Capital markets regulator Sebi on Wednesday sent demand notices to three former officials of Karvy Group, asking them to pay about Rs 1.8 crore in the case of the misappropriation of client’s funds by Karvy Stock Broking Ltd (KSBL).
The regulator has warned them of arrest and attachment of assets as well as bank accounts if they fail to make the payment within 15 days.
Those who have been sent notices are Krishna Hari G, who was VP (F&A) of KSBL; Srikrishna Gurazada, former compliance officer of KSBL and Srinivasa Raju, who was the General Manager of back office operation.
The demand notices came after the officials failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in May.
In three separate notices, Sebi directed Krishna Hari G to pay Rs 1.06 crore and asked Raju and Gurazada to remit Rs 42.41 lakh and Rs 31.81 lakh, respectively.
This includes interest and recovery costs, within 15 days.
In the event of non-payment of dues, the market ..
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