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DCB Bank on Monday said it has a non-funded exposure of Rs 30 crores in the form of bank guarantees issued on behalf of Karvy Stock Broking Ltd.
The private sector bank informed the exchanged that the bank guarantees are secured by 50 per cent cash margin in the form of term deposits.
An ex-parte SEBI order passed on Friday evening, which partially restricted Karvy from taking on new clients. SEBI cited a report by the National Stock Exchange (NSE) which pointed out that Karvy had pledged clients’ shares and even sold a huge amount of them without their consent.
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