Tracking the Karvy scam

November 22, 2019 – Markets regulator Sebi issues ex-parte order banning Karvy Stock Broking Ltd (KSBL) from broking activities
November 26, 2019 – Karvy Group CMD C Parthasarathy resigns from board of Karvy Fintech, which later rechristens itself as K-Fin Technologies
December 2, 2019 – Under Sebi’s directions NSDL and NSE transfer securities worth around Rs 2,300 crore of nearly 83,000 clients of KSBL back into their accounts
December 2, 2019 - NSE & BSE suspend KSBL from all market segments for violation of compliance norms
December 4, 2019 – SAT turns down KSBL lenders plea to get back the securities that were transferred back to clients so that pledge can be invoked
December 14, 2019 – Sebi refuses relief to KSBL lenders
December 31, 2019 – Karvy Group kicks of corporate rejig and management reshuffle as damage control exercise; brings in Amitabh Chaturvedi as CEO of financial services business
January 2020 – Union ministry of corporate affairs orders probe into Karvy Group affairs
August 2020 – Hyderabad High Court dismisses writ petitions filed by Karvy Group challenging SFIO & RoC probes into financial affairs in wake of demat scam
November 2020 - NSE settles claims worth Rs 2,300 crore to around 2.4 lakh KSBL investors with fund balances of up to Rs 30,000.
February 2021 – Depositories and stock exchanges auction KSBL’s demat and trading accounts to IIFL Securities and Axis Securities, respectively
April 2021 – IIFL Securities starts activation of 11 lakh frozen Karvy demat accounts with assets under management worth Rs 3 crore that were held by NSDL and CDSL
August 8, 2021 – Karvy group chairman and promoter C Parthasarathy arrested by CCS of Hyderabad police based on loan default complaint by IndusInd Bank