Karvy Stock Broking: The massive rise and spectacular crash in brief - EXPLAINED
Like a normal brokerage operation, Karvy took money from clients for any buy order and transferred shares to them upon making payment to the bourses. Similarly, for share sale, the scrip moved from client`s demat account to the pool account of the broker from where it was transferred to the exchanges and the money received in return was deposited back into the client`s account.
Karvy started its journey as a stock broker way back in 1983 and ever since has managed several large and prominent market offerings besides being a portfolio manager for key clients, Photo: IANS