The Hindu : Business : Karvy examining new possibilities

Online edition of India's National Newspaper
Tuesday, May 30, 2006

Business

Business

Karvy examining new possibilities

SEBI curbs on opening new demat accounts

NEW DELHI: Karvy on Monday said it was exploring various options in the matter of SEBI restraining it from opening new demat accounts and participating as registrars to IPOs.

"The senior management is in discussion with legal counsel and we are exploring various options in the matter,'' Karvy Vice President (Corporate Affairs) J. Ramaswamy said.

He said Karvy's worry continued on the embargo on opening new demat accounts and participating as registrars to IPOs. "The restraint on opening new demat accounts and the mandate for acting as registrar for IPOs would be decided after the completion of the enquiry proceeding initiated by SEBI. SEBI has appointed an enquiry officer for this purpose,'' he said in a statement.

With respect to the SEBI order of allowing Karvy Stock Broking to service its existing 7.25 lakh clients as a depository participant, Mr. Ramaswamy said "it came as a breather to us.''

The order was also positive to the extent that the mutual fund registry business had been kept out of the purview of this order, he said. — PTI

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