Switch from Karvy in 15 days: Sebi

Giving relief to retail investors, Securities and Exchange Board of India (Sebi) today said transactions carried out by barred market players on behalf of their clients will not be affected by the ban.

Sebi, which cracked down on market players including Karvy and Indiabulls for their alleged involvement in the IPO scam, also asked clients of the banned entities to switch over to other depository participants within 15 days.

The directions to the barred brokers not to buy, sell or deal in the securities market, including IPOs "would apply only in transactions in the proprietary accounts of brokers," Sebi said in its clarification, adding that clients of these market players will not be affected by the ban.

The regulator also said that DP transaction of clients would remain unaffected only for 15 days, by which time clients of Karvy DP and Pratik DP should switch over to another DP.