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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
It has managed to evade the media spotlight so far though its role as custodian makes it complicit.
Editor's note: T. Ravi Kumar still can’t get over the shock of that day, back in August 2020, when he checked his demat account with Anugrah Stock and Broking. The shares in his account had vanished. The Hyderabad resident then tried reaching out to Paresh Kariya, founder and director of the firm, but got no response. Finally, on 9 February this year, after trying and failing to get answers from various agencies, he proceeded to file an FIR with the Hyderabad Police, claiming to have been cheated of Rs 1.87 crore. The police have now launched an investigation in the matter. Kumar wasn’t the only victim of the fraud, a virtual replay of the one perpetrated earlier by Karvy Stock Broking Ltd, in which the brokerage was found to have misused the funds and shares of investors lying in demat accounts, without their permission, to raise funds from financial institutions. There was, however, a major difference. Anugrah did not act alone. It used the services of Edelweiss Custodial Services Ltd. This is because, unlike Karvy, which was a clearing member—i.e., authorized to …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
While the regulator’s interim order alleges massive irregularities, the long arc of unfinished probes, hearings and appeals makes closure distant.
