CA Online

  Sebi had banned the Karvy and its promoters from the market for seven years through its order in April this year. Securities and Exchange Board of India (Sebi), India's market regulator, has cancelled the certificate of registration of Karvy Stock Broking (KSBL). Sebi issued this order on May 31, Wednesday. "Irrespective of the cancellation of the Certificate of Registration, the Noticee shall continue to be liable for anything done or omitted to be done as a Stock Broker and continue to be responsible for payment of outstanding fees and dues, if any, payable to Sebi," the Sebi order stated. “This Order shall come into force with immediate effect,” it added. Sebi had banned the Karvy and its promoters from the market for seven years through its order issued on April 28, 2023. This was done for various violations including misappropriation of clients’ securities and diverting the proceeds from pledging them to the stock broker’s associate companies. "The Depositorie

  Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says High attrition and employee turnover pose significant operational risks, including disruption in customer services, as well as ethical issues for banks, Reserve Bank of India (RBI) Deputy Governor M K Jain said. These issues could have an adverse financial impact on banks, Jain added while addressing board members of banks on Monday. Among the risk factors that he listed were high attrition, lack of succession planning, (particularly for critical roles) and skilling of staff, besides outsourcing.   Attrition and high employee turnover lead to loss of institutional knowledge and increase recruitment costs. Banks, Jain said, need to ensure that employees have the necessary skills and knowledge to adapt to new technologies and business practices. Referring to the challenges from outsourcing, the RBI deputy governor said its risks include potential loss of control over critical operations, data s