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Be careful in executing PoA with stock brokers: NSE
The National Stock Exchange on Monday advised investors to be careful while executing Power of Attorney (PoA) with stock brokers and specify all the rights that brokers can exercise on their behalf.
New Delhi: The National Stock Exchange on Monday advised investors to be careful while executing Power of Attorney (PoA) with stock brokers and specify all the rights that brokers can exercise on their behalf.
The latest communication comes against the backdrop of Karvy Stock Broking Ltd unauthorisedly transferring securities worth Rs 2,300 crore of more than 95,000 clients, into its account, by misusing the PoA given by its clients.
On November 22, Sebi barred Karvy from taking new clients in respect of its stock broking activities and also prevented it from using the PoA given by clients after the broker was found to have allegedly misused clients' securities.
The leading bourse has asked investors "to be careful while executing the PoA (Power of Attorney) - specify all the rights that the stockbroker can exercise and time frame for which PoA is valid".
Further, investors have been asked to register for online applications provided by depositories for online delivery of securities as an alternative to PoA.
PoA is not a mandatory requirement as per markets regulator Sebi or the exchanges, it noted.
According to the NSE, investors need to ensure that contract notes are received within 24 hours of trades and statement of account at least once in a quarter from the brokers.
