INSUBCONTINENT EXCLUSIVE:
Starting December 2018, Sebi had been changing rules and ordering new reports from stakeholders in the market, which was making it
The way the investigation is progressing, sources said, more names are set to tumble out in the open and some well-known broking houses
could face a similar heat like KSBL is facing now.
In December last year, Sebi first standardised books and records maintained by brokers so
that inspection and comparison of data could become easier
The move came after investor complaints that some brokers were not transferring shares and money to the designated demat and bank accounts
Then, in January 2019, Sebi directed all brokers to report day-wise stock and fund balance with them, segregated according to their clients
with the exchanges, with the brokers and that with the two depositories NSDL and CDSL
Around the same time, the regulator also started tallying details of pledged shares with depository records and what the brokers
and reporting of clients stocks and funds from those owned by the broker
This was one of the main moves that many market players said would, over time, expose those brokers who were having a field day by using
However, after requests from brokers, the date was extended to September 30.
