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Securities and Exchange Board of India has barred Karvy Stock Broking from taking up new IPO assignments, including acting as syndicate member or providing syndication services

for one year in a case related to the IPO scam of 2003-05. This would, however, not include those IPOs for which Karvy has already been engaged to undertake primary market activities before the date of this order, SEBI clarified. It was alleged that Karvy had played a key role in aiding and abetting key operators in cornering of shares in the initial public offerings of various firms during that period. Viewing the matter related to IPO irregularities in a holistic manner, SEBI said the Karvy Group is closely knitted rather than truly independent entities.

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