82,599: The number of Karvy clients who got back their shares from NSDL, after Sebi acted swiftly to restore them to their rightful owners.
- The shares had been illegally transferred by the broker, Karvy Stock Broking, to its account and pledged without any authorisation.
- Securities belonging to 7,000-8,000 clients are yet to be transferred.
- Once the clients have paid for the shares in full and have cleared their dues, they too will get their securities back.
- Karvy's lenders — HDFC Bank, ICICI Bank, IndusInd Bank and Bajaj Finance -- moved the Securities Appellate Tribunal against the Sebi order. However, SAT refused them relief and asked them to approach Sebi by December 6.
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A few links for further reading
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.
Small savings schemes
Investors in small savings schemes breathed a sigh of relief when the government announced on October 1 that interest rates on these instruments would not be revised for the fourth quarter of the calendar year. With the economy witnessing a slowdown, and the stock markets also turning volatile, many investors are looking for alternative avenues to park their savings. Small savings schemes, with their sovereign guarantee, have emerged as a viable alternative.
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.