InvestorQ : What is the latest progress on the Karvy case and have the investors got their money back? My money has not yet come back till date?
Arti Chavan made post

What is the latest progress on the Karvy case and have the investors got their money back? My money has not yet come back till date?

Answer
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7 months ago


The payouts are still pending to a very large extent, especially where people need to get back their money. In short, the Karvy case may be actually getting more complicated. On one hand, Karvy has sought time till the end of March from SEBI to discharge all their liabilities. This was hinted at by the SEBI Chairman Mr. Tyagi during the SEBI board meeting on Monday. Currently, Karvy has a net payout of Rs.678 crore to the stock broking investors. Karvy plans to sell its stake in a group company and make good this shortfall, although finer details are not available. However, a new complication has arisen with some of the banks that had lent against shares to Karvy moving the SAT against the depositories for reversing shares from their demat accounts to the client account. The banks have sought damages from the depositories and SEBI for the losses they had to incur. Interestingly, on previous occasions, the SAT had pulled up the banks for not doing due diligence.