking scam. In 2019, SEBI found out that the Hyderabad-based broking firm had misutilised client securities by availing large amounts of loans by pledging client securities worth around ₹2,300 crore that belonged to over 95,000 clients. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/whenever-small-caps-trade-at-a-discount-to-nifty-they-have-given-outsized-returns-incred-wealth/articleshow/95536784.cms">Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth</a>

Beware of these guaranteed returns schemes, NSE warns investors

Hyderabad police on Thursday arrested two senior executives of scam-hit <keyword id="12010907" type="General" weightage="20" keywordseo="karvy-stock-broking-pvt-ltd" source="Orion">Karvy Stock Broking Pvt Ltd</keyword> for allegedly involving in diverting funds raised from banks by pledging clients' securities as collaterals. According to a police press release, <keyword id="195695" type="General" weightage="20" keywordseo="rajiv-ranjan-singh" source="Orion">Rajiv Ranjan Singh</keyword>, Chief Executive Officer and G. Krishna Hari Chief Financial Officer of Karvy were arrested basing on a complaint by <keyword id="46717" type="General" weightage="20" keywordseo="indusind-bank" source="Orion">IndusInd bank</keyword>. The police had earlier arrested C Parthasarathy,Chairman of Karvy, on charges of defaulting a loan to the tune of Rs 137 crore to IndusInd Bank. In November 2019, <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> barred <keyword id="2901509" type="General" weightage="20" keywordseo="ksbl" source="Orion">KSBL</keyword> from taking new brokerage clients after it was found that the brokerage firm had allegedly misused clients' securities to the tune of over Rs 2,000 crore. In November 2020, Bombay Stock Exchange declared Karvy Stock Broking as a defaulter and removed the brokerage house from its membership after a similar action was initiated by the National Stock Exchange. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/six-month-old-investment-advisory-startup-dezerv-raises-7-million/articleshow/85865111.cms">Six-month-old investment advisory startup Dezerv raises $7 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms">PhonePe is citing data to argue that merchants should pay for UPI transactions</a>

IndusInd Bank complaint leads to the arrest of CEO and CFO of Karvy Broking

<keyword id="163439" type="COMPANY" weightage="20" keywordseo="The-National-Stock-Exchange">The National Stock Exchange</keyword> (NSE) has expelled tainted member, <keyword id="149349" type="COMPANY" weightage="20" keywordseo="Karvy-Stock-Broking-Ltd">Karvy Stock Broking Ltd</keyword> from its membership and also declared it a defaulter. In a circular, NSE says, "...the member has been expelled from the membership of the Exchange under Rules 1 and 2 of the NSEIL Rules and has been declared as defaulter under provision 1(a) of chapter XII of Exchange bye laws from 23 November 2020 after close of marker hours. A major scam had erupted in November last year after it surfaced that Karvy had transferred securities worth Rs 2,300 crore of more than 95,000 clients, into its account by misusing the power of attorney (PoA) of the clients. Subsequently, there was change in regulations to fix this loophole where such securities could be misused by the brokers. SEBI had barred Karvy from taking new clients in respect of its stock broking activities and also prevented it from using the PoA given by clients. An investigation found that Karvy had pledged shares belonging to clients and utilised them to raise funds. Some of these funds were transferred to group companies such as <keyword id="10324474" type="COMPANY" weightage="20" keywordseo="karvy-realty-ltd-">Karvy Realty Ltd.</keyword> Earlier, NSE said it has settled claims worth Rs 2,300 crore of 2.35 <keyword id="10324475" type="UNKNOWN" weightage="20" keywordseo="lakh-investors">lakh investors</keyword> of Karvy Stock Broking. In a statement, NSE said: "While disciplinary proceedings are underway, funds and securities of approximately Rs 2,300 crore belonging to about 2,35,000 investors have been settled so far, with efforts focused on settlement of small investors. Investors with fund balances up to Rs 30,000 due from Karvy Stock Broking have been settled." SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/biden-will-pick-former-federal-reserve-chair-janet-yellen-to-head-the-treasury-department/articleshow/79378968.cms" data-type="tilCustomLink">Biden will pick former Federal Reserve Chair Janet Yellen to head the Treasury Department</a> <a href="https://www.businessinsider.in/politics/world/news/boris-johnson-to-relax-the-national-coronavirus-lockdown-and-allow-households-to-celebrate-together-over-christmas/articleshow/79368293.cms" data-type="tilCustomLink">Boris Johnson relaxes the national coronavirus lockdown and says families can meet to celebrate Christmas</a>

You Searched For "karvy scam" and got 3 results

Beware of these guaranteed returns schemes, NSE warns investors

Bhakti Makwana

IndusInd Bank complaint leads to the arrest of CEO and CFO of Karvy Broking

PTI

NSE declares Karvy Stock Broking as defaulter, expels from membership

IANS

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